Sony Cut to Junk by Moody’s as Mobile Devices Lure Buyers
This article is for subscribers only.
Sony Corp. had its credit rating cut to junk by Moody’s Investors Service as Japan’s biggest television maker struggles to capture consumer demand for smartphones and tablet computers.
The rating was lowered to Ba1, one level below investment grade, from Baa3 and the outlook is stable, Moody’s said in an e-mailed statement yesterday. The company is also rated junk at Fitch Ratings, while Standard & Poor’s has Sony on the second-lowest investment grade. The stock fell to the lowest in more than two months.