Fitch upgrades Sony

Fitch Ratings said it upgraded Sony Corp.'s long-term foreign and local currency issuer default ratings and local currency senior unsecured ratings to BBB- from BB+.

The outlook is positive.

“Sony has improved its operating stability by expanding its recurring revenue base, especially in gaming segments, and downsizing the volatile consumer-electronics business,” the agency said in a news release.

“The growth in its operating cash flows should also provide the company with the financial flexibility to further reduce debt.”

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