Moody's Investors Service Inc. said Monday that it has cut the senior unsecured debt ratings of Toshiba Corp. and NEC Corp., Japan's second- and third-largest electronics makers, citing decreased profitability and the ongoing slump in the information-technology industry.
The major U.S. rating agency said it cut to Baa1 from A3 the rating of Toshiba and four of its subsidiaries, Toshiba International Finance (Netherlands) B.V., Toshiba Capital (Asia) Ltd., Toshiba America Capital Corp. and Toshiba Carrier Corp.
The rating outlook for them is negative, the agency said.