info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

CORRECTION TO TEXT: MOODY'S DOWNGRADES DVI FINANCIAL'S MEDICAL EQUIPMENT LEASE SECURITIZATIONS; SECURITIES REMAIN ON REVIEW FOR FURTHER POSSIBLE DOWNGRADES

11 Sep 2003
CORRECTION TO TEXT: MOODY'S DOWNGRADES DVI FINANCIAL'S MEDICAL EQUIPMENT LEASE SECURITIZATIONS; SECURITIES REMAIN ON REVIEW FOR FURTHER POSSIBLE DOWNGRADES Moody's Investors Service downgraded 50 classes of notes issued in nine medical equipment lease securitizations by DVI Financial Services, Inc. (DVI). All of the notes remain under review for possible further downgrade.


The rating actions reflect a greater likelihood of deterioration in the performance of the transactions in terms of both higher losses and lower recoveries caused by the heightened financial distress of DVI and, as a result, uncertainty with respect to the quality of servicing. In addition, late stage delinquencies have increased in some transactions.


DVI reported that it lost its sources of liquidity in July 2003, was unable to continue regular loan and lease origination activity, and consequently filed for Chapter 11 bankruptcy protection on August 25, 2003. Subsequent to the filing, DVI announced the proposed sale of all of its unencumbered assets and laid off nearly one-third of its work force. These adverse developments raise questions about DVI's future effectiveness as servicer of the transactions.


DVI's bankruptcy filing gives the noteholders the right to transfer the servicing of the transactions to U.S. Bank NA, the back-up servicer. U.S. Bank informed Moody's that it is prepared to take over servicing of all deals. However, if the servicing is not transferred in the foreseeable future, a prolonged exposure of the transactions to an inadequate level of servicing could result in a significant deterioration of the deals' performance. The uncertainty or timeliness of a servicing transfer and quality of current servicing in either a reorganization or liquidation scenario places downward pressure on the collateral performance.


The ratings actions are also based on the increased amounts of late stage delinquencies in some of the deals. In the absence of adequate servicing, these delinquent receivables are likely to default in the near future. In addition, some deals carry substantial amounts of unreimbursed servicer advances. Reimbursement of these advances, to the extent the receivables are not recoverable from the lease obligors, will be made before interest and principal payments to the noteholders. Therefore, unreimbursed advances represent an additional demand on cash that could otherwise be used to make interest and principal payments on the notes.


Moody's also believes that the future recovery rates on repossessed equipment may be significantly lower than those achieved in the past. In rating DVI's securitization transactions, Moody's assumed that DVI's historical rate of recovery of 70% to 80% would deteriorate sharply if the company became severely financially distressed. Therefore, the assumed rate was a blend of the historical recovery rate and the severely distressed recovery rate, weighted by DVI's probability of default (representing the likelihood of severe financial distress), implied by its senior unsecured debt rating. Now that DVI has defaulted and has entered a period of severe servicing and collections stress, the weight on the stressed recovery rate has risen to 100%, resulting in significantly lower projected recovery rates than those used in the initial ratings. The lower recoveries also contribute to higher cumulative net losses projected for the deals.


In its rating action, Moody's considered the differences in performance of the outstanding transactions. Hence, the magnitude of the downgrades is not equal across all deals. In addition, Moody's did not downgrade the more senior tranches of the Class A securities; because of the sequential pay structure within the class, these tranches are protected by a large amount of credit enhancement.


The notes remain under review for potential downgrade. Moody's review will focus on the outcome of the sale of DVI's assets and on the ability of the buyer to service the highly specialized receivables of DVI effectively. If the sale of the assets is not accomplished, the review would concentrate on the timeliness of the servicing transfer to U.S. Bank, as well as on the quality of servicing and the level of recoveries on repossessed equipment. In addition, Moody's will continue monitoring deal performance, especially with respect to delinquencies, defaults, recovery rates and monthly cash collections. Depending on the results of its review, Moody's may decide that additional downgrades of the notes are warranted. Because of the high level of uncertainty surrounding DVI's bankruptcy, the magnitude of these downgrades could be significant.


