Press Release: Toyota Credit Canada Inc.

Press Release: Toyota Credit Canada Inc.
Date of Release: Sep 28, 2001
Confirms at AAA and R-1 (high)

Kam Hon, Walter Schroeder, CFA / 416-593-5577 ext.2243 / e-mail:
khon@dbrs.com


Rating		Trend		Rating Action		Debt Rated
AAA		Stable		Confirmed		Corporate
Rating*
R-1 (high)	Stable		Confirmed		Commercial Paper

* The Corporate Rating represents the highest rating achievable on a
company's most senior debt, if issued.
DBRS confirms the rating of Toyota Credit Canada Inc. as above, based on
the rating support (but not guarantee) of the ultimate parent, Toyota
Motor Corporation of Japan ("Toyota" or "the Company"), all with a
Stable trend. The confirmation reflects the Company's very strong
balance sheet and superior earnings stability due to its efficient
operations and diversity in product line and geography.
The Company showed good growth in income in 2000-01, and this trend is
expected to continue despite the sluggish outlook for the U.S., European
and Japanese markets. The Company has four major strengths. (1) Its
large size and global presence gives it economies of scale, and the
ability to apportion high levels of fixed costs over a large unit volume
base. (2) It has an exceptionally strong balance sheet and is virtually
debt free in its industrial businesses. (3) Toyota is a leader in
technology relating to automobiles, in such areas as emission controls
and engines. (4) It has a well positioned product offering, ranging from
small to luxury cars. These factors more than overcome (a) the extremely
competitive nature of the industry; (b) the uncertain short-term outlook
for auto sales. In Europe, the Company is actually experiencing losses
due to the weak euro and pricing pressures in the U.K.; and (c) the
fluctuating value of the yen. Toyota, the world's third largest auto
producer is well positioned to continue to grow. 
Information contained herein is obtained by DBRS from sources believed
by it to be accurate and reliable. Due to the possibility of human or
mechanical error as well as other factors, such information is provided
"as is" without warranty of any kind and DBRS, in particular, makes no
representation or warranty, express or implied, as to the accuracy,
timeliness, completeness, merchantability or fitness for any particular
purpose of any such information. DBRS shall not be liable in contract,
tort or otherwise for: (a) any loss or damage in whole or in part caused
by, resulting from, or relating to, any error (negligent or otherwise)
or other circumstance or contingency within or outside the control of
DBRS or any of its directors, officers, employees, independent
contractors, or agents in connection with, or related to, obtaining,
collecting, compiling, analyzing, interpreting, communicating,
publishing or delivering any such information; or (b) any direct,
indirect, special, consequential, compensatory or incidental damages
whatsoever (including, without limitation, lost profits), even if DBRS
is advised in advance of the possibility of such damages, resulting from
the use of or inability to use, any such information. In addition to the
foregoing, the rights of subscribers of DBRS are governed by the terms
and conditions of the applicable Subscription Agreement. In the event of
any conflict between this document and the Subscription Agreement, the
Subscription Agreement shall govern (without limitation, a conflict
shall not include the failure of the Subscription Agreement to cover a
matter covered herein). The credit ratings, if any, constituting part of
the information contained herein are, and must be construed solely as,
statements of opinion and not statements of fact or recommendations to
purchase, sell or hold any securities.