Standard & Poor’s on Monday said it has lowered its outlook on the ratings of six Japanese automakers and suppliers, on concerns that extended production stoppages could erode their share of key markets.
The debt-rating agency revised its outlook to negative from stable for Toyota Motor Corp., Honda Motor Co., Nissan Motor Co., and three of Toyota’s key suppliers — Aisin Seiki Co. Ltd., Denso Corp. and Toyota Industries.
The impact of last month’s earthquake and tsunami on Japanese carmakers’ production, sales and exports was profound, the automakers reported Monday, with production incurring the steepest declines.
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