Fitch Ratings affirmed the A+ long-term issuer default ratings for Toyota Motor Credit Corp. and its affiliates Toyota Motor Finance (Netherlands) BV, Toyota Credit Canada Inc., Toyota Finance Australia Ltd. and Toyota Kreditbank GmbH with a stable outlook.
The rating agency also affirmed the companies' F1 short-term issuer default ratings and A+ long-term senior unsecured debt ratings.
The ratings for Toyota Motor Credit and its affiliates are linked to those of Toyota Motor Corp. since Fitch considers the companies as core subsidiaries of their parent.
Apart from the institutional support considerations, Toyota Motor Credit's strong asset quality and historically strong profitability support the company's credit profile. Fitch also noted that Toyota Motor Credit's funding profile is predominantly unsecured and diversified by type, term and currency.
