Additionally, DBRS Morningstar changed the trends on TCCI's Medium-Term Notes and Commercial Paper ratings to Stable from Negative and confirmed these ratings at AA (low) and R-1 (middle), respectively. The trend changes reflect ongoing solid financial performance of the Company despite meaningful challenges associated with the progression of Coronavirus Disease (COVID-19) last year as
While
Going forward, DBRS Morningstar notes that the automotive industry faces meaningful cost headwinds over the next several years in line with the increasing electrification of vehicles (as a function of emission regulations being tightened globally) amid ongoing investments in new mobility business initiatives.
Consistent with the assigned Stable trend, the ratings are expected to remain constant over the near to medium term. DBRS Morningstar notes that
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
All figures are in Japanese yen unless otherwise noted.
The principal methodologies are Rating Companies in the
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
Tel. +1 416 593-5577
Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
23-Sep-21 Issuer Rating Trend Change AA (low) Stb CA
23-Sep-21 Issuer Rating Confirmed AA (low) Neg CA
23-Sep-21 Medium-Term Notes Trend Change AA (low) Stb CA
23-Sep-21 Medium-Term Notes Confirmed AA (low) Neg CA
23-Sep-21 Commercial Paper Trend Change R-1 (middle) Stb CA
23-Sep-21 Commercial Paper Confirmed R-1 (middle) Neg CA
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
23-Sep-21 Issuer Rating Trend Change AA (low) Stb CA
23-Sep-21 Issuer Rating Confirmed AA (low) Neg CA
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
23-Sep-21 Issuer Rating Trend Change AA (low) Stb CA
23-Sep-21 Issuer Rating Confirmed AA (low) Neg CA
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