Fitch upgrades Sony

Fitch Ratings said it upgraded Sony Corp.’s long-term foreign- and local-currency issuer default ratings to BBB+ from BBB.

“The upgrade reflects the improvement in Sony’s operating stability as the Japan-based company raised its profitability, expanded its recurring revenue base especially in its gaming segments and cut back on its volatile consumer-electronic business,” Fitch said in a press release.

“We expect the pandemic’s impact on Sony’s business to be well-contained at the current rating, helped by the stay-at-home trend in gaming and music revenue. Gaming revenue rose by 32% yoy in April-June 2020, underpinned by robust software sales and increasing subscription fees,” Fitch said.

The outlook is stable.

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