Fitch rates Toyota notes BBB+

Fitch Ratings said it assigned a final BBB+ rating to Toyota Financial Services Kazakhstan MFO LLP's (Tfskz) KZT 5 billion one-year bond. The offering is part of the issuer’s KZT 100 billion debt issuance program, which was also given a final BBB+ rating.

“The final ratings of the program and the senior unsecured bond issued under it are equalized with Tfskz's long-term local-currency issuer default rating (IDR) as Fitch views the likelihood of default on the senior unsecured bonds as equal to that of Tfskz,” the agency said in a press release.

The proceeds will be predominantly used to fund the issuer's microfinancing operations in Kazakhstan.

The outlook is stable.

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