Moody's rates Toyota Industries notes A1

Moody's Investors Service said it assigned an A1 rating to Toyota Industries Corp.'s $600 million senior unsecured notes due 2022.

The outlook is stable.

The rating reflects the company's leading global market positions in lift trucks and car air-conditioning compressors, which support its sound earnings and financial position, Moody's said.

The rating also considers Toyota Industries' conservative financial policy and solid liquidity, the agency said.

The company can be affected by cyclicality in demand for automobiles and material-handling equipment, which could cause periodic fluctuations in margins, Moody's said.

It also has potential vulnerability from the company's high dependence on its main customer, Toyota Motor Corp., the agency added.

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