Japan's credit rating lowest among G-7 nations

US - Japan's credit ratings were cut to "AA-" by Standard & Poor's, the third reduction in 14 months for the world's second-biggest economy.

Prime Minister Junichiro Koizumi has taken too long to clean up bad loans at the nation's banks to pull the country out of its third recession in a decade, S&P said in a statement. Japan, which had boasted the top "AAA" rating since 1975 until it was downgraded in February last year, will have the lowest credit rating among the Group of Seven industrializ