...Credit Profiles Maintained: Fitch Ratings expects the credit profiles of Toyota Motor Corporation (Toyota, A/Stable), Honda Motor Co., Ltd (Honda, A/Stable) and Nissan Motor Co., Ltd. (Nissan, BBB/Stable) to remain stable in 2015, assuming continued modest demand growth for the global auto sector. The favourable FX impact of a weakening yen against the US dollar, and continued cost- reduction efforts, will largely offset margin erosion from heightened competition in the US, Japan and China, and volatility in certain emerging markets. The agency expects continued stable FCF generation and robust liquidity. Benefits from Weak Yen: A depreciation of the yen versus the US dollar, following the surprise Bank of Japan quantitative easing announcement in November 2014, will boost Toyota's profitability the most of the three automakers, as Toyota has the highest production in Japan for export. The positive impact on Toyota's profitability could be pronounced if the yen remains at its current rate...
