Fitch lifts Sony to stable

Fitch Ratings said it affirmed Sony Corp.’s long-term foreign- and local-currency issuer default ratings of BB-.

The outlook was revised to stable from negative.

The agency also affirmed Sony’s local-currency senior unsecured rating at BB- and its short-term foreign- and local-currency issuer default ratings at B.

The outlook revision reflects expectations of steady progress with the company’s restructuring, Fitch said.

However, the agency said it believes that Sony’s profitability, excluding Sony Financial Holdings, remains fragile and is subject to currency risks.

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