22-D-0588
August 26, 2022

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

Nissay 8th Subordinated Loan Securitization Company Limited<Assignment>
Bonds:

Preliminary AA-Rationale
This is securitization of a subordinated loan to Nippon Life Insurance Company. JCR assigned apreliminary AA- rating to the Subordinated Loan to Nippon Life Insurance Company, which is two notches
below the long-term issuer rating. There are no concerns about the structure, and JCR has assigned apreliminary AA- rating to the Bonds as with the preliminary rating on the Subordinated Loan. These
preliminary ratings reflect JCR's assessments on certainty of timely interest payments and principal
repayment in full by the final due date.
Hideyuki Shoji, Riho SaikiRating<Assignment>

Instrument Name:
Scheduled Issue Amount*:
Final Due Date:
Preliminary Rating:

Bonds no. 1 (subordinated)
JPY 50 billion
September 28, 2052
AA-

<Information on Outline of Issue>
Scheduled Issue Date:
Coupon Rate*:

September 22, 2022
Till September 28, 2027: TBD (Fixed Rate (Note 1))
After next day of September 28, 2027 till September 28,
2032: TBD (Note 2)
After next day of September 28, 2032: (TBD (Floating Rate(Note3))
Coupon Payment Dates:
March 28 and September 28 every year
Redemption Method:
Bullet Redemption
Early redemption is possible every 5 years on and after
September 28, 2027 at the option of Nippon Life Insurance
Company
Credit Enhancement & Liquidity Facility:
NA*Issue Amount and Coupon Rate are scheduled to be decided on September 13, 2022.
(Note 1): (1) Distribution yield on 10-year JGB (compounded twice a year), which is referred, as a market
practice, when terms and conditions of 5-year yen-denominated corporate bonds are
determined + spread per annum (TBD), or(2) an interest rate to be presented.
(Note 2): 5-year JGB interest rate + spread as described in (1) or (2) spread as described in (2) less thedistribution yield on 10-year JGB (compounded twice a year), which is referred, as a market
practice, when terms and conditions of 5-year yen-denominated corporate bonds aredetermined.
(Note 3): After lapse of 10 years, 5-year JGB interest rate + spread as described in (1) + 1.00% or spreadas described in (2) less the distribution yield on 10-year JGB (compounded twice a year), whichis referred, as a market practice, when terms and conditions of 5-year yen-denominatedcorporate bonds are determined +1.00% every 5 five years<Information on Structure and Stakeholders>Issuer:Nissay 8th Subordinated Loan Securitization Company
Limited
Borrower of Subordinated Loan:
Nippon Life Insurance Company
Originator:
Daiwa Securities Co. Ltd.
Asset Management Company:
Mitsubishi UFJ Trust and Banking Corporation
1/2
Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

Bond Administrator:
Arranger:

MUFG Bank, Ltd.
Daiwa Securities Co. Ltd.

<Information on Underlying Assets>
Outline of Underlying Assets:

Subordinated loan to Nippon Life Insurance Company

Rating Assignment Date: August 26, 2022
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.
A preliminary rating is a credit rating assigned as a preliminary evaluation while material terms for issue to be rated are notyet finalized. When the issuing terms are finalized, JCR will confirm them and will assign a credit rating anew. The rating levelof the final rating may be different from that of the preliminary rating, depending on the final content of the terms, etc.

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 for
conducting 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, brokers
and 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.)

2/2Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.