Moody’s upgrades Panasonic to Baa2

Moody's Japan K.K. said it upgraded Panasonic Corp.’s long-term senior unsecured debt ratings and issuer rating to Baa2 from Baa3.

The agency also upgraded the rating for its shelf registration to provisional Baa2 from provisional Baa3.

The outlook was changed to positive from stable.

Moody’s said the upgrade principally reflects the material improvement in Panasonic's financial profile, as evidenced by a significant reduction in its leverage, mainly driven by a large lowering in debt through assets sales and working capital management.

"The rating action also acknowledges the company's improved operating performance as a result of its successful restructuring initiatives over the past few years," Moody's vice president and senior credit officer Maki Hanatate said in a news release.

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