I'm surprised to see it drop to junk so soon.
It's clear Fitch is predicting that Sony's traditional "core" business won't recover.
That is the TV/Stereo/Phone markets.
I can see why they'd suggest this. Right now Japanese manufacturers are stuck between a rock and a hard place. Cheap Korean products are beating them, but if they move production overseas they'll lose a vital part of the Japanese market just for a risk that the prices will be low enough to be competitive in the TV market.