Japan’s Credit Ratings Are Cut by S
Japan’s credit ratings were cut to AA-minus by Standard & Poor’s, the third reduction in 14 months for the world’s second-biggest economy.
Prime Minister Junichiro Koizumi has taken too long to clean up bad loans at the nation’s banks to pull the country out of its third recession in a decade, S&P; said. Japan, which had boasted the top AAA rating since 1975 until it was downgraded in February last year, will have the lowest credit rating in the Group of 7 industrialized countries.
Moody’s Investors Service has said it may lower Japan’s rating, possibly by two levels.
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