S&P lifts Toshiba debt

S&P said it affirmed Toshiba Corp.’s CCC- long-term corporate credit and C short-term corporate credit and commercial paper program ratings and removed the ratings from CreditWatch.

The outlook is negative.

At the same time, the agency raised the senior unsecured rating one notch to CCC- from CC and removed the rating from under criteria observation, following S&P’s criteria revision.

S&P also removed the senior unsecured rating from CreditWatch with negative implications.

The agency said the affirmation and CreditWatch resolution reflects a view that the risk of a rapid surge of pressure on the ratings is now less likely.

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