Moody's cuts Toyota rating

Toyota Motor Corp's credit rating was cut by Moody's Investors Service, and Fitch Ratings said it may also downgrade the world's biggest carmaker after recalls of more than 8 million vehicles ravage profit.

The rating was reduced to 'Aa2', the third-highest grade, from 'Aa1', according to a statement from Moody's, which stripped Toyota of the top 'Aaa' rating last year. Fitch will examine the company's creditworthiness and a downgrade is a "possibility", senior analyst Jeong Min-pak said in an interview.

Source:China Daily