Ratings agency Standard & Poor's has revised down Japan's outlook to negative following the March 11 quake, tsunami and nuclear disaster.

"We revised the outlook on the long-term rating on Japan to negative to reflect the potential for a downgrade if fiscal deterioration materially exceeds these estimates in the absence of greater fiscal consolidation," it said in a statement.

The ratings agency said it affirmed its long-term sovereign credit rating at "AA-".

- AFP