Toshiba Long-Term Rating Lowered To 'B+', Senior Unsecured Debt Rating Lowered To 'BB'; Ratings Remain On Watch Negative

Toshiba has further cut its forecast operating performance for fiscal 2015, citing a worsening business environment and valuation losses. We expect wider net loss to erode Toshiba shareholders' equity beyond our previous assumptions. Support from the company's main creditor banks is likely to remain essential to its funding. We are lowering our long-term corporate credit rating three notches to 'B+' from 'BB+' and our long term senior unsecured debt rating two notches to 'BB' from 'BBB-', and we are keeping both ratings on CreditWatch with negative implications. We may further downgrade Toshiba if its operating performance worsens beyond its current estimates in fiscal 2015 or its planned sale of Toshiba Medical Systems faces delays. We may also downgrade Toshiba if

...+ Toshiba has further cut its forecast operating performance for fiscal 2015, citing a worsening business environment and valuation losses. + We expect wider net loss to erode Toshiba shareholders' equity beyond our previous assumptions. Support from the company's main creditor banks is likely to remain essential to its funding. + We are lowering our long-term corporate credit rating three notches to 'B+' from '##+' and our long term senior unsecured debt rating two notches to '##' from '###-', and we are keeping both ratings on CreditWatch with negative implications. + We may further downgrade Toshiba if its operating performance worsens beyond its current estimates in fiscal 2015 or its planned sale of Toshiba Medical Systems faces delays. We may also downgrade Toshiba if we determine that support from its main creditor banks has weakened. TOKYO (Standard & Poor's) Feb. 5, 2016--Standard & Poor's Ratings Services today said that it has lowered its long-term corporate credit rating on...

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