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Summary: Toyota Industries Corp. May 11
Standard & Poors, May 2011
Abstract
The ratings on Toyota Industries Corp. (AA-/Negative/A-1+) reflect our view of its stand-alone credit profile (SACP), which comprises a strong business risk profile and intermediate financial risk profile, and the possibility of extraordinary support from Toyota Motor Corp. (AA-/Negative/A-1+) if such a need should arise. We view Toyota Industries' SACP as 'a-', and it is underpinned by the substantial ongoing benefits Toyota Industries derives from its close relationship with Toyota Motor and its strong competitive position in the global forklift market. These strengths are partially offset by relative weakness in the company's financial ratios. The company's SACP also reflects our expectation that its financial performance is likely to deteriorate as a result of disruptions to supply chains in the automotive...
Companies mentioned in this report are: Toyota Industries Corp.,Toyota Motor Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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