The outlook is stable.

The upgrades reflect the significant reduction in Nikon's financial leverage metrics, which was driven by an enhanced level of cash flow generation, Fitch said.

Both revenue growth and profitability increased at all three of Nikon's operating divisions such as IC and LCD steppers and scanners, and cameras and this in turn increased free cash flow significantly, the ratings agency said.

Total debt of Nikon fell to 76.5 billion yen in 2008 from 195.3 billion yen in 2005 and it achieved a net cash position at end-March 2008, with 113.9 billion yen of cash and marketable securities exceeding its total debt, Fitch said.

Nikon's three key operating divisions have sustained upward operational trends over the past four fiscal years ending in March 2008, Fitch noted.

Fitch said it believes that Nikon's overall financial performance over the short-to-medium term will be maintained by its growing digital camera business, while the high technological nature of its stepper and scanner businesses indicates that the company will continue to be exposed to the risks of changing technology and volatile demand. tfn.newsdesk@thomson.com bmi/aku

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When shooting subjects, such as tall buildings with a conventional lens, composition often calls for tilting the axis of a camera. This typically results in a significant distortion of converging lines, impacting the desired visual accuracy of the image. A PC-E NIKKOR lens' "shift" control provides correction for this type of distortion. "Shift" control can also give a photographer the ability to "effectively" move the apparent position of the camera -- providing further perspective versatility, allowing, for example, the ability to avoid unwanted reflections in an image.

A PC-E lens' "tilt" control gives photographers additional creative control over depth-of-field. Known as the Scheimpflug principal, tilt-shift lenses are capable of modifying the focal plane of the lens, allowing the extension or limitation of the point of critical sharpness in the image. The combination of "tilt" and "shift" controls featured in all PC-E NIKKOR lenses gives photographers extraordinary control over perspective -- control which simply is not possible with conventional lenses.

A special tilt/shift mechanism gives users up to +/- 11.5mm shift for perspective control and +/- 8.5-degree tilt control for creative focus. The Perspective Control lenses correct distortion and vanishing point issues with convenient side-mounted controls at 1mm / 1-degree intervals that will adjust the focal plane with shift and tilt adjustments. The lens optics rotate up to 90 degrees right or left for perspective control adjustment, while a click-stop is provided every 30 degrees. Photographers can confirm the effect of each adjustment accurately through their Nikon SLR viewfinder.

The new PC-E Micro NIKKOR 45mm f/2.8D ED and PC-E Micro NIKKOR 85mm f/2.8D offer a combined standard-to-medium telephoto range coupled with dramatically expansive depth-of-field that is well suited for a variety of tasks and the exploration of new levels of creativity.

All NIKKOR-E lenses incorporate a rounded nine-blade electromagnetic diaphragm that provides auto aperture control when used with Nikon SLRs that feature an electronically controlled aperture, including the D3, D300 and newly announced D700 camera.* This unique feature allows photographers to more easily compose images without the typical darkening of the frame experienced with other lenses of this type.

The PC-E Micro NIKKOR 45mm f/2.8D ED lens continues the NIKKOR legacy of high-quality optics and durable design. It features an Extra-low Dispersion (ED) glass element providing superior sharpness and color fidelity by effectively minimizing chromatic aberration and three aspherical lens elements to minimize various other types of lens aberration. While both lenses offer a 1:2 reproduction ratio, the PC-E Micro 85mm f/2.8 D lens offers a medium-telephoto angle of view and increased camera-to-subject working distance that is preferable in many applications. In addition, both lenses incorporate Nikon's Super Integrated coatings that deliver superior color reproduction, as well as Nikon's exclusive Nano Crystal Coat to virtually eliminate any remaining instances of ghosting and flare.

Together with the recently announced NIKKOR PC-E 24mm f/3.5 ED lens, photographers now have a comprehensive assortment of Perspective Control NIKKORs ranging from wide to medium-telephoto from which to choose.

