NEWS RELEASE
May 31, 2021 R&I Affirms A, Stable: Seiko Epson Corp.
Rating and Investment Information, Inc. (R&I) has announced the following: ISSUER: Seiko Epson Corp. Issuer Rating: A, Affirmed Rating Outlook: Stable
RATIONALE: Seiko Epson Corp. is one of the industry-leading manufacturers of inkjet printers (IJP), its mainstay products, with the core technology of ultra-fine and ultra-precision processing. Earnings sources are being well diversified thanks to an extensive product lineup that ranges from consumer models to products for office, commercial and industrial applications. Despite weaker demand for printing solutions at offices due partly to the impact of the coronavirus pandemic, Seiko Epson has captured demand of SOHOs and people working from home and has been expanding sales of high-capacity ink tank models, its core product, in developed markets as well as emerging market countries, enhancing its market presence. On the business model whereby profits are secured from equipment provision, office supplies also contribute to profits due to an increase in the number of units installed. As suggested by a net cash position, the company's financial profile is commensurate with the rating. R&I will pay attention to sales trends of high-capacity ink tank models and office equipment that is identified as a growth area, progress in diversifying applications through expanded sales of IJP for commercial use and industrial use, and the contribution of non-office machinery business to earnings.
The primary rating methodologies applied to this rating are provided at "R&I's Basic Methodology for Corporate Credit Ratings" and "Office Equipment". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. https://www.r-i.co.jp/en/rating/about/rating_method.html
R&I RATINGS: ISSUER: Seiko Epson Corp. (Sec. Code: 6724) Issuer Rating RATING: A, Affirmed RATING OUTLOOK: Stable
Unsec. Str. Bonds No.13 Issue Date Maturity Date Issue Amount (mn) Sep 21, 2016 Sep 21, 2021 JPY 20,000 RATING: A, Affirmed
Unsec. Str. Bonds No.14 Issue Date Maturity Date Issue Amount (mn) Sep 21, 2016 Sep 21, 2023 JPY 20,000 RATING: A, Affirmed
■Contact : Sales and Marketing Division, Customer Service Dept. TEL.+81-(0)3-6273-7471 E-mail. [email protected] ■Media Contact : Corporate Planning Division (Public Relations) TEL.+81-(0)3-6273-7273 Rating and Investment Information, Inc. TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html. © Rating and Investment Information, Inc. NEWS RELEASE
Unsec. Str. Bonds No.15 Issue Date Maturity Date Issue Amount (mn) Sep 21, 2016 Sep 18, 2026 JPY 10,000 RATING: A, Affirmed
Unsec. Str. Bonds No.16 Issue Date Maturity Date Issue Amount (mn) Sep 06, 2017 Sep 06, 2024 JPY 10,000 RATING: A, Affirmed
Unsec. Str. Bonds No.17 Issue Date Maturity Date Issue Amount (mn) Sep 06, 2017 Sep 06, 2027 JPY 10,000 RATING: A, Affirmed
Unsec. Str. Bonds No.18 Issue Date Maturity Date Issue Amount (mn) Jul 19, 2019 Jul 17, 2026 JPY 10,000 RATING: A, Affirmed
Unsec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Jul 19, 2019 Jul 19, 2029 JPY 20,000 RATING: A, Affirmed
Unsec. Str. Bonds No.20 Issue Date Maturity Date Issue Amount (mn) (Green Bonds) Jul 16, 2020 Jul 14, 2023 JPY 10,000 RATING: A, Affirmed
Unsec. Str. Bonds No.21 Issue Date Maturity Date Issue Amount (mn) (Green Bonds) Jul 16, 2020 Jul 16, 2025 JPY 40,000 RATING: A, Affirmed
Unsec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) (Green Bonds) Jul 16, 2020 Jul 16, 2030 JPY 20,000 RATING: A, Affirmed
■Contact : Sales and Marketing Division, Customer Service Dept. TEL.+81-(0)3-6273-7471 E-mail. [email protected] ■Media Contact : Corporate Planning Division (Public Relations) TEL.+81-(0)3-6273-7273 Rating and Investment Information, Inc. TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html. © Rating and Investment Information, Inc.