Rating Action: Moody’s assigns definitive rankings to CNH Equipment Rely on 2022-BGlobal Credit Research — 23 Aug 2022New York, August 23, 2022 — Moody’s Investors Service (Moody’s) has assigned definitive ratings to the notes issued by CNH Equipment Trust 2022-B (CNH 2022-B), sponsored by CNH Industrial Capital America LLC (CNH Funds America), an indirect, wholly owned subsidiary of CNH Industrial N. V. (CNH Industrial; Baa2 stable). CNH Capital America is also the particular originator of the assets backing the transaction. New Holland Credit score Company LLC (New Holland), an indirect, wholly owned subsidiary associated with CNH Industrial, is the particular servicer for this transaction. The notes in CNH 2022-B are backed by a pool of fixed-rate US retail installment sale contracts secured primarily by new and used agricultural equipment, and some new and used construction equipment. The complete rating actions are usually as follows: Issuer: CNH Equipment Believe in 2022-BClass A-1 Notes, Definitive Rating Assigned P-1 (sf)Class A-2 Notes, Definitive Rating Assigned Aaa (sf)Class A-3 Notes, Conclusive Rating Designated Aaa (sf)Class A-4 Information, Definitive Ranking Assigned Aaa (sf)Class B Notes, Defined Rating Assigned Aa2 (sf)RATINGS RATIONALEThe rankings of the notes are based on 1) the credit quality associated with the underlying equipment agreements, including, among other factors, the equipment types and the credit score profile of the obligors, (2) the pool’s expected credit performance, which considers the historical performance associated with CNH Capital America’s prior securitizations and its managed portfolio of similar collateral, 3) the strength of the capital structure, including, the priority of payments and levels of credit enhancement, 4) the ability, experience plus expertise of CNH Funds America as the originator, and New Holland as the particular servicer associated with the securitized pool, plus (5) the legal aspects of the deal. Additionally, we base our P-1 (sf) rating from the Class A-1 notes on the cash flows that all of us expect the particular underlying receivables to generate prior to the Class A-1 notes’ legal final maturity date. Moody’s cumulative net loss expectation with regard to the CNH 2022-B collateral pool is 1. 00% and the loss at an Aaa stress will be 6. 50%. Moody’s based its total net reduction expectation as well as the loss at an Aaa stress regarding the CNH 2022-B transaction on a good analysis of the credit quality of the pool to be securitized; the particular historical overall performance of comparable collateral, which includes prior CNH-sponsored securitizations credit score performance, as well as CNH’s managed portfolio efficiency of similar collateral; the capability, experience and expertise of New Holland to perform the servicing functions; plus current expectations for the conditions associated with the macroeconomic environment and agriculture industry during the particular life of the deal. At closing, the Course A information benefit from 4. 50 percent of hard credit improvement (as a percentage from the initial pool balance). Hard credit enhancement will consist of a spread account associated with 2. 25% of the initial swimming pool balance plus subordination of 2 . 25% provided by the particular Class W notes. The particular Class M notes will benefit from difficult credit improvement of 2. 25% provided by the spread account. Excess spread may be available as additional credit protection intended for the records. The transaction’s sequential-pay structure, non-declining distribute account and turbo payment of the particular Class A-1 notes will certainly likely result in a build-up associated with credit enhancement to support the notes. PRINCIPAL METHODOLOGYThe principal methodology used in these ratings was “Equipment Lease and Loan Securitizations Methodology” published in July 2022 and available at https://ratings.moodys.com/api/rmc-documents/390483. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com to get a copy of this methodology. Factors that would lead to an upgrade or downgrade of the ratings: UpMoody’s could upgrade the ratings on the particular subordinate information if levels of credit score enhancement are greater than necessary to protect investors against current anticipation of loss. Moody’s then-current expectations of loss may be better than its original expectations because of lower frequency of default by the underlying obligors or lower depreciation compared to expected associated with the value of the gear that secure the obligors’ promise of payment. As the primary drivers associated with performance, positive changes within the ALL OF US macro economy and the particular condition of the agriculture and building sectors where the obligors operate could also positively affect the rankings. DownMoody’s could downgrade the ratings around the notes if levels associated with credit enhancement are insufficient to protect investors against current expectations of loss. Losses could rise above Moody’s original anticipations as the result associated with a higher number of obligor defaults or even deterioration in the value of the gear that secure the particular obligors’ promise of transaction. As the main drivers associated with performance, negative changes in the US macro economic climate or the condition from the farming and structure sectors can also negatively affect the ratings. Other reasons pertaining to worse-than-expected functionality could include poor maintenance, error on the part of transaction parties, inadequate transaction governance or fraud. Additionally , Moody’s could downgrade the particular short-term ranking of the Class A-1 notes in the event of a significant slowdown within principal collections in the particular first year of the deal, which could result from, amongst other reasons, high delinquencies or payment deferrals or even a servicer disruption that will impacts obligors’ payments. Additional research including a pre-sale report for this transaction is available at www.moodys.com.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions plus Sensitivity to Assumptions within the disclosure form. Moody’s Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions. Further information within the representations and warranties and enforcement mechanisms obtainable to investors are accessible on https://ratings.moodys.com/documents/PBS_1339147. The analysis includes a good assessment associated with collateral characteristics and performance to determine the anticipated collateral reduction or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected security losses or cash moves using a quantitative tool that takes into account credit enhancement, loss allocation plus other structural features, in order to derive the expected reduction for each rated instrument. Moody’s quantitative analysis entails an evaluation of scenarios that will stress aspects contributing to level of sensitivity of ratings and take into accounts the likelihood of severe guarantee losses or even impaired money flows. Moody’s weights the particular impact upon the rated instruments dependent on its assumptions from the likelihood associated with the events in such scenarios occurring. For ratings released on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to every rating of a subsequently issued bond or note of the same series, category/class associated with debt, protection or pursuant to a program for which the particular ratings are usually derived exclusively from existing ratings in accordance with Moody’s rating practices. With regard to ratings issued on a support provider, this particular announcement provides certain regulatory disclosures within relation to the credit score rating action on the support provider and in relation to each particular credit rating action meant for securities that derive their credit rankings from the assistance provider’s credit rating. Regarding provisional ratings, this statement provides particular regulatory disclosures in connection to the particular provisional ranking assigned, and relation in order to a definitive rating that will may become assigned subsequent to the final issuance of the debt, in each case where the transaction framework and terms have not changed before the assignment from the definitive rating within a manner that would have affected the particular rating. For further information make sure you see the issuer/deal page for the respective issuer on https://ratings.moodys.com. Intended for any affected securities or rated entities receiving direct credit support from the particular primary entity(ies) of this credit score rating actions, and whose ratings might change as a result of this credit score action, the associated regulating disclosures will be those of the guarantor entity. Exceptions to this approach exist designed for the following disclosures, in case applicable to jurisdiction: Ancillary Services, Disclosure to ranked entity, Disclosure from graded entity. The ratings have been disclosed towards the rated entity or the designated agent(s) and released with no amendment resulting from that disclosure. These ratings are solicited. Please refer in order to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Moody’s general principles for assessing environmental, social and governance (ESG) risks in our own credit analysis can be found in https://ratings.moodys.com/documents/PBC_1288235. The particular Global Scale Credit Ranking on this Credit score Rating Announcement was issued by one of Moody’s affiliates outside the particular EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art. 4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further info for the EU endorsement status and on the particular Moody’s office that released the credit score rating can be obtained on https://ratings.moodys.com. The Global Scale Credit score Rating about this Credit Rating Announcement has been issued by among Moody’s affiliates outside the UK and is usually endorsed simply by Moody’s Traders Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable in order to credit rating agencies in the UK. Further information in the UK endorsement status and the Moody’s office that issued the credit rating is available upon https://ratings.moodys.com. Make sure you see https://ratings.moodys.com for any updates on changes to the guide rating analyst and to the particular Moody’s legal entity that will has issued the ranking. Please view the issuer/deal web page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Gideon Lubin Vice President : Senior Analyst Structured Financial Group Moody’s Investors Service, Inc. 250 Greenwich Street New You are able to, NY 10007 U. S. A. JOURNALISTS: 1 212 553 0376 Client Support: 1 212 553 1653 Aron Bergman VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: one 212 553 1653 Releasing Office: Moody’s Investors Services, Inc. two hundred and fifty Greenwich Road New York, NY 10007 U. S. A. JOURNALISTS: 1 212 553 0376 Customer Service: one 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Assistance, Inc., Moody’s Analytics, Inc. and/or their own licensors plus affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S CREDIT SCORES AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT SCORE COMMITMENTS, OR DEBT OR EVEN DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT VIEWS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED MONETARY LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED SIMPLY BY MOODY’S CREDIT RATINGS. CREDIT SCORING DO NOT REALLY ADDRESS ANY KIND OF OTHER DANGER, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE DANGER, OR PRICE VOLATILITY. CREDIT SCORE RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS ASSOCIATED WITH CURRENT OR EVEN HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATE MARKETERS. MOODY’S CREDIT SCORE RATINGS, ASSESSMENTS, OTHER VIEWS AND MAGAZINES DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR ECONOMIC ADVICE, PLUS MOODY’S CREDIT RATINGS, TESTS, OTHER OPINIONS AND JOURNALS ARE NOT REALLY AND DO NOT PROVIDE RECOMMENDATIONS IN ORDER TO PURCHASE, SELL, OR HOLD PARTICULAR INVESTMENTS. MOODY’S CREDIT RATINGS, ASSESSMENTS, SOME OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT UPON THE SUITABILITY OF AN EXPENSE FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES THE CREDIT SCORES, ASSESSMENTS AND OTHER VIEWS AND PUBLISHES ITS GUIDES WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH BECAUSE OF CARE, MAKE ITS OWN STUDY PLUS EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION WITH REGARD TO PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT SCORING, ASSESSMENTS, ADDITIONAL OPINIONS, AND PUBLICATIONS ARE CERTAINLY NOT INTENDED REGARDING USE SIMPLY BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, VARIOUS OTHER OPINIONS OR EVEN PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFO CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING HOWEVER, NOT LIMITED TO, COPYRIGHT LAW, PLUS NONE ASSOCIATED WITH SUCH DETAILS MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE INTENDED FOR ANY THIS KIND OF PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR EVEN BY ANY MEANS WHATSOEVER, BY ANY KIND OF PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. MOODY’S CREDIT SCORES, ASSESSMENTS, SOME OTHER OPINIONS AND PUBLICATIONS AREN’T INTENDED TO GET USE BY ANY PERSON AS A BENCHMARK AS THAT WILL TERM WILL BE DEFINED PERTAINING TO REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED The BENCHMARK. All information contained herein is obtained by MOODY’S from sources believed by it to end up being accurate and reliable. Because of the possibility of human or mechanical error because well since other elements, however, all information contained thus is offered “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is associated with sufficient quality and through sources MOODY’S considers to be reliable including, when appropriate, independent third-party resources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or even in preparing its Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or organization for just about any roundabout, special, consequential, or incidental losses or damages whatsoever arising from or even in connection with the particular information contained herein or maybe the use of or inability to use any such details, even when MOODY’S or any of its directors, officials, employees, brokers, representatives, licensors or suppliers is advised in advance of the possibility associated with such deficits or damages, including but not limited to: (a) any kind of loss of present or even prospective profits or (b) any loss or damage arising where the relevant financial instrument is not really the subject of the particular credit score assigned simply by MOODY’S. Towards the extent permitted by legislation, MOODY’S plus its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for almost any direct or compensatory loss or problems caused to the person or even entity, which includes but not restricted to by any negligence (but excluding fraud, willful misconduct or any other type associated with liability that, for that avoidance of doubt, by law cannot be excluded) on the particular part of, or any contingency within or even beyond the control of, MOODY’S or some kind of associated with its company directors, officers, workers, agents, associates, licensors or suppliers, as a result of or regarding the information contained herein or the use of or even inability to utilize any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS MEANT FOR ANY SPECIFIC PURPOSE OF ANY CREDIT SCORE RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR EVEN MANNER IN ANY WAY. Moody’s Investors Service, Incorporation., a wholly-owned credit ranking agency part of Moody’s Corporation (“MCO”), hereby discloses that most issuers of financial debt securities (including corporate plus municipal bonds, debentures, records and commercial paper) and preferred stock rated simply by Moody’s Traders Service, Inc. have, earlier to task of any credit rating, agreed to pay to Moody’s Investors Program, Inc. just for credit ratings opinions and services rendered by it fees ranging from $1, 000 to approximately $5, 500, 000. MCO and Moody’s Investors Provider also maintain policies plus procedures in order to address the particular independence of Moody’s Investors Service credit scores and credit rating processes. Information regarding specific affiliations that may exist between directors associated with MCO and rated organizations, and among entities who hold credit scoring from Moody’s Investors Company and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is definitely posted annually at www.moodys.com underneath the heading “Investor Relations — Corporate Governance — Director plus Shareholder Affiliation Policy. ”Additional terms for Australia only: Any publication into Australia of the document is pursuant towards the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Sydney Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document can be intended in order to be supplied only to “wholesale clients” within the meaning of section 761G associated with the Corporations Act 2001. By continuing to access this document from within Quotes, you represent to MOODY’S that you are, or are accessing the record as a representative of, a “wholesale client” and that neither you nor the enterprise you symbolize will directly or indirectly disseminate this document or its contents to “retail clients” inside the meaning associated with section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the particular creditworthiness of a debt obligation of the issuer, not really on the equity securities from the issuer or any type of type of safety that is certainly available in order to retail traders. Additional conditions for Japan only: Moody’s Japan K. K. (“MJKK”) is a wholly-owned credit score rating agency subsidiary associated with Moody’s Team Japan G. K., which is wholly-owned simply by Moody’s Overseas Holdings Incorporation., a wholly-owned subsidiary of MCO. Moody’s SF The japanese K. Nited kingdom. (“MSFJ”) is a wholly-owned credit score agency additional of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore , credit rankings assigned by MSFJ are usually Non-NRSRO Credit score Ratings. Non-NRSRO Credit Ratings are designated by a good entity that will is not a NRSRO and, consequently, the rated obligation may not qualify for certain types of treatment under U. H. laws. MJKK and MSFJ are credit rating agencies registered with the particular Japan Financial Services Agency and their particular registration numbers are FSA Commissioner (Ratings) No. two and a few respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers associated with debt investments (including corporate and municipal bonds, debentures, notes plus commercial paper) and preferred stock ranked by MJKK or MSFJ (as applicable) have, before to project of any kind of credit ranking, decided to spend to MJKK or MSFJ (as applicable) for credit ratings views and solutions rendered because of it fees ranging from JPY100, 1000 to around JPY550, 000, 000. MJKK and MSFJ also sustain policies and procedures to address Japanese regulatory requirements.