Toyota Motor Corp. President Akio Toyoda, in his first public appearance since a safety crisis engulfed the Japanese automaker, apologized Friday for the recalls, reported The Detroit News.

Bowing deeply at a news conference in Nagoya, Toyoda, the grandson of the automaker's founder, said he deeply regretted the worry and inconvenience caused by recent big recalls.

"We, the ones supposed to relay to people the attractiveness of automobiles, have instead imparted on them worry. I regret this more than anything," Toyoda said.

He said he would form and lead a global quality task force that will review every step in the design and production process and strengthen quality controls.

Toyoda, 53, who became president of the world's biggest automaker in June, has come under criticism for not addressing the public sooner.

Toyoda said the company was trying to find the best solution for 270,000 Prius cars that have been sold in the U.S. and Japan and would inform the public of its decision soon.

The potential financial repercussions of the crisis increased Friday as Standard & Poor's Ratings Services said it may downgrade Toyota's 'AA' long-term debt rating. It cited the potential negative impact of the recent quality issues.