Panasonic Downgraded by S&P After $9.6 Billion Loss Forecast
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Panasonic Corp., Japan’s No. 2 TV maker, had its credit rating downgraded two levels by Standard & Poor’s after forecasting a loss 30 times bigger than analyst estimates because of restructuring costs and falling demand.
The long-term debt was rated BBB, down from A-, S&P said in a statement today, citing “huge” losses and the outlook for a slow recovery at the Osaka-based maker of consumer electronics, solar panels and home appliances. It’s the second-lowest investment grade. The rating was assigned with a stable outlook.