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January 15, 2022

Home Credit Vietnam Finance Company Limited — Moody’s withdraws Home Credit Vietnam Finance Company’s ratings due to business reasons

Rating Motion: Moody’s withdraws Residence Credit score Vietnam Finance Firm’s scores thanks to company reasonsGlobal Credit history Investigate – 13 Jan 2022Singapore, January 13, 2022 — Moody’s Traders Support has right now withdrawn the adhering to rankings of Household Credit history Vietnam Finance Enterprise Constrained.- Extensive-time period Issuer Scores (Overseas and Local Currency) of B3- Company Relatives Ranking of B3The rating outlook was secure prior to the withdrawal.Ratings RATIONALEMoody’s has resolved to withdraw the ratings for its very own enterprise causes. You should refer to the Moody’s Traders Service Policy for Withdrawal of Credit history Rankings, readily available on its website, www.moodys.com.Home Credit score Vietnam Finance Organization Minimal (HCV), headquartered in Ho Chi Minh Metropolis, claimed full assets of VND22 trillion as of 31 December 2020.REGULATORY DISCLOSURESFor any influenced securities or rated entities obtaining immediate credit history assist from the principal entity(ies) of this credit rating rating motion, and whose ratings might adjust as a final result of this credit score rating motion, the affiliated regulatory disclosures will be those people of the guarantor entity. Exceptions to this solution exist for the adhering to disclosures, if applicable to jurisdiction: Ancillary Providers, Disclosure to rated entity, Disclosure from rated entity.The scores have been disclosed to the rated entity or its specified agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Make sure you refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Rankings readily available on its website www.moodys.com.Regulatory disclosures contained in this press launch use to the credit rating rating and, if applicable, the linked rating outlook or score evaluation.Moody’s normal concepts for evaluating environmental, social and governance (ESG) risks in our credit rating assessment can be observed at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The World Scale Credit Ranking on this Credit Rating Announcement was issued by a person of Moody’s affiliates outside the house the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Key 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit score Rating Agencies. More facts on the EU endorsement standing and on the Moody’s business office that issued the credit score rating is obtainable on www.moodys.com.The International Scale Credit score Score on this Credit Score Announcement was issued by 1 of Moody’s affiliate marketers outside the house the British isles and is endorsed by Moody’s Buyers Services Limited, One Canada Sq., Canary Wharf, London E14 5FA under the law applicable to credit ranking agencies in the British isles. Further more facts on the British isles endorsement position and on the Moody’s business office that issued the credit score score is available on www.moodys.com.Be sure to see www.moodys.com for any updates on variations to the direct rating analyst and to the Moody’s legal entity that has issued the ranking.Remember to see the rankings tab on the issuer/entity web page on www.moodys.com for more regulatory disclosures for each credit history score. Rebecca Tan VP-Senior Analyst/CSR Monetary Institutions Group Moody’s Traders Services Singapore Pte. Ltd. 50 Raffles Location #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Support: 852 3551 3077 Graeme Knowd MD – Banking Fiscal Establishments Group JOURNALISTS: 852 3758 1350 Shopper Provider: 852 3551 3077 Releasing Office environment: Moody’s Buyers Support Singapore Pte. Ltd. 50 Raffles Position #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Support: 852 3551 3077 © 2022 Moody’s Corporation, Moody’s Investors Assistance, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All legal rights reserved.Credit Scores ISSUED BY MOODY’S Credit Scores Affiliate marketers ARE THEIR Current Views OF THE RELATIVE Long run Credit rating Danger OF ENTITIES, Credit rating COMMITMENTS, OR Debt OR Credit card debt-LIKE SECURITIES, AND Products, Items, Solutions AND Information Posted BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) May well Consist of These types of Recent Thoughts. MOODY’S DEFINES Credit rating Hazard AS THE Threat THAT AN ENTITY May possibly NOT Satisfy ITS CONTRACTUAL Fiscal OBLIGATIONS AS THEY Come Due AND ANY Estimated Financial Decline IN THE Celebration OF DEFAULT OR IMPAIRMENT. SEE Relevant MOODY’S Score SYMBOLS AND DEFINITIONS PUBLICATION FOR Data ON THE Types OF CONTRACTUAL Money OBLIGATIONS Addressed BY MOODY’S Credit history Rankings. Credit rating Rankings DO NOT Handle ANY OTHER Hazard, Including BUT NOT Limited TO: LIQUIDITY Chance, Sector Worth Danger, OR Cost VOLATILITY. Credit rating Ratings, NON-Credit history ASSESSMENTS (“ASSESSMENTS”), AND OTHER Thoughts Integrated IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF Recent OR Historic Fact. MOODY’S PUBLICATIONS May well ALSO Consist of QUANTITATIVE Model-Based mostly ESTIMATES OF Credit score Possibility AND Related Viewpoints OR COMMENTARY Printed BY MOODY’S ANALYTICS, INC. AND/OR ITS Affiliates. MOODY’S Credit history Scores, ASSESSMENTS, OTHER Views AND PUBLICATIONS DO NOT Represent OR Offer Investment decision OR Economic Assistance, AND MOODY’S Credit Ratings, ASSESSMENTS, OTHER Views AND PUBLICATIONS ARE NOT AND DO NOT Provide Recommendations TO Acquire, Offer, OR Hold Individual SECURITIES. MOODY’S Credit history Rankings, ASSESSMENTS, OTHER Thoughts AND PUBLICATIONS DO NOT Comment ON THE SUITABILITY OF AN Financial investment FOR ANY Unique Trader. MOODY’S Concerns ITS Credit history Scores, ASSESSMENTS AND OTHER Thoughts AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND Understanding THAT Each and every Investor WILL, WITH Owing Care, MAKE ITS Possess Study AND Analysis OF Just about every Security THAT IS Beneath Thought FOR Order, Holding, OR SALE.MOODY’S Credit Scores, ASSESSMENTS, OTHER Thoughts, AND PUBLICATIONS ARE NOT Meant FOR USE BY RETAIL Investors AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL Investors TO USE MOODY’S Credit score Ratings, ASSESSMENTS, OTHER Thoughts OR PUBLICATIONS WHEN Creating AN Expenditure Determination. IF IN Question YOU Must Contact YOUR Money OR OTHER Professional ADVISER.ALL Details CONTAINED HEREIN IS Protected BY Law, Such as BUT NOT Restricted TO, COPYRIGHT Legislation, AND NONE OF These kinds of Information and facts May possibly BE COPIED OR Or else REPRODUCED, REPACKAGED, Further TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR Saved FOR SUBSEQUENT USE FOR ANY These kinds of Intent, IN Total OR IN Section, IN ANY Type OR Manner OR BY ANY Indicates By any means, BY ANY Particular person With out MOODY’S PRIOR Prepared CONSENT.MOODY’S Credit score Rankings, ASSESSMENTS, OTHER Viewpoints AND PUBLICATIONS ARE NOT Intended FOR USE BY ANY Man or woman AS A BENCHMARK AS THAT Phrase IS Described FOR REGULATORY Applications AND Should NOT BE Used IN ANY WAY THAT COULD Consequence IN THEM Remaining Regarded as A BENCHMARK.All info contained herein is obtained by MOODY’S from sources thought by it to be accurate and trustworthy. For the reason that of the probability of human or mechanical error as effectively as other components, even so, all data contained herein is delivered “AS IS” with out guarantee of any type. MOODY’S adopts all needed actions so that the data it utilizes in assigning a credit rating score is of adequate quality and from resources MOODY’S considers to be reliable together with, when ideal, independent third-bash sources. On the other hand, MOODY’S is not an auditor and are unable to in every instance independently verify or validate details received in the score process or in making ready its Publications.To the extent permitted by regulation, MOODY’S and its directors, officers, employees, brokers, reps, licensors and suppliers disclaim liability to any human being or entity for any oblique, unique, consequential, or incidental losses or damages whatsoever arising from or in relationship with the details contained herein or the use of or lack of ability to use any such info, even if MOODY’S or any of its administrators, officers, workforce, agents, representatives, licensors or suppliers is encouraged in advance of the possibility of these kinds of losses or damages, together with but not minimal to: (a) any reduction of existing or future income or (b) any decline or harm arising where the related economic instrument is not the topic of a certain credit rating assigned by MOODY’S.To the extent permitted by regulation, MOODY’S and its administrators, officers, personnel, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any human being or entity, which include but not constrained to by any carelessness (but excluding fraud, willful misconduct or any other type of legal responsibility that, for the avoidance of doubt, by law can not be excluded) on the element of, or any contingency in just or outside of the handle of, MOODY’S or any of its directors, officers, employees, brokers, associates, licensors or suppliers, arising from or in relationship with the information and facts contained herein or the use of or inability to use any this sort of data.NO Guarantee, Categorical OR IMPLIED, AS TO THE Accuracy, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR Health FOR ANY Distinct Reason OF ANY Credit score Ranking, Assessment, OTHER Belief OR Information and facts IS Specified OR Designed BY MOODY’S IN ANY Form OR Method In any respect.Moody’s Investors Assistance, Inc., a wholly-owned credit rating rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of credit card debt securities (together with company and municipal bonds, debentures, notes and business paper) and preferred stock rated by Moody’s Investors Provider, Inc. have, prior to assignment of any credit score score, agreed to pay back to Moody’s Investors Service, Inc. for credit ratings opinions and solutions rendered by it expenses ranging from $1,000 to about $5,000,000. MCO and Moody’s Buyers Service also maintain policies and methods to handle the independence of Moody’s Buyers Service credit score scores and credit rating score processes. Information concerning particular affiliations that may well exist among directors of MCO and rated entities, and concerning entities who keep credit history ratings from Moody’s Buyers Assistance and have also publicly described to the SEC an possession fascination in MCO of additional than 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, is posted every year at www.moodys.com less than the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Policy.”Additional conditions for Australia only: Any publication into Australia of this document is pursuant to the Australian Economical Providers License of MOODY’S affiliate, Moody’s Investors Assistance Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is supposed to be provided only to “wholesale clients” inside of the this means of part 761G of the Organizations Act 2001. By continuing to access this document from inside of Australia, you stand for to MOODY’S that you are, or are accessing the doc as a agent of, a “wholesale client” and that neither you nor the entity you symbolize will right or indirectly disseminate this doc or its contents to “retail clients” in just the this means of area 761G of the Firms Act 2001. MOODY’S credit history rating is an belief as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any form of stability that is offered to retail traders.Added conditions for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating company subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit ranking company subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Business (“NRSRO”). For that reason, credit rating ratings assigned by MSFJ are Non-NRSRO Credit rating Ratings. Non-NRSRO Credit score Ratings are assigned by an entity that is not a NRSRO and, therefore, the rated obligation will not qualify for selected kinds of procedure underneath U.S. guidelines. MJKK and MSFJ are credit rating score agencies registered with the Japan Money Products and services Company and their registration figures are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (together with company and municipal bonds, debentures, notes and professional paper) and preferred inventory rated by MJKK or MSFJ (as relevant) have, prior to assignment of any credit rating score, agreed to pay to MJKK or MSFJ (as relevant) for credit score ratings opinions and expert services rendered by it charges ranging from JPY100,000 to somewhere around JPY550,000,000.MJKK and MSFJ also maintain guidelines and methods to handle Japanese regulatory requirements.

