Businessweek:
Sony Corp., the Japanese electronics maker which cut its profit-forecast, had its credit ratings put on review for a possible downgrade by Moody’s Investors Service because of weak consumer demand and a stronger yen.
Sony’s Baa1 long-term rating and Prime-2 short-term rating may be lowered after assessing the Tokyo-based company’s ability to restore its earnings and financial strategy, Moody’s said in a statement today. Baa1 is the third lowest among Moody’s 10 measures of long-term investment grades and Prime-2 is the middle of its three short-term investment scales.
Sony shares, which have lost 35 percent of their value this year, closed unchanged at 897 yen in Tokyo trading.
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