November 22, 2012 / 5:46 AM / in 5 years

TEXT-S&P: Toyota Industries' Domestic Straight Bonds Rated 'AA-'

(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.


Rating Assigned

Issue Rating

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-


ey Credit Factors: Business And Financial Risks In The Auto Component Suppliers Industry, Jan. 28, 2009

2008 Corporate Criteria: Analytical Methodology, April 15, 2008

Corporate Criteria--Parent/Subsidiary Links; General Principles; Subsidiaries/Joint Ventures/Nonrecourse Projects; Finance Subsidiaries; Rating

Link to Parent, Oct. 28, 2004

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