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Toshiba's Credit Rating Lowered Two Levels to Junk by Moody's

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Toshiba Corp.’s long-term senior bond rating was cut two levels by Moody’s Investors Service to Ba2, its second-highest junk rating, from Baa3. That was followed by a downgrade to sub-investment grade by Standard & Poor’s.

Moody’s also lowered the short-term rating of the Japanese electronics company, the ratings agency said in a statement Tuesday. S&P reduced Toshiba one step to BB+ from BBB- and placed the company on credit watch, it said in a statement.