Fitch cuts Sony to 'BBB-' on financial performance

Sony Corp, Japan’s biggest exporter of consumer electronics, had its rating cut one notch by Fitch, which cited weakened financial performance.

Fitch downgraded Sony’s long-term financial currency rating to BBB- from BBB, the ratings company said in a statement omn Thursday.

“The downgrade reflects Sony’s weakened financial performance and the agency’s belief that the company will face challenges in recapturing its former strong position in key markets,” according to the statement. “The Negative Outlook reflects Fitch’s view that a further downgrade is likely in the next two years, although the downgrade is likely to be just one notch.”

Last month, Tokyo-based Sony predicted ¥90 billion in losses in the year ending in March, reversing an earlier forecast for a profit of ¥60bn.