Sony Rating Cut by Fitch on Losses From TVs, Acquisitions
This article is for subscribers only.
Sony Corp., Japan’s biggest consumer-electronics exporter, had its rating cut to one level above junk by Fitch Ratings, which cited difficulties reviving a money-losing TV business and deals that won’t improve profit.
The long-term ratings were slashed to “BBB-” from “BBB,” Fitch said in a statement today. That is the last of the 10 investment grades by the ratings company, which also slashed Sharp Corp.’s rating to BBB-, citing increasing competition in the TV market.