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Toyota sees losses deepening this year

Posted Friday, May 8, 2009, 9:44 am in Employee News

The Associated Press reported today that Toyota Motor Corp. posted a $7.7 billion January-March quarter, larger than General Motors $6 billion loss, resulting in its worst fiscal year since the Japanese automaker was founded in 1937.

Toyota also warned Friday that its net loss would deepen in the year through March 2010 to $5.55 billion from$4.4 billion in the just-ended fiscal year. The bigger-than-expected quarterly loss was larger than the full-year loss because it had some positive quarters earlier in the fiscal year, according to the story.

On Friday, Standard and Poor’s lowered its long-term credit rating on Toyota one notch to AA and gave a “negative” outlook. But The Associated Press reported S&P also said the automaker “maintains a minimal financial risk profile, characterized by a strong capital structure with massive liquidity.” (Associated Press)
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