Senior unsecured long-term debt for Canon Inc. was upgraded to Aa2 from Aa3, with a stable rating outlook.

"Canon has steadily improved its global position in its core business segment of office equipment, such as copiers and printers," said the international credit ratings agency in a statement.

Canon's camera division has also become a substantial profit generator thanks to the rapid growth of the global digital camera market, Moody's said.

Moody's upgraded to Baa2 from Ba1 the senior unsecured long-term debt rating for Konica Minolta Holdings Inc. and its subsidiaries. The rating outlook for the group is stable.

"Moody's believes the combination of the two former companies' technologies has strengthened Konica Minolta's position in the global color and high-speed copier areas," the agency said.

Meanwhile, the rating on the long-term debt of Ricoh Co. Ltd. and its subsidiaries was upgraded to A1 from A2, with a stable rating outlook.

"The company developed digital copiers earlier than its competitors," Moody's said.

Ricoh had successfully boosted contributions from its overseas operations to diversify the company's profit sources, it added.

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