Toyota loses top credit rating
Moody's Investor Services has lowered its credit rating for Toyota from the top-level Aaa to Aa1 and given it a "negative" outlook. Toyota had maintained Aaa status since 2003. The automaker, recently crowned as the largest in the world, is currently dealing with what must be the worst crisis that the Japanese company has ever faced since its inception in 1937. In what is decidedly uncharted territory at Toyota, the automaker saw its global sales fall by 4% last year and it is widely expected to post its first-ever loss – a whopping 150 billion yen ($1.65 billion) – over the full year ending in March. The worst bit of news, though, is that there's no light at the end of the tunnel. Sales figures are not expected to improve in the coming months, which could very well lead to another loss next year according to industry experts.
[Source: Bloomberg]
