Sony credit rating cut

Sony Corp, owner of Sony BMG and co-owners of the newly expanded Sony ATV, has had its credit ratting downgraded to 'junk' status for the first time. Fitch cut electronic giant Panasonic’s rating by two notches to BB and Sony three notches to BB minus on Thursday, the first time one of the three major ratings agencies have put the creditworthiness of either company into junk-bond territory. Sony, which has forecast a full-year profit of $1.63 billion helped by the sale of a chemicals business to a Japanese state bank, announced plans to raise $1.9 billion through a convertible bond before the latest rating downgrade.