Fitch changes Panasonic view

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

Its short-term foreign-currency and local-currency issuer default ratings have also been affirmed at F2.

However, the outlook was revised to negative from stable.

“The negative outlook reflects our view that meaningful recovery in Panasonic's profitability and cash generation will be slow given the delay in the turnaround of the company's automotive business, weakening demand in the appliance and housing-related business and rising upfront investment for the car battery business,” the agency said in a news release.

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