S&P cuts Sharp

Standard & Poor's said it lowered to B+ from BB+ its long-term corporate credit ratings on Sharp Corp. and its overseas subsidiaries Sharp Electronics Corp. and Sharp International Finance (U.K.) plc.

The agency said it also lowered the senior unsecured debt ratings on Sharp to B+ from BB+.

Both the B+ long-term and B short-term ratings remain on CreditWatch with negative implications.

The agency said it also lowered Sharp's financial risk profile to highly leveraged from significant following its announcement of disappointing business results.

S&P's said Sharp's losses, for two years running, weaken the company's equity and its capital structure and are likely to exacerbate the company's difficulties in restoring earnings and liquidity.

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