At the same time, Moody's has also affirmed Sony Life's Aa3 insurance financial strength rating (IFSR).

The revised outlook follows Moody's downgrade of Sony Corporation on 9 November to Baa3 from Baa2, with a negative outlook.

RATINGS RATIONALE

Sony Life is owned by Sony Financial Holdings Inc. (SFH), which is listed on the Tokyo Stock Exchange, and its ultimate parent company is Sony Corp.

Although Sony Life's credit quality -- characterized by its strong capital base and steady business growth -- is delinked from Sony Corp to some extent, it is not completely insulated from the continued deterioration in its ultimate parent's credit profile, given their shared brand name.

Accordingly, a further downgrade of Sony Corp's rating to speculative grade, if it were to ever happen -- given that Baa3 is the lowest investment grade rating -- would be negative for Sony Life's credit profile.

In this context, Moody's has changed Sony Life's rating outlook to negative so that it is line with the negative rating outlook for Sony Corp.

The insurer and its parent, SFH, are regulated by Japan'sFinancial Services Agency to ensure protection to customers.

Moody's has also affirmed -- as indicated -- Sony Life's current Aa3 rating to reflect its strong capital base, high asset quality owing to its small holding of risky assets, and the continued growth in its sales, with a focus on consulting sales and death-coverage products which are profitable.

Moody's Aa3 rating further reflects Sony Life's stable platform, which generates steady core profits and follows a policy of tightening risk control.

The principal methodology used in this rating was Moody's Global Rating Methodology for Life Insurers, published on 30 September 2010, and available on www.moodys.co.jp.

Please see the ratings tab on the issuer/entity page on Moody's website for the last rating action and the rating history.

Sony Life Insurance Co., Ltd., headquartered in Tokyo, operates as a subsidiary under its holding company SFH. Its total assets were JPY5.2 trillion as of March 2012.

Kenji Kawada Vice President - Senior Analyst Financial Institutions Group Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Stephen Long MD - Financial Institutions Financial Institutions Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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