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S&P Cuts Sharp to Junk Status

Sharp Corp. (6753)’s credit rating was cut to speculative grade by Standard & Poor’s as Foxconn Technology Group said it was still renegotiating a planned investment. The stock fell 13 percent, and Sharp found a defect in some smartphone displays.

Standard & Poor’s lowered its long-term rating on the Osaka-based electronics maker by two levels to BB+, the highest non-investment grade, saying it suffers from weak cash flow and deteriorating market conditions. Sharp, which has the biggest percentage decline on the MSCI Asia Pacific Index (MXAP) this year, was kept on a negative ratings watch.”

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