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NiKKoM said:
Am I reading correct
they actually wanted to knock it down with more then 1 grade?

However, we base our one-notch downgrade on our view that Sony's profitability and financial standing will gradually recover in fiscal 2012 because there will be no repeat of one-off expenses due to floods in Thailand and impairment losses on stockholdings.

Well, yeah. If another natural disaster appears.