December 21, 2021

SHBANK Finance Company Limited — Moody’s extends review for upgrade on SHB Finance’s ratings

Announcement: Moody’s extends evaluation for enhance on SHB Finance’s ratingsGlobal Credit history Exploration – 20 Dec 2021Singapore, December 20, 2021 — Moody’s Buyers Company has currently extended its evaluation for upgrade on all extensive-phrase scores of SHBANK Finance Enterprise Restricted (SHB Finance). The rating evaluation was initiated on 01 September 2021 following Saigon – Hanoi Professional Joint Inventory Bank’s (SHB, B2 secure, b3) announcement of its agreement with Bank of Ayudhya (BAY, Baa1 stable, baa3) to provide a 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} equity stake in SHB Finance, subject matter to regulatory and board approvals. A finish list of afflicted rankings can be found in September 01, 2021 push release:https://www.moodys.com/investigate/Moodys-locations-SHB-Finances-rankings-on-assessment-for-enhance-on–PR_453554Ratings RATIONALEMoody’s is extending the overview approach for the reason that the transaction is pending exterior approvals and has for that reason not nevertheless been concluded.Upon the completion of the transaction, Moody’s expects the standalone credit score toughness of SHB Finance could make improvements to, thereby positioning upward stress on the firm’s rankings. The assessment for up grade demonstrates Moody’s expectation that BAY will support SHB Finance, since of its importance to BAY’s ASEAN expansion method, as perfectly as BAY’s important ownership and other reputational things to consider. At this time, Moody’s incorporates a superior likelihood of affiliate assistance for SHB Finance from SHB. About time, Moody’s expects SHB Finance to gain from funding, technological innovation, and hazard management assistance from BAY and its father or mother MUFG Financial institution, Ltd. (MUFG, A1 stable, a3), which has a lengthy historical past in shopper finance in elements of Asia. Moody’s will critique these benefits as very well as BAY’s involvement in environment the firm’s strategic way. The transaction will have two phases with SHB transferring 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the constitution funds all through the to start with period in the initially 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of 2022, and the remaining 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the upcoming 3 several years. On the completion of the initially section of transfer of ownership, Moody’s could update SHB Finance’s rankings by one particular notch to B2 dependent on the assumed affiliate assistance that SHB Finance will obtain from BAY. If the transaction is not authorized, Moody’s will confirm SHB Finance’s ratings. After the 2nd period is accomplished, SHB Finance’s rankings could obtain a far more sizeable uplift because of affiliate assistance. Provided the review for improve, Moody’s is not likely to downgrade SHB Finance’s ratings for the duration of the evaluate period. The methodology made use of in these scores was Finance Companies Methodology posted in November 2019 and readily available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187099. Alternatively, please see the Score Methodologies website page on www.moodys.com for a duplicate of this methodology. SHB Finance is headquartered in Hanoi, documented overall property of VND 4. Trillion as of 31 December 2020.Make sure you see www.moodys.com for any updates on improvements to the direct score analyst and to the Moody’s authorized entity that has issued the ranking. This publication does not announce a credit history ranking motion. For any credit rating rankings referenced in this publication, be sure to see the scores tab on the issuer/entity webpage on www.moodys.com for the most current credit score action facts and score record. Rebecca Tan VP-Senior Analyst/CSR Monetary Establishments Team Moody’s Buyers Services Singapore Pte. Ltd. 50 Raffles Put #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Assistance: 852 3551 3077 Graeme Knowd MD – Banking Financial Institutions Group JOURNALISTS: 852 3758 1350 Consumer Services: 852 3551 3077 Releasing Workplace: Moody’s Traders Support Singapore Pte. Ltd. 50 Raffles Spot #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Client Provider: 852 3551 3077 © 2021 Moody’s Corporation, Moody’s Investors Assistance, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliate marketers (collectively, “MOODY’S”). All legal rights reserved.Credit score Scores ISSUED BY MOODY’S Credit Scores Affiliate marketers ARE THEIR Current Views OF THE RELATIVE Foreseeable future Credit history Hazard OF ENTITIES, Credit rating COMMITMENTS, OR Credit card debt OR Credit card debt-LIKE SECURITIES, AND Materials, Products and solutions, Companies AND Information and facts Printed BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) May Contain These kinds of Present Views. MOODY’S DEFINES Credit history Threat AS THE Risk THAT AN ENTITY May NOT Fulfill ITS CONTRACTUAL Money OBLIGATIONS AS THEY Appear Thanks AND ANY Estimated Economic Decline IN THE Celebration OF DEFAULT OR IMPAIRMENT. SEE Applicable MOODY’S Score SYMBOLS AND DEFINITIONS PUBLICATION FOR Data ON THE Types OF CONTRACTUAL Economic OBLIGATIONS Resolved BY MOODY’S Credit rating Rankings. Credit history Scores DO NOT Deal with ANY OTHER Hazard, Which include BUT NOT Limited TO: LIQUIDITY Risk, Market Value Chance, OR Selling price VOLATILITY. Credit score Scores, NON-Credit history ASSESSMENTS (“ASSESSMENTS”), AND OTHER Views Involved IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF Current OR Historic Truth. MOODY’S PUBLICATIONS Could ALSO Incorporate QUANTITATIVE Design-Based ESTIMATES OF Credit history Chance AND Linked Thoughts OR COMMENTARY Printed BY MOODY’S ANALYTICS, INC. AND/OR ITS Affiliate marketers. MOODY’S Credit history Rankings, ASSESSMENTS, OTHER Thoughts AND PUBLICATIONS DO NOT Constitute OR Offer Financial commitment OR Financial Assistance, AND MOODY’S Credit score Ratings, ASSESSMENTS, OTHER Opinions AND PUBLICATIONS ARE NOT AND DO NOT Deliver Tips TO Order, Promote, OR Keep Certain SECURITIES. MOODY’S Credit history Scores, ASSESSMENTS, OTHER Viewpoints AND PUBLICATIONS DO NOT Comment ON THE SUITABILITY OF AN Investment decision FOR ANY Individual Investor. MOODY’S Troubles ITS Credit history Ratings, ASSESSMENTS AND OTHER Thoughts AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND Understanding THAT Every single Investor WILL, WITH Because of Treatment, MAKE ITS Have Examine AND Evaluation OF Every single Safety THAT IS Below Thing to consider FOR Buy, Holding, OR SALE.MOODY’S Credit score Ratings, ASSESSMENTS, OTHER Thoughts, AND PUBLICATIONS ARE NOT Supposed FOR USE BY RETAIL Traders AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL Investors TO USE MOODY’S Credit rating Rankings, ASSESSMENTS, OTHER Thoughts OR PUBLICATIONS WHEN Making AN Expenditure Determination. IF IN Question YOU Must Call YOUR Monetary OR OTHER Qualified ADVISER.ALL Facts CONTAINED HEREIN IS Guarded BY Law, Which include BUT NOT Constrained TO, COPYRIGHT Law, AND NONE OF These Data May perhaps BE COPIED OR Otherwise REPRODUCED, REPACKAGED, Even further TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR Saved FOR SUBSEQUENT USE FOR ANY These types of Function, IN Whole OR IN Portion, IN ANY Type OR Fashion OR BY ANY Implies In anyway, BY ANY Particular person With no MOODY’S PRIOR Written CONSENT.MOODY’S Credit rating Scores, ASSESSMENTS, OTHER Views AND PUBLICATIONS ARE NOT Supposed FOR USE BY ANY Individual AS A BENCHMARK AS THAT Time period IS Outlined FOR REGULATORY Functions AND Must NOT BE Utilised IN ANY WAY THAT COULD End result IN THEM Becoming Deemed A BENCHMARK.All information and facts contained herein is attained by MOODY’S from resources believed by it to be accurate and dependable. Simply because of the likelihood of human or mechanical mistake as perfectly as other components, on the other hand, all data contained herein is offered “AS IS” with no warranty of any form. MOODY’S adopts all necessary actions so that the information and facts it makes use of in assigning a credit score rating is of ample top quality and from sources MOODY’S considers to be dependable such as, when ideal, impartial third-get together resources. On the other hand, MOODY’S is not an auditor and are unable to in just about every occasion independently verify or validate information and facts gained in the rating course of action or in planning its Publications.To the extent permitted by law, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim liability to any human being or entity for any oblique, specific, consequential, or incidental losses or damages in anyway arising from or in connection with the info contained herein or the use of or inability to use any this kind of information, even if MOODY’S or any of its