Moody's cuts Sony's rating

The Japanese electronics giant's long-term debt rating was lowered by Moody's Investor Service to Baa3, the lowest investment grade level, from Baa2 because of shrinking demand for devices. Moody's, which also cut Sony's (SNE) level in October, said its outlook on the company is negative. One more cut would lower its rating to junk status, forcing some funds to sell its debt and curbing its ability to raise money. Last quarter, Sony lost 20 cents a share and saw a 1% increase in sales, to $20.6 bil.