Moody's cuts Hitachi

Moody's Investors Service said it downgraded the long-term debt ratings of Hitachi, Ltd. to A3 from A2 and the short-term ratings of both Hitachi and its supported subsidiaries to Prime-2 from Prime-1.

The outlook is negative.

The downgrade concludes a review for possible downgrade that began in February.

The downgrade has been driven by the company's severely pressured profitability and its significantly increased financial leverage, the agency said.

The downgrade further reflects a view that Hitachi will need some time to achieve a recovery in its overall profitability, Moody's said, as its entire business portfolio is now being pressured.

© 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.