This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings performed an annual review of Toyota Auto Receivables Owner Trust 2022-C , 2023-A , 2023-C , 2023-D , and 2024-A on Oct. 23, 2026. These are ABS transactions backed by prime auto loan receivables originated and serviced by Toyota Motor Credit Corp. Following the review, we lowered our expected cumulative net losses for these series. In an annual review, S&P Global Ratings reviews current credit ratings against the latest issuer/issues performance data, as well as any recent market developments. Annual reviews may, depending on their outcome, result in a referral of a credit rating for a committee review, which may result in a
