SINGAPORE -- Standard & Poor's has revised to negative from stable its outlook on the long-term sovereign ratings of Japan. At the same time, it affirmed its long-and short-term sovereign credit ratings on Japan at 'AA-' and 'A-1+', respectively. The transfer and convertibility (T&C) assessment remains 'AAA'.
S&P said that, in its January 27 announcement lowering the long-term rating on Japan to 'AA-', it had noted that if it was to mark down its fiscal forecasts, downward pressure on the ratings could re-emerge.
"The March 11 earthquake, tsunami, and attendant damage to the Fukushima nuclear power plant cause us to make such a markdown to our forecasts, …
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