In a sign that the effects of the Toyota crisis will have long-term repercussions, on April 22 credit rating agency Moody's downgraded the company from "Aa1" to "Aa2." To put this in perspective, Aaa is the highest rating, Aa1 the next, and Aa2 a step below that. Any rating of Baa3 or above is considered "investment grade," while Ba1 and below are considered "subprime" or "speculative" investments.
Source: http://www.moodyskorea.com/english/definition/scale.asp
Moody's cited many challenges for Toyota, nearly all a direct result of the quality crisis: "sluggish demand, overcapacity, the need to provide incentives beyond normal levels to boost sales, and a real risk that its product quality problems have eroded significantly and permanently its historical advantages in pricing power...”
http://www.nytimes.com/2010/04/23/business/global/23toyota.html?scp=2&sq=toyota&st=cse
Although Aa2 is still an investment grade rating, this is a very significant development that will almost certainly increase borrowing costs for Toyota, as banks charge higher interest to customers with lower credit ratings. Moreover, many companies struggle to overcome credit downgrades, as these "objective" numerical credit ratings often stand in as a psychological proxy for the overall health and fitness of a corporation.
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