The PC-E Micro NIKKOR 45mm f/2.8D ED and PC-E Micro NIKKOR 85mm f/2.8D lenses are scheduled to become available through Nikon authorized dealers in the U.S. beginning in August 2008 for an estimated selling price of $1,799.95 and $1,739.95, respectively.**

About Nikon

Nikon, At the Heart of the Image(TM). Nikon Inc. is the world leader in digital imaging, precision optics and photo imaging technology and is globally recognized for setting new standards in product design and performance for its award-winning consumer and professional photographic equipment. Nikon Inc. distributes consumer and professional digital SLR cameras, NIKKOR optics, Speedlights and system accessories; Nikon COOLPIX(R) compact digital cameras; COOLSCAN(R) digital film scanners; 35mm film SLR cameras; Nikon software products and Nikon sports and recreational optics. Nikon D Series digital SLR cameras are recognized as "Highest in Customer Satisfaction with Digital SLR cameras," according to the latest J.D. Power and Associates 2007 Digital Camera Satisfaction Study. Nikon Corporation, the parent company of Nikon Inc., recently celebrated its 90th anniversary and announced the production of over 40 million NIKKOR SLR interchangeable lenses. For more information, dial (800) NIKON-US or visit http://www.nikonusa.com, which links all levels of photographers to the Web's most comprehensive photo learning and sharing communities.

*Some functions will be limited when used with cameras other than the D3, D700 and D300.

** Estimated selling price listed is only an estimate. Actual prices are set by dealers and are subject to change at any time.

For J.D. Power and Associates award information, go to http://www.jdpower.com

SOURCE Nikon, Inc.

http://www.nikonusa.com

"Nikon is proud that its innovative leadership in flash technologies has been praised by photographers who have realized the versatility and power that the Nikon Creative Lighting System contributes to their photography," said Edward Fasano, general manager for marketing, SLR System Products at Nikon, Inc. "The SB-900 Speedlight now provides photographers with a new level of portable lighting functionality, with performance and intelligent features that adapt to an even wider scope of lighting challenges."

The SB-900 Speedlight is engineered to address the creative lighting challenges faced by today's photographers including a need for fast, on-demand performance, and the ability to adapt seamlessly to nearly any lighting scenario. The SB-900's innovative design has the Xenon flash tube and reflector system moving independently -- allowing for a wider zoom range from an extreme wide angle of 17mm (FX) to the telephoto setting which reaches 200mm without the aid of accessories or as wide as 12mm in DX mode with the built-in wide-angle panel engaged.

The SB-900 offers a quick recycle time of 4.0 seconds (at full power) with four Alkaline AA batteries which drops to a mere 2.3 seconds (at full power) while using four rechargeable NiMH batteries -- about 25 percent faster than the SB-800 with its fifth battery attachment.

While ease of use has always been a defining hallmark of the Nikon CLS System, the user interface has been even further refined to simplify control and offer faster operation. Controls for setting the wireless Master and Remote have been relocated to the outside of the unit for easier access and frequently used functions are easily adjusted with a new Rotary Select Dial. A larger LCD screen is easy to read, even in direct sunlight, and photographers can assign "My Menu" hotkeys for quicker access to commonly used functions. A new thermal cut-out protection system monitors conditions when the flash might overheat due to excessive rapid bursts. Helpful operating temperature information is provided to the photographer with an innovative temperature gauge displayed on the LCD screen.

For the first time, Nikon SB-900 Speedlight users will have the ability to take advantage of future performance advancements, by way of user-uploadable firmware. The user will be able to download the firmware onto a flash media card and upload it to the flash unit through select digital SLR cameras.*

The SB-900 Speedlight is Nikon's most intelligent Speedlight ever, created in response to the needs of today's digital photographic professionals. When using the included fluorescent or incandescent filters and adaptor, the flash automatically recognizes what filter is being used and automatically adjusts white balance accordingly on the latest Nikon D-SLRs.* Additionally, the SB-900 aids auto focus with a broader AF assist beam that covers a wide 20-105mm that is matched to all of the D3, D700 and D300's 51 focus points. The bounce and swivel capability of the SB-900 has been expanded to include: tilt up to 90 degrees, down minus 11 degrees, and a full 180-degree swivel left or right, allowing more creativity for on or off camera use, or as a remote Speedlight.

The SB-900 serves as the new core for the Nikon Creative Lighting System when used in combination with Nikon SLRs, and supports Advanced Wireless Lighting as a master or a remote Speedlight, inviting photographers to discover endless creative possibilities. While using one or more Nikon Speedlights wirelessly, photographers can artistically use shadows, highlight details, and light complicated angles with ease. Along with the SB-900, the Nikon Creative Lighting System features a comprehensive assortment of personal lighting tools that include the agile SB-600 and SB-400, and the remarkable R1 and R1C1 Wireless Close-up Speedlight systems.

