Fitch Ratings said it may cut Toyota Motor Corp's (7203.T: Quote, Profile, Research, Stock Buzz) top-notch credit ratings, citing a downturn in the global auto industry and stronger yen, reported Reuters.
Fitch said it had placed Toyota's "AAA" long-term foreign and local currency issuer default ratings and senior unsecured ratings on watch negative, an indication it may lower the ratings after a review of several weeks.
The ratings agency affirmed Toyota's short term currency default ratings at "F1+."
Toyota shocked investors earlier this month with a massive reduction to its profit forecasts for this business year, hit by sliding sales in the U.S. and other major markets and the recent strengthening of the yen.
Fitch said in a statement that its review was sparked by "extremely difficult conditions and unprecedented challenges facing the global automotive industry."