{"id":401680,"date":"2011-04-27T11:01:50","date_gmt":"2011-04-27T11:01:50","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/27\/sp-downgrades-japans-outlook-to-negative\/"},"modified":"2011-04-27T11:01:50","modified_gmt":"2011-04-27T11:01:50","slug":"sp-downgrades-japans-outlook-to-negative","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/27\/sp-downgrades-japans-outlook-to-negative\/","title":{"rendered":"S&P downgrades Japan’s outlook to ‘negative’"},"content":{"rendered":"
\n

By Aaron Smith, staff writer<\/span>April 27, 2011: 7:00 AM ET<\/span><\/p>\n

NEW YORK (CNNMoney) — Standard & Poor’s has revised Japan’s credit rating outlook to “negative,” blaming the crisis triggered by last month’s earthquake.<\/p>\n

S&P said late Tuesday that its revision to the nation’s outlook, to “negative” from “stable,” reflects the possibility of a downgrade, as Japan grapples with the specter of increased deficits in the wake of a deadly earthquake, tsunami and nuclear power plant disaster.<\/p>\n

“Standard & Poor’s expects costs related to the March 11, 2011, earthquake, tsunami, and nuclear power plant disaster will increase Japan’s fiscal deficits above prior estimates by a cumulative 3.7% of GDP through 2013,” said the rating agency.<\/p>\n

The rating agency also said its revision to the outlook was “to reflect the potential for a downgrade if fiscal deterioration materially exceeds these estimates in the absence of greater fiscal consolidation.”<\/p>\n

S&P affirmed its long-term sovereign credit ratings for the country at AA- and short-term ratings at A-1+.<\/p>\n

“Much will depend on Japan’s political leadership and its ability to forge a political consensus on how to offset fiscal measures in the future,” said S&P. “The extent of environmental contamination in northeastern Japan remains unknown.”<\/p>\n

S&P estimated that Japan’s reconstruction could cost the country \u00a530 trillion, which is equal to about $364 billion.<\/p>\n

Japan isn’t alone. On April 18, S&P lowered the outlook for the United States<\/a> \u00a0\"To<\/a><\/p>\n<\/div>\n

Here is the original post:
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