Standard & Poor's Ratings Services has assigned its A rating to Toyota Tsusho Corporation's JPY 30 billion, 1.350%, series 16 domestic senior unsecured bonds due December 8th 2021.

The ratings on Toyota Tsusho reflect its stable earnings and good asset quality, due to its position as Toyota group's trading arm, and Standard & Poor's expectations that the company will generate stronger profits and diversify through expansion of its non auto businesses. The company's other strengths are its low risk appetite, stringent risk management, conservative financial policy, and strategic importance to Toyota Motor Corporation.

Factors that partially offset these strengths are its high dependency on automotive businesses for earnings and its weak cash flow protection ratios.