S&P Cuts Toyota's Credit Rating (TM)

Published on Fri, 03/04/2011 - 13:10
By Stephanie Shyu in General Interest, TM, aa, auto, automaker, carmaker, cars, commodity, detroit, financial, fuel, gas, gasoline, industry, japan, japanese, motor, nyse, performance, prices, profitability, rating, s&p, shares, standard & poor's, stock, tm, toyota, trade, vehicles, Analyst Actions
aa, auto, automaker, carmaker, cars, commodity, detroit, financial, fuel, gas, gasoline, industry, japan, japanese, motor, nyse, performance, prices, profitability, rating, s&p, shares, standard & poor's, stock, tm, toyota, trade, vehicles

Standard & Poor's cut its rating of Toyota Motor Corp (NYSE:TM) from AA to AA- Friday, "Because the company's profitability is still weak, its pace of recovery is slower than those of Japanese peers, and its profitability might remain under pressure from higher raw material prices and gasoline prices as well as the strong yen," analyst Chizuko Satsukawa said.

Toyota's new AA- rating is still higher than its auto industry peers.

The Japanese car-maker is trading down 1.4% at $90.92 per share.

By Stephanie Shyu
sshyu@fnno.com

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