S&P ups Sanyo

Standard & Poor's said it raised to BB from BB- the long-term corporate credit rating on Sanyo Electric Co. Ltd., reflecting the company's stable cash flow generating ability and improving financial profile.

The agency raised the company's senior unsecured debt to BB+ from BB.

The outlook is stable.

Ratings reflect reduced costs at unprofitable segments, improving financial profile and stricter corporate governance, the agency said.

Ratings also reflect a severe business environment characterized by intensifying competition and raw material price hikes, S&P noted.

The outlook considers the company's strong business base and advanced technologies in its core businesses, the agency said.

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