Fitch gives Toyota Astra bonds AAA(idn), F1+(idn)

Fitch Ratings Indonesia said it assigned a national long-term rating of AAA(idn) to PT Toyota Astra Financial Services' (AAA(idn)/stable/F1+(idn)) proposed rupiah-denominated senior unsecured bonds with maturity of three years and a national short-term rating of F1+(idn) to its bonds with maturity of 370 days.

The bonds are the third tranche to be issued under the company’s senior debt program I of up to Rp 4 trillion, to which the agency assigned national long-term and short-term ratings of AAA(idn) and F1+(idn), respectively.

The issue will be up to Rp 1.706 trillion in size and proceeds will be used to support the company's business growth.

Fitch said the ratings reflect Toyota Astra’s strong support from Toyota Financial Services Corp., one of its two major shareholders. Toyota Financial is a wholly owned subsidiary of Toyota Motor Corp. (A/stable), one of the biggest automotive manufacturers in the world. As part of the Toyota group, Toyota Astra benefits from product knowledge and funding support. The latter is derived from Toyota Motor’s strong relationship with Japanese banks and Japanese government-backed financial institutions.

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