S&P Global Ratings on Tuesday placed an A+ long-term issue credit rating on Denso's (TYO:6902) US dollar senior unsecured bonds.
The bonds' rating is in line with the company's long-term issuer credit rating, reflecting its sufficiently low leverage that limits the likelihood of significant disadvantage for the noteholders compared to other lenders, S&P said.
The bond will boost the company's financing diversification through an expanded overseas investor base, the rating agency said.
The company's rating considers its major position in the global auto component market, anchored by diversified business segments and advanced technologies.
S&P expects the company to further gain from economies of scale and joint research and development activities, given its close links with Toyota Motor (TYO:7203) and other group companies.