Moody's cuts Hitachi to A2

Moody's Investors Service said it downgraded the long-term debt ratings of Hitachi Ltd. to A2 from A1 and put them on review for possible further downgrade. Moody's said it placed on review for possible downgrade the prime-1 short-term ratings of both Hitachi and its supported subsidiaries.

The downgrade was prompted by the company's downward revision of its performance forecast for 2009, Moody's said.

The agency said it is concerned that, given the challenging character of market conditions, a recovery in the company's profitability and financial position will prove a lengthy process.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.