Fitch lowers Panasonic

Fitch Ratings said it downgraded Panasonic Corp.'s long-term foreign-currency and local-currency issuer default ratings and foreign-currency senior unsecured rating to BBB- from BBB.

At the same time, Fitch downgraded Panasonic's short-term foreign-currency and local-currency issuer default ratings to F3 from F2.

The outlook is stable.

“The downgrade incorporates meaningful deterioration in Panasonic's operating results, which will be negatively affected further by the coronavirus pandemic,” the agency said in a news release.

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