Sony at greater risk than Panasonic in electronics downturn: Fitch
TOKYO (Reuters) – Panasonic Corp has a better chance than rival Sony Corp of surviving Japan’s consumer electronics slump because of its unglamorous but stable appliance business of washing machines and fridges, credit rating agency Fitch said Friday. Fitch cut 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. Rival agencies Moody’s and S&P rate both of Japan’s consumer electronic giants at the same level, just above junk status. . . .
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