Moody Places Sony (SNE) On Review for a Downgrade
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Moody's placed Sony's (NYSE: SNE) Baa1 long-term senior unsecured bond and issuer ratings and the Prime-2 short-term ratings of Sony and its supported subsidiary, Sony Global Treasury Services Plc., on review for downgrade.
The rating actions reflect Moody's concern that weak consumer sentiment, especially in Europe and China, and a strong yen versus the euro may hinder the timely recovery of Sony's earnings and leverage.
In addition, the company's digital audio visual (AV) and mobile-phone businesses continue to be plagued by structural challenges, such as the commoditization and maturity of major products, rapid technological changes, and intense global competition. Sony has not been able to deal with these issues effectively.
The rating actions reflect Moody's concern that weak consumer sentiment, especially in Europe and China, and a strong yen versus the euro may hinder the timely recovery of Sony's earnings and leverage.
In addition, the company's digital audio visual (AV) and mobile-phone businesses continue to be plagued by structural challenges, such as the commoditization and maturity of major products, rapid technological changes, and intense global competition. Sony has not been able to deal with these issues effectively.
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