administrators, officers, workers, agents, reps, licensors or suppliers is suggested in advance of the chance of this sort of losses or damages, such as but not constrained to: (a) any reduction of present or possible profits or (b) any reduction or injury arising where the pertinent monetary instrument is not the issue of a specific credit score score assigned by MOODY’S.To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim liability for any immediate or compensatory losses or damages brought about to any human being or entity, which includes but not limited to by any negligence (but excluding fraud, willful misconduct or any other style of legal responsibility that, for the avoidance of question, by legislation cannot be excluded) on the component of, or any contingency inside of or past the regulate of, MOODY’S or any of its administrators, officers, employees, agents, representatives, licensors or suppliers, arising from or in relationship with the details contained herein or the use of or incapacity to use any such information and facts.NO Guarantee, Specific OR IMPLIED, AS TO THE Accuracy, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR Exercise FOR ANY Distinct Intent OF ANY Credit rating Score, Evaluation, OTHER Feeling OR Information IS Specified OR Built BY MOODY’S IN ANY Type OR Manner By any means.Moody’s Investors Provider, Inc., a wholly-owned credit rating score company subsidiary of Moody’s Company (“MCO”), hereby discloses that most issuers of credit card debt securities (together with company and municipal bonds, debentures, notes and commercial paper) and most well-liked inventory rated by Moody’s Investors Services, Inc. have, prior to assignment of any credit history ranking, agreed to pay to Moody’s Investors Support, Inc. for credit scores thoughts and companies rendered by it service fees ranging from $1,000 to around $5,000,000. MCO and Moody’s Traders Support also preserve procedures and procedures to address the independence of Moody’s Investors Service credit score ratings and credit score ranking procedures. Data relating to sure affiliations that may well exist between administrators of MCO and rated entities, and involving entities who maintain credit scores from Moody’s Buyers Company and have also publicly claimed to the SEC an ownership desire in MCO of additional than 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, is posted per year at www.moodys.com underneath the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Economic Products and services License of MOODY’S affiliate, Moody’s Traders Provider Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This document is intended to be provided only to “wholesale clients” inside of the indicating of portion 761G of the Firms Act 2001. By continuing to obtain this doc from in just Australia, you depict to MOODY’S that you are, or are accessing the document as a agent of, a “wholesale client” and that neither you nor the entity you characterize will specifically or indirectly disseminate this doc or its contents to “retail clients” within the that means of segment 761G of the Businesses Act 2001. MOODY’S credit rating rating is an impression as to the creditworthiness of a personal debt obligation of the issuer, not on the fairness securities of the issuer or any sort of stability that is out there to retail investors.Added conditions for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit ranking agency subsidiary of Moody’s Team Japan G.K., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating score agency subsidiary of MJKK. MSFJ is not a Nationally Acknowledged Statistical Score Organization (“NRSRO”). Therefore, credit score scores assigned by MSFJ are Non-NRSRO Credit history Ratings. Non-NRSRO Credit history Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain sorts of procedure beneath U.S. legislation. MJKK and MSFJ are credit history rating companies registered with the Japan Economical Companies Company and their registration quantities are FSA Commissioner (Scores) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and industrial paper) and most well-liked stock rated by MJKK or MSFJ (as relevant) have, prior to assignment of any credit history score, agreed to pay to MJKK or MSFJ (as relevant) for credit history ratings opinions and companies rendered by it service fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also sustain policies and processes to deal with Japanese regulatory specifications.

