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06 Jan 2004
CORRECTION TO TEXT: MOODY'S DOWNGRADES, UPGRADES AND CONFIRMS RATINGS OF CONSECO FINANCE'S MANUFACTURED HOUSING CERTIFICATES (SERIES 1995-4 7.60% CLASS M-1 INITIAL RATING WAS Aa3 NOT Aa2) (SERIES 1997-5 6.97% CLASS B-1 CURRENT RATING IS Ca NOT C)
Moody's Investors Service has downgraded the ratings of 215 classes of senior, mezzanine and subordinate certificates of Green Tree Investment Holdings II LLC (formerly the manufactured housing business of Conseco Finance Corporation) manufactured housing securitizations. In a related action, Moody's upgraded the ratings of five certificate classes and confirmed the ratings of seven classes. The rating actions conclude Moody's review, which began on October 22, 2003.
The rating actions are prompted by the continued performance deterioration of Green Tree Investment Holdings II LLC's (Green Tree) pools, as reflected by the high levels of cumulative repossessions and losses. Many pools have experienced significant erosion of credit support as losses have far exceeded the available amount of excess spread. As credit enhancement eroded, subordinate classes experienced interest shortfalls and were written down.
The high repossessions were triggered by the company's suspension of its repossessed refinancing and default transfer of equity (DTOE) programs, as well as the poor industry conditions in the manufactured housing sector. Green Tree's suspension of the DTOE program caused repossessions to spike because loans previously eligible for this program had to be reclassified as repossessions. In addition, since Green Tree's exit from the MH origination business, the company has been forced to liquidate repossessed units through wholesale channels rather than retail channels. Thus, recovery rates have been lower than historical levels, resulting in higher loss severities.
Although default rates and loss severities have increased significantly, Green Tree's overall repossession inventory has declined as the company aggressively liquidates its repossession inventory in the wholesale market. In addition, delinquency levels have stabilized or improved in some pools.
In June 2003, the sale of Conseco Finance Corporation's manufactured housing business to CFN Investment Holdings II LLC, now known as Green Tree Investment Holdings II LLC, was completed. As a part of the sale, a $150 million repossession financing fund was established by CFN and Fannie Mae. Moody's expects this additional funding to help over time, but uncertainty remains as to its impact on the performance of these deals.
Green Tree Investment Holdings II LLC is a joint venture among Fortress Investment Group LLC, Cerberus Capital Management and J. C. Flowers & Co. LLC.
The complete ratings actions are as follows:
Issuer: Green Tree Financial Corporation
Series 1992-2:
9.15% Class B Certificates, downgraded from Ba2 to Caa1
Series 1993-1:
6.90% Class A-3 Certificates, upgraded from Aa2 to Aaa
8.45% Class B Certificates, downgraded from Baa3 to B3
Series 1993-2:
6.90% Class A-4 Certificates, upgraded from Aa2 to Aaa
8.00% Class B Certificates, downgraded from Ba3 to B3
Series 1993-3:
6.40% Class A-7 Certificates, upgraded from Aa2 to Aaa
6.85% Class B Certificates, downgraded from Baa1 to Caa1
Series 1993-4:
7.05% Class A-5 Certificates, upgraded from Aa2 to Aaa
7.20% Class B-1 Certificates, upgraded from A2 to Aa2
8.55% Class B-2 Certificates, downgraded from B3 to Ca
Series 1994-1:
7.85% Class B-2 Certificates, downgraded from Caa2 to Ca
Series 1994-2:
8.55% Class B-2 Certificates, downgraded from Caa3 to Ca
Series 1994-3:
8.65% Class B-2 Certificates, downgraded from Caa1 to Ca
Series 1994-4:
8.60% Class B-2 Certificates, downgraded from Caa1 to Ca
Series 1994-5:
