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JCR keeps Hoya's debts at AA

Posted on: Wed, 18 Nov 2009 13:06:00 EST

Symbols: HOCPF

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Nov 18, 2009 (M2 PRESSWIRE via COMTEX) --
HOCPF | Quote | Chart | News | PowerRating -- 18 November 2009 - JCR confirmed Wednesday its AA rating with a
"stable" outlook on the senior debts of Japan's optical glass maker
Hoya Corp (TYO: 7741).

The agency also upheld the AA rating on the company's outstanding bonds
and the J-1+ rating on its commercial paper programme.

Hoya is a large manufacturer of optical glass.

Earnings from the company's electro-optics business, which has been its
profit engine so far, fell sharply because of the global recession.

However, stable earnings from its eye-care business including eyeglass
lenses and contact lenses have continued to bolster its overall
earnings.

Its operating income for the fiscal year ending 31 March 2010 is
expected to be at the same level as the previous fiscal year, a
relatively higher level of earnings, as a result of structural reforms
in its Pentax business which the company acquired.

Although its financial structure deteriorated because of the
acquisition of Pentax Corp, its consolidated ratio of equity capital to
total assets at the end of the second quarter of fiscal 2009 was 62.3%
and thus the ratio remains at a higher level.

JCR considers that its financial structure will continue to improve,
taking into account that its recent capital investments did not exceed
the amount of depreciation expenses and the company has maintained
positive free cash flow and that profits for periods are expected to
continue to accumulate.

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