With Ratings At Historic Lows, Japan's Consumer Electronics Giants Face Challenge Of Bolstering Core Businesses Mar 12
Standard & Poors, March 2012
Abstract
Pressure is mounting on the credit quality of Japan's consumer electronics companies as they grapple with the impact of the strong yen, supply chain disruptions due to natural disasters, and intensifying competition in their core businesses. The negative outlooks on the three largest Japanese consumer electronics companies rated by Standard & Poor's Ratings Services-- Panasonic Corp. (A-/Negative/A-2), Sharp Corp. (BBB+/Negative/A-2), and Sony Corp. (BBB+/Negative/A-2)-- reflect our view that the companies' earnings will remain under stress in fiscal 2012 (ending March 31, 2013). To improve their credit quality, we believe it is imperative that the companies make their core businesses more competitive by developing products that capitalize on their technological advantages and that they solidify strategic tie-ups. Fierce competition from overseas...
Companies mentioned in this report are: Hitachi Ltd.,Panasonic Corp.,Sony Corp.,Toshiba Corp.,Sharp Corp.,Pioneer Corp.,Samsung Electronics Co. Ltd.,LG Electronics Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Hitachi Ltd.,Panasonic Corp.,Sony Corp.,Toshiba Corp.,Sharp Corp.,Pioneer Corp.,Samsung Electronics Co. Ltd.,LG Electronics Inc.
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