S&P downgrades Panasonic

Standard & Poor's said it lowered the long-term corporate credit and debt ratings on Panasonic Corp. to A- from A, along with its short-term corporate credit rating to A-2 from A-1.

The downgrade reflects a view that an early restoration of the company's financial soundness to levels commensurate with the previous ratings has become highly unlikely due to a huge expected loss in fiscal 2011, the agency said.

The negative outlook reflects that the challenging industry environment, which is expected to continue pressuring its earnings, S&P said.

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