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Announcement:

Moody's changes Yamaha Motor's A3 rating outlook to stable

 The document has been translated in other languages

20 Sep 2011

Tokyo, September 20, 2011 -- Moody's Japan K.K. has changed to stable from negative the outlook for Yamaha Motor Co., Ltd.'s A3 issuer rating.

RATING RATIONALE

The change in outlook reflects the recovery in the company's profitability -- through cost cutting and the growth in demand -- and the improvement in its financial profile. Moody's expects this trend to continue.

Yamaha Motor has been implementing a medium-term plan to improve its operating profit margin to 5% by FYE12/2012. The plan includes reforming the profitability structure of its business in developed nations, the quantitative and qualitative expansion of its business in emerging markets, and laying the groundwork for future growth.

It has reorganized its manufacturing sites globally, and downsized workforce to lower costs in developed nations. It also aims to cut component procurement costs by JPY75 billion by 2012.

In addition, Yamaha Motor has gained from the growing demand in emerging markets and the end of the inventory correction of the marine products.

As a result, it has regained its profitability. It reported an operating profit of JPY51.3 billion in FYE12/2010, compared with an operating loss of JPY62.6 billion in FYE12/2009.

Moreover, the completion of equity finance of JPY74.6 billion in May 2010 also contributed to the improvement in its financial profile.

While the uncertainty in the global economy continues, Yamaha Motor will maintain an appropriate financial profile for its current rating. Moody's expects it to maintain its financial profile through its conservative financial policy and its ability to adapt to the change in the business environment.

Lastly, Moody's A3 rating reflects the company's stable relationship with its main banks. This lifts its rating by two notches from its fundamental creditworthiness.

Upward rating pressure could emerge if Yamaha Motor increases its overall cash flow generation and improves its financial leverage, such that the adjusted RCF/Debt is above 35%, adjusted Debt/EBITDA is below 1.75x, and adjusted Debt/Capitalization is below 40%.

Downward rating pressure could occur if the company's financial ratios weaken, to the extent that adjusted RCF/Debt stays below 20%, adjusted Debt/EBITDA remains above 2.75x, or adjusted Debt/Capitalization remains above 50%. Large investments, especially with external debt, will also hurt the rating.

Please see ratings tab on the issuer/entity page on Moody's website for the last rating action and the rating history.

The principal methodology used in the rating was "Global Automobile Manufacture Industry" published on August 25, 2011 and available on www.moodys.co.jp.

Yamaha Motor Co., Ltd., headquartered in Iwata, Shizuoka, is the world's second-largest manufacturer of motorcycles.

Tadashi Usui
Vice President - Senior Analyst
Corporate Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Shinsuke Tanimoto
Senior Vice President - Team Leader
Corporate Finance Group
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's changes Yamaha Motor's A3 rating outlook to stable
No Related Data.
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