TRIS Rating Co., Ltd. has assigned a "AAA" rating to Toyota Leasing (Thailand) Co., Ltd.'s ("TLT" or "Issuer") up to Bt30,000 million guaranteed debentures under medium-term debenture program. These debentures are guaranteed by Toyota Motor Finance (Netherlands) B.V., ("TMF" or "Guarantor"). TMF, a company rated "AAA" by Standard and Poor's (S&P) and "Aaa" by Moody's Investors Service, is a wholly owned subsidiary of Toyota Financial Service Corporation (TFS), a "AAA" rated company by S&P and "Aaa" by Moody's, which in turn is 100% owned by Toyota Motor Corporation (TMC), a "AAA" and "Aaa" rated company by S&P and Moody's, respectively.
TRIS Rating said that the rating of these debentures reflects the unconditional and irrevocable guarantee by TMF, whose rating is based on the credit strength of its ultimate parent, TMC. TMC has provided a Credit Support Agreement (CSA) to TFS. At the same time, TFS has provided a Credit Support Agreement to its wholly-owned subsidiary, TMF. Under the terms of the CSA among the couples of Toyota group, the parent company, TMC, will provide sufficient liquidity for bond or debenture and commercial paper obligations of its subsidiaries, TFS and TMF. TMC will also provide sufficient liquidity for TMF's guarantee obligations.
The "stable" outlook TRIS Rating has assigned to the rating of TLT's guaranteed debentures reflects the creditworthiness of TLT's ultimate parent, TMC. The outlook also takes into consideration the expectation that TMC will be able to sustain its excellent market position and solid financial profile, TRIS Rating said.--End
Toyota Leasing (Thailand) Co., Ltd. (TLT) Issue Rating: Up to Bt30,000 million guaranteed debentures under medium-term debenture program AAA Rating Outlook: Stable
TRIS Rating said that the rating of these debentures reflects the unconditional and irrevocable guarantee by TMF, whose rating is based on the credit strength of its ultimate parent, TMC. TMC has provided a Credit Support Agreement (CSA) to TFS. At the same time, TFS has provided a Credit Support Agreement to its wholly-owned subsidiary, TMF. Under the terms of the CSA among the couples of Toyota group, the parent company, TMC, will provide sufficient liquidity for bond or debenture and commercial paper obligations of its subsidiaries, TFS and TMF. TMC will also provide sufficient liquidity for TMF's guarantee obligations.
The "stable" outlook TRIS Rating has assigned to the rating of TLT's guaranteed debentures reflects the creditworthiness of TLT's ultimate parent, TMC. The outlook also takes into consideration the expectation that TMC will be able to sustain its excellent market position and solid financial profile, TRIS Rating said.--End
Toyota Leasing (Thailand) Co., Ltd. (TLT) Issue Rating: Up to Bt30,000 million guaranteed debentures under medium-term debenture program AAA Rating Outlook: Stable