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Aug 24, 2011 5:34 AM by Kate Richards

Japan's credit drops

Moody's Investors Service says it has downgraded its rating on Japan's debt.

The rating service says it lowered the rating because of Japan's large budget deficits and growing government debt.

The rating agency cut Japan's rating to AA3 from AA2. The new rating is three notches below Moody's top AAA rating.

In May, Moody's warned it could downgrade Japan after the world's number 3 economy slipped back into recession in the first quarter due to tumbling output and exports following the March 11 earthquake and tsunami.

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