S&P upgrades Sony

S&P said it raised the long-term corporate credit ratings on Sony Corp. and overseas subsidiary Sony Global Treasury Services plc to BBB from BBB-, along with their short-term corporate credit ratings to A-2 from A-3.

S&P also said it raised the senior unsecured debt rating on Sony one notch to BBB from BBB-.

The outlook on both companies is stable.

The upgrades reflect Sony's business restructurings and enhanced business portfolio, which have greatly reduced downside risk to earnings in its volatile electronics business and improved its operating efficiency, S&P explained.

Sony also is expected to improve its profitability in fiscal 2016 now that a recovery in profits from its image sensors business are in sight with turnaround expected in its mobile business, as well, the agency said.

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