...TOKYO (S&P Global Ratings) Sept. 1, 2017--S&P Global Ratings today said that it has lowered its issue rating on Japan-based capital goods and diversified electronics company Toshiba Corp.'s senior unsecured bonds one notch to '##' from '###-'. Our '###-/C' issuer credit ratings on Toshiba are currently on CreditWatch with negative implications. We maintain the CreditWatch status with negative implications on the issue rating on the bonds. S&P Global Ratings had equalized its rating on Toshiba's senior unsecured debt with the long-term corporate credit ratings on the company since March 17, 2017. However, we now assign a rating on Toshiba's senior unsecured debt one notch lower than the long-term corporate credit ratings. To arrive at this rating, we lower the senior unsecured debt rating on Toshiba two notches from the long-term corporate credit ratings on the basis of our estimate that priority liabilities, including secured debt, account for over 30% of Toshiba's adjusted total assets,...
