Moody's rates Toyota Compañía Financiera E+

Moody's Investors Service said it assigned a bank financial strength rating of E+ to Toyota Compañía Financiera de Argentina SA.

At the same time, Moody's said it gave long- and short-term global local-currency deposit ratings to the entity of Ba1 and Not Prime, as well as long- and short-term foreign currency deposit ratings of Caa1 and Not Prime.

Moody's said it also assigned to Toyota Compañía Financiera both an Aaa.ar local-currency and a Ba1.ar foreign-currency deposit rating in the Argentine national-scale.

All ratings have a stable outlook.

The relatively low BFSR primarily reflects the company's still developing franchise in the Argentinean market, a very limited track record of profitability and high dependence on wholesale, primarily interbank funding, that represented 74% of total funding as of June 30, Moody's noted.

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