TOKYO: Ratings agency Fitch on Monday said it had downgraded the long-term debt of Japanese automaker Toyota by one notch to "A", citing its exposure to foreign currency volatility.
Toyota is "the most exposed among the big three Japanese automakers to FX movements and its profitability improvement was slowest among its Japanese competitors post the recent economic crisis even after disregarding the impact of product recalls in the past two years," Fitch said in a statement.
It said the outlook was stable.
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