S&P: Sony on negative watch

Standard & Poor’s said it placed the BBB- long-term corporate credit and debt ratings and A-3 short-term corporate credit rating on Sony Corp. on CreditWatch with negative implications.

The agency also said it placed all of the ratings on subsidiary Sony Global Treasury Services plc on CreditWatch with negative implications, including its commercial-paper program rating guaranteed by Sony.

The CreditWatch placement follows news of Sony’s revised midterm plan for its mobile business and a related goodwill impairment charge of ¥180 billion, S&P said.

The agency said it will review the earnings prospects of Sony’s electronics business and any likely impact on financial ratios for Sony as a result of cash outflows related to restructuring.

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