December 11 , 2003
Canon Inc.

Moody's Upgrades Debt Rating of Canon Inc. to "Aa3"

TOKYO, December 10, 2003--Moody's said it had upgraded its rating on Canon Inc., highly evaluating continuous improvements in the profitability and financial stability over the past several years.

  Current Previous
Long term rating Aa3 A1

Below are current ratings on Canon, including those from other rating agencies.

  Long term ratings Short term ratings
Standard and Poor's AA- A-1+
Moody's Aa3 P-1
R & I AA+ -