S&P downgrades Sharp to 'CCC-'

Ratings agency Standard & Poor's Friday downgraded Japanese electronics maker Sharp's credit rating by two notches to "CCC-", citing the firm's decision to accept a bank bailout. "Sharp entered into a subscription agreement with its two main lender banks to issue preferred securities to repay borrowings from each bank," S&P said in a statement. Sharp has been working to move past years of gaping deficits, partly caused by steep losses in its television