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I AGREE
10 Feb 2011
Shelf registration amount is JPY500 billion
Tokyo, February 10, 2011 -- Moody's Japan K.K. has assigned a (P)A1 rating to Panasonic
Corporation's JPY500 billion shelf registration, effective
February 10, 2011.
The rating outlook is stable.
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 ratings
by two notches from its fundamental creditworthiness (as with other leading
Japanese companies).
The 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 its 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.
Moody's considers the quality of information available on the issuer
or obligations satisfactory for the purposes of assigning a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Credit ratings are Moody's current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like
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of each rating category and the definition of default and recovery.
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 (P)A1 to Panasonic's shelf registration
No Related Data.
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