Fitch cuts Toyota’s rating to A+

Friday, July 3, 2009

Tokyo : The biggest car manufacturer in Japan, Toyota Motor corporation, had it's credit ratings cut by Fitch ratings.
Fitch downgraded toyota from AA to A+ making it down two notches.

This year toyota is expecting a final loss of 550 billion yen ($5.7 billion) for their second business year in loss ending on march.
While the Director at Fitch ratings, Jeong Min Pak said in a phone call that “It may take several years for Toyota to approach previous levels of profitability,”.

Toyota has 8.3 trillion yen in outstanding bonds and loan.

The fears are that if the conditions and circumstances will remain the same there are chances that the Fitch will further downgrade the
toyota's credit ratings