Ratings agency Moody's on Friday downgraded Japanese electronics titans Sony and Panasonic, giving both companies a negative outlook.
The agency lowered its assessment on debt issued by Sony to Baa1 from A3, citing "weak and volatile" earnings.
It downgraded Panasonic to A2 from A1, saying its analysts were concerned "that the weakness in Panasonic's profile will continue".
Moody's said around $5 billion worth of long-term debt issued by Sony was affected by its announcement, which it said was due in large part to "its loss-making TV business, which is grappling with severe competition, sharp price declines, and a strong yen". (Daily Star)
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