NEW YORK ( TheStreet ) -- Sony undefined lost 5.6% to $15.78 Monday after Moody's downgraded the electronics company's debt rating to "junk" status. Moody's said Sony is facing pressure in the TV and PC markets thanks to "intense global competition, rapid changes in technology, and product obsolescence." "The rating actions reflect Moody's view that while Sony has made progress in its restructuring and benefits from continued profitability in several of its business segments, it still faces challenges to improve and stabilize its overall profitability and, in the near term, to achieve a profile that Moody's views as consistent with an investment grade rating," Moody's said in a statement. The firm did note that Sony's Devices, Imaging Products & Solutions, Music, and Pictures segments "are expected to remain profitable." The profitability of those segments is not enough to "support an investment grade rating for the overall corporation," however.