Issuer: Nidec Corporation (6594)

JCR has affirmed the A+/Stable rating on senior debts of the issuer.

<Rationale>
Nidec Corporation is a large manufacturer of electronic parts and its flagship products are small precision motors. The Company's market share is over 70 percent in terms of the spindle motors for HDDs, an overwhelming share, and it has a substantial lead over its main competitors. The Company is expected to earn a certain level of operating income in FY 2009 ending March 31, 2010, although its current earnings are at a lower level. JCR considers that earnings from its small precision motor business will bolster overall earnings, as sales volume of the spindle motors for HDDs has rebounded, for which demand fell sharply. On the other hand, slumping automobile markets have weighed on the sales of motors for automobiles, which the Company regarded as one of growth products. JCR considers that the contribution of the business to its overall earnings will take some time. Its financial structure is satisfactory substantially, although its interest bearing liabilities increased sharply at the end of March 2009, as a result of the increasing liquidity on hand.