CDS spreads tighten on Japanese firms
The cost of credit protection fell on Japanese electronics companies in Asian and European trading today, while remaining steady on US and European financials.
Five-year senior credit default swap (CDS) spreads referencing Sony moved in from yesterday's close of 93.36 basis points to 70bp at 12:00pm BST, according to data from credit information specialist CMA Datavision. New York-based Moody's Investors Service downgraded Sony's long-term debt to A3 from A2 today due to concerns that slowing demand and intense competition among electronics producers, as well as the strong yen, will "continue to pressure Sony's profitability" going forward.
CDSs on LG
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