S&P alters Panasonic view to stable

S&P said it revised to stable from negative the outlook on Panasonic Corp.

“We revised our outlook because Panasonic’s profit and profitability are highly likely to exceed our previous assumptions. We base this on the steady progress it has made in restructuring its business portfolio and reducing costs amid the Covid-19 pandemic. In addition, the performance of its auto-related business and other main units is recovering,” S&P said in a press release.

The agency now forecasts the margin to be about 8.6% at the end of March 2021 and to improve to nearly 10% in the following fiscal year, with gradual improvement after that.

The agency also affirmed Panasonic’s A- long-term issuer credit and senior unsecured debt ratings.

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