Moody's lowers Panasonic

Moody's Japan K.K. said it downgraded the long-term senior unsecured bonds and issuer ratings of Panasonic Corp. to A2 from A1.

In addition, Moody's said it downgraded the rating on Panasonic's shelf registration to provisional A2 from provisional A1.

At the same time, Moody's affirmed the Prime-1 short-term ratings of Panasonic's supported subsidiaries, Panasonic Finance (America) Inc. and Panasonic Finance (Europe) plc.

The outlook is negative.

Moody's said the action reflects its concern that the weakness in Panasonic's financial profile will continue, given the challenging operating environment.

The company's financial profile has deteriorated since it acquired the remaining stakes in its two major consolidated subsidiaries, Panasonic Electric Works Co. Ltd. and Sanyo Electric Co. Ltd., the agency said.

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