Pioneer Corporation http://www.alacrastore.com/company-snapshot/Pioneer_Corporation-1013291 Friday, July 25, 2008 6:25:53 PM 1013291 Pioneer Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_158051_829050moodys/PR_158051_829050htmlGlobal Credit Research Rating Action # JUL #### Rating Action: Pioneer Corporation Moody's assigns issuer rating of Baa# to Pioneer Tokyo, July ##, #### -- Moody's Investors Service has assigned a Baa# local currency issuer rating...7/2/2008 1:14:49 AMhtmlPioneer CorporationPioneer Corporation829050150.0000NewsRating ActionPR_158051_829050Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657223spcred/657223normThe latest News from S&Pglobal7/1/2008 4:41:33 AM100News657223JapanConsumer ElectronicsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsConsumer ProductsHigh TechnologyNewsTOKYO (Standard&Poor's) July 1, 2008--Standard&Poor's Ratings Services today lowered to 'BB+' from 'BBB-' its long-term corporate credit and senior unsecured ratings on Pioneer Corp., reflecting the ongoing decline in cash flow and weakening capitalization within the company as a result of the sluggish performance of its plasma display business. Standard&Poor's expects the turnaround of the company's plasma display business to take another two to three years. The outlook on the long-term corporate credit rating is stable, which reflects the reduced risk of further material loss as impairment losses of the plasma display business have for the most part been recorded. Pioneer has posted a net loss every year since fiscal 2004 (ended March 31,JPN72365772364625201010 252010 2520 25Pioneer Corp.116993ASIAEUROMIDAFRUSA6773@JPNEWSGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634851spcred/634851normThe latest Full Report from S&P3/11/2008 4:58:05 AMFull Report400global634851JapanConsumer ElectronicsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsConsumer ProductsHigh TechnologyFull ReportStrong R&D capabilities in digital audiovisual equipment Solid earnings base in the car electronics business Sound debt leverage for the rating Low profitability in the Home Electronics segment, including the highly competitive plasma display panel (PDP) business, for which the prospects of establishing a stable earnings base are uncertain Limited business lines that contribute to profitability Pioneer Corp. posted a record net loss of ¥85 billion in fiscal 2005 (ended March 31, 2006) and continued to record net losses of ¥6.8 billion in fiscal 2006. The company was faced with net losses in the past two years mainly due to the slump in its PDP business and impairment losses on manufacturing facilities. Sales in the PDP business have been sluggishJPN72365772364625201010 252010 2520 25Pioneer Corp.116993ASIAEUROMIDAFRUSA6773@JPFULLGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634852spcred/634852normThe latest Summary from S&P3/11/2008 4:58:05 AMSummary175global634852JapanConsumer ElectronicsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsHigh TechnologyConsumer ProductsSummaryPioneer Corp. posted a record net loss of ¥85 billion in fiscal 2005 (ended March 31, 2006) and continued to record net losses of ¥6.8 billion in fiscal 2006. The company was faced with net losses in the past two years mainly due to the slump in its PDP business and impairment losses on manufacturing facilities. Sales in the PDP business have been sluggish against a backdrop of fierce competition. The Home Electronics segment, to which the PDP business belongs, posted operating losses of ¥16.3 billion in fiscal 2006. Standard&Poor's expects that fiscal 2007 (ending March 31, 2008) will be the fourth consecutive year of net losses. Despite efforts to improve business efficiency by integrating manufacturing facilities andJPN72365772364625201010 252010 2520 25Pioneer Corp.116993ASIAEUROMIDAFRUSA6773@JPSUMMARYGLOBISSCORPHighConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634616spcred/634616normThe latest News from S&P3/10/2008 4:29:33 AMNews100global634616JapanConsumer ElectronicsAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsConsumer ProductsHigh TechnologyNewsTOKYO (Standard&Poor's) March 10, 2008--Standard&Poor's Ratings Services said today that its ratings on Pioneer Corp. (BBB-/Negative/--) would be unaffected by its announcement on March 7, 2008, that it intends to withdraw from plasma display panel manufacturing. On the same day, the company revised downward its fiscal 2007 (ending March 31, 2008) forecast to ¥15 billion in net losses from the previous forecast of ¥6 billion in net income. This revision was based on an estimated ¥19 billion in impairment losses on plasma display production facilities. Growing price competition in the flat-screen TV industry is making it increasingly difficult for midsize manufacturers with limited operational scale and managerial resources to maintain stable profits under their vertically integratedJPN72365772364625201010 252010 2520 25Pioneer Corp.116993ASIAEUROMIDAFRUSA6773@JPNEWSGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_829050moodys/COP_829050htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Pioneer Corporation Pioneer Corporation Tokyo, Japan Ratings Category Moody's Rating Outlook Stable Issuer Rating -Dom Curr Baa# Senior Unsecured -Dom Curr Baa# Contacts...1/4/2008 2:21:00 AMhtmlPioneer CorporationPioneer Corporation829050150.0000NewsCredit OpinionCOP_829050Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143971_829050moodys/PR_143971_829050htmlAnnouncement11/9/2007 12:31:19 AMGlobal Credit Research Announcement # NOV #### Announcement: Pioneer Corporation Moody's: Ratings outlook for Asian consumer electronics manufacturers stable, despite increased competition Tokyo, November ##, #### -- The rating outlook...Pioneer Corporation829050150.0000Newshtml807977185LG Electronics Inc.801500Victor Company of Japan Ltd.786705Sony Corporation660300Sanyo Electric Co., Ltd.500300Sharp Corporation472500Matsushita Electric Industrial Co., Ltd.3024Samsung Electronics Co., Ltd.145400Casio Computer Co., LtdCasio Computer Co., Ltd; LG Electronics Inc.; ...PR_143971_829050Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_141116_829050moodys/PR_141116_829050htmlAnnouncement9/24/2007 12:21:18 AMGlobal Credit Research Announcement ## SEP #### Announcement: Pioneer Corporation Moody's affirms Sharp's ratings at A# and Pioneer's ratings at Baa# Tokyo, September ##, #### -- Moody's Investors Service has affirmed the A# long-term...Pioneer Corporation829050150.0000Newshtml776650Sharp International Finance (U.K.) Plc673755Sharp Electronics Corporation500300Sharp CorporationPioneer Corporation; Sharp Corporation; Sharp Electronics Corporation; ...PR_141116_829050Credit & Investment ResearchMoody's Global Credit Research