{"id":401743,"date":"2011-04-27T11:15:35","date_gmt":"2011-04-27T11:15:35","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/27\/japan-warned-about-its-debt\/"},"modified":"2011-04-27T11:15:35","modified_gmt":"2011-04-27T11:15:35","slug":"japan-warned-about-its-debt","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/27\/japan-warned-about-its-debt\/","title":{"rendered":"Japan warned about its debt"},"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

See original here:
\nJapan warned about its debt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Aaron Smith, staff writer April 27, 2011: 7:00 AM ET NEW YORK (CNNMoney) — Standard & Poor’s has revised Japan’s credit rating outlook to “negative,” blaming the crisis triggered by last month’s earthquake. 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","protected":false},"author":0,"featured_media":401075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-401743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nJapan warned about its debt - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/27\/japan-warned-about-its-debt\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Japan warned about its debt - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Aaron Smith, staff writer April 27, 2011: 7:00 AM ET NEW YORK (CNNMoney) -- Standard & Poor's has revised Japan's credit rating outlook to "negative," blaming the crisis triggered by last month's earthquake. 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