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Stock Market & Financial Investment News

News Breaks
February 14, 2014
06:28 EDTSNES&P cuts ratings on Sony to BBB-; outlook negative
Standard & Poor's Ratings Services lowered to 'BBB-' from 'BBB' its long-term corporate credit ratings on Sony Corp. and subsidiary Sony Global Treasury Services PLC and its senior unsecured debt ratings on Sony Corp. It also lowered its short-term corporate credit ratings on the companies to 'A-3' from 'A-2'. S&P says "We lowered the ratings because intensified competition has eroded Sony's competitive position in the electronics business, recovery in earnings is slower than we assumed, and profitability is unlikely to improve materially even with further restructuring of Sony's business, in our view. In addition, we believe the slow pace of recovery in earnings will further delay recovery of its financial standing. In our assessment of Sony, we exclude its financial service business. The outlook on the long-term corporate credit ratings is negative. We could lower the ratings further if Sony's earnings and profitability do not recover and stabilize even with further restructuring efforts or if measures of the company's financial performance become unlikely to recover."
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