December 14, 2021

Nissan Motor Acceptance Company LLC — Moody’s affirms at Baa3 Nissan Motor Acceptance’s long-term senior unsecured ratings; changes outlook to stable from negative

Rating Action: Moody’s affirms at Baa3 Nissan Motor Acceptance’s long-term senior unsecured ratings; changes outlook to stable from negativeGlobal Credit Research – 13 Dec 2021New York, December 13, 2021 — Moody’s Investors Service (“Moody’s”) has affirmed all the ratings for Nissan Motor Acceptance Company LLC (NMAC), including its Baa3 long-term senior unsecured ratings and its Prime-3 backed commercial paper rating. NMAC’s outlook was changed to stable from negative.The rating actions follow similar actions on the ratings for NMAC’s ultimate parent, Nissan Motor Co., Ltd. (Nissan, Baa3 stable), whose ratings were also affirmed with outlook changed to stable from negative.Affirmations:..Issuer: Nissan Motor Acceptance Company LLC….Backed Commercial Paper, Affirmed P-3….Backed Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa3….Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa3….Senior Unsecured Regular Bond/Debenture, Affirmed Baa3Outlook Actions:..Issuer: Nissan Motor Acceptance Company LLC….Outlook, Changed To Stable From NegativeRATINGS RATIONALEThe ratings for NMAC reflect both its intrinsic credit quality (ba1 standalone assessment) and uplift derived from support from Nissan. NMAC’s Baa3 long-term ratings are aligned with Nissan’s Baa3 ratings, based on NMAC’s strategic significance to Nissan, Moody’s expectation that Nissan would support NMAC if required, as well as the explicit support agreement in place between the two companies.Moody’s said NMAC’s ba1 standalone assessment reflects its good capitalization that protects creditors against unexpected losses and strong liquidity. Similar to its peers, the company continues to be extremely profitable, and NMAC’s tangible equity to tangible assets remains strong (15.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at 30 September 2021), despite it having made a sizeable $1.3 billion parental distribution in June 2021.Moody’s said that NMAC is the only firm among rated US auto captive companies that has an agreement with its parent wherein the parent provides an indemnification from losses associated with the lease portfolio (39{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of managed assets at 30 September 2021), making NMAC comparatively less vulnerable to variations in used car prices. Moody’s expects the extraordinary used car price appreciation that has occurred during the coronavirus pandemic to moderate by the end of 2022. Through October 2021, used car prices increased 45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 2020 levels.NMAC’s managed receivables ($38.2 billion at 30 September 2021) have declined by approximately 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} since last year. Moody’s expects, however, that the company’s receivables will be supported by better new vehicle sales at Nissan. Since the beginning of this year through 30 September 2021, Nissan saw an increase in sales in the US by approximately 19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This compares to a decline of about 33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2020. The anticipated growth in retail portfolio may be slightly offset by declining dealer financings and uncertainty around consistency of new vehicle sales growth due to the semiconductor shortage and supply chain disruptions expected to continue partially through 2022. Other credit challenges for NMAC include its significant use of securitization that reduces the company’s ability to access alternative sources of liquidity, said Moody’s.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSNMAC’s ratings could be upgraded if the ratings for its parent Nissan are upgraded. An upward adjustment of NMAC’s standalone assessment is unlikely given its reliance on one car manufacturer for revenue and assets and its dependency on market funding.NMAC’s ratings could be downgraded following a downgrade of the ratings for its parent Nissan. A downward adjustment of NMAC’s standalone assessment could occur should there be a sustained material decline in asset quality and profitability, diminished liquidity, or leverage (TCE/TMA) reducing to less than 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. However, a downward adjustment of NMAC’s standalone assessment without a change in Moody’s assessment of Nissan’s willingness and ability to support NMAC would likely not affect NMAC’s ratings.Headquartered in Franklin, Tennessee, Nissan Motor Acceptance Company LLC is a wholly owned subsidiary of Nissan North America, Inc., which is a wholly owned subsidiary of Nissan Motor Co., Ltd (Nissan). As of 30 September 2021, NMAC had approximately a $38 billion portfolio of finance receivables and operating leases.The methodologies used in these ratings were Finance Companies Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187099, and Captive Finance Subsidiaries of Nonfinancial Corporations published in August 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1183459. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Inna Bodeck Vice President – Senior Analyst Financial Institutions Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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