Credit rating agency Standard and Poor's (S&P) on Wednesday lowered the rating of Japanese electronics and entertainment giant Sony less than a week after the company announced woeful results.
S&P dropped its assessment of the firm's long-term credit worthiness to BBB+ from A—, citing poor earnings, price erosion, falling demand and stiff competition.
It also said its outlook for Sony's long-term corporate credit rating was negative, based on the “view that severe circumstances in Sony's machinery electronics businesses make a strong recovery in earnings unlikely.”