Moody’s rates Toyota Tsusho bonds A3

Moody's Investors Service said it assigned an A3 rating to Toyota Tsusho Corp.'s new $500 million senior unsecured bonds.

The outlook is stable.

The bonds rank pari passu with all other senior unsecured obligations of Toyota Tsusho, the agency said.

Toyota Tsusho's A3 issuer rating incorporates its solid franchise, with stable earnings and cash flow from its automotive business, sound financial profile and conservative financial policy, and high dependence on the automotive sector compared with other Japanese trading companies, Moody’s said.

Toyota Tsusho's rating is also supported by its strong relationships with Toyota Motor Corp. and the Toyota group companies, the agency added.

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