“Influential credit rating agency Fitch has downgraded Sony to “junk” status.

It downgraded both Sony and Panasonic three notches to BB- from BBB-, the Financial Times reports. This means Fitch has stripped both companies of investment-grade ratings. It is the first major agency to do so.

1Sony boss Kaz Hirai. He has a tough job.

“This wasn’t an easy decision,” said Matt Jamieson, head of corporate research. “But their reputations have been hit so much that it’ll take a long while to crawl back.”

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