8.55% Class B-2 Certificates, downgraded from Caa1 to Ca
Series 1994-6:
8.65% Class B-1 Certificates, confirmed rating at Baa1
9.00% Class B-2 Certificates, downgraded from Caa2 to Ca
Series 1994-7:
9.00% Class B-1 Certificates, confirmed rating at Baa1
Series 1994-8:
9.10% Class B-1 Certificates, confirmed rating at Baa1
9.40% Class B-2 Certificates, downgraded from Caa2 to Ca
Series 1995-1:
9.20% Class B-2 Certificates, downgraded from Caa3 to Ca
Series 1995-2:
8.60% Class B-1 Certificates, downgraded from Baa1 to Ba1
8.80% Class B-2 Certificates, downgraded from Caa1 to C
Series 1995-3:
7.85% Class B-1 Certificates, downgraded from Baa1 to Ba1
8.10% Class B-2 Certificates, downgraded from B2 to C
Series 1995-4:
7.60% Class M-1 Certificates, downgraded from Aa3* to A3 (* Correction)
7.30% Class B-1 Certificates, downgraded from Baa1 to B1
7.70% Class B-2 Certificates, downgraded from Caa3 to C
Series 1995-5:
7.65% Class M-1 Certificates, downgraded from Aa3 to A2
7.30% Class B-1 Certificates, downgraded from Baa1 to B1
7.65% Class B-2 Certificates, downgraded from Caa2 to C
Series 1995-6:
8.10% Class M-1 Certificates, downgraded from Aa3 to Baa2
7.70% Class B-1 Certificates, downgraded from Baa2 to B1
8.00% Class B-2 Certificates, downgraded from Ca to C
Series 1995-7:
7.35% Class M-1 Certificates, downgraded from Aa3 to Baa2
7.35% Class B-1 Certificates, downgraded from Baa2 to B3
7.70% Class B-2 Certificates, downgraded from Ca to C
Series 1995-8:
7.30% Class M-1 Certificates, downgraded from Aa3 to A1
7.30% Class B-1 Certificates, downgraded from Baa1 to B3
7.65% Class B-2 Certificates, downgraded from Ca to C
Series 1995-9:
7.20% Class M-1 Certificates, downgraded from Aa3 to A2
7.25% Class B-1 Certificates, downgraded from Baa2 to B3
7.55% Class B-2 Certificates, downgraded from Ca to C
Series 1995-10:
7.00% Class M-1 Certificates, confirmed rating at Aa3
7.05% Class B-1 Certificates, downgraded from Baa1 to B3
7.40% Class B-2 Certificates, downgraded from Ca to C
Series 1996-1:
7.00% Class M-1 Certificates, downgraded from Aa3 to Baa1
6.95% Class B-1 Certificates, downgraded from Baa1 to B3
7.30% Class B-2 Certificates, downgraded from Ca to C
Series 1996-2:
7.20% Class A-4 Certificates, downgraded from Aaa to Aa1
7.65% Class A-5 Certificates, downgraded from Aaa to Aa1
7.60% Class M-1 Certificates, downgraded from A2 to B1
7.55% Class B-1 Certificates, downgraded from Ba3 to C
Series 1996-3:
7.35% Class A-5 Certificates, downgraded from Aaa to Aa1
7.85% Class A-6 Certificates, downgraded from Aaa to Aa1
7.70% Class M-1 Certificates, downgraded from Baa1 to B1
7.70% Class B-1 Certificates, downgraded from B1 to C
Series 1996-4:
7.40% Class A-6 Certificates, downgraded from Aaa to Aa3
7.90% Class A-7 Certificates, downgraded from Aaa to Aa3
7.75% Class M-1 Certificates, downgraded from Baa2 to B2
7.80% Class B-1 Certificates, downgraded from B1 to C
Series 1996-5:
7.75% Class A-6 Certificates, downgraded from Aaa to Aa3
8.25% Class A-7 Certificates, downgraded from Aaa to Aa3
8.05% Class M-1 Certificates, downgraded from Baa2 to B2
8.10% Class B-1 Certificates, downgraded from B2 to C
Series 1996-6:
7.95% Class A-6 Certificates, downgraded from Aaa to Aa2
7.95% Class M-1 Certificates, downgraded from A3 to Ba3
8.00% Class B-1 Certificates, downgraded from B1 to C
Series 1996-7:
7.65% Class A-6 Certificates, downgraded from Aaa to Aa1
7.70% Class M-1 Certificates, downgraded from A2 to Ba1
7.70% Class B-1 Certificates, downgraded from Ba3 to Ca
Series 1996-8:
7.60% Class A-6 Certificates, downgraded from Aaa to Aa2
8.05% Class A-7 Certificates, downgraded from Aaa to Aa2
7.85% Class M-1 Certificates, downgraded from A3 to B1
7.95% Class B-1 Certificates, downgraded from B1 to C
Series 1996-9:
7.20% Class A-5 Certificates, downgraded from Aaa to Aa3
