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S&P puts Toyota, key suppliers on CreditWatch


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S&P puts Toyota, key suppliers on CreditWatch

David Barkholz

Automotive News -- February 5, 2010 - 12:02 pm ET

DETROIT -- The stellar credit-worthiness of Toyota Motor Corp. and some of its largest suppliers is starting to come under scrutiny because of Toyota’s continuing quality problems.

Standard & Poor’s today said that it has placed Toyota, Denso Corp. and Aisin Seiki Co. on CreditWatch with negative implications. The negative implication signals that the rating agency may lower the credit ratings of the companies, possibly causing their borrowing costs to increase.

Standard & Poor’s said that Toyota’s acceleration-related recalls and questions now arising over the safety of Toyota Prius brakes “may affect the company’s reputation for quality, weakening its competitive position.”

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100205/OEM/100209925/1147#ixzz0etLDFbHk

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