Fitch affirms Sanyo Electric

Fitch Ratings said it affirmed Sanyo Electric Co., Ltd.'s long-term foreign- and local-currency issuer default ratings and senior unsecured debt rating at BB+, and removed them from Rating Watch negative.

The outlook is stable.

The ratings were placed on negative watch in February 2007 following the launch of an investigation by Japan's Securities and Exchange Surveillance Commission into the company's past accounting practices.

Fitch said it believes the strategic direction Sanyo is heading in, together with its restructuring efforts, are helping to improve the company's operating performance.

The company also has focused on improving its balance sheet, leading to a significant reduction in debt levels, the agency said.

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