Fitch affirms Hitachi

Fitch Ratings said it affirmed Hitachi, Ltd.'s long-term foreign and local currency issuer default ratings and senior unsecured debt rating at A-, as well as its short-term foreign and local currency issuer default ratings at F2.

The outlook remains negative.

"While we appreciate that Hitachi is mitigating the extent of its operating losses in its hard disk drive and flat panel TV businesses, we believe it will be difficult for Hitachi to restore the competitiveness of these same business lines in the near term," said Tatsuya Mizuno, director in Fitch's Asia Pacific telecommunications, media and technology team.

Under the leadership of Kazuo Furukawa, who took the helm of Hitachi in April 2006, Fitch said that the company has taken various actions to streamline its operations and engage in strategic alliances.

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