Toyota Motor Corporation & Related Entities: Rating Report

On February 25, 2020, DBRS Limited (DBRS Morningstar) confirmed the ratings of Toyota Motor Corporation (Toyota or the Company), Toyota Financial Services Corporation, and Toyota Credit Canada Inc. as listed above. All trends remain Stable. 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.