Moody’s upgrades Sony

Moody's Investors Service said it upgraded Sony Corp.'s issuer and long-term senior unsecured bond ratings to Baa3 from Ba1.

The agency also said it changed the company’s outlook to stable from positive.

Moody’s also said it upgraded the short-term backed commercial paper of Sony's supported subsidiary, Sony Global Treasury Services plc, to P-3 from not-prime.

The upgrades reverts Sony's rating to investment grade, reflecting principally that the company's financial profile has been dramatically repaired following the extensive decline of the past several years and subsequent restructuring by the company, Moody’s said.

The company's earnings base, including its important game and network services segment, also are on a more sustainable footing, which provides it with a more stable earnings base that is consistent with an investment-grade rating, the agency explained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.