The Sony Corp. logo is displayed at the company's booth during the 2012 International Consumer Electronics Show (CES) in Las Vegas.The Sony Corp. logo is displayed at the company's booth during the 2012 International Consumer Electronics Show (CES) in Las Vegas. Photographer: Andrew Harrer/Bloomberg Sony Corp., which widened its loss forecast for the fiscal year, had its credit rating lowered one level by Standard & Poor’s because of falling prices, waning demand and rising competition.
The long-term corporate credit and debt ratings were downgraded to “BBB+,” the third-lowest investment grade of S&P, from “A-,” the ratings company said in a statement today.
“The outlook is negative, reflecting our view that we could lower the ratings further if we see no meaningful sign of recovery in Sony’s earnings within six to 12 months,” S&P said in the statement.
The announcement follows last month’s decision by Moody’s Investors Service to cut Sony’s credit rating one level on concern the company will have difficulty turning around its unprofitable TV business. Last week, Sony more than doubled its annual loss forecast to 220 billion yen ($2.9 billion), blaming a stronger yen, cuts in production caused by floods in Thailand and the cost of exiting a display-panel venture with Samsung Electronics Co.
To contact the reporter on this story: Mariko Yasu in Tokyo at myasu@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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