Fitch affirms Panasonic

Fitch Ratings said it affirmed Panasonic Corp.'s long-term foreign- and local-currency issuer default ratings and senior unsecured rating at BBB.

Its short-term foreign- and local-currency issuer default ratings were affirmed at F2.

The outlook is stable.

The agency said the affirmation reflects an expectation that Panasonic continues to generate solid margin and operating cash flow, which is sufficient to fund its significant upfront investments and R&D expenditure on mainly automotive related projects.

“We believe the company will remain resilient against any unfavourable changes in the operating environment considering its improved business structure, focused growth strategy and diversified product portfolio,” Fitch said in a news release.

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