Toyota's Suffers Credit Rating Cut, Future Downgrades Possible In 2009

Fitch Ratings cut Toyota's top-notch credit rating on Wednesday, blaming the world's auto market slump and surging yen -- the latest sign that even Japan's top automaker is suffering from the global slowdown.

Fitch also cited high material costs as another challenge as it lowered its rating on Toyota Motor Corp. two notches to "AA" from "AAA," with a negative outlook, meaning the rating could be lowered in the next year or two.

The automaker's shares dropped nearly 5 percent in Tokyo morning trading.

"Toyota is suffering severely from the ongoing turmoil in the global automotive sector," said Tatsuya Mizuno, a Fitch director.
 

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800over - 11/26/2008 12:07:26 PM

+1 Boost

Another article by a Toyota Troll 009.

Agent009 - 11/26/2008 10:23:45 PM

-1 Boost

800Over must have his head in the sand. Toyota copied the big threes game plan so well it fell victim to the same weaknesses. While quality needs to be number one, it won't save you if you have the wrong mix.

mitchatlexusofmarin - 11/26/2008 12:39:52 PM

+3 Boost

Toyota hardly needs credit with their 58 billion cash on hand.

thetruth01 - 11/26/2008 1:48:23 PM

+3 Boost

In a rush to post a neagtive Toyota story, 009 once again fails basic English grammar in his headlines.

"Toyota suffers," not "Toyota's suffers." sheesh.

Agent009 - 11/26/2008 10:24:44 PM

+1 Boost

man I wish we had spell cheack.... (see I did it again)

americanmuscle - 11/27/2008 12:51:33 AM

0 Boost

I'm glad Toyota is suffering!!!