Categories
Notable credit rating agency downgrades Sony to ‘junk’
Notable credit rating agency Fitch Ratings has downgraded Sony to “junk”, following various hits to the company’s reputation including its seventh consecutive quarterly net loss earlier this month. Sony posted losses earlier this month, in part due to its declining video game business. Now Fitch has dropped Sony down three notches to BB-, meaning that it no longer classes Sony as an investment-grade company. “This wasn’t an easy decision,” Matt Jamieson, Seoul-based head of corporate …
