Fitch ups Hitachi to positive

Fitch Ratings said it revised the outlook of Hitachi, Ltd.'s long-term foreign-currency and local-currency issuer default ratings to positive from negative.

The agency also affirmed its long-term issuer default rating at BBB, short-term foreign-currency and local-currency issuer default rating at F3 and the local-currency senior unsecured notes at BBB.

Fitch said the outlook revision reflects Hitachi's improvement in its financial profile in recent periods and an expectation that the company will be able to sustain or continuously enhance its financial metrics going forward.

Hitachi's financial metrics have recovered from a trough related to the global financial crisis in the fiscal year that ended in March 2009, the agency said, in light of accelerated business structure reforms to optimize resource allocation and strengthen cost competitiveness for global competition since April 2009.

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