Fitch Ratings has affirmed the long-term issuer default rating of A and short-term issuer default rating of F1 for Toyota Motor Credit Corp. and its subsidiaries, including Toyota Motor Finance (Netherlands) BV.

The outlook is stable.

Fitch said the ratings are based on support from the parent entity, Toyota Motor Corp., along with the subsidiaries' strong asset quality and historically good profitability. Operating profits have fallen since early 2015, but are higher than before the financial crisis, the rating agency said.