The complete rating actions are as follows:


Issuer: DVI Receivables VIII, L.L.C., Series 1999-1

$25,781,372 Class A-5 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$439,691 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$880,381 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$586,254 Class D Lease-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$734,818 Class E Lease-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables X, L.L.C., Series 1999-2

$46,957,986 Class A-4 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$800,773 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$1,600,545 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$1,067,363 Class D Lease-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$1,333,954 Class E Lease-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XI, L.L.C., Series 2000-1

$66,260,734 Class A-4 Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$1,128,518 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$2,258,036 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$1,505,358 Class D Asset-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$1,882,197 Class E Asset-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XII, L.L.C., Series 2000-2

$76,842,342 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$1,309,625 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$2,619,250 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$1,746,166 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$2,182,709 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XIV, L.L.C., Series 2001-1

$9,862,137 Class A-3 Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$107,180,000 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$1,996,524 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$3,988,957 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$2,659,305 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$3,326,177 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVI, L.L.C., Series 2001-2

$59,767,369 Class A-3 Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$134,536,000 Class A-4 Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$3,310,038 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$6,625,217 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$4,415,098 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$5,520,157 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVII, L.L.C., Series 2002-1

$193,115,337 Class A-3A Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$72,241,189 Class A-3B Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$4,522,384 Class B Asset-Backed Notes, downgraded to Baa1 from Aa3, under review for possible downgrade;

$9,044,768 Class C Asset-Backed Notes, downgraded to Baa3 from A2, under review for possible downgrade;

$6,027,635 Class D Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$7,539,517 Class E Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XVIII, L.L.C., Series 2002-2

$22,927,265 Class A-2A Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$22,927,265 Class A-2B Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$199,200,000 Class A-3A Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$86,000,000 Class A-3B Asset-Backed Notes, downgraded to Aa3 from Aaa, under review for possible downgrade;

$5,646,118 Class B Asset-Backed Notes, downgraded to A3 from Aa3, under review for possible downgrade;

$11,284,101 Class C Asset-Backed Notes, downgraded to Baa2 from A2, under review for possible downgrade;

$7,525,446 Class D Asset-Backed Notes, downgraded to Ba2 from Baa2, under review for possible downgrade;

$9,404,773 Class E Asset-Backed Notes, downgraded to B2 from Ba2, under review for possible downgrade.


Issuer: DVI Receivables XIX, L.L.C., Series 2003-1

$49,734,342 Class A-1 Asset-Backed Notes, rated P-1, under review for possible downgrade;

$25,200,000 Class A-2A Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$27,000,000 Class A-2B Asset-Backed Notes, rated Aaa, under review for possible downgrade;

$229,620,000 Class A-3A Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$32,000,000 Class A-3B Asset-Backed Notes, downgraded to A1 from Aaa, under review for possible downgrade;

$16,036,251 Class B Asset-Backed Notes, downgraded to A3 from Aa2, under review for possible downgrade;

$5,411,410 Class C-1 Asset-Backed Notes, downgraded to Baa2 from A1, under review for possible downgrade;

$8,484,789 Class C-2 Asset-Backed Notes, downgraded to Baa2 from A1, under review for possible downgrade;

$5,977,062 Class D-1 Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$4,713,772 Class D-2 Asset-Backed Notes, downgraded to Ba3 from Baa2, under review for possible downgrade;

$8,805,325 Class E-1 Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade;

$1,885,509 Class E-2 Asset-Backed Notes, downgraded to B3 from Ba2, under review for possible downgrade.


THE COMPANY

DVI, Inc., headquartered in Jamison, Pennsylvania, is an independent finance company. DVI reports its total managed assets of $3.1 billion as of March 30, 2003. DVI's senior unsecured debt is currently rated C.


Additional research is available at www.moodys.com

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 FINANCIAL 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 BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR 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 AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “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 of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or 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 entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com