Why Panasonic (PCRFY) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Panasonic Corp.  (PCRFY) are up 3.68% to $10.92 on heavy volume after Fitch Ratings raised the electronics manufacturer to an investment grade rating following debt restructuring efforts and as the supplier to Tesla Motors (TSLA) reported profit margins improved, Bloomberg reports.

Fitch upgraded Panasonic to BBB- from BB+ after the company posted improved margins and reduced debt in the year ended March, bolstering its credit profile, the rating company said.

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PCRFY Chart

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