Fitch: Sharp on negative watch

Fitch Ratings said it placed Sharp Corp.'s long-term foreign- and local-currency issuer default rating of BBB- on negative watch due to an increasing likelihood that the company will not be able to take timely action to maintain its investment-grade rating.

The agency also placed its local-currency senior unsecured rating of BBB- on negative watch, along with its short-term foreign- and local-currency issuer default rating of F3-.

Fitch said it will resolve the Rating Watch on publication of the company's half-year results and as further details of its restructuring plan emerge, which the agency expects by the end of October.

A downgrade of more than a notch cannot be ruled out as the company faces a significant challenge to turn around its operations, the agency said.

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