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Fitch Ratings said Wednesday it cut Toyota Motor to AA rating, from AAA. "In Fitch's view, the negative developments in the industry are so substantial and fundamental that even the strongest player Toyota can no longer support a 'AAA' rating," according to Tatsuya Mizuno, director of Fitch Ratings, in the report.
Lined up in the opposing camp, Fitch Ratings, in announcing it would review in September its AA rating of Japan sovereign debt, forecast last week that the country's indebtedness would hit 200percentt of its annual economic output by 2008.
With the help of Pulte's mortgage unit in Denver, the company set up its systems to meet the standards of U.S. ratings agencies like Fitch Investors Service, which earlier this year gave it an AA rating.
At that point, Fitch should have a clearer picture of how it will deal with the airport authority's current AA- rating, said Seth Lehman, senior director and head of U.S. airport ratings for Fitch.
With the help of Pulte's mortgage unit in Denver, Colorado, the company set up its systems to meet the standards of such U.S. ratings agencies as Fitch Investors Service, which earlier this year gave it an AA rating.
Japan has an AA- rating.
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The agency has an AA- rating on Japan, which is three notches from the top rating of AAA.
Atlanta, where Delta has 71% of departing passengers, is rated A+, and Minneapolis, where Northwest holds a near-monopoly, has an AA- rating.
It affirmed the AA- rating of the authority's bonds and removed it from the CreditWatch warning list; both steps should reassure investors, but Standard & Poor's warned that the outlook for the Port Authority has become negative, because of its plans to increase its debt load and because of weak flight traffic at its airports.
The muni carries an AA- rating.
Standard & Poor's in January downgraded Japan's sovereign debt rating to AA-, two notches lower than the newly downgraded AA+ rating held by American securities.
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