Canon's long-term debt rating has been upgraded to "Aa3" from "A1", with the rating outlook being "stable", the international ratings agency said in a statement.

"The rating action reflects continuous improvements in the company's profitability and financial stability over the past several years," it said.

Canon, the agency said, has improved its global position in its core business segment of office equipment.

For Ricoh, Moody's upgraded the company's long-term debt rating to "A2" from "A3" and the rating outlook is also stable.

Moody's said Ricoh "will be able to keep its good profitability levels because consumables manufactured by Ricoh, such as toner and ink, which account for a large portion of the profits of the division, are a rather stable business."

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