S&P upgrades Sharp

S&P said it raised to BB- from B+ its long-term corporate credit and senior unsecured debt ratings on Sharp Corp.

The agency affirmed the B short-term corporate credit and commercial paper program ratings on the company.

At the same time, S&P raised to BB- from B+ the long-term corporate credit rating on Sharp International Finance (U.K.) plc and affirmed the B short-term corporate credit and commercial paper program ratings.

The outlook is positive.

The agency said the upgrade reflects a view that Sharp's earnings and cash flows are likely to continue to recover gradually in the next year or two thanks to the company's steps to stabilize earnings in its main liquid crystal display business.

In addition, key financial ratios for the company have improved far beyond previous assumptions and are likely to keep improving, supported by Sharp's efforts to strengthen its ability to generate cash flows, S&P added.

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