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Sony who are staring down the barrel of more big losses has had its debt rating cut with ratings agency Moody’s forecasting a negative outlook for the struggling Japanese consumer electronics Company.
Sony who are staring down the barrel of more big losses has had its debt rating cut with ratings agency Moody’s forecasting a negative outlook for the struggling Japanese consumer electronics Company.
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Moody’s has cut Sony down to an A3 rating which is the fourth-lowest of the agency’s 10 investment-grade ratings. Earlier this month Sony was trying to raise $10 billion to meet debt repayment obligations.
The new Moody’s rating, will make life a tad more difficult for Sony who have admitted that that their Playstation gaming consoles, Cyber-shot digital cameras, Vaio notebooks and Bravia televisions are all losing money and were doing so even before the economic downturn.
Bloomberg claims that the reduction affects $18.7 billion in debt, including $6.5 billion of long-term borrowings and 500 billion yen ($5.25 billion) and $7 billion of commercial paper, it said.
On May 14 forecast a second consecutive loss for the year ending March 31, widening to 120 billion yen from 99 billion yen last year, as the global recession forced it to cut prices of consumer electronics. The company has 144.9 billion yen of corporate bonds due by September next year, according to Bloomberg data.
“It’s unclear to me which business Sony is going to make money from,” said Hiroshi Harada, who manages corporate bonds at Dai-ichi Mutual Life Insurance Co., Japan’s second-largest insurance company. “I’d like to see Sony to make a clear business strategy.”
