Getting your player ready...
TOKYO — Panasonic has a better chance than rival Sony 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 has put the creditworthiness of either company into junk-bond territory.
Rival agencies Moody’s and S&P rate both of Japan’s consumer-electronics giants at the same level, just above junk status. Moody’s last cut its rating on Panasonic on Tuesday.
