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Sony Put On Negative Credit Watch Following Projected Losses

Sony Put On Negative Credit Watch Following Projected Losses

November 7, 2011 | By Mike Rose




Financial services company Standard & Poor's has put Sony on a negative credit watch, following the news that the Japanese company is expected to post its fourth annual loss in a row for the current fiscal year ending March 2012.

Sony posted financial results for the second quarter of the current fiscal year last week, noting a significant loss in profits for its Consumer Products & Services, which houses its PlayStation products.

The company then projected annual losses of ¥90 billion ($1.6 billion) for the current fiscal year, compared to its original forecast of ¥60 billion ($768.5 million) profit from earlier this year.

S&P has now placed its 'A-' long-term corporate credit and senior unsecured debt ratings on Sony on watch with negative implications, according to the Business Recorder.

"We need to review the prospects for Sony's operating and financial performance," it said in a statement.

"Sony's financial burden is likely to increase in tandem with the company's making Sony Ericsson a wholly owned subsidiary."


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