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Fitch Downgrades Japan’s Sovereign Ratings
RTTNews – Fitch Ratings trimmed Japan’s credit ratings on Tuesday, citing growing risks to credit profile as a result of high and increasing public debt ratios. The long-term foreign and local currency Issuer Default Ratings were lowered to ‘A+’ from ‘AA’ and ‘AA-’ respectively. The outlooks on both ratings are Negative. “The country’s fiscal consolidation plan looks leisurely relative even to other fiscally-challenged high-income countries, and implementation is subject to political risk,” Andrew Colquhoun, Head of Asia-Pacific Sovereigns at Fitch. Read Article
Tags: 2nd Great Depression, Asia, financial system
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