TOKYO (Standard&Poor's CreditWire) Oct. 22, 1999--Standard&Poor's today assigned its 'A-1' short-term rating to the US$1 billion senior unsecured medium-term note program of Hitachi Credit (UK) PLC (Hitachi UK). At the same time, Standard&Poor's affirmed its existing single-'A'-plus rating on the program, which is guaranteed by Hitachi UK's parent company, Hitachi Credit Corp. (A+/Negative/A-1). The size of the program has been increased to US$1 billion from US$500 million. The ratings on the program are identical to those of Hitachi Credit Corp., which has stable earnings, an adequate capital base, and strong liquidity. Although Hitachi Credit's profitability compares unfavorably with that of overseas finance companies, it surpasses the average profitability among the company's peers in Japan.
