Sharp yesterday completed a de facto debt-for-equity swap, which we define as a selective default ('SD'). We are raising our long-term corporate credit rating on Sharp to 'B-' from 'SD' and our short-term corporate credit rating to 'B' from 'SD'. We are raising both our long-term debt and commercial paper (CP) program ratings one notch to 'B-' and 'B' respectively and are removing the ratings from CreditWatch. The outlook on the long-term corporate credit rating is negative, reflecting our view that Sharp's earnings and financial standing are unlikely to recover materially in the next six to 12 months or so amid a heightened risk of volatility in the earnings of its LCD business. On July 1, 2015, Standard&Poor's
