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S&P lifts Hitachi debt
Standard & Poor's said it raised its long-term corporate credit rating on Hitachi Ltd. to A- from BBB+.
At the same time, the agency raised its debt ratings on Hitachi and its financial subsidiaries to A- from BBB+.
The outlook on the long-term corporate credit rating is stable. The short-term rating on Hitachi was affirmed at A-2.
S&P said the ratings on Hitachi reflect its view of the company's "strong" business risk profile and "intermediate" financial risk profile.
Hitachi's financial performance has been stable for the past three fiscal years, and the agency said it sees little downside risk in its performance, thanks to structural reforms and cost cutting. Hitachi's EBITDA margin excluding its financial service business remained slightly below 10% in fiscal 2012 (ended March 31).
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