Kaz Hirai, who was recently named the new CEO and president of Sony, accepted the job knowing he would be walking into a difficult position. Sony is not in the greatest of positions right now, and Hirai was not shy in admitting it. “I thought turning around the PlayStation business was going to be the toughest challenge of my career, but I guess not,” he told the Wall Street Journal last month. “It’s one issue after another. I feel like ‘Holy s***, now what?’”
The latest such issue has to do with Sony’s credit rating. A week after Hirai was officially confirmed as Howard Stringer’s successor, Standard & Poor’s Ratings Services lowered the long-term credit rating of Sony from an A- to BBB+, placing it just two grades above junk bonds (but still well below the AA+ rating the United States was cut to in August). The downgrade follows similar moves by both Moody’s Investors Service and Fitch Ratings, as well as a poor third quarter performance Sony reported the details of last week. In addition to revealing a substantial loss for the quarter ended December 31, 2011, Sony projected a loss of $2.87 billion for the full fiscal year. Needless to say that is not good, with S&P deeming the outlook “negative” for Sony’s long-term corporate credit rating.
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