We see an increased likelihood of Sharp asking its main lender banks for support in a form we define as 'SD' (selective default), such as a debt-for-equity swap, modifications to existing debt, or a debt waiver. We are lowering our long-term ratings on Sharp to 'CCC+' and keeping them on CreditWatch with negative implications. We are also lowering our short-term ratings on the company to 'C' and placing them on CreditWatch with negative implications. We may further lower our ratings on Sharp more than one notch if we see a greater likelihood in the next few months of lender banks extending support in a manner fitting an 'SD'. On March 3, 2015, Standard&Poor's Ratings Services lowered its long-term
