Sony Downgraded by Moody’s on Falling Demand for TV, Cameras
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Sony Corp., the Japanese electronics-maker reeling from four straight annual losses, had its credit rating cut to the lowest investment grade by Moody’s Investors Service, citing falling demand for its televisions and cameras.
The long-term credit rating was cut one level to Baa3 from Baa2, Moody’s said in a statement today, assigning a negative outlook. Sony, which unexpectedly reported a seventh straight quarterly loss earlier this month, had its short-term rating cut to Prime-3, also the lowest investment grade, from Prime-2.