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New York, August 11, 2022 -- Moody's Investors Service (Moody's) has assigned provisional ratings to the notes to be issued by CNH Equipment Trust 2022-B (CNH 2022-B), sponsored by CNH Industrial Capital America LLC (CNH Capital America), an indirect, wholly owned subsidiary of CNH Industrial N.V. (CNH Industrial; Baa2 stable). CNH Capital America is also the originator of the assets backing the transaction. New Holland Credit Company LLC (New Holland), an indirect, wholly owned subsidiary of CNH Industrial, will be the servicer for this transaction.

The notes in CNH 2022-B will be 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 as follows:

Issuer: CNH Equipment Trust 2022-B

Class A-1 Notes, Assigned (P)P-1 (sf)

Class A-2 Notes, Assigned (P)Aaa (sf)

Class A-3 Notes, Assigned (P)Aaa (sf)

Class A-4 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa2 (sf)

The ratings of the notes are based on 1) the credit quality of the underlying equipment contracts, including, among other factors, the equipment types and the credit profile of the obligors, (2) the pool's expected credit performance, which considers the historical performance of 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 and expertise of CNH Capital America as the originator, and New Holland as the servicer of the securitized pool, and (5) the legal aspects of the transaction. Additionally, we base our (P)P-1 (sf) rating of the Class A-1 notes on the cash flows that we expect the underlying receivables to generate prior to the Class A-1 notes' legal final maturity date on 15 September 2023.

Moody's cumulative net loss expectation for the CNH 2022-B collateral pool is 1.00% and the loss at a Aaa stress is 6.50%.

Moody's based its cumulative net loss expectation and the loss at a Aaa stress for the CNH 2022-B transaction on an analysis of the credit quality of the pool to be securitized; the historical performance of similar collateral, including prior CNH-sponsored securitizations credit performance, as well as CNH's managed portfolio performance of similar collateral; the ability, experience and expertise of New Holland to perform the servicing functions; and current expectations for the conditions of the macroeconomic environment and agriculture industry during the life of the transaction.

At closing, the Class A notes will benefit from 4.50% of hard credit enhancement (as a percentage of the initial pool balance). Hard credit enhancement will consist of a spread account of 2.25% of the initial pool balance and subordination of 2.25% provided by the Class B notes. The Class B notes will benefit from hard credit enhancement of 2.25% provided by the spread account. Excess spread may be available as additional credit protection for the notes. The transaction's sequential-pay structure, non-declining spread account and turbo payment of the Class A-1 notes will likely result in a build-up of credit enhancement to support the notes.

The 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 for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Moody's could upgrade the ratings on the subordinate notes if levels of credit enhancement are greater than necessary to protect investors against current expectations 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 than expected of the value of the equipment that secure the obligors' promise of payment. As the primary drivers of performance, positive changes in the US macro economy and the condition of the agriculture and construction sectors where the obligors operate could also positively affect the ratings.

Moody's could downgrade the ratings on the notes if levels of credit enhancement are insufficient to protect investors against current expectations of loss. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults or deterioration in the value of the equipment that secure the obligors' promise of payment. As the primary drivers of performance, negative changes in the US macro economy or the condition of the agriculture and construction sectors could also negatively affect the ratings. Other reasons for worse-than-expected performance could include poor servicing, error on the part of transaction parties, inadequate transaction governance or fraud.

Additionally, Moody's could downgrade the short-term rating of the Class A-1 notes in the event of a significant slowdown in principal collections in the first year of the transaction, which could result from, among other reasons, high delinquencies or payment deferrals or a servicer disruption that impacts obligors' payments.

Additional research including a pre-sale report for this transaction is available at www.moodys.com.

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions .

Further information on the representations and warranties and enforcement mechanisms available to investors are available on https://ratings.moodys.com/documents/PBS_1338026 .

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.  For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com .

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of  the guarantor entity.  Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer 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 credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235 .

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the 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 information on the EU endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com .

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com .

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

Gideon Lubin Vice President - Senior Analyst Structured Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653

Aron Bergman VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653

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