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S&P raises outlook on Hitachi Capital to stable

S&P Global Ratings raised the outlook on Japan's Hitachi Capital Corp. to stable from negative.

The rating agency said Aug. 8 that it also affirmed Hitachi Capital's A- long-term and A-2 short-term issuer credit ratings.

The outlook revision follows the rating upgrade on parent Hitachi Ltd. S&P raised its long-term issuer credit and senior unsecured debt ratings on Hitachi to A from A- on expectations that the company's core businesses would deliver robust performance and drive overall profitability.

The stable outlook reflects the view that the ratings will likely remain stable over the next two years.

In addition, S&P changed its assessment of Hitachi Capital's group status to moderately strategic from strategically important subsidiary within the Hitachi group on the view that the group's midterm's strategy has shifted toward becoming an asset-light solution provider, rather than a capital-intensive manufacturer, as well as the view that the group is likely to streamline group companies to focus more on capital efficiency.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.