Updated Thursday, November 27, 2008 11:04 am TWN, AP

Fitch lowers rating on Toyota due to market slump

TOKYO -- Fitch Ratings cut Toyota’s top-notch credit rating on Wednesday, blaming the world’s auto market slump and surging yen — the latest sign that even Japan’s top automaker is suffering from the global slowdown. Fitch also cited high material costs as another challenge as it lowered its rating on Toyota Motor Corp. two notches to “AA” from “AAA,” with a negative outlook, meaning the rating could be lowered in the next year or two.

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