TOKYO (Reuters) - Ratings agency Moody's Investors Service downgraded Toyota Motor Corp to Aa2 from Aa1 on Thursday and said the rating came with a negative outlook.
"The rating action reflects the ongoing low level of profitability evident at Toyota, and which we expect to continue for an extended period," Tadashi Usui, a Moody's vice president and senior analyst, said in a statement.
"Moreover, its product quality and recall challenges -- largely centered in the U.S. -- have created significant uncertainty over whether it can maintain the pricing power it has historically achieved over its rivals," Usui said.
(Reporting by Hugh Lawson)
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