S&P cuts Panasonic

Standard & Poor's said it lowered to BBB from A- its long-term corporate credit ratings on Panasonic Corp. and its subsidiaries Panasonic Finance (America) Inc. and Panasonic Finance (Europe) plc, along with its senior unsecured debt ratings on Panasonic Corp.

The outlooks on the long-term corporate credit ratings are stable.

On Oct. 30, Panasonic Corp. announced a $685.2 billion net loss for the six months ended Sept. 30 and a forecast $765.0 billion net loss for fiscal 2012.

S&P said it believes such huge losses for the second year in a row weaken the company's financial profile and could further slow its recovery in the next one to two years.

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