MOSCOW, 30 Aug — PRIME. The international rating agency Fitch Ratings has raised the long-term issuer default rating (IDR) in national and foreign currencies of the Japanese consumer electronics manufacturer Sony to “A” from “BBB +”, the outlook is stable, Fitch said in a statement.
At the same time, the agency affirmed the Short-term foreign and local currency IDRs at ‘F1’.
The upgrade reflects Sony’s improved operational stability as the company expands its recurring revenue base, especially in the gaming and music segments, and focuses on high-end consumer electronics and image sensors.
The stable outlook reflects Fitch’s expectation of consistently higher margins for Sony’s non-financial business driven by the gaming and video sensors segments, as well as de-leveraging equity.
The agency expects gaming, music, and complementary metal oxide semiconductor (CMOS) image sensor revenue to account for 63-65% of non-financial revenue in fiscal 2022-2023.
Sony Corporation is one of the world’s largest consumer electronics corporations. The company was founded in 1946.