"The rating downgrade reflects the quickly deteriorating business and financial fundamentals of the company," Moody's said in a statement.

Finance ministers have said that exchange rates should reflect economic fundamentals and that excess volatility is undesirable.

"I know that the exchange rate of the euro - even after the recent appreciation - does not yet reflect fundamentals, whatever they may be."

The key words are these: "We reaffirmed our views that exchange rates should reflect economic fundamentals."

"Over time," he argued, "the dollar should reflect fundamentals."

At current levels "prices do not reflect fundamentals."

The European Union is working for a strong and stable international financial system in which exchange rates should reflect economic fundamentals.

We have agreed to move towards more market-determined exchange rate systems that reflect underlying economic fundamentals.

Most of those downgrades, however, do not reflect deteriorating fundamentals at the companies.

"The rapid rise in the yen does not reflect fundamentals, that is clear," he told reporters.