RAM Affirms AAA Ratings For Toyota Capital's RM2.5 Billion Debt Facility
RAM Affirms AAA Ratings For Toyota Capital's RM2.5 Billion Debt Facility
The Company's credit profile is weighed down by its gearing and profitability which is weaker compared to peers. In FY Mar 2024, the Company's adjusted pre-tax profit declined 30% to RM96.2 mil and its adjusted return on assets narrowed to 1.0% from 1.8% in the previous fiscal year. The deterioration in performance was mainly attributable to heftier provisions, larger operating expenses and a thinner net interest margin given higher funding costs. As for its balance sheet, Toyota Capital's adjusted net gearing ratio of 13.4 times as at end-March 2024 stood among the highest in RAM's portfolio of rated hire purchase and leasing players. The Company's debt burden will remain heavy as it takes on more borrowings to fund business expansion. That said, Toyota Capital will continue to derive substantial financial flexibility from the Group by way of liquidity lines and guarantees on bonds and sukuk.
RAM Ratings has assigned a AAA(s)/Stable rating to Toyota Capital Malaysia Sdn Bhd's proposed RM2.5 billion Conventional and Islamic Medium-Term Notes (MTN) Programme. Concurrently, the AAA(s)/Stable rating of the Company's RM2.5 billion Conventional and Islamic MTN Programme (2016/2031) has been affirmed.
RAM Ratings已将AAA(s) / 稳定的评级分配给Toyota Capital Malaysia私人有限公司拟议的25亿令吉常规和伊斯兰中期票据（MTN）计划。同时，已确认公司250亿令吉的常规和伊斯兰MTN计划（2016/2031）的AAA(s) / 稳定的评级。
The ratings it said reflects the strength of the irrevocable and unconditional guarantees on the debt facilities extended by Toyota Motor Finance (Netherlands) BV (Toyota Netherlands), a wholly owned subsidiary of Toyota Financial Services Corporation (TFS). Toyota Netherlands has a credit support agreement with TFS, which in turn has a similar contract with Toyota Motor Corporation (TMC or the Group). As a global automotive manufacturing giant, TMC boasts a solid business profile, with diversified geographical operations and a robust financial position. Support from TMC enhances the credit standing of Toyota Capital's debt facilities beyond the Company's standalone credit strength.
该评级反映了丰田汽车金融（荷兰）有限公司（丰田荷兰）无条件和不可撤销担保在公司扩展的债务融资方面的强度，丰田汽车金融是丰田金融服务公司（TFS）的全资子公司。丰田荷兰与TFS签订了信贷支持协议，而TFS与丰田汽车公司（TMC或集团）也签订了类似合同。作为全球汽车制造巨头，TMC拥有坚实的业务资料，分散的地理运营和稳健的财务状况。来自TMC的支持提升了丰田资本债务融资能力的信用水平，超越了公司独立的信用实力。
Toyota Capital plays a strategic role as the captive financier for TMC in Malaysia and financial support is expected to be forthcoming if required. RAM said it expects Toyota Capital's asset quality to remain sound despite its gross impaired financing (GIF) ratio creeping up to 1.0% as at end-March 2024 (end-March 2023: 0.7%). The slippage mainly stemmed from inflationary pressures, seasonal factors and financially overcommitted borrowers of buy now pay later schemes. The Company has since intensified collection efforts on early delinquents and tightened its underwriting. Its GIF coverage of 108.2% on the same date (end-March 2023: 130.0%) is expected to provide a sufficient buffer against potential credit deterioration.
丰田资本在马来西亚作为TMC的自有金融机构发挥着战略性作用，如果需要，预计将会得到金融支持。RAM表示，尽管其毛不良融资（GIF）比率在2024年3月底上升至1.0％（2023年3月底：0.7％），但预计丰田资本的资产质量将保持良好。该比率的上升主要源于通货膨胀压力、季节性因素和在现在买、以后付款计划中财务上过度承诺的借款人。公司已加强了对早期拖欠款项的追索工作并收紧了其贷款批准标准。预计截至同一日期的GIF覆盖率为108.2％（2023年3月底：130.0％），可提供充足的缓冲以抵御潜在的信用恶化。
The Company's credit profile is weighed down by its gearing and profitability which is weaker compared to peers. In FY Mar 2024, the Company's adjusted pre-tax profit declined 30% to RM96.2 mil and its adjusted return on assets narrowed to 1.0% from 1.8% in the previous fiscal year. The deterioration in performance was mainly attributable to heftier provisions, larger operating expenses and a thinner net interest margin given higher funding costs. As for its balance sheet, Toyota Capital's adjusted net gearing ratio of 13.4 times as at end-March 2024 stood among the highest in RAM's portfolio of rated hire purchase and leasing players. The Company's debt burden will remain heavy as it takes on more borrowings to fund business expansion. That said, Toyota Capital will continue to derive substantial financial flexibility from the Group by way of liquidity lines and guarantees on bonds and sukuk.
公司的信用状况受到其负债率和盈利能力的拖累，与同行相比较弱。在2024财年3月，公司的经调整税前利润下降了30％至9620万令吉，其资产回报率从上一财政年度的1.8％下降至1.0％。业绩恶化主要归因于更高额的准备金、更大额的营业费用和减薄的净利息收益率，由于筹资成本上升。至于其资产负债表，截至2024年3月底，丰田资本调整后的净负债率为13.4倍，在RAM评级的评定的汽车分期付款和租赁公司中处于较高水平。公司的债务负担将继续加重，因为它将更多借款用于业务扩张。尽管如此，丰田资本将继续通过集团从流动性信贷和债券以及伊斯兰债券的担保中获得重要的财务灵活性。
译文内容由第三方软件翻译。
