Standard & Poor's on Wednesday downgraded Sony Corp.'s long-term debt rating, saying the likelihood of a strong recovery in the company's main electronics business is low because of massive price erosion, falling demand and stiff competition
The ratings agency said in a statement after the market close in Tokyo that it had lowered Sony's long-term credit and senior unsecured debt one notch to BBB+ from A-
The ratings agency also said it had a negative outlook on Sony's long-term rating.
"We base the downgrade on our view that severe circumstances in Sony's mainstay electronics businesses make a strong recovery in earnings unlikely," Standard & Poor's said in the statement
It also noted Sony's TV business had suffered losses since fiscal 2004 and that the company expects a net loss of 220 billion yen ($2.85 billion) in the fiscal year ending March 31
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