Toyota Motor Rating Downgrades Have No Impact on TLT’s Issue Ratings

TRIS Rating Co., Ltd. announces today that the ratings of medium-term and short-term guaranteed debentures of Toyota Leasing (Thailand) Co., Ltd. (TLT) have not been impacted by the rating downgrades of TLT’s ultimate guarantor, Toyota Motor Corporation (TMC). TMC’s rating was downgraded on 6 February 2009 by Standard and Poor’s to “AA+/Negative” from “AAA/Negative”, and by Moody’s Investor Services to “Aa1/Negative” from “Aaa/Negative”. TRIS Rating said that the TMC rating downgrades have no impact on the ratings of TLT’s medium-term and short-term guaranteed debentures because TMC’s credit quality is relatively strong when compared with the “AAA” rating in TRIS Rating’s portfolio. TRIS Rating said, TLT’s guaranteed debenture ratings of “AAA” for medium term and “T1+” for short term with “stable” outlook reflect the unconditional and irrevocable guarantee by Toyota Motor Finance (Netherlands) B.V., (TMF), whose rating is based on the credit strength of TMC. -- End Toyota Leasing (Thailand) Co., Ltd. (TLT) Medium-term Guaranteed Debenture Ratings: AAA Short-term Guaranteed Debenture Rating: T1+ Rating Outlook Stable

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