Sony Credit Downgraded to 'Junk'

Major credit rating agency Fitch has downgraded Sony’s rating to ‘junk’, along with Panasonic. It has moved its rating from BBB- to BB- and maintained its Outlooks as Negative. (Bonds rated below BBB-/Baa are colloquially known as junk bonds. They are at a higher risking of defaulting and other averse credit events.) This decision strips both companies of an ‘investment-grade’ rating.

The decision wasn’t taken lightly, according to Matt Jamieson, Head of corporate research at Fitch, who said, “This wasn’t an easy decision. But their reputations have been hit so much that it’ll take a long while to crawl back.”

Continue reading…

Originally written and published by at IGN PS3. Click here to read the original story.
GameStop, Inc.