Moody's downgrades Toyota, Honda, Nissan, Yamaha

Moody's Investors Service said it downgraded to A1 from Aa3 the long-term ratings of Toyota Motor Corp. and its captive finance subsidiaries. The ratings were also placed on review for further downgrade.

The agency downgraded to A3 from A2 the long-term ratings of Honda Motor Co., Ltd. and its captive finance subsidiaries. The ratings were placed on review for further downgrade.

Moody’s also downgraded to Baa3 from Baa1 the long-term ratings of Nissan Motor Co., Ltd. The ratings were placed on review for further downgrade.

Moody's downgraded Yamaha Motor Co. Ltd.'s issuer rating to Baa1 from A3. The rating was placed on review for further downgrade.

The outlooks for Toyota, Honda and Nissan were changed to under review from negative. Yamaha's outlook has changed to under review from stable.

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