7.69% Class A-6 Certificates, downgraded from Aaa to Aa3
7.63% Class M-1 Certificates, downgraded from A2 to B1
7.65% Class B-1 Certificates, downgraded from Ba3 to Ca
Series 1997-1:
6.86% Class A-5 Certificates, downgraded from Aaa to A1
7.29% Class A-6 Certificates, downgraded from Aaa to A1
7.22% Class M-1 Certificates, downgraded from Aa3 to B1
7.23% Class B-1 Certificates, downgraded from Baa3 to Ca
7.76% Class B-2 Certificates, downgraded from Caa3 to C
Series 1997-2:
7.24% Class A-6 Certificates, downgraded from Aaa to A3
7.62% Class A-7 Certificates, downgraded from Aaa to A3
7.54% Class M-1 Certificates, downgraded from A3 to B2
7.56% Class B-1 Certificates, downgraded from Baa3 to C
8.05% Class B-2 Certificates, downgraded from Ca to C
Series 1997-3:
7.14% Class A-5 Certificates, downgraded from Aaa to A3
7.32% Class A-6 Certificates, downgraded from Aaa to A3
7.64% Class A-7 Certificates, downgraded from Aaa to A3
7.53% Class M-1 Certificates, downgraded from A3 to B2
7.51% Class B-1 Certificates, downgraded from Ba3 to C
8.03% Class B-2 Certificates, downgraded from Ca to C
Series 1997-4:
6.88% Class A-5 Certificates, downgraded from Aaa to A2
7.03% Class A-6 Certificates, downgraded from Aaa to A2
7.36% Class A-7 Certificates, downgraded from Aaa to A2
7.22% Class M-1 Certificates, downgraded from A2 to B1
7.23% Class B-1 Certificates, downgraded from Ba2 to C
7.73% Class B-2 Certificates, downgraded from Ca to C
Series 1997-5:
6.62% Class A-5 Certificates, downgraded from Aaa to Aa3
6.82% Class A-6 Certificates, downgraded from Aaa to Aa3
7.13% Class A-7 Certificates, downgraded from Aaa to Aa3
6.95% Class M-1 Certificates, downgraded from A2 to Ba3
6.97% Class B-1 Certificates, downgraded from Ba2 to Ca* (* Correction)
7.49% Class B-2 Certificates, downgraded from Ca to C
Series 1997-7:
6.76% Class A-6 Certificates, downgraded from Aaa to A3
6.96% Class A-7 Certificates, downgraded from Aaa to A3
6.86% Class A-8 Certificates, downgraded from Aaa to A3
7.37% Class A-9 Certificates, downgraded from Aaa to A3
6.67% Class A-10 Certificates, downgraded from Aaa to A3
7.03% Class M-1 Certificates, downgraded from A2 to B1
6.99% Class B-1 Certificates, downgraded from Ba2 to C
7.59% Class B-2 Certificates, downgraded from Caa3 to C
Series 1998-1:
6.04% Class A-4 Certificates, downgraded from Aaa to A3
6.68% Class A-5 Certificates, downgraded from Aaa to A3
6.33% Class A-6 Certificates, downgraded from Aaa to A3
6.77% Class M-1 Certificates, downgraded from Baa1 to B1
6.92% Class B-1 Certificates, downgraded from B1 to C
Series 1998-2:
6.24% Class A-5 Certificates, downgraded from Aaa to Baa1
6.81% Class A-6 Certificates, downgraded from Aaa to Baa1
6.94% Class M-1 Certificates, downgraded from A3 to B2
7.36% Class B-1 Certificates, downgraded from Ba3 to C
Series 1998-4:
6.18% Class A-5 Certificates, downgraded from Aaa to Baa2
6.53% Class A-6 Certificates, downgraded from Aaa to Baa2
6.87% Class A-7 Certificates, downgraded from Aaa to Baa2
6.83% Class M-1 Certificates, downgraded from Baa1 to Caa1
7.26% Class B-1 Certificates, downgraded from B1 to C
Series 1998-5:
6.54% Class A-1 Certificates, downgraded from Aaa to Baa1
6.71% Class M-1 Certificates, downgraded from Baa2 to B2
7.18% Class B-1 Certificates, downgraded from B2 to C
Series 1998-7:
6.32% Class A-1 Certificates, downgraded from Aa1 to Baa1
6.40% Class M-1 Certificates, downgraded from Baa2 to Ba3
6.84% Class M-2 Certificates, downgraded from Ba2 to B3
7.68% Class B-1 Certificates, downgraded from B3 to C
Series 1998-8:
6.28% Class A-1 Certificates, downgraded from Aaa to Baa1
6.98% Class M-1 Certificates, downgraded from A3 to Ba3
7.08% Class M-2 Certificates, downgraded from Baa3 to Caa2
7.69% Class B-1 Certificates, downgraded from B2 to C
Issuer: Conseco Finance Securitizations Corp.