Available accessories

The SD9 Battery Pack boosts flash recycle time to a mere one second (at full power). For faster recycling or all-day shooting it accepts up to eight AA batteries. To enhance the weatherproof ability of Nikon D-SLRs, optional Water Guards will be available for select cameras to protect the connection between the flash and camera, allowing users to utilize the flash when weather conditions are less than ideal.

Price and availability

The new Nikon SB-900 Speedlight is scheduled to be available in August 2008, and will have an estimated selling price of $499.95.** The SB-900 will come packaged with the Speedlight Stand, Bounce Adapter, Color Filter Holder, Intelligent Color Filter Kit, Diffuser Dome and the Soft Case. The SD9 Battery Pack is also scheduled to be available in August 2008 with an estimated selling price of $230.00.

About Nikon

Nikon, At the Heart of the Image(TM). Nikon Inc. is the world leader in digital imaging, precision optics and photo imaging technology and is globally recognized for setting new standards in product design and performance for its award-winning consumer and professional photographic equipment. Nikon Inc. distributes consumer and professional digital SLR cameras, NIKKOR optics, Speedlights and system accessories; Nikon COOLPIX(R) compact digital cameras; COOLSCAN(R) digital film scanners; 35mm film SLR cameras; Nikon software products and Nikon sports and recreational optics. Nikon D Series digital SLR cameras are recognized as "Highest in Customer Satisfaction with digital SLR cameras," according to the latest J.D. Power and Associates 2007 digital Camera Satisfaction Study. Nikon Corporation, the parent company of Nikon Inc., recently celebrated its 90th anniversary and announced the production of over 40 million NIKKOR SLR interchangeable lenses. For more information, dial (800) NIKON-UX or visit http://www.nikonusa.com, which links all levels of photographers to the Web's most comprehensive photo learning and sharing communities.

    For J.D. Power and Associates award information go to jdpower.com

    * With D3 and D700 Cameras only

** Estimated selling price listed is only an estimate. Actual prices are set by dealers and are subject to change at any time.

SOURCE Nikon, Inc.

http://press.nikonusa.com

"Nikon has joined forces with Northwestern University to offer researchers and students access to the cutting-edge microscopy imaging tools that are enabling a revolution in live-cell imaging research," said Lee C. Shuett, executive vice president, Nikon Instruments. "They, in turn, will provide input from a user's point-of-view about our instruments and applications. This information will help us to fine tune our newest microscopes and peripherals."

As part of the collaboration between the two entities, Nikon will sponsor microscopy workshops at the Feinberg School to ensure researchers and students can achieve the greatest return on their work with the new microscope systems. Several individuals at the Feinberg School of Medicine were instrumental in establishing the collaboration between Nikon and Northwestern including Vladimir Gelfand, the Leslie B. Arey Professor of Cell, Molecular, and Anatomical Sciences; Rex Chisholm, the Adam and Richard T. Lind Professor of Medical Genetics and Dean for Research; and Robert Goldman, the Stephen Walter Ranson Professor and chair of Cell and Molecular Biology.

"Having the Nikon Imaging Center at the Feinberg School brings many advantages to our students and faculty, most importantly, open access to state-of-the-art imaging technology," said Teng-Leong Chew, PhD, director of the Cell Imaging Facility.

The new Nikon Imaging Facility will host a grand opening ceremony June 4th at 11:30 a.m., followed by an open house. The facility joins imaging centers at Harvard Medical School and the University of California, San Francisco. Globally, the exclusive list of top imaging centers that house a Nikon Center include Oxford University, England; Curie Institute, France; Heidelberg University, Germany; Singapore Bioimaging Consortium; and Hokkaido University, Japan.

About Nikon Instruments Inc.

Nikon Instruments Inc. is a world leader in the development and manufacture of optical and digital imaging technology for biomedical and industrial applications. Now in its 90th year, Nikon provides complete optical systems that offer optimal versatility, performance and productivity. Cutting-edge instruments include microscopes, precision measuring equipment, digital imaging products and software. Nikon Instruments is the microscopy and digital imaging arm of Nikon Inc., the world leader in digital imaging, precision optics and photo imaging technology. For more information, visit www.nikoninstruments.com. Product-related inquiries may be directed to Nikon Instruments at 800-52-NIKON.

SOURCE Nikon Instruments Inc.

http://www.nikoninstruments.com