Moody's rates Toshiba bonds Ba1

Moody's Investors Service said it assigned a rating of provisional Ba1 to the first series unsecured interest deferrable and early redeemable subordinated bonds solely for qualified institutional investors issued by Toshiba Corp.

The outlook is negative.

The rating considers the Baa2 rating of Toshiba's senior unsecured bonds and the subordinated priority of claim the bonds will have within the company's capital structure, Moody's said. Proceeds will be used for debt repayments.

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