S&P cuts Hitachi

Standard & Poor's said it lowered to BBB+ from A- its long-term corporate credit and senior unsecured debt ratings on Hitachi, Ltd., and removed the ratings from Creditwatch.

At the same time, S&P said it affirmed its A- long-term counterparty credit and long-term senior unsecured debt ratings on Hitachi Capital Corp., Hitachi's finance subsidiary, and its A- financial strength rating on Hitachi Capital Insurance Corp., a subsidiary of Hitachi Capital, and removed these ratings from Creditwatch.

The outlooks on the long-term ratings are stable.

The agency said that the ratings were placed on Creditwatch with negative implications on Feb. 2, after Hitachi significantly lowered its earnings forecast for fiscal 2008 ended March 31.

Meanwhile, S&P said it also affirmed its A-2 short-term corporate credit and CP program ratings on Hitachi and Hitachi Capital.

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