Standard & Poor's placed its short-term rating on Japan's Mitsubishi Electric Corp. on CreditWatch with negative implications on Sept. 25, 2001. The CreditWatch placement reflects a rapid deterioration in the company's business performance, caused by a worse-than-expected downturn in the electronics devices and mobile communications equipment markets amid a slowdown of the global economy. This weak performance is leading to a deterioration in the company's profitability and cash flow protection measures. The placement also incorporates concerns that the company's ability to restore its earnings power could be delayed, given uncertainty over the timing of a recovery in Mitsubishi Electric's mobile communications equipment and electronic devices businesses. On Sept. 14, 2001, Mitsubishi Electric announced a downward revision of its profitability forecasts
