Fitch's ax, like Moody's a short while ago, has come down Sony, whose rating was cut three notches. With the lowering of three steps decided by the American agency, the judgment on the long-term debt of the Japanese electronics giant slips to “Bb-“, at the “speculative grade” level, with a negative outlook.
But Fitch didn't stop there, also cutting another large Japanese electronic group, Panasonic, whose rating has been lowered by two notches to "Bb" due to a “loss of competitiveness”. Negative outlook confirmed.
The two groups are paying for weakening demand and ever-tightening competition from Samsung and LG, and have seen their shares plummet to historic lows on the Tokyo Stock Exchange.
