TOYOTA FIN SERVICES (SA) LIMITED - BITOY - Notification of a Change to the Credit Rating of the Issuer and the Guarantor

BITOY - Notification of a Change to the Credit Rating of the Issuer and the Guarantor

Toyota Financial Services (South Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1982/010082/06)
Company code: BITOY
(“Toyota Financial Services” or the “Issuer”)


NOTIFICATION OF A CHANGE TO THE CREDIT RATING OF THE ISSUER AND THE GUARANTOR

Noteholders are advised that Moody's Japan K.K. (“Moody’s”) has, on 31 March 2020, downgraded
the Issuer’s global scale rating on its Domestic Medium-Term Note Programme to (P)A2 from (P)A1;
with the outlook remaining under review for downgrade.

The downgrade reflects the change in South Africa’s sovereign rating and local currency bond ceiling
and remains under review for further downgrade as Moody’s is still assessing the impact of the
coronavirus on the Issuer and its subsidiaries credit quality.

Noteholders are further advised that Moody’s has, on 26 March 2020, also downgraded to A1 from
Aa3 the long-term ratings of Toyota Motor Corporation and its captive finance subsidiaries, including
Toyota Motor Finance (Netherlands) B.V. (the “Guarantor”), with ratings on review for downgrade.

Moody's expects Toyota's unit sales to decline given the spread of the coronavirus.

The full credit rating reports have been made available at the below link www.moodys.com .



2 April 2020

Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa

Date: 02-04-2020 01:12:00
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