Moody's affirms Sony

Moody's Investors Service said it affirmed the A2 long-term debt ratings and the Prime-1 short-term ratings of Sony Corp.

The affirmations follow news of the company's stock offering in conjunction with the listing of Sony Financial Holdings, a Sony finance subsidiary, on the Tokyo Stock Exchange. Sony will sell a portion (725,000 shares) of its 100% stake of Sony Financial. Sony Financial will issue 75,000 new shares, which Moody's said will reduce Sony's holdings to less than 70%.

The outlook remains stable.

The affirmation reflects Moody's view that the listing and the reduction of Sony's holding in Sony Financial should not materially affect Sony's business and financial risk profiles, chiefly because Sony is likely to keep its majority shareholdings.

Moody's said it expects that Sony may obtain several hundred billion yen in proceeds from the primary and secondary stock offering.

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