S&P says Japan's Sharp in 'selective default'

Troubled Japanese electronics maker Sharp is in "selective default" ratings agency S&P said Tuesday, the latest blow to the one-time giant as it struggles to repair a tattered balance sheet. The move comes after Sharp announced that it was issuing preferred securities to its main lenders, instead of repaying loans that were due. "Once a debt-for-equity swap that we define as a default is completed, we review the company's post-swap credit profile and raise the issuer cred