Moody's cuts Sony's rating amid weakening demand for digital products

TOKYO - Moody's Investors Service Inc. said Friday it has downgraded its long-term issuer rating of Sony Corp. by one notch to Baa3 from Baa2 on concerns about the impact of the weakening demand for digital audiovisual products on the company's earnings.

The Baa3 rating is just one level above the speculative grade and the outlook of its ratings for the Tokyo-based electronics maker is negative, the U.S. rating agency said.