Outlook On Japan-Based Ricoh Leasing Revised Downward To Ratings Affirmed

Stocks and Financial Services Press Releases Monday January 25, 2016 16:18
TOKYO--25 Jan--Standard & Poor's

TOKYO (Standard & Poor's) Jan. 25, 2016--Standard & Poor's Ratings Servicestoday said it has revised the outlook on its long-term counterparty creditrating on Japan-based Ricoh Leasing Co. Ltd. to negative from stable. At thesame time, we have affirmed our long-term counterparty credit and debt ratingson the company at 'A' and the short-term counterparty credit rating at 'A-1'.

Today's rating actions on Ricoh Leasing follow similar actions that we took onJan. 22, 2016 on its parent company, Ricoh Co. Ltd. (A/Negative/A-1), which isa Japan-based imaging and optical products maker (see "Outlook On Japan'sRicoh Co. Ltd. Revised To Negative; 'A/A-1' Ratings Affirmed," published Jan.22, 2016). We consider Ricoh Leasing strategically important to the Ricohgroup because the company offers financing for a significant portion of Ricohproducts and also provides financial services to other companies within thegroup. Accordingly, we assess Ricoh Leasing as a core subsidiary of the groupin our credit quality analysis. Our counterparty credit ratings on RicohLeasing are at the same levels as our corporate credit ratings on its parentcompany. (Our long-term credit rating on Ricoh is at the same level as thegroup credit profile (GCP) of the Ricoh group.)

We may consider lowering the ratings on Ricoh Leasing if we downgrade Ricoh.In addition, if we have reason to believe the relationship between RicohLeasing and its parent has weakened, we may reflect to a greater extent RicohLeasing's stand-alone credit profile (which excludes extraordinary supportfrom the Ricoh group) in our ratings on the company, which may result in adowngrade of Ricoh Leasing. Conversely, if we revise the outlook on Ricoh tostable, we may revise the outlook on Ricoh Leasing to stable.

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