Moody is mad at Sony.
Sony has had its credit rating cut down by credit rating agency Moody's. This is mostly down to the performance of the company's television division - or rather its under-performance.
BusinessWeek reports that, "Sony’s long-term rating was lowered to 'Baa1', the third- lowest among Moody’s 10 investment grades, the rating company said in a statement today. Moody’s also downgraded Panasonic’s rating one level to 'A2' the sixth-highest."
"Moody’s assigned a 'negative' outlook to Sony and expressed concern whether the Tokyo-based company will be able to restore earnings and cash flow. Last month, Chief Executive Officer Howard Stringer sold a panel joint venture to Samsung Electronics Co. as part of a revamp of the TV business after the maker of Bravia TVs forecast a fourth consecutive annual loss, a first since it began trading in 1958."
How long for Sir Howard? How long before Kaz Hirai takes over? Before the year's out is out bet.
Source: BW
BusinessWeek reports that, "Sony’s long-term rating was lowered to 'Baa1', the third- lowest among Moody’s 10 investment grades, the rating company said in a statement today. Moody’s also downgraded Panasonic’s rating one level to 'A2' the sixth-highest."
"Moody’s assigned a 'negative' outlook to Sony and expressed concern whether the Tokyo-based company will be able to restore earnings and cash flow. Last month, Chief Executive Officer Howard Stringer sold a panel joint venture to Samsung Electronics Co. as part of a revamp of the TV business after the maker of Bravia TVs forecast a fourth consecutive annual loss, a first since it began trading in 1958."
How long for Sir Howard? How long before Kaz Hirai takes over? Before the year's out is out bet.
Source: BW
Companies:
Sony
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