Moody’s rates Panasonic notes A3

Moody's Investors Service said it assigned an A3 rating to Panasonic Corp.'s new dollar senior bonds.

The outlook is negative.

The specific bonds rated are the $1 billion bonds due 2022, $1 billion bonds due 2024 and $500 million bonds due 2029.

“Panasonic's A3 rating reflects the company's (1) diversified business portfolio, which includes a wide range of products; (2) strong brand recognition; and (3) improved financial leverage, as a result of its conservative financial policy,” the agency said in a news release.

“On the other hand, the rating is constrained by the delay in improving its profitability because of the weaker-than-expected operating performance of its automotive business.”

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