Japan’s Sharp Corp downgraded to junk status

Aug 31, 2012 3:21 PM PHT

Agence France-Presse

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Standard & Poor's cuts its credit rating on Sharp Corp to junk status, following huge losses at the struggling Japanese consumer electronics giant

TOKYO, Japan – Standard & Poor’s on Friday, August 31, cut its credit rating on Sharp Corp to junk status, following huge losses at the struggling Japanese consumer electronics giant.

The global ratings agency said it chopped Sharp’s rating by two notches to BB+ and warned the Osaka-based firm was beset by weak cash flow and “deteriorating” market conditions. – Agence France-Presse