Sony Stock Is Officially Junk Now

November 23, 2012 - 4:41pm

Credit rating agency, Fitch Ratings, has downgraded Sony’s stock to “junk.”

Sony reported financial losses for seven consecutive quarters now. The company’s failing TV business is to blame for most of the losses which couldn’t be offset by the declining videogame business revenues.

Fitch Ratings now ranks Sony stock as BB-, which means that it is not investment worthy. "This wasn’t an easy decision," Matt Jamieson, Fitch Ratings head of corporate research, told the Financial Times. "But [Sony and Panasonic's] reputations have been hit so much that it'll take a long while to crawl back."

"They do need to convince people that tough restructuring moves will be done in good time, while minimising unnecessary damage to healthy businesses," Damian Thong at Macquarie Securities added.

Comments

good

riddance to a company that jails honest customers from eula agreement. They also price fix the market by shutting down independent retailers that undercut their costs with exports. Lik sang for example and also my friends shop in town. Bastards

If it happens that they

If it happens that they eliminate exclusives then there will be no reason to get a playstation and there for will bring their company back to where it was before the whole thing got started....Current console companies will have to negotiate a company to start a new console.

Well here's what I think

Maybe it has something to do with everything still being to fucking expensive and that there is to much market competing with each other. Someone has to take the fall, and for once I'm glad it's a major developer instead of the little guy who has new ideas and is being constantly snubbed out.

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