Moody's trims its rating for Toyota

Source: Agencies | February 7, 2009, Saturday |

Print Edition

MOODY'S Investors Service lowered its credit rating on Toyota Motor Corp, saying yesterday that the tough global auto market was seriously hurting the Japanese car maker's profitability.

Toyota, which is reporting earnings later, has already said it is expecting its first annual operating loss in 70 years for the fiscal year through March.

Toyota became the world's biggest car maker last year, dethroning General Motors Corp, but its auto sales have been battered, especially in the key North American market.

The Moody's agency lowered by one notch its long-term rating on Toyota from the top "Aaa" ranking to "Aa1," which still denotes extremely low risk. The company gave Toyota a "negative" rating outlook -- meaning the rating could be cut again -- as recovery would likely take time amid the global slowdown and the strong yen.

Moody's has also placed Honda Motor Co and Nissan Motor Co under review.

Moody's also said stimulus measures that may kick in across various regions are likely to help car makers, including Toyota.

Toyota, which is cutting costs while continuing to invest in ecological technologies, should mark a recovery by the fiscal year ending March 2011, Moody's said in a statement.

Auto

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Moody's trims its rating for Toyota

Email this to your friend