Nochu Faces Write-Off Risk From First Brands: CreditSights

Norinchukin Bank faces a potential ¥89 billion ($586 million) hit to pretax profit in the unlikely event that a unit of its joint venture with Mitsui & Co. writes off its entire exposure to First Brands Group, according to CreditSights.

• “As there are allegations of fraud surrounding First Brands Group, if the entire amount has to be written off, and that’s a big if, then Nochu will likely take a ¥89 billion pre-tax hit,” Pramod Shenoi, head of Asia-Pacific research at CreditSights, wrote in a note
• Nochu has a 33.4% shareholding in JA Mitsui Leasing, which is equity-method ...