Moody’s upgrades Panasonic to Baa1

Moody's Japan K.K. said it upgraded Panasonic Corp.’s long-term senior unsecured debt rating and issuer rating to Baa1 from Baa2.

The outlook remains positive.

The upgrade principally reflects the ongoing improvements in Panasonic's financial profile, as evidenced by steady improvement in its profitability with increasing earnings stability, and its efforts to maintain a solid balance sheet by keeping its leverage low," Maki Hanatate, Moody's vice president, senior credit officer and lead analyst for the company, said in a news release.

"Panasonic's restructuring efforts over the last 18-24 months have been very effective and while we still expect some of its product segments to be exposed to bouts of aggressive price competition from time to time, its very high level of diversification provides it with sufficient defensive qualities."

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