Moody’s rates Toyota Industries notes A1

Moody's Japan K.K. said it assigned A1 ratings to Toyota Industries Corp.’s $500 million senior unsecured notes due 2023 and $500 million senior unsecured notes due 2028.

The outlook is stable.

"Toyota Industries' USD 1 billion debt issuance is sizable, but we expect that the hike in leverage is temporary," Moody's assistant vice president, analyst Takashi Akimoto said in a news release.

Pro forma for this new debt, the company's debt/EBITDA (excluding captive finance operations) will rise to 2.4 times from 2.1 times in the last 12 months ended December 2017, but still well below the 3 times, a level that could lead to a downgrade, the agency explained.

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