Moody’s rates Toyota Argentina notes Ba3

Moody's Investors Service said it assigned a Ba3 local-currency global senior debt rating and Aaa.ar national scale debt rating to Toyota Compania Financiera de Argentina SA's expected issuance up to 100 million in Argentine pesos of senior notes.

The issuance, which will be due in one year, is under Toyota's 200 million Argentine pesos short-term senior unsecured program.

The outlook is stable.

The ratings are constrained by Argentina's local-currency country ceiling of Ba3 and reflect the very high probability that Toyota's ultimate parent, Toyota Motor Corp., will support the issuer, Moody’s said.

The ratings also reflect the company’s standalone credit quality of B3, the agency said.

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