Rating Action: Moody’s downgrades the rating on Arch Finance Limited Series 2010-001Global Credit Research – 25 Feb 2022Tokyo, February 25, 2022 — Moody’s Japan K.K. has today downgraded to Baa2 (sf) from Baa1 (sf) the rating on the repackaged notes issued by Arch Finance Limited Series 2010-001.This action concludes the rating review for downgrade initiated on 20 January 2022.The affected rating is as follows:Deal Name: Arch Finance Limited Series 2010-001….JPY8,120M Series 2010-001 Notes, Downgraded to Baa2 (sf); previously on Jan 20, 2022 Baa1 (sf) Placed Under Review for DowngradeNotes Rated: Arch Finance Limited Series 2010-001 Secured Fixed Coupon Repackaged Notes due 2040Issuer: Arch Finance LimitedIssue Amount: JPY8,120,000,000Coupon: FixedPayment Frequency of Interest: Semi-annuallyIssue Date: November 26, 2010Maturity Date: Three business days after January 27, 2040Collateral Asset: USD100,000,000 notes issued by Electricite de FranceSwap Counterparty/Arranger: Credit Suisse InternationalTrustee: The Bank of New York Mellon, London BranchRATINGS RATIONALEToday’s rating action follows Moody’s rating action on the collateral asset on February 21, 2022. The rating on the collateral asset has been downgraded.The rating of the notes mainly reflects the credit quality of the collateral asset, the credit quality of the swap counterparty, and the strength of the transaction structure.If the ratings on the collateral asset or swap counterparty change, the rating on the notes may also change.The principal methodology used in this rating was “Moody’s Approach to Rating Repackaged Securities (Japanese)” published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230081. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the rating:Factors that could lead to a rating downgrade or upgrade are a deterioration or improvement in the credit quality of the collateral asset and the swap counterparty.REGULATORY DISCLOSURESFor 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 at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis focuses on the risks relating to the credit quality of the assets backing the repack and of the counterparties. Moody’s generally determines the expected loss posed to noteholders by adding together the severities for loss scenarios arising from either underlying asset default, and if applicable, hedge counterparty risk, each weighted according to its respective probability.Moody’s did not use any stress scenario simulations in its analysis.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 ratings tab on the issuer/entity page for the respective issuer on www.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 rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=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 www.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 www.moodys.com.Please see www.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 ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Shinji Yoshizawa Vice President – Senior Analyst Structured Finance Group Moody’s Japan K.K. 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