Sharp's revised full year guidance for fiscal 2014 falls far short of our assumptions in our base-case scenario. We are placing our long-term corporate and issue ratings on Sharp on CreditWatch with negative implications. We will resolve the CreditWatch status after we review details of Sharp's new medium-term business plan and lender banks' support stance. If we view that Sharp's earnings and financial standing are unlikely to swiftly recover, or if we believe that Sharp's deteriorating business performance will lead to a negative shift in bank support, we may downgrade the company. On Feb. 4, 2015, Standard&Poor's Ratings Services placed its 'B+' long-term corporate credit and 'B' issue ratings on Japanese electronics company Sharp Corp. on CreditWatch with
