Toyota Loses Top Credit Rating

After hearing nothing but dismal news coming out of Detroit, it’s been easy to assume that the domestic manufacturers have been the only ones suffering, but the reality is that in this time of economic crisis, no one is winning. Even Toyota, who was riding a wave of success after taking over as the world’s top automaker (a title formerly held by GM), has suffered, and is expected to post its first ever annual loss when they release their figures from 2008. Expected to fall around the $1.65 billion dollar mark, Toyota’s loss correlates with a 4% drop in sales over the previous year, with no respite in sight. After a disappointing year with the Tundra pickup and profit margins tightening (and even disappearing) with their popular Camry and Corolla models, Toyota’s credit rating has suffered, going from the top level Aaa status to Aa1 with a “negative” outlook from Moody Investor Services.