Moody's downgrades Toyota Motor Credit

Moody's Investors Service said it downgraded to Aa3 from Aa2 the senior unsecured long-term ratings on Toyota Motor Credit Corp. and its supported subsidiaries.

The long-term ratings also remain on review for possible further downgrade.

Its prime-1 short-term rating was affirmed and not affected by the downgrade, Moody's said.

The downgrade is in conjunction with similar downgrades of the long-term ratings of Toyota Motor Corp. and its subsidiaries.

The downgrade reflects that Toyota Motor Credit's ratings are equalized with those of ultimate parent Toyota. This is due to its strategic importance to Toyota and Toyota's strong incentive to provide support to Toyota Motor Credit on a timely basis, the agency said.

Toyota has demonstrated its willingness and ability to maintain Toyota Motor Credit in satisfactory overall condition and this is expected to continue going forward, Moody's said.

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