Series 1999-6:
7.36% Class A-1 Certificates, downgraded from Aa1 to B2
7.96% Class M-1 Certificates, downgraded from A1 to Caa1
8.74% Class M-2 Certificates, downgraded from Baa2 to C
9.20% Class B-1 Certificates, downgraded from Ba2 to C
9.20% Class B-2 Certificates, downgraded from Caa3 to C
Series 2000-1:
7.30% Class A-3 Certificates, confirmed rating at A1
7.62% Class A-4 Certificates, downgraded from A1 to B2
8.06% Class A-5 Certificates, downgraded from A1 to B2
8.30% Class M-1 Certificates, downgraded from Baa2 to Caa2
9.08% Class M-2 Certificates, downgraded from Ba2 to C
8.80% Class B-1 Certificates, downgraded from B1 to C
8.80% Class B-2 Certificates, downgraded from Ca to C
Series 2000-2:
8.07% Class A-3 Certificates, confirmed rating at Aa3
8.48% Class A-4 Certificates, downgraded from Aa3 to B2
8.85% Class A-5 Certificates, downgraded from Aa3 to B2
8.49% Class A-6 Certificates, downgraded from Aa3 to B2
9.08% Class M-1 Certificates, downgraded from A3 to Caa2
10.32% Class M-2 Certificates, downgraded from Ba1 to C
10.70% Class B-1 Certificates, downgraded from Ba3 to C
Series 2000-3:
8.26% Class A-1 Certificates, downgraded from A1 to Ba2
8.26% Class M-1 Certificates, downgraded from Baa1 to Caa1
8.26% Class M-2 Certificates, downgraded from Ba1 to C
8.26% Class B-1 Certificates, downgraded from B1 to C
Series 2000-4:
7.47% Class A-3 Certificates, downgraded from Aa3 to A3
7.73% Class A-4 Certificates, downgraded from Aa3 to B1
7.97% Class A-5 Certificates, downgraded from Aa3 to B1
8.31% Class A-6 Certificates, downgraded from Aa3 to B1
8.73% Class M-1 Certificates, downgraded from A3 to Caa2
9.30% Class M-2 Certificates, downgraded from Baa3 to C
10.35% Class B-1 Certificates, downgraded from Ba2 to C
Series 2000-5:
7.21% Class A-3 Certificates, downgraded from Aaa to Aa2
7.47% Class A-4 Certificates, downgraded from Aaa to Ba2
7.70% Class A-5 Certificates, downgraded from Aaa to Ba2
7.96% Class A-6 Certificates, downgraded from Aaa to Ba2
8.20% Class A-7 Certificates, downgraded from Aaa to Ba2
8.40% Class M-1 Certificates, downgraded from A1 to B3
9.03% Class M-2 Certificates, downgraded from Baa1 to C
10.21% Class B-1 Certificates, downgraded from Baa3 to C
9.80% Class B-2 Certificates, downgraded from B1 to C
Series 2000-6:
6.55% Class A-3 Certificates, confirmed rating at Aaa
6.77% Class A-4 Certificates, downgraded from Aaa to A3
7.27% Class A-5 Certificates, downgraded from Aaa to A3
7.72% Class M-1 Certificates, downgraded from Aa2 to Ba3
8.20% Class M-2 Certificates, downgraded from A2 to Caa2
9.63% Class B-1 Certificates, downgraded from Baa2 to C
10.40% Class B-2 Certificates, downgraded from Ