Nomura Rating Cut by Moody’s to Lowest Investment Grade

Nomura Holdings Inc.’s debt rating was cut to the lowest investment grade by Moody’s Investors Service, which said global competition raises questions over the profitability of Japan’s biggest securities firm.

The one-step reduction brings Nomura’s long-term debt rating to Baa3, one level above junk. Moody’s has a “stable” outlook on the rating, it said in a statement.