S&P puts Canon on watch

S&P said it placed Canon Inc.’s long-term issuer rating on CreditWatch with negative implications, citing the effect of the pandemic.

S&P said it sees an acceleration in the “structural contraction and acceleration in the company’s two main businesses, cameras and office equipment.” The two businesses account for 60% of Canon’s revenue.

“We intend to resolve the CreditWatch placements within 90 days after assessing the impact on its profitability and key financial ratios with regard to the outlooks for its performance and cash flows,” S&P said in a press release.

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