Panasonic Corp., which is trying to recover from a record annual loss, had its credit ratings cut by Moody's because of weak earnings and higher debt.

The company's long-term credit rating was lowered by two levels to Baa1 from A2, while its short-term rating was cut one rank to Prime-2 from Prime-1, according to a statement from the ratings company Monday.

Both ratings are assigned with a stable outlook, Moody's said.