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Toyota's credit rating cut

Standard & Poor's said Friday it has cut Toyota's credit rating to AA- because profitability at Japan's top automaker is not recovering as quickly as at its rivals. The agency lowered Toyota Motor Corp.'s long-term corporate credit rating one notch to the fourth-highest rank of AA-. S&P said the decision reflected its view that the automaker's profitability in the next one to two years is unlikely to recover to the level appropriate for its earlier AA rating.

No appeal on tanker bid

The European plane-building company that lost out on a $35- billion refueling tanker deal isn't appealing the Air Force's decision to go with Chicago-based Boeing. The European Aeronautic Defence and Space Co. said Friday it won't ask the Pentagon to review the decision to have Boeing build nearly 200 giant airborne refueling tankers. The contract would mean tens of thousands of U.S. jobs, with Washington state and Kansas getting the bulk of the work.

Blankfein on witness list

Goldman Sachs Group Inc. chief executive Lloyd Blankfein has agreed to be a prosecution witness in Galleon Group Llc co-founder Raj Rajaratnam's insider trading trial next week, said a person briefed on the matter. Blankfein, 56, may not testify because prosecutors typically line up potential witnesses before a trial who aren't later called on, said the person, who declined to be identified because the talks are private. Rajaratnam is at the center of the largest crackdown on hedge-fund insider trading in U.S. history. Prosecutors are likely calling Blankfein as a witness to show that Rajaratnam traded on inside information about Goldman Sachs, said Andrew Stoltmann, a securities lawyer in Chicago.

From wire reports

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