S&P upgrades Toshiba

S&P said it raised its long-term corporate credit and senior unsecured debt ratings on Toshiba Corp. to BB from B and removed the ratings from CreditWatch with positive implications.

The agency also affirmed the B short-term corporate credit and commercial paper program ratings on Toshiba.

The outlook is positive.

“We base the upgrades on our view that key financial metrics for Toshiba, together with its liquidity, are likely to improve substantially because it has received about ¥2 trillion for the sale Toshiba Memory Corp.,” S&P said in a news release.

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