22-D-1321
January 25, 2023

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

Nissay 2nd Subordinated Loan Securitization Company Limited
Nissay 3rd Subordinated Loan Securitization Company Limited
Nissay 4th Subordinated Loan Securitization Company Limited
Nissay 5th Subordinated Loan Securitization Company Limited
Nissay 6th Subordinated Loan Securitization Company Limited
Nissay 7th Subordinated Loan Securitization Company Limited
Nissay 8th Subordinated Loan Securitization Company Limited<Affirmation>
Bonds:

AA-Rationale
JCR has affirmed the AA+ long-term issuer rating on Nippon Life Insurance Company (the “Company”),
and has affirmed the rating on the Company’s subordinated loan at AA-. There is no problem with thestructure. Based on the above, JCR has affirmed the ratings on the bonds issued by issuers that are
Nissay 2nd through 8th Subordinated Loan Securitization Company Limited at the same AA- ratings as thesubordinated loan.
Hideyuki Shoji, Riho Saiki
RatingIssuer: Nissay 2nd Subordinated Loan Securitization Company Limited<Affirmation>
Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 120 billion
September 18, 2048AA-<Information on Outline of Issue>
Issue Date:
Interest Rate:

Redemption Method:

Credit Enhancement & Liquidity Facility:

September 18, 2018
1.03% until and including September 18, 2028
5-year Yen swap offered rate + 1.66% after that date*Floating rate to be revised on September 18, 2028 andthe corresponding date every 5 years thereafter
Bullet Redemption*Early redemption is possible every 5 years on and after
September 18, 2028 at the option of Nippon Life
Insurance CompanyNAIssuer: Nissay 3rd Subordinated Loan Securitization Company Limited<Affirmation>

Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 90 billion
April 22, 2049
AA-

<Information on Outline of Issue>
Issue Date:
Interest Rate:

April 22, 2019
0.95% until and including April 22, 20295-year Yen swap offered rate + 1.77% after that date*Floating rate to be revised on April 22, 2029 and thecorresponding date every 5 years thereafter
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Redemption Method:

Credit Enhancement & Liquidity Facility:

Bullet Redemption*Early redemption is possible every 5 years on and afterApril 22, 2029 at the option of Nippon Life Insurance
CompanyNAIssuer: Nissay 4th Subordinated Loan Securitization Company Limited<Affirmation>
Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 80 billion
November 21, 2049
AA-

<Information on Outline of Issue>
Issue Date:
Interest Rate:

Redemption Method:

Credit Enhancement & Liquidity Facility:

November 21, 2019
0.85% until and including November 21, 20295-year Yen swap offered rate + 1.69% after that date*Floating rate to be revised on November 21, 2029 andthe corresponding date every 5 years thereafter
Bullet Redemption*Early redemption is possible every 5 years on and afterNovember 21, 2029 at the option of Nippon Life
Insurance Company
NAIssuer: Nissay 5th Subordinated Loan Securitization Company Limited<Affirmation>

Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 130 billion
September 23, 2050
AA-<Information on Outline of Issue>
Issue Date:
Interest Rate:

Redemption Method:

Credit Enhancement & Liquidity Facility:

September 23, 2020
1.05％ until and including September 23, 2030
5-year JGB interest rate + 2.03% after that date*Floating rate to be revised on September 23, 2030
and the corresponding date every 5 years thereafter
Bullet Redemption*Early redemption is possible every 5 years on andafter September 23, 2030 at the option of Nippon Life
Insurance CompanyNA2/4
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Issuer: Nissay 6th Subordinated Loan Securitization Company Limited<Affirmation>

Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 200 billion
May 11, 2051
AA-<Information on Outline of Issue>
Issue Date:
Interest Rate:

Redemption Method:

Credit Enhancement & Liquidity Facility:

May 11, 2021
0.97% until and including May 11, 2031
5-year JGB interest rate + 1.89% after that date*Floating rate to be revised on May 11, 2031 and thecorresponding date every 5 years thereafter
Bullet Redemption*Early redemption is possible every 5 years on and after
May 11, 2031 at the option of Nippon Life Insurance
Company.
NAIssuer: Nissay 7th Subordinated Loan Securitization Company Limited<Affirmation>

Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 130 billion
May 10, 2052
AA-<Information on Outline of Issue>
Issue Date:
Interest Rate:

Redemption Method:

Credit Enhancement & Liquidity Facility:

May 10, 2022
1.030% until and including May 10, 2032
5-year JGB interest rate +1.786% after that date*Floating rate to be revised on May 10, 2032 and thecorresponding date every 5 years thereafter
Bullet Redemption*Early redemption is possible every 5 years on and after
May 10, 2032 at the option of Nippon Life Insurance
Company.
NAIssuer: Nissay 8th Subordinated Loan Securitization Company Limited<Affirmation>
Instrument Name:
Issue Amount:
Final Due Date:
Rating:

Bonds no. 1 (subordinated)
JPY 71 billion
September 28, 2052
AA-

<Information on Outline of Issue>
Issue Date:
Interest Rate:

September 22, 2022
1.100% until and including September 28, 2027
5-year JGB interest rate + 1.045% after that date till
September 28, 2032
5-year JGB interest rate + 2.045% (to be revised on thecorresponding date every 5 years thereafter) after thatdate

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Redemption Method:

Credit Enhancement & Liquidity Facility:

Bullet Redemption*Early redemption is possible every 5 years on and after
September 28, 2027 at the option of Nippon Life
Insurance Company.
NARating Assignment Date: January 24, 2023
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "Repackaged Financial Instruments" (August 5, 2019) in Information about JCR
Ratings on JCR's website (https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit
accounts and bankruptcy remoteness are also shown within the same page.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,
JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers forconducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokersand dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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