22 November 2012 7:06 AM, PST | Digital Spy | See recent Digital Spy - Movie News news »

Sony and Panasonic have been stripped of investment-grade ratings by an influential credit agency due to recent financial troubles. Fitch downgraded both companies from Bbb- to Bb-, or 'junk' status as it is otherwise known, The Financial Times reports. "This wasn't an easy decision," said Matt Jamieson, head of corporate research with Fitch. "But their reputations have been hit so much that it'll take a long while to crawl back." Sony's financial woes stem primarily from its struggling television business and the strong Japanese yen. Fitch noted that if the company manages to curb decline in the sector, further downgrades will not be necessary. President Kaz (more) »

- By Mark Langshaw

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