Fitch rates AO Toyota bond A

Fitch Ratings said it assigned AO Toyota Bank’s upcoming ruble-denominated bond issue an expected long-term rating of A.

The issue will benefit from recourse to the bank’s sister company, Toyota Motor Finance (Netherlands) BV.

The bond is expected to be RUB 5 billion with a three-year tenor and will be issued under the bank’s series 001P bond program with a maximum nominal value of RUB 100 billion, Fitch said.

Proceeds from this issue are expected to be used for the bank’s core lending activity.

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