S&P assigns Union Pacific notes A-

Standard & Poor's said it assigned its A- issue rating to Union Pacific Corp.'s $500 million senior unsecured notes due 2043.

Union Pacific will use the proceeds from the notes for general corporate purposes, including the repurchase of common stock.

Fitch said the ratings reflect the U.S. freight railroad industry's favorable risk characteristics, as well as the company's solid competitive position, moderate financial policies and strong liquidity.

Moody's: Toyota Finance New Zealand notes Aa3

Moody's Japan K.K. said it assigned Aa3 ratings to Toyota Finance New Zealand Ltd.'s (TFNZ) NZ$50 million fixed-rate bonds due 2019 and NZ$25 million floating-rate bonds due 2019.

TFNZ is an indirectly, wholly owned subsidiary of Toyota Motor Corp. (Aa3/P-1, stable).

The outlook is stable.

This is a takedown from the company's NZ$500 million medium-term note program, which is rated provisional Aa3.

Moody's said the rating is based on a credit support agreement between TFNZ and Toyota Financial Services Corp. (Aa3), as well as a similar agreement between Toyota Financial and Toyota.

The credit support agreement between TFNZ and Toyota Financial calls for (a) Toyota Financial to maintain 100% ownership of TFNZ; (b) Toyota Financial and its subsidiaries to maintain a net worth of at least NZ$200,000; and (c) Toyota Financial to make sufficient funds available to TFNZ so that TFNZ will be able to service its bonds, debentures, notes and other investment securities, and commercial paper.

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