S&P cuts Hitachi hybrids to BBB-

S&P said it lowered the rating on Hitachi Capital Corp.’s deferrable subordinated debt to BBB- from BBB. S&P also affirmed its A- long-term issuer credit and senior unsecured debt ratings on Hitachi Capital.

The agency revised down the assessment of the company’s risk position and changed Hitachi Capital’s stand-alone credit profile for to bbb+ from a-, which led to the downgrade.

“The affirmation reflects our assessment that Hitachi Capital’s asset quality is slipping closer toward the average of its peers. It also reflects our assessment of the likelihood that the company would receive extraordinary support from the Hitachi group if necessary,” said S&P in a press release.

The outlook on the company is stable.

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