TOKYO (Standard & Poor's) June 3, 2004--Standard & Poor's Ratings Services today revised the outlook to stable from negative on its long-term corporate credit rating on Mitsubishi Electric Corp. (BBB/Stable/A-2), reflecting the company's progress in business restructuring and a subsequent recovery in profitability and cash flow generation. At the same time, Standard & Poor's affirmed its long-term and short-term ratings on the company. In fiscal 2003 (ended March 2004), Mitsubishi Electric's operating profit margin after depreciation rose to 2.8% from 1.7% the previous year, while its ratio of funds from operations to total debt has also improved consistently since fiscal 2002. The recovery was mainly due to significant improvement in profitability in the devices and information and telecommunications businesses, which
