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Rating Action:
Moody's assigns Aa3 rating to Toyota Motor's USD senior unsecured notes
11 Jul 2018
New shelf registration and total of USD 2 billion of new senior unsecured notes rated
Tokyo, July 11, 2018 -- Moody's Japan K.K. has assigned a (P)Aa3 senior unsecured rating to Toyota Motor Corporation's (Toyota, Issuer Rating Aa3) shelf registration statement that was filed by the company on June 25, 2018.
The shelf registration includes a class of senior debt securities which will rank pari passu with all other senior unsecured obligations of the issuer.
At the same time, Moody's Japan K.K. has assigned Aa3 ratings to the new USD denominated senior unsecured notes which are takedowns from the shelf registration. The outlook is stable.
The specific notes rated are:
• USD 750 million senior unsecured notes due 2021
• USD 750 million senior unsecured notes due 2023
• USD 500 million senior unsecured notes due 2028
RATINGS RATIONALE
Toyota's Aa3 issuer rating considers its leading position in global auto manufacturing industries in recent years, as well as the company's ongoing efforts to enhance product competitiveness and strengthen operating performance.
The rating also considers Toyota's strong balance sheet and abundant liquidity, elements that provide the company with financial flexibility and support its rating.
The principal methodology used in these ratings was Automobile Manufacturer Industry (Japanese) published in July 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Toyota Motor Corporation, headquartered in Toyota City, is Japan's biggest automaker.
Moody's assigns Aa3 rating to Toyota Motor's USD senior unsecured notes
11 Jul 2018
New shelf registration and total of USD 2 billion of new senior unsecured notes rated
Tokyo, July 11, 2018 -- Moody's Japan K.K. has assigned a (P)Aa3 senior unsecured rating to Toyota Motor Corporation's (Toyota, Issuer Rating Aa3) shelf registration statement that was filed by the company on June 25, 2018.
The shelf registration includes a class of senior debt securities which will rank pari passu with all other senior unsecured obligations of the issuer.
At the same time, Moody's Japan K.K. has assigned Aa3 ratings to the new USD denominated senior unsecured notes which are takedowns from the shelf registration. The outlook is stable.
The specific notes rated are:
• USD 750 million senior unsecured notes due 2021
• USD 750 million senior unsecured notes due 2023
• USD 500 million senior unsecured notes due 2028
RATINGS RATIONALE
Toyota's Aa3 issuer rating considers its leading position in global auto manufacturing industries in recent years, as well as the company's ongoing efforts to enhance product competitiveness and strengthen operating performance.
The rating also considers Toyota's strong balance sheet and abundant liquidity, elements that provide the company with financial flexibility and support its rating.
The principal methodology used in these ratings was Automobile Manufacturer Industry (Japanese) published in July 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Toyota Motor Corporation, headquartered in Toyota City, is Japan's biggest automaker.