Sharp short-term rating cut

TOKYO: Japan's Sharp Corp had its short-term debt rating cut to junk by Moody's Investors Service, further curtailing the struggling TV maker's access to credit as it looks for money to pay its debts.

The one-notch downgrade to “not prime” follows a cut in Sharp's long-term debt rating to junk status on Friday by Standard & Poor's. With limited ability to borrow from credit markets, it will have to rely on the backing of its main banks, Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc. Reuters