Nomura Derivative Products Inc. Rating Lowered To 'AA-t'

  • Nomura Derivative Products Inc. is a derivatives product company that acts primarily as a financial intermediary between its respective sponsor bank and external counterparties that engage in derivative transactions.
  • We lowered our rating on the company to AA-t/Stable/A-1+t.
  • The rating action reflects the recent lowering of our rating on Nomura Securities Co. Ltd., upon which the rating on Nomura Derivative Products is dependent.
NEW YORK (S&P Global Ratings) Aug. 16, 2019--S&P Global Ratings today lowered its issuer credit rating on Nomura Derivative Products Inc. (NDPI) to AA-t/Stable/A-1+t from AAt/Negative/A-1+t. The 't' subscript indicates that the rating is on a termination structure.
NDPI is a U.S.-based termination derivative product company that primarily intermediates derivative transactions between Nomura Global Financial Products Inc. (NGFP) and market counterparties. NGFP is not rated and is guaranteed by Nomura Securities Co. Ltd. (A-/Stable/A-2) and Nomura Holdings Inc. (BBB+/Stable/A-2).
We lowered our rating on NDPI to reflect its dependency on the rating on Nomura Securities Co. Ltd., which provides a guarantee to NGFP, following its downgrade (see "Various Rating Actions Taken On Japanese Banks On Increasing Industry Risk," Aug. 1, 2019).
We will continue to review whether, in our view, the current rating remains consistent with our criteria.
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