S&P gives A+ to Toyota notes

S&P said it assigned an A+ rating to Toyota Motor Corp.'s dollar-denominated unsecured bonds.

“We equalize the long-term issue rating on the bonds with the long-term issuer credit rating on Toyota Motor. This is because we see a limited possibility of the noteholders becoming significantly disadvantaged relative to other lenders, including those of its subsidiaries, given the priority of payment among Toyota Motor's financial obligations,” S&P said in a press release.

Toyota plans to use the proceeds to finance initiatives to resolve safety and environmental issues in its automobile business.

The outlook is stable.

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