Moody’s stripped Toshiba’s investment rating

Moscow. December 22. International rating Agency Moody’s downgraded the rating of priority unsecured bonds Japanese Toshiba Corp. immediately by two notches – from “Baa3” to “Ba2” related to the category of speculative ratings.

As stated in the press release of the Agency, the ratings of subordinated bonds Toshiba lowered from “Ba2” to “B1”, the short term rating from “Prime-3” to “Not Prime”.

The ratings of senior and subordinated bonds placed on review for possible further reduction.

“The downgrade triggered by an announcement about Toshiba’s plans for structural reforms, as well as publishing the company financial forecasts for the current financial year ending 31 March 2016 – the Vice-President and senior analyst at Moody’s Masako of Kuwahara. – According to Toshiba, its performance will be significantly worse than our expectations.”

Yesterday the company reported that it will record a record loss in the current Pingdu, and also will cut jobs and restructured the individual transactions.

According to the forecast of the company, its net loss by results Vigoda ending 31 March 2016, to reach a record 550 billion yen ($4.5 billion).

Toshiba will fire 6.8 thousand jobs in the units for the production of televisions, personal computers and household appliances, the reduction will be about 30% of the global staff of Toshiba.

Toshiba also said that it may consider alliances with other companies in the units for the production of PCs and consumer technology. She will stop the development and production of television outside of Japan and go to the structure of licenses to produce products under its brand in foreign markets.

In addition, Toshiba will sell its plant producing TV sets in Indonesia, and will also close and sell research complex in the outskirts of Tokyo.