DBRS Comments on Nissan Canada Financial Services Inc.’s CP Program Limit Increase to $750 Million

DBRS Limited (DBRS) notes that Nissan Canada Financial Services Inc.’s (NCFS) Commercial Paper (CP) program limit has been increased to $750 million from $500 million. The increased CP program remains fully supported by a committed internal credit facility from Nissan Motor Acceptance Corporation, which in turn is backed by external syndicated credit lines totalling USD 7 billion.

DBRS has reviewed the credit facility agreements and the related CP program documents and is satisfied that DBRS’s CP liquidity backup requirements continue to be met. DBRS is of the opinion that this development has no effect on NCFS’s CP rating of R-1 (low) with a Stable trend (NCFS’s CP rating being supported by ultimate parent Nissan Motor Co., Ltd. (rated A (low) with a Stable trend by DBRS) through a Keepwell Agreement).

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Automotive Manufacturing Industry, Global Methodology for Rating Finance Companies, DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers and DBRS Criteria: Guarantees and Other Forms of Support, which can be found on dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.