Moody's rates Toyota notes Aa3

Moody's Investors Service said it assigned a provisional Aa3 senior unsecured rating to Toyota Motor Corp.'s shelf registration statement that was filed by the company at the end of June.

The shelf registration includes a class of senior debt securities, which will rank pari passu with all other senior unsecured obligations of the issuer, Moody's said.

The agency also said it assigned an Aa3 rating to the new dollar-denominated senior unsecured notes, which are takedowns from the shelf registration.

The outlook is stable.

The specific notes rated are $750 million senior unsecured notes due 2021; $750 million senior unsecured notes due 2023; and $500 million senior unsecured notes due 2028.

The rating considers the company's leading position in global auto manufacturing industries in recent years, Moody's said, as well as the company's ongoing efforts to enhance product competitiveness and strengthen operating performance.

The rating also reflects Toyota's strong balance sheet and abundant liquidity – elements that provide the company with financial flexibility and support its rating, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.