S&P cuts Sony rating

Standard & Poor's has cut its credit rating for Sony, citing doubts about the company's restructuring plan and forecasting that profitability will fall "substantially".

The agency, which rates company debt and credit for investors, lowered its assessment of Sony to "A-/A-2" from "A/A-1".

The downgrade spells more bad news for Tokyo-based Sony and comes just weeks after another agency, Moody's Investors Service, put Sony on review for a possible cut, on the grounds that it would be hard for it to achieve previous earnings success.