(Bloomberg) -- Sony Corp. had its credit rating raised one notch to Baa3 at Moody's Japan KK, regaining its investment grade at the service for the first time since 2014.
Extensive restructuring has helped restore Sony's financial profile with a more stable earnings base, Moody's said in a statement Tuesday. Sony was cut to junk at Moody's in January 2014.
Sony's leadership, including Chief Executive Officer Kazuo Hirai and finance chief Kenichiro Yoshida, have imposed tighter discipline at the company after years of record losses, quitting businesses including PCs and putting others such as TVs and phones on a close watch. The company has used its PlayStation gaming business and the image sensors used in smartphones to revive earnings.
“The rating action is underpinned by our expectation of further improvement in operating profit, setting aside one-off factors,” Masako Kuwahara, a senior analyst at Moody's, said in the statement.
To contact the reporter on this story: Robert Fenner in Hong Kong at rfenner@bloomberg.net. To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Edwin Chan
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