English | دری

Sony and Panasonic ratings cut to the junk status level

in International Business

Sony and Panasonic ratings cut to the junk status level

The Fitch ratings agency has cut the ratings of the tech firms Sony and Panasonic to the level of junk status for the first time.

Sony’s rating is dropped by three notches to BB-,while Panasonic’s by two notches to BB.

The agency cites the cut in the ratings to the weak balance sheets of the two firms and their declining position in the global electronics sector, where both are struggling to compete with the likes of Samsung.

The ratings denote that that both Sony and Panasonic will have to pay much more to borrow now, as they are no longer considered safe and investment-grade.

Earlier this month, Fitch followed Standard & Poor’s by cutting rival electronics giant Sharp’s rating to junk.



Related Articles

A Snapshot of the Current Status of Russia’s Economy

Despite not seeing double-digit economic growth for over ten years, and been hit hard by the recession in 2009, Russia

Air India cancels more flights amid pilot protest

Protests by some Air India pilots have entered their second day with more international flights cancelled from Delhi and Mumbai,

Growth in the US economy falls back in first quarter

US economic growth slowed to an annualised pace of 2.2% in the first quarter of the year, from 3% in

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.