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S&P downgrades Toshiba to 'CCC-'

S&P Global Ratings downgraded the long-term corporate rating of the Japanese corporation Toshiba from 'CCC +' to 'CCC-'.

The downgrade is due to the fact that in the absence of unforeseen, significantly favorable changes for the company, there is a rising likelihood that Toshiba will not be able to fulfil its financial obligations in a timely manner or will undertake a debt restructuring that is classified as "disastrous" in the next six months, S&P said.

The short-term rating of the company is confirmed at the level of 'C'.

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