Standard & Poor's Corp. said Wednesday it has lowered its long-term local and foreign currency sovereign credit ratings on Japan to AA from AA-plus.
At the same time, the U.S. rating agency affirmed Japan's A-1-plus short-term local and foreign currency sovereign credit ratings. The outlook on the long-term ratings remains negative, it added.
This is the second time this year S&P has cut sovereign ratings on Japan, bringing its credit standing to a par with Italy's — the lowest of the Group of Seven major industrialized nations.