Tokyo, August 07, 2012 -- Moody's Japan K.K. has assigned an Aa3 rating to the bonds issued by Toyota Credit Canada Inc's (TCCI) euro medium-term note (EMTN) programme. TCCI is wholly owned subsidiary of Toyota Motor Corporation (TMC, Aa3).

The rating outlook is negative.

This is a drawdown from the company's EMTN programme, which is rated (P)Aa3.

The specific bond issue rated is:

o CAD100 million EMTN Programme bond, due 2016

RATINGS RATIONALE

TCCI and Toyota Financial Services Corporation (TFSC, Aa3) have entered into the Credit Support Agreement, and TFSC in turn has entered into the Credit Support Agreement with TMC.

Based on the Credit Support Agreement, TFSC must maintain 100% ownership of TCCI's equity. TFSC cause TCCI and its subsidiaries to have TCCI's consolidated tangible net worth of at least C$150,000, and make sufficient funds available to TCCI so that TCCI will be able to service the obligations arising out of its bonds, debentures, notes and other investment securities and commercial paper.

And also based on the Credit Support Agreement, TMC must maintain 100% ownership of TFSC's equity. TMC cause TFSC and its subsidiaries to have TFSC's consolidated tangible net worth of at least JPY10 million, and make sufficient funds available to TFSC so that TFSC will be able to service the obligations arising out of its bonds, debentures, notes and other investment securities and commercial paper and honor obligations incurred as a result of guarantees or credit support agreements that TFSC has extended.

The principal business of TCCI is to provide financing services for authorized Toyota dealers and users of Toyota products. Since the sales finance business is an important marketing driver for car makers in the Canada market, Moody's believes TCCI plays a key role in Toyota's strategy for its Canada auto business.

TMC's Aa3 rating with negative outlook considers that the company's historic leading position in the global auto industry is being challenged by a number of internal and external factors that have adversely affected its product quality, brand image and profitability.

An important supporting consideration in the rating is that TMC continues to maintain a strong balance sheet and abundant liquidity, which can mitigate some of the risks inherent in the industry and support its financial flexibility.

The negative outlook reflects Moody's concerns that the recovery in TMC's profitability is likely to be delayed due to the strong yen, growing concerns over the macro-economy, and Toyota's weaker position in the market following quality issues.

The principal methodology used in this rating was Moody's "Global Automobile Manufacturer Industry," published on August 25, 2011 and available on www.moodys.co.jp.

Toyota Credit Canada Inc, headquartered in Ontario, is to provide financing services for authorized Toyota dealers and users of Toyota products. TCCI is an indirectly, wholly owned subsidiary of Toyota Motor Corporation.

Toyota Motor Corporation, headquartered in Toyota City, is Japan's biggest automaker.

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Tadashi Usui Vice President - Senior Analyst Corporate Finance Group Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Michael J. Mulvaney MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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