S&P Global said in a report on Friday it could cut its rating of Toshiba credit by several notches should the Japanese firm receive financial support that includes debt restructuring, sending Toshiba stock down 9%.
S&P rates Toshiba credit as junk, at CCC+, following downgrades in December and January, after the conglomerate flagged a multi-billion dollar writedown in its nuclear power business. The credit-rating firm expects banks to help Toshiba, including by extending deadlines for loan repayments.
