sp cuts troubled toshibas credit rating
Friday 25 July 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

S&P cuts troubled Toshiba's credit rating

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleS&P cuts troubled Toshiba's credit rating

Standard & Poor's has cut its credit rating on embattled Japanese
Tokyo - AFP

Standard & Poor's cut its credit rating on Toshiba again Friday, warning that the troubled company's finances were quickly deteriorating owing to huge losses at its US nuclear unit.
The ratings agency slashed its outlook on the Japanese industrial giant by two notches to 'CCC-', pushing it further into junk status after earlier downgrades in December and January.
Loss-hit Toshiba, a pillar of corporate Japan, could be running out of options for turning around its business or securing emergency bank funding, it added.
"There is a growing likelihood that Toshiba will become unable to fulfil its financial obligations in a timely manner or will undertake a debt restructuring we classify as distressed in the next six months," S&P said.
Toshiba's multi-billion-dollar losses are likely to multiply, it added, as it faces the embarrassing prospect of being delisted from the Tokyo Stock Exchange.
"The heavy losses and financial burden related to Toshiba's US nuclear power business will grow further, increasing uncertainty about (its) prospects for restructuring and bank support," S&P said.
The downgrade comes after Toshiba's beleaguered shares rebounded earlier Friday, closing 3.5 percent higher, on reports that Tokyo is mulling using state money to support the spin off of its prized memory chip business.
The government denied the reports.
"The specifics of its plan to sell its (memory chip) business have yet to be determined and it will be some time before the proceeds of a sale materialise," S&P said.
Toshiba shares have been hammered this year, losing more than half their value since late December when it first warned of eye-popping losses at atomic division Westinghouse Electric -- and pointed to a possible accounting fraud.
The company is probing a whistleblower's claims that one or more Westinghouse executives exerted "inappropriate pressure" on the division's accounts.
This week, Japanese financial regulators gave Toshiba until April 11 to publish its fourth-quarter results, which were originally due in mid-February.
Toshiba had said it needed more time to probe claims of misconduct at Westinghouse and gauge the impact on its finances before reporting its numbers.
Toshiba has previously warned it was on track to report a net loss of 390 billion yen in the fiscal year to March, as it faced a writedown topping 700 billion yen at Westinghouse.
The crisis comes less than two years after Toshiba's reputation was badly damaged by separate revelations that top company executives pressured underlings to cover up weak results after the 2008 global financial meltdown.


Source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sp cuts troubled toshibas credit rating sp cuts troubled toshibas credit rating

 



Themuslimchronicle, themuslimchronicle

GMT 00:08 2015 Wednesday ,18 February

Sony steps up in wearable space with SmartEyeglass

GMT 10:38 2011 Sunday ,29 May

Oprah Winfrey\'s farewell scores high

GMT 06:31 2015 Monday ,02 November

What if Israel's assassinated PM Rabin had lived

GMT 13:45 2017 Monday ,07 August

Sudan to form high national committee

GMT 21:41 2017 Thursday ,12 October

Jeddah hotels turn in strong performance for September

GMT 09:24 2017 Thursday ,06 April

Zamalek’s footballer apologizes for recent losses

GMT 09:11 2017 Friday ,18 August

LIBBY opens first pop-up shop

GMT 10:33 2017 Wednesday ,13 December

Australia's Castle shatters rugby union glass ceiling

GMT 00:43 2017 Monday ,24 April

Egypt, US start joint naval drills in Red Sea

GMT 07:04 2013 Tuesday ,21 May

Amr Diab \'controversy\' is unfair

GMT 12:27 2012 Sunday ,05 February

iCloud: the essential guide

GMT 14:43 2011 Saturday ,17 December

Ford Introduces l-4 Crate Engine

GMT 08:06 2017 Tuesday ,20 June

Yasmine happy for positive reactions to her show

GMT 21:33 2017 Saturday ,09 September

Louvre Abu Dhabi step forward on path of development

GMT 22:50 2014 Thursday ,16 October

Lincoln showcases new MKC model at Gitex

GMT 18:19 2015 Friday ,20 November

Mine spill Brazil's worst environmental catastrophe

GMT 13:12 2013 Saturday ,05 October

Choosing a bedroom wardrobe

GMT 23:01 2011 Friday ,07 January

Syrian poet Adonis and the power of poetry
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle