“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.
“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.”