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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 20, 1998
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Toyota Motor Credit Corporation
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(Exact name of registrant as specified in its charter)
California 1-9961 95-3775816
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
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Item 5. Other Events
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On August 20, 1998, Moody's Investors Service, Inc. ("Moody's") downgraded
the long term debt of Toyota Motor Corporation and its subsidiaries,
including Toyota Motor Credit Corporation, to Aa1 from Aaa and announced that
this concludes the rating review that began on July 3, 1998. In addition, as
described in Toyota Motor Credit Corporation's June 30, 1998 Quarterly Report
on Form 10-Q: (i) on April 2, 1998, Moody's changed its outlook for Japan's
Aaa debt rating from "stable" to "negative"; and (ii) on July 23, 1998,
Moody's announced its decision to review for possible downgrade Japan's Aaa
"country ceilings" for foreign currency-denominated debt and bank deposits as
well as the Aaa-rated yen-denominated securities issued or guaranteed by the
government of Japan. If Japan's credit rating is lowered below that of the
then credit rating of TMC (and its subsidiaries), the credit rating of TMC
(and its subsidiaries) would likely be lowered to the same extent. To date,
Standard & Poor's Ratings Group, a division of the McGraw-Hill Companies,
Inc., has not changed its AAA rating or its outlook of the debt of TMC (and
its subsidiaries), including that of TMCC or the credit rating of Japan.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TOYOTA MOTOR CREDIT CORPORATION
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(Registrant)
Date: August 20, 1998 By: /S/ GEORGE E. BORST
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George E. Borst
Senior Vice President and
General Manager
(Principal Executive Officer)
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