Fitch cuts ratings on Panasonic, Sony to junk

Japan’s embattled electronics sector suffered another blow on Thursday as ratings agency Fitch downgraded industry titans Sony and Panasonic to junk status.

The agency slapped a speculative rating on each firm, pointing to their weak balance sheets and declining position in the global electronics sector.

Fitch said it cut Panasonic by two notches to BB, while it slashed Sony’s rating by three notches to BB-, with both firms given a negative outlook.

via Business feed http://www.scmp.com/business/companies/article/1088271/fitch-cuts-ratings-panasonic-sony-junk