Toyota faces Moody’s credit rating downgrade

Japanese car manufacturer Toyota has been warned by Moody's that it faces having its credit rating downgraded.

The credit rating agency said that the car company was likely to be severely affected by the earthquake and ensuing tsunami that hit Japan on March 11. The company relies on Japan for 27 per cent of its sales, and has 15 factories there.

Moody's said "limited production re-commenced at some of the factories at the end of March, but normal production cannot be expected for many months."

Toyota has said that production at the rest of its Japan-based factories will resume next week.

Read a full story at BBC News. ·