Related News
Sony debt rating diminished by Moody's
MOODY'S Investors Service lowered its long-term debt rating on Sony Corp by a notch to A3, citing concerns about slumping electronics demand and intensifying competition.
"The global recession has caused a significant slowdown in demand for Sony's major electronics products, such as flat-panel display TVs and digital cameras," the United States credit rating agency said yesterday.
It was the first downgrade for Sony since December 2005, when it earned its A2 rating. Moody's also gave a "negative" outlook for Sony, meaning the rating could be cut again.
The Japanese electronics and entertainment company has been hit by the global slowdown. The strong yen has also hurt Tokyo-based Sony, dragging it to its first annual loss in 14 years for the fiscal year to the end of March.
The maker of the PlayStation 3 games console and Bravia flat-panel TVs lost 98.9 billion yen (US$1 billion) for the fiscal year to the end of March.
Sony is projecting a 120 billion yen loss for the fiscal year to the end of March 2010.
"The global recession has caused a significant slowdown in demand for Sony's major electronics products, such as flat-panel display TVs and digital cameras," the United States credit rating agency said yesterday.
It was the first downgrade for Sony since December 2005, when it earned its A2 rating. Moody's also gave a "negative" outlook for Sony, meaning the rating could be cut again.
The Japanese electronics and entertainment company has been hit by the global slowdown. The strong yen has also hurt Tokyo-based Sony, dragging it to its first annual loss in 14 years for the fiscal year to the end of March.
The maker of the PlayStation 3 games console and Bravia flat-panel TVs lost 98.9 billion yen (US$1 billion) for the fiscal year to the end of March.
Sony is projecting a 120 billion yen loss for the fiscal year to the end of March 2010.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.