S&P ups Casio to BBB+

Standard & Poor's said it raised to BBB+ from BBB its long-term corporate credit and senior unsecured debt ratings on Casio Computer Co. Ltd., based on ongoing improvements in the company's financial profile, underpinned by enhanced and stabilized profitability and cash flow generation.

The outlook is stable.

Despite the persisting severe operating environment in its electronic components segment, Casio again posted record profits for the third consecutive year in fiscal 2006, S&P said.

Conversely, the company posted a net operating loss of ¥800 million in its electronic components and other segments due to unit price drops in the thin film transistor-liquid crystal display business and the decrease in revenues at its consolidated subsidiary, Casio Micronics Co. Ltd., the agency said.

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