Sony, Panasonic TV business continued loss debt rating was lowered
SAN FRANCISCO, January 20 evening news, Moody’s on Friday to Sony and Panasonic both debt ratings cut on the grounds that the rating agencies, the two companies concerned about the loss of the TV business continuity. Sony and Panasonic will report earnings in two weeks.
Moody’s said that although Sony and Samsung out (microblogging) in LCD panel joint venture, but given the highly competitive market and the yen strong, the company may be difficult to achieve the next two years so that the TV business return to profitability goals.
Moody’s said in April last year, Panasonic and Matsushita Electric Sanyo Electric will be absorbed by the integration, since then, Panasonic has worsened the financial situation.
Moody’s rating from A3 down to Sony’s Baa1, lowered the Panasonic rating from A1 to A2, and the rating outlook of these two companies are on negative watch.
Sony has previously said that he expected this year in March 2011 fiscal year loss of 175 billion yen (about $ 2.27 billion), but strive to be a loss in fiscal year 2012 half the size and wealth in 2013 years to achieve profitability; then Sony will have nine consecutive fiscal year loss.
plan this month, Sony’s sole holding the mobile phone joint venture Sony Ericsson, Apple and Samsung with better competition, which this week announced unexpected losses, which will undoubtedly make this program Monsanto shadow.
Moody’s said that unless Sony financials began on April 1 this year, the new fiscal year, showing significant signs of improvement, or short term rating of the company to assess.
Moody’s said that as of March 31 last year on the fiscal year, Matsushita net debt from the previous fiscal year of about 1,000 billion yen ($ 1.298 billion) to about 550 billion yen ( about $ 7.136 billion).
Moody’s said, because the TV business losses, semiconductor business weakening profits drop in net profit and Sanyo, Panasonic is unlikely to improve short-term financial situation.
view of the trend of strong yen, sluggish consumer confidence in Europe, a negative impact on Thailand’s floods, Panasonic and Sony is expected to 10-12 months in the quarter net profit to decline.
Sony will be announced Feb. 2 earnings, Panasonic will release results on February 3. Sony’s stock price began last April in the fiscal year is down about 49% share of the fiscal year Panasonic has fallen by about 38%.
widely expected Matsushita ended March operating profit this fiscal year will be lower than set 130 billion yen (about $ 1.688 billion). Sony in November will be as of March of the fiscal year operating profit forecast by 90% to 200 billion yen (about $ 260 million).
dollar value of the text in accordance with 77.0700 yen against the U.S. dollar conversion obtained. (Biao He)
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