At Least Three Investment Banks Approaches Sony To Sale Of Its Battery Business

Posted on Nov 28 2012 - 4:33am by Editorial Staff

Sony 1 300x104 Fitch Cuts Sony, Panasonic Debt Ratings To Junk Status

Sony have been approached by at least three investment banks in lieu of helping struggling Japanese company for the sale of its battery business, Reuters reports although there are neither no mention of names of banks as well as Sony spokesperson also declined to comment on the situation. The publication noted that Sony’s battery division having 2,700 workers and had booked $1.74 billion in sales last year.

But this is not a few days ago Fitch Ratings had downgraded Sony debt ratings to junk status. The rating firm downgraded Sony Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to BB- from BBB- while maintaining the Outlooks as Negative. Well, even if I must say at least that if the deal cracks in selling off the business, than hopefully it will be a big-big win for the company.

(Image Source: Sony logoFeatured Image)

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.