Embattled Toshiba takes another dive as credit rating cut looms
One of Japan’s best-known firms sees more than 20% sliced off its stock and warns of huge losses, as well as possible accounting fraud
Tokyo — Shares in troubled conglomerate Toshiba dived again on Friday as Standard & Poor’s (S&P) warned it may cut its credit rating, while a possible saviour of the Japanese firm’s loss-hit nuclear unit reportedly ruled out any rescue deal. Investors have sliced more than 20% off its Tokyo-listed stock this week as Toshiba, one of Japan’s best-known firms, warned of huge losses and possible accounting fraud at its US nuclear arm Westinghouse Electric. On Friday, shares plunged 9.2% to end the day ¥184 ($1.62) with worries swirling that the firm will be booted off the Tokyo Stock Exchange’s prestigious first section as its finances deteriorate. S&P said it may downgrade the conglomerate’s credit rating again, while Shunichi Miyanaga, the head of Japanese industrial giant Mitsubishi Heavy Industries (MHI), told the Financial Times that he had ruled out a rescue of Toshiba’s ailing nuclear unit. There has been speculation Toshiba may need to join forces with another firm involved in a...
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