FRANKFURT (MarketWatch)
Fitch Ratings on Tuesday downgraded Japan to A+ and
issued a negative outlook on the country's credit rating, citing rising public
debt levels
Japan's long-term foreign rating had stood at AA and its local
currency issuer default rating was previously at AA-.
"The downgrades and
negative outlooks reflect growing risks for Japan's sovereign credit profile as
a result of high and rising public debt ratios," said Andrew Colquhoun, head of
Asia-Pacific sovereigns at Fitch, in a news release "The country's fiscal
consolidation plan looks leisurely relative even to other fiscally-challenged
high-income countries, and implementation is subject to political risk," he
said
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