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S&P drops JVC to junk
Standard & Poor's said it lowered the long-term corporate credit rating on Victor Co. of Japan Ltd., or JVC, to BB from BBB- and its short-term corporate credit rating to B from A-3. Ratings were from CreditWatch with negative implications, where they were placed on Feb. 27.
The outlook on the long-term corporate credit rating is negative.
The downgrades reflect increasing uncertainty over whether the JVC Kenwood group's core businesses can stage a recovery, according to the agency.
They also are an indicator of the significant deterioration in the group's financial soundness given huge net losses.
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