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UPDATE 1-S&P affirms Japan at AA, fiscal pressure manageable


By : * S&P affirms Japan sovereign ratings at AA, outlook stable
Date posted :2009-07-01 05:48:00

* Says Japan can withstand rising pressure from stimulus (Adds S&P details, background on fiscal position)

TOKYO, July 1 (Reuters) - Standard & Poor's affirmed Japan's AA credit rating on Wednesday, with a stable outlook, saying the world's second-largest economy could withstand rising fiscal pressure from government stimulus measures.

The rating agency said the stable outlook was based on its opinion that Japan's high level of fiscal deficits would not last long and that its ample liquidity and low interest rate environment meant it would manage the increase. [ID:nWLA7993]

"When the Japanese economy stabilises, we expect the fiscal deficits to return gradually to the levels seen prior to the global financial crisis and ensuing recession," S&P said.

"As such, progress in fiscal consolidation and effective public sector reforms will enable Japan to remain in the current rating level."


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