S&P cuts Sanyo Electric

Standard & Poor's said it lowered to BB- from BB its long-term corporate credit rating on Sanyo Electric Co. Ltd.

At the same time, S&P said it lowered to BB from BB+ its issue ratings on Sanyo Electric's senior unsecured debt.

The outlook on the long-term credit rating is negative, S&P said, adding that the ratings were removed from CreditWatch, where they were placed on Nov. 22.

"The downgrade reflects delays in Sanyo Electric meeting its financial improvement targets, as well as remaining concerns over the company being able to stabilize its earnings by strengthening the competitiveness of its weak businesses," said S&P credit analyst Katsuyuki Nakai.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.