S&P trims Toyota

S&P said it downgraded its long-term issuer and issue credit ratings on Toyota Motor Corp. and its overseas subsidiaries one notch to A+ from AA-.

The agency also removed all the ratings from CreditWatch with negative implications, where it placed them on March 26.

“We expect new car sales to decline in core markets; by 15%-20% in the United States and Europe, and by 8%-10% in China,” S&P said in a press release.

The outlook is negative.

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