Fitch ups Sony to A-

Fitch Ratings said it upgraded Sony Corp.'s long-term foreign- and local-currency issuer default ratings and senior unsecured ratings to A- from BBB+. The agency also said it affirmed its short-term foreign- and local-currency issuer default rating at F2.

The outlook is stable.

The upgrade reflects an expectation that improving core electronics operations and a turnaround in the game business will continue to enhance Sony's profitability and cash flow generation, Fitch said.

Fitch said it believes Sony is regaining some strengths in the electronics business that the company was renowned for in the past.

However, the agency noted that it is difficult to maintain adequate profitability in the TV business as the shift to digital technology leaves the manufacturers with limited options to differentiate their products.

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