Toyota Motor Corporation Recieves Highest Senior Debt Rating

* The Corporate Rating represents the highest rating achievable on a
company's most senior debt, if issued.
DBRS confirms the corporate rating of Toyota Motor Corporation of Japan
("Toyota" or "the Company") at AAA 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., Europe
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 actually is experiencing losses
due to the weak euro and pricing pressures in the U.K., and (c) the
fluctuating value of the yen. The world's third largest auto producer is
well positioned to continue to grow. 
Dominion Bond Rating Service Limited (DBRS) will publish a full report
shortly that will provide additional analytical detail on this rating
action. If you are interested in purchasing this report, please contact
us at: info@dbrs.com.