TOKYO (Reuters) - Shares in Sony Corp (6758.T) shed 3.3 percent to a two-month low of 1,654 yen after Moody’s Investors Service cut its debt rating on the Japanese consumer electronics company to junk status, citing challenges in its television and PC businesses.
Moody’s cut its rating on Sony by one notch to Ba1 from Baa3, depriving it of its investment grade status, having put the rating on review for a downgrade on November 1. The outlook is stable.
Sony was the sixth-most traded stock on the main board.
Reporting by Dominic Lau; Editing by Chang-Ran Kim