Toshiba Downgraded 2 Notches to BB-Minus by S&P; Ratings Firm Cites Debt to Japan Industrial Partners

The Yomiuri Shimbun

1:00 JST, September 27, 2023

Toshiba Corp’s long-term rating was downgraded by two notches to BB-minus by S&P Global Ratings, the rating agency announced Monday.

Earlier in September, a tender offer for Toshiba by a consortium led by a private equity firm, Japan Industrial Partners, ended in success. S&P said that Toshiba would likely be obligated to repay the consortium’s acquisition funds raised through loans, which would significantly worsen Toshiba’s financial situation.