We are assigning our 'A-' long-term and 'A-2' short-term issuer credit ratings to U.K.-based finance company, Hitachi Capital (UK) PLC (HCUK). HCUK is a wholly owned subsidiary of Hitachi Capital Corp. (HC Corp; A-/Stable/A-2), representing more than 20% of HC Corp's operating assets and a higher proportion still of HC Corp's profit before tax. We consider HCUK to be a core subsidiary of HC Corp and therefore equalize the ratings. The stable outlook reflects the stable outlook on HC Corp. On Oct. 31, 2019, S&P Global Ratings assigned its 'A-' long-term and 'A-2' short-term issuer credit ratings to U.K.-based finance company Hitachi Capital (UK) PLC. The outlook is stable. The ratings reflect our view that HCUK is a core subsidiary
