TOKYO (Standard&Poor's CreditWire) July 19, 1999--Standard&Poor's today assigned its 'A-1' rating to the US$200 million Euro Commercial Paper Program of Hitachi Credit (UK) PLC (Hitachi UK). The program is guaranteed by Hitachi UK's parent company, Hitachi Credit Corp. (A+/Negative/A-1). The rating of the program reflects that of the guarantor, Hitachi Credit Corp., who guarantees the notes under this program. Hitachi Credit's rating recognizes its stable earnings and adequate capital base. Its liquidity is strong, with cash at hand totaling Y160 billion (US$1.3 billion at Y120 to US$1), sufficiently covering its immediate cash needs. Hitachi Credit will also continue to benefit from strong business ties with its ultimate parent, Hitachi Ltd. (A+/Stable/A-1+), Standard&Poor's said. --
