I tried to copy just the summary from the 2013 annual report, its worse than I thought. If it weren't for Sony Financial (Banking), they'd be out of business.
Other than financial, none of the divisions are making much money, and the entertainment side along with mobile phones have monster sized losses. This has been ongoing for some years now, and their response is to invest more money into Entertainment and hope things get better.http://www.sony.net/SonyInfo/IR/financial/ar/2013/
In 2009, they lost 98.9 billion yen, in 2010 they lost 40.9 billion yen, in 2011, they lost 259.5 billion yen, in 2012, they lost 456.7 billion yen, and in 2013 they had a profit of 43 billion yen, so things seemed to be improving, but their home entertainment business is taking the company down.
Moody's has actually been cutting Sony's rating every year that they fail to live up to the promises they made to stockholders the previous year. They work with Sony to understand what is happening and get promises. They did not rate Sony as junk last year like Fitch's did, cutting them some slack.
Moody's is the messenger, Sony is not going to make a big News release telling stockholders that its a big risk, they keep promising and forecasting more than they can deliver.
Times are tough, and the companies that make the tough decisions pull thru. There is also something to be said for companies that are able to remain focused on the long term, but for how many years can they keep struggling?
I certainly would like them to be successful, a healthy company can provide competition and invest in new technology that will benefit us all.