Toyota Motor Corporation & Related Entities: Rating Report

On February 25, 2019, DBRS Limited (DBRS) confirmed the long- and short-term ratings of Toyota Motor Corporation (Toyota or the Company) and its rated subsidiaries at AA (low) and R-1 (middle), respectively, with Stable trends. The ratings incorporate Toyota’s very strong business risk assessment (BRA) as a leading global automobile manufacturer with highly efficient operations. The Company’s financial risk assessment (FRA) is also extremely solid, with abundant liquidity comprised largely of substantial holdings of long-term, highly rated government bonds.