Honda Motor Co., Ltd. & Honda Canada Finance Inc.: Rating Report
On January 21, 2020, DBRS Limited (DBRS Morningstar) confirmed Honda Motor Co., Ltd.’s (Honda or the Company) Issuer Rating at A (high) as well as Honda Canada Finance Inc.’s Senior Unsecured Debentures and Commercial Paper (CP) ratings at A (high) and R-1 (middle), respectively. All trends are Stable. The confirmations reflect the Company’s strong business risk assessment as an automotive original equipment manufacturer (OEM) with moderate global scale, but strong technological capabilities. Honda also derives diversification benefits from its Motorcycle and Financial Services operations. Additionally, consistent with its very conservative financial policy, the Company’s financial risk assessment (FRA) remains well commensurate with the ratings, notwithstanding a discernible softening in recent earnings performance.
Honda Motor is the parent company of a group mainly develop, manufacture and distribute motorcycles, automobiles, power products, and also provide financing for the sale of those products. Principal manufacturing facilities are located in Japan, the United States of America, Canada, Mexico, the United Kingdom, Turkey, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and Brazil. Co.'s principal business segments are motorcycles, automobiles, financial services, and power products & other business. Co.'s principal automobile products include passenger cars such as "Legend," "Accord," "Inspire," "Civic," "Insight," "City," "Acura RL," "Acura TL," "Acura TSX," and "Acura CSX".
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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