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Fitch Assigns 'A-' Ratings To Ricoh Company Ltd.

Fitch Ratings has assigned a Long-term rating of 'A-' ('A minus') to Ricoh,

a global copier and printer manufacturer. The rating Outlook is Stable.

A number of factors have combined to effectively boost Ricoh's

profitability, including its strong financial status, competitive prowess

in digital copiers and high-speed printers, strong distribution network in

Europe and the US, as well as income from supplies and servicing fees. The

rating reflects the improvement in Ricoh's earning capacity and its

financial position. At the same time, it takes into account the company's

low-profit operations such as optical disk drives.

In the fiscal year ended (FYE) March 2002, sales increased by 9% to

JPY1,672.3 billion, with net profit climbing 16% to JPY61.6bn, the eighth

consecutive year of growing sales and the tenth of rising net profit,

thanks to copier and printer sales growth in Europe and the US. Ricoh also

reaped benefits from its January 2001 purchase of a US distributor
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