Moody’s rates Nomura notes Baa1

Moody’s Investors Service said it assigned Baa1 ratings to $3 billion of notes being offered by Nomura Holdings, Inc.

Nomura is selling $1.5 billion of senior unsecured fixed-rate notes due Jan. 16, 2025 and $1.5 billion of senior unsecured fixed-rate notes due Jan. 15, 2030.

“Nomura’s Baa1 senior unsecured bond rating is one notch lower than the A3 issuer rating we assign to Nomura Securities Co., Ltd. (Nomura Securities, A3 negative). Nomura is rated one notch lower than Nomura Securities because it is a holding company that depends on upstreamed dividends from its operating subsidiaries, mainly Nomura Securities,” said Moody’s in a press release.

Nomura Securities’ A3 long-term issuer ratings incorporate a three-notch uplift from its Baa3 standalone assessment, reflecting our assessment of a very high likelihood of government support for the company in times of stress. Nomura is the largest capital market company in Japan.

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