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03 Mar 2011
JPY 500 billion of New Debt Securities Rated
Tokyo, March 03, 2011 -- Moody's Japan K.K. has assigned A1 ratings to the Series
9, JPY 150 billion bonds due 2013, Series 10, JPY 200
billion bonds due 2016 and Series 11, JPY 150 billion bonds due
2018 issued by Panasonic Corporation. The outlook for all the ratings
is stable.
These bonds are a takedown from the company's JPY500 billion domestic
shelf registration (effective February 10, 2011), which is
rated (P)A1.
RATING RATIONALE
Panasonic's rating reflects Moody's view that the company's diversified
business portfolio, solid market positions, and effective
cost and cash management practices contribute to Panasonic's stable
profitability and cash flow, as well as its healthy finances.
The rating also incorporates Moody's expectation that the company's financial
position will weaken because of the rise in debt following the full acquisition
of two of its major consolidated subsidiaries -- Panasonic
Electric Works Co., Ltd. (A1/stable) and Sanyo Electric
Co., Ltd. (not rated) in April 2011 --
and that restoring its balance sheet will take some time.
Panasonic's stable relationships with its major banks are an important
rating consideration, one that has lifted the company's rating by
two notches from its fundamental creditworthiness (as with other leading
Japanese companies).
Panasonic's rating could be pressured upwards if Panasonic can raise
its profitability and cash flow by strengthening its core businesses:
digital AVC networks, home appliances, and energy, which
will strengthen its finances further.
An upgrade is possible if Panasonic can raise its operating margin to
5% or more and lower its adjusted debt to capitalization to significantly
less than 30%, while attaining a net cash position of around
JPY500 billion by FYE03/2013.
The rating could be pressured downward if the competitive strength of
Panasonic's core businesses weakens and Panasonic seems unlikely to improve
its sales and operating profit over the medium term. Failure to
achieve sufficient group synergies could also result in downward pressure.
A downgrade is also possible if Panasonic cannot raise its operating margin
to 3% or higher, or attain a net cash position by FYE03/2013,
which would decrease adjusted debt to capitalization to the low 30%
range.
The rating will also be affected negatively if the company's balance
sheet weakens further due to changes in the company's investment
and financial policies.
The last rating action on Panasonic took place on October 26, 2010,
when Moody's downgraded the company's long-term senior unsecured
debt and issuer ratings to A1 from Aa3 and assigned a stable outlook.
The principal methodology used in this rating was Moody's "Asian
Consumer Electronics," published on January 6, 2011,
and available on www.moodys.co.jp.
Panasonic Corporation, headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products.
Panasonic Electric Works Co., Ltd., headquartered
in Osaka, is a leading manufacturer of lighting products,
information equipment and wiring products, home appliances,
building products, electronic materials, and automation controls.
Sanyo Electric Co., Ltd., headquartered in Osaka,
is one of the world's leading manufacturers of consumer electronics products
and devices.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's information.
Measures taken to ensure the quality of this information include use of
public information, reviews by a third party and verification by
the lead analyst.
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obligations satisfactory for the purposes of assigning a credit rating.
Moody's adopts all necessary measures to ensure that the information it
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Credit ratings are Moody's current opinions of the relative future credit
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Tokyo
Yoshio Takahashi
Asst Vice President - Analyst
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Tokyo
Shinsuke Tanimoto
Senior Vice President - Team Leader
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's assigns A1 to Panasonic's bonds
No Related Data.
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