Auto Industry Struggles
Car sales in the US are dismal right now, and even Toyota has been hit by anorexic demand. The Japanese automaker even resorted to 0% financing on eleven of its highest-volume vehicles, and it still didn't prevent Toyota's first quarterly sales decline in seven years. Add a surging yen and high raw materials costs into the mix, and you've got enough reasons for Fitch to cut Toyota's credit rating from a flawless AAA to AA. The lowered rating means higher interest rates on loans, though at AA Toy
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