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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56251)	11/26/2001 3:20:46 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

This can't be good. Stan Shaky Japan gets credit downgrade November 26, 2001 Posted: 1:45 AM EST (0645 GMT) cnn.com Japan's slumping economy and problems at its banks don't help a public debt load forecast to hit 200% of GDP by 2007 By Alex Frew McMillan CNN Hong Kong TOKYO, Japan (CNN) -- Ratings agency Fitch on Monday downgraded Japan's creditworthiness, dealing its bonds a knock. The downgrade means that only Italy has a worse credit rating, among the G7 largest industrialized countries. Fitch dropped its long-term outlook on Japan's debt to AA from AA-plus and said it has a negative outlook, implying further cuts might be ahead. It left the short-term rate unchanged. Sadateru Nishiura, managing director of Fitch in Japan, explained that the downgrade is the product of a steady slide in Japan. Debt at 140 percent of GDP The AA is still a relatively high rating. But Japan's ability to pay back its debts is worse than other big economies, Nishiura said, because of a "gradual process" of decline.