Summary: Toyota Finance Australia Ltd. Nov 02

Standard & Poors, November 2002

Abstract
The ratings on Toyota Finance Australia Ltd. (TFA) reflect those on its parent company, Toyota Financial Services Corp. (AAA/Negative/A 1+). The ratings on the guaranteed debt issues of TFA reflect the guarantee provided by Toyota Motor Finance (Netherlands) B.V. and the keep-well agreement from ultimate parent Toyota Motor Corp. (Toyota, AAA/Negative/A-1+). The rating on Toyota reflects the company's proven ability to maintain an exceptionally strong financial profile even in a difficult operating environment. The rating on Toyota is currently higher than the long-term sovereign rating on Japan, reflecting the company's extensive geographic diversity outside Japan and its substantial liquidity. As Japan's largest automaker and one of the global leaders in its field, Toyota has maintained a strong financial performance despite...

Companies mentioned in this report are: Toyota Finance Australia Ltd.
Action: Review

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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.

Toyota Finance Australia Ltd.

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