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Sharp's credit downgraded as loss worries mount

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Sharp's credit downgraded as loss worries mount
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Japanese electronics giant Sharp saw its shares fall further on Friday after it warned of a huge loss for the year and said it might not be able to survive on its own.

At the same time Fitch said it had cut the company’s credit rating to junk on word of its projected 4.4 billion euro annual net loss.

Sharp’s shares have lost three-quarters of their value since the start of the year.

The company, whose displays are used in Apple’s iPads and iPhones, has been hit by the strong yen boosting the costs of manufacturing in Japan.

It was forced in September to seek a bailout from its banks.

Shares of rival Sony rose, however, and Panasonic’s steadied after a slide to their lowest in more than 30 years.

That came as investors look for signs that Japan’s sprawling technology firms will finally take the tough steps needed to grapple with more flexible and better-funded foreign rivals such as Samsung.