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Moody's May Downgrade Sony on Profit Concern

May 01, 2003|From Bloomberg News

TOKYO — Sony Corp.'s credit rating may be cut by Moody's Investors Service, which said the consumer electronics maker may take longer than expected to regain its past profitability.

Moody's placed Sony's Aa3 long-term unsecured senior debt rating under review for a possible cut. The rating is the fourth highest of Moody's 10 investment-grade levels. Sony's Prime-1 rating is unaffected, Moody's said in its report. The review affects about $10.7 billion in combined yen and dollar debt, Moody's said.

Sony last week said its fourth-quarter net loss widened to $934 million, almost triple the estimates of some analysts.

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