Moody's affirms Toyota Compania Financiera de Argentina

Moody's Investors Service said it affirmed Toyota Compania Financiera de Argentina SA's Ba1 global local-currency debt rating B2 global foreign-currency debt rating, Aaa.ar national scale local-currency debt rating, Aa3.ar national scale foreign-currency debt rating, Ba1 long- and Not Prime short-term global local-currency deposit ratings, Caa1 long- and Not Prime short-term foreign-currency deposit ratings, Aaa.ar long-term national scale local-currency deposit rating and Ba1.ar long-term national scale foreign-currency deposit rating.

The agency also lifted the unsupported baseline credit assessment to B2 from B3.

The outlook is stable.

In lifting the unsupported baseline credit assessment, Moody's said it recognizes the strengthening of the company's financial fundamentals since it commenced its lending operations in 2005 as well as its growth potential in light of the recovering auto industry in Argentina.

The company nevertheless continues to be challenged by its limited franchise and loan market shares as well as its monoline business orientation risk factors, the agency said.

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