Fitch ups Honda Motor view to stable

Fitch Ratings said it revised the outlook for Honda Motor's long-term foreign- and local-currency issuer default rating to stable from negative and affirmed the ratings at A, along with its senior unsecured debt at A, short-term foreign- and local-currency issuer default rating at F1. The agency also said it affirmed American Honda Finance Corp.'s short-term issuer default rating and commercial paper rating at F1.

The U.S. market, which is the most important market for the Japanese makers, is showing sequential improvement, Fitch said, and is expected to show a modest but positive growth in 2010.

Although the auto industry remains fragile after going through an unprecedented global downturn, the worst seems to be over and the agency said it believes the likelihood of further deterioration has abated.

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