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and Ricoh overseas subsidiaries

canada goose S Ricoh group companies downgraded to ‘A’

cheap Canada Goose (The following statement was released by the rating agency)

canada goose clearance sale Feb 07

buy canada goose jacket cheap Ricoh likely requires more time canada goose store to improve its profitability and cash flows than we expected because the strong yen and impairment canada goose clearance losses weigh on company earnings.

canada goose deals We lowered the long term ratings on Ricoh and its group companies one notch to and removed the ratings from CreditWatch with negative implications. We affirmed the short term corporate credit ratings.

buy canada goose jacket The outlook on the long term corporate credit ratings is negative, based canada goose coats on sale on our view that a sluggish global economy including falling demand for Ricoh main products in European economies, which had shown relatively strong demand may slow any uk canada goose recovery in earnings.

canadian goose jacket Standard Poor Ratings Services today lowered its long term corporate credit and debt ratings on Canada Goose Jackets Ricoh Co. Ltd. one notch to from The downgrade reflects our view that Ricoh expected losses in fiscal 2011 (ending March 31, 2012) are likely to weaken measures of its financial performance, reducing prospects for Ricoh profitability and cash flow to swiftly recover to levels commensurate with the previous rating. We also lowered our long term ratings on Ricoh Leasing Co. Ltd. and Ricoh overseas subsidiaries. We have removed cheap Canada Goose the long term ratings on the Ricoh group companies from CreditWatch with negative implications, where cheap canada goose uk we placed them Nov. 7, 2011. The outlook on the canada goose pas cher long term corporate credit ratings uk canada goose outlet is canada goose black friday sale negative. We affirmed the short term corporate credit ratings on the companies.

Canada Goose Outlet Ricoh cut its business performance outlook Jan. 31, 2012, forecasting a consolidated operating Canada Goose sale loss of JPY18 billion for fiscal 2011 compared with a JPY60.1 canadian goose jacket billion profit in fiscal 2010. production printing business. We believe a continuation of the current harsh business environment, including the strong yen, may delay Ricoh ability to improve measures of its profitability and cash flow. The company ratio of debt to EBITDA (adjusted for captive finance and lease and pension liabilities, among other factors) worsened temporarily to above 3x in fiscal 2011 compared with 1.8x in fiscal 2010, and we believe it will take a few years for debt to EBITDA to improve to levels commensurate with the previous ratings. Ricoh funds from operations (FFO) to total debt had long hovered over 100% until Ricoh acquisition of IKON Office Solutions in 2008 and the global financial crisis of 2008. The ratio worsened to 30% in fiscal 2008 but recovered to around 50% in fiscal 2009 and fiscal 2010. However, it is likely to fall far short of 45% in fiscal 2011, and Canada Goose Coats On Sale at this point we see little likelihood of the ratio climbing above 45% over the next one to two buy canada goose jacket cheap years.

canada goose clearance We are of the opinion that Ricoh competitiveness in its main imaging Canada Goose Parka and canada goose uk outlet solutions business, relatively light capital investment burden, and potential for higher earnings in canada goose uk black friday growth markets underpin the company business. In addition, restructuring efforts are likely to produce a degree of improvement in its earnings in Japan and North America. Therefore, we limited the downgrade to one notch. Although Ricoh market share in its core copiers and multifunctional printers business has declined over the past three years, it remains a leader in major markets such as Japan, North America, and Canada Goose Online Europe, and we view this market position as positive for its credit quality. Furthermore, we believe Ricoh can use its existing sales network and clientele to turn its growth businesses, such as managed document services and production printing, into stable earnings sources.

Canada Goose Jackets The outlook on the long term corporate credit rating is negative, reflecting our view that it may take time for earnings to recover because demand in European countries, which was relatively canada goose strong until recently, is shrinking and concerns loom over the direction of their economies. Pressure on the ratings may grow if we do not see clear signs of improvement in measures of Ricoh financial performance, likely due to a further deterioration in the company business performance or new business investments. We may consider downgrading Ricoh if there is a lower likelihood of its debt to EBITDA improving to below 2x over the next few years. Conversely, we may consider revising the outlook to canada goose coats stable if the company further diversifies its earnings sources, such as by increasing earnings from its production printing business, or if measures of its profitability drastically improve. However, we believe the possibility of an outlook revision is low in the near term.

canada goose coats Standard Poor lowered its long term ratings on Ricoh Leasing and resolved its CreditWatch placement following the rating action on parent company Ricoh. The outlook, equivalent to that on the rating on Ricoh, is negative. The ratings on Ricoh Leasing are equal to those on Ricoh because we consider Ricoh Leasing a canada goose clearance sale captive finance arm of Ricoh. Ricoh Leasing promotes Ricoh products by financing a large canada goose uk shop portion Canada Goose online of the parent domestic sales, and it provides financial services to companies in the Ricoh group. We do not expect any changes to our stand alone credit assessment on Ricoh Leasing because its leasing contracts are diversified into small lots and the quality of its assets are relatively stable; its profitability is relatively high compared with that of canada goose factory sale other Canada Goose Outlet leasing buy canada goose jacket companies we rate; and it maintains adequate capital relative to its financial risks.

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