Toyota Motor Corp., the world's biggest carmaker, had its long-term debt rating cut by Standard & Poor's, which cited the company's "weak" profitability, five weeks after Japan's credit rating was lowered.

Toyota's rating was reduced one step to AA-, the fourth-highest level, from AA, S&P said Friday, giving the debt a "stable" outlook. Moody's Investors Service rates the carmaker's debt Aa2, the third-highest level.

"The downgrade reflects our opinion that Toyota's profitability is unlikely to recover in the next one to two years to a level that we view as appropriate for the rating," S&P said.

Toyota, whose net income declined 39 percent to ¥93.63 billion ($1.1 billion) in the quarter that ended Dec. 31, last week recalled 2.2 million vehicles. That followed earlier recalls of more than 8 million cars for repairs related to sudden unintended acceleration.

"The downgrade is regrettable," said Keisuke Kirimoto, a Toyota spokesman. "However we want to continue to take care of each of our customers and work toward improving our profitability in the long term."

On Feb. 8, Toyota boosted its full-year profit forecast by 40 percent, saying net income may more than double to ¥490 billion for the 12 months ending March 31. Toyota followed Honda Motor Co. in boosting its earnings estimates as the global auto industry recovers from the financial crisis.

"The downgrade shouldn't have any big impact on Toyota's ability to raise funds," said Masataka Kunugimoto, an analyst at Nomura Securities Co. in Tokyo, adding the downgrade may be triggered by the recent lowering of Japan's rating. "It doesn't mean Toyota's credit is shaky."

S&P lowered Japan's credit rating on Jan. 27 for the first time in nine years as persistent deflation and political gridlock undermine efforts to reduce a ¥943 trillion debt burden.