Moody’s rates CNH Industrial notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to CNH Industrial Capital Canada Ltd.'s C$300 million of senior notes.

The outlook is stable.

The agency said the rating reflects the unconditional guarantee of the notes by CNH Industrial Capital LLC and other affiliated entities.

The rating also reflects a support agreement from CNH Industrial NV in favor of CNH Capital, Moody’s said.

The Baa3 senior unsecured rating and the stable outlooks are unaffected.

The agency said the stable outlook reflects Moody's expectation that the company will maintain a highly competitive position in the agricultural equipment market, and that the company's prudent balance sheet and liquidity profile will be preserved following the spin-off of its commercial vehicle and power train operations.

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