Fitch rates Sanyo Electric bonds BB+

Fitch Ratings said it assigned BB+ long-term foreign- and local-currency issuer default ratings to Sanyo Electric Co., Ltd. and a BB+ senior unsecured debt rating to Sanyo's outstanding bonds.

The outlook is stable.

Fitch said the ratings reflect Sanyo's recent history of deteriorating operating performance and weakening market position in major consumer electronics products. The company is restructuring its operations and its financial flexibility has improved due to a new capital injection in March.

The agency acknowledged Sanyo's leading position in the global rechargeable battery market and several other products, but believes that Sanyo still faces many challenges as it attempts to restore its overall competitiveness.

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