Formerly About Applied Materials Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Applied Materials

AMAT 259.15

+1.1%

Dec 22 3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: StanX Long who wrote (59915)	2/4/2002 12:10:41 AM
From: StanX Long	Read Replies (1) of 70976

Toshiba, NEC Debt Ratings Cut One Notch by Moody's (Update1) By Masumi Suga and Minoru Matsutani 02/03 23:54 quote.bloomberg.com Tokyo, Feb. 4 (Bloomberg) -- Toshiba Corp. and NEC Corp. had their long-term credit ratings cut one notch by Moody's Investors Service on concern the slump in chip prices and personal computer sales has weakened profitability. Toshiba's long-term debt rating was cut to ``Baa1'' from ``A3.'' NEC's rating was lowered to ``Baa2'' from ``Baa1.'' Toshiba's rating is now three notches above junk status. The U.S. rating agency didn't rule out an additional cut in Toshiba's credit rating, while it said NEC's outlook is stable. The cuts come after the two companies posted huge losses at their chip businesses in the three months to Dec. 31, prompting the electronics makers to widen their loss forecasts for the full year. Combined, Toshiba, the second-biggest chipmaker after Intel Corp., and NEC, Japan's biggest PC maker, expect losses of 560 billion yen ($4.2 billion) in the twelve months to March 31. ``The current steep downturn of the global IT market and a delay of restructuring of its DRAM (dynamic random-access memory) division severely affect Toshiba's profitability,'' Moody's said in a press release. Toshiba's shares fell as much as 13 yen, or 3.1 percent, to 401 yen in Tokyo trading today. They recently traded at 404 yen. NEC's shares fell as much as 6.4 percent to 876 yen.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next