Fitch affirms Sony

Fitch Ratings said it affirmed Sony Corp.'s senior unsecured foreign currency rating at A- and short-term rating at F2 following the company's recent announcement of a mid-term restructuring plan.

Even though the outlook remains stable, the agency says it believes the plan does not do enough to address Sony's core problems.

"Fitch will closely track how Sony implements its restructuring plan but the agency believes that Sony must focus on innovation and creativity as it lacks the 'big hit' product needed for the company to revitalize its electronics division. This, more than mere cost-cutting and downsizing operations, is necessary for Sony to strengthen its group performance," says Tatsuya Mizuno, director in Fitch's Telecom, Media & Technology team.

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