Moody's downgrades Panasonic

Moody's Investors Service said it downgraded the long-term senior unsecured bond and issuer ratings of Panasonic Corp. to Baa1 from A2.

Moody's also downgraded the rating of Panasonic's shelf registration to provisional Baa1 from provisional A2, as well as the short-term ratings of its supported subsidiaries, Panasonic Finance (America) Inc. and Panasonic Finance (Europe) plc, to Prime-2 from Prime-1.

The outlook is stable.

Moody's said the actions reflect Panasonic's low level of profitability and elevated leverage. Moody's expects them to improve but only slowly, given the weak demand and intense competition in many of its end-markets, the agency said.

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