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S&P: Toshiba on watch
Standard & Poor's said it placed its BBB long-term and A-2 short-term corporate credit ratings on Toshiba Corp. on Creditwatch with negative implications.
The Creditwatch placement reflects growing uncertainty over the company's medium-term financial performance and increasing downward pressure on its capital quality, the agency added.
At the same time, S&P said it also placed its long-term and short-term corporate credit ratings on Toshiba's overseas subsidiaries on Creditwatch with negative implications.
On April 17, the agency said that Toshiba announced revisions to its business forecast for fiscal 2008, noting that the company now anticipates an operating loss of ¥350 billion for fiscal 2008, which is not too dissimilar to revisions made by the company on Jan. 29.
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