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.
The automaker's shares dropped nearly 5 percent in Tokyo morning trading.
"Toyota is suffering severely from the ongoing turmoil in the global automotive sector," said Tatsuya Mizuno, a Fitch director.
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