Fitch: Sanyo still on negative watch

Fitch Ratings said it will keep Sanyo Electric Co., Ltd.'s long-term foreign-currency issuer default rating, long-term local-currency issuer default rating and senior unsecured ratings of BB+ on Rating Watch negative.

The reason is the continuing investigation by Japan's Securities and Exchange Surveillance Commission into the company's past accounting practices, Fitch said.

Although the accounting issue relates to evaluation losses in investments on the parent-alone financial statements and does not affect the consolidated accounts, the agency said any negative conclusion by the authority could potentially affect Sanyo's credibility and confidence in its financial disclosure.

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