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Wed, Jan 18 2012 Republican rivals clash at raucous debate 12:04am EST Sony, Panasonic debt ratings cut on TV losses Tweet Share this Email Print Related News Samsung Group plans record $41 billion investment in 2012 Tue, Jan 17 2012 Panel clears audit firms of Olympus scandal blame Tue, Jan 17 2012 Exclusive: TPG willing to invest $1 billion in Olympus Fri, Jan 13 2012 Samsung may consider alliance with Olympus: source Thu, Jan 12 2012 UPDATE 4-Samsung may consider alliance with Japan's Olympus - source Thu, Jan 12 2012 Analysis & Opinion TV 2012: A tale of two sets Tesco exec’s share sale pours salt into open wound Related Topics Tech » Media » Japan » By Isabel Reynolds TOKYO | Fri Jan 20, 2012 5:34am EST TOKYO (Reuters) - Japan's Sony and Panasonic both had their debt ratings downgraded on Friday by Moody's Investors Service, which cited concerns about continued losses in their TV divisions, two weeks ahead of their earnings announcements. Sony will find it hard to meet its target of pulling its TV division back into profit in the next two years amid harsh competition and the strong yen, despite pulling out of an LCD panel joint venture with Samsung Electronics, Moody's said. It said Panasonic's financial profile had deteriorated since it bought out its two major consolidated subsidiaries, Sanyo Electric and Panasonic Electric Works, last April. Sony's rating was cut to Baa1 from A3 and Panasonic's to A2 from A1, with the outlook negative for both. Sony has said it expects to make a loss of 175 billion yen ($2.27 billion) on TVs in the year to March but aims to halve that loss next year and make a profit on them in the year after that, after nine straight years in the red. Sony Ericsson, the company's phone joint venture, also posted an unexpected loss this week, casting a shadow over Sony's plan to take full control of the business next month in a bid to better compete with Apple Inc and Samsung. Unless a significant improvement in Sony's financial profile seems likely in the year starting on April 1 its ratings could be reviewed for action in a relatively short time, Moody's said. Panasonic's net debt rose to about 550 billion yen in the year ended last March 31 from about 100 billion yen the previous year, Moody's said. It said Panasonic was unlikely to restore its financial profile soon due to losses on TVs, lower earnings from semiconductors and weak earnings at Sanyo. Both Panasonic and Sony are expected to post a slump in earnings for the October-December quarter, due to the strong yen, poor consumer sentiment in Europe and the effects on their operations of flooding in Thailand. Sony will report on February 2 and Panasonic on February 3. Shares in Sony have fallen about 49 percent since the beginning of the financial year in April, while Panasonic has lost about 38 percent. Panasonic is also widely expected to fall short of its full-year operating profit target of 130 billion yen for the year to March. Sony slashed its forecast by 90 percent to 20 billion yen in November for the same period. ($1 = 77.0700 Japanese yen) (Additional reporting by Nobuhiro Kubo and James Topham; Editing by Michael Watson) Tech Media Japan Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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