Moody's downgrades Sony

Moody's Japan K.K. said it downgraded the long-term senior unsecured bonds and issuer ratings of Sony Corp. to Baa1 from A3.

At the same time, Moody's affirmed the Prime-2 short-term ratings of Sony and its supported subsidiary, Sony Global Treasury Services plc.

The outlook is negative.

Moody's said the action reflects its concern that Sony's earnings will remain weak and volatile due largely to its loss-making TV business, which is grappling with severe competition, sharp price declines, and a strong yen.

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