Toyota Motor Company's credit rating has dropped from a AAA rating to AA, after citing "negative developments in the industry" and "Toyota can no longer support a AAA rating", according to a Forbes article which included reports from Fitch Ratings. The drop comes as a first in over a decade for the Japanese automaker, who have been an industry leader for the past ten years and have normally cleared themselves of such problems. "'AAA' represents exceptional ability to pay off credit obligations, while 'AA' demonstrates very high capacity", says Fitch Ratings. The slash of Toyota's credit rating will most likely raise their short term financing costs and rates, but they will be able to recover in the long run. No other details have been reported.