Fitch affirms Kawasaki Heavy Industries

Fitch Ratings said it affirmed Kawasaki Heavy Industries, Ltd.'s long-term foreign- and local-currency issuer default ratings and senior unsecured debt rating at BBB.

The outlook remains stable.

The ratings reflect the company's strong market position in its diversified business portfolio, Fitch said, and consistent efforts to improve profitability and reduce financial leverage.

The agency said there likely will be significant excess capacity in and after 2010 and competition with Korean and Chinese manufacturers will be intensified.

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