They can't quite understand the way Japanese companies operate. That's why it's probable for Japanese companies to become the target of a downgrade. It could be that the analyst in charge is relatively inexperienced, or the specific conditions of the Japanese market are not reflected. In addition, the pay for rating analysts is not at all good compared to stock analysts. Out of 20 analysts who work at rating agencies, there are probably only about 2 or 3 who can be described as truly excellent.
Ratings are by no means the absolute truth.
The future assignment of rating agencies is to raise the quality of their analysts. Analysts are trained to hide the their ignorance based on that creed. As a result, one ends up creating rating material data without certain knowledge. This page designed by Digital Magic Labs, Inc.