Fitch Ratings downgraded Toyota Motor Corp.’s (TM:![]()
65.73) long-term foreign and local currency issuer default ratings and senior unsecured debt ratings to ‘AA’ from ‘AAA,’ with a negative outlook, late Tuesday. “Multiple negative developments, including the rapid and significant appreciation of the yen, the concurrent downturn in all major auto markets and high raw material costs, have occurred simultaneously and are impacting earnings and cash flow, even for the strongest players in the sector,” said Tatsuya Mizuno, a director on the agency’s corporate team.
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