(The following was released by the rating agency)
TOKYO (Standard & Poor's) Nov. 22, 2012--Standard & Poor's
Ratings Services today assigned its 'AA-' debt ratings to
Japan-based machinery maker Toyota Industries Corp.'s
(AA-/Negative/A-1+) series 20, 21, and 22 unsecured straight
bonds (see list below).
Our ratings on Toyota Industries reflect ongoing operational
benefits the company receives from doing business with Toyota
Motor Corp. (AA-/Negative/A-1+) and Denso Corp.
(AA-/Negative/A-1+), its strong position in the global forklift
market, and its extremely high strategic importance to and very
close relationship with Toyota Motor as a major shareholder and
the original founding firm within the group.
On the other hand, constraints on the ratings are relatively
weak measures of credit quality, persistent pressure on prices,
fluctuations in raw material prices, and cyclical automotive
component and material handling equipment markets.
Series 20 JPY10 bil., 0.181% , due Sept. 18, 2015 AA-
Series 21 JPY10 bil., 0.265% , due Sept. 20, 2017 AA-
Series 22 JPY10 bil., 0.821% , due Sept. 20, 2022 AA-
RELATED CRITERIA AND RESEARCH K
ey Credit Factors: Business And Financial Risks In The Auto
Component Suppliers Industry, Jan. 28, 2009
2008 Corporate Criteria: Analytical Methodology, April 15,
Corporate Criteria--Parent/Subsidiary Links; General
Principles; Subsidiaries/Joint Ventures/Nonrecourse Projects;
Finance Subsidiaries; Rating
Link to Parent, Oct. 28, 2004