February 2003
TMCC: taking caution to good effect
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Toyota cars: TMCC's ratings have not
suffered in the
economic downturn, as its rivals have, due to
its
conservative capital structure
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Toyota Motor Credit Corporation (TMCC), the
wholesale and retail financing company that supports Toyota's
North American sales activities, is unique among the big
automotive companies' captive financing vehicles. It has a
triple-A rating from Standard & Poor's and Aa1 from
Moody's, far superior to those of its big three competitors,
Ford Credit, DaimlerChrysler Financial Services and GMAC, the
highest rated of which, DaimlerChrysler Financial Services,
is on a low single-A.
TMCC has also maintained those ratings consistently
for over five years, no small achievement when other
automotive captives' ratings have fluctuated through the
cyclical ups and downs of the parents' businesses.
This is particularly impressive when sales in the...
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