03 Feb '12, 9am
S&P downgrades Japanese electronics maker Sharp: TOKYO (AFP) - Standard & Poor's (S&P) on Friday downgraded the
TOKYO (AFP) - Standard & Poor's (S&P) on Friday downgraded the credit rating of Japanese electronics maker Sharp, which has announced an expected full-year net loss of US$3.8 billion (S$4.7 billion). The agency said it had lowered the company's long-term corporate credit and senior unsecured debt ratings one notch to BBB+ from A-, while affirming the A-2 short term corporate credit rating. It said the outlook on the long-term corporate credit rating was negative. 'We base this action on our view that steep price cuts for Sharp's main products and the protracted strength of the yen have diminished the company's earnings,' the agency said in a statement.