Fitch Rates Nomura 2018 canada goose outlet Intl Funding’s Guaranteed Sr Note Prog ‘A

(The following statement was released by the rating agency) TOKYO, October 15 (Fitch) Fitch Ratings has assigned an ‘A ‘ rating to Nomura International Funding Pte. Ltd.’s (NIF) canada goose replica programme for the issuance of Canada Goose Online guaranteed senior unsecured notes dated 1 canada goose store August 2014 (the programme). The programme rating is only applicable buy canada goose jacket cheap to notes guaranteed by Nomura canada goose outlet store locations Holdings, Inc. (NHI, A /Stable) or Nomura Securities Co., Ltd. (NSC, A /Stable) (the guaranteed notes). The rating does not cover unguaranteed notes and other instruments issued under the programme. The issue limit of the programme was increased to Canada Goose Parka USD3bn from USD1bn on 26 September 2014, with the proceeds to be used for general corporate purposes. The notes issued by NIF buy canada goose jacket under the programme may be unguaranteed canada goose coats or may be guaranteed canada goose coats on sale by NHI or NSC the obligations of NHI or NSC under the guarantee constitute direct, unconditional, unsubordinated and unsecured obligations, and at all times rank at least equally with all other unsecured and unsubordinated obligations. Singapore based NIF is a wholly owned subsidiary of NHI. NIF is primarily canadian goose jacket engaged in supporting the global wholesale business function of Nomura, the largest securities group in Japan. KEY RATING DRIVERS The rating of the guaranteed canadagoose-coats notes is aligned with the Long Term Issuer Default Ratings (IDRs) of NHI and NSC, as the payment of principal, interest and all other amounts payable are unconditionally canada goose outlet toronto factory and irrevocably guaranteed by NHI or NSC. NHI’s and NSC’s Long Term IDRs are driven by their canada goose Support Ratings (SRs) of ‘1’ and Support Rating Floors (SRFs) of ‘A ‘. As a consequence, the probability of the government’s support, in the homesite case of need, is extremely high. RATING SENSITIVITIES As the cheap Canada Goose guaranteed notes are rated in line with NHI’s and NSC’s support driven Long Term IDRs, their rating would be directly affected by changes to the IDRs. Also, the rating would be sensitive to modifications to the description of the Canada Goose online guarantee. Fitch will revisit NHI’s and NSC’s SRs and SRFs if there is any material change in the agency’s view on the Japanese government’s propensity to provide support, which should mainly result from pressure from global regulatory developments substantially hampering the government’s intention to canada goose clearance sale provide support. Additionally, a change in Fitch’s assessment on the systemic importance of Nomura, derived from factors such as increased substitutability of the group due to downsizing of operations and/or transactions, could result in a downgrade canada goose black friday sale of the SRs and SRFs. This would, in turn, simultaneously lead to the downgrade of NHI’s and NSC’s Long Term IDRs and the rating of the programme. Related Research “Japan: Support for Systemically Important NBFIs” (29 October 2013) Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Securities Firms Criteria here Japan: Support for Systemically canada goose clearance Important NBFIs here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS Canada Goose sale AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES Canada Goose Outlet ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS canada goose deals SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD Canada Goose Coats On Sale ANALYST IS BASED Canada Goose Jackets IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.