Moody's: Fujitsu outlook negative

Moody's Investors Service said it changed the outlook for the A3 senior unsecured long-term debt ratings of Fujitsu Ltd. and its supported subsidiary to negative from stable and assigned A3 issuer ratings to Fujitsu.

The agency said the outlook change reflects its view that Fujitsu's overall profitability may continue to be pressured by the current negative market conditions and Moody's concerns about Fujitsu's increasing financial leverage.

Moody's recognizes that, in recent years, Fujitsu has focused its management resources on its technology solutions business, helping it further strengthen its market competitiveness and position in its core business market. However, since the second half of 2008, the global financial turmoil and economic slowdown have significantly affected the performance of Fujitsu's businesses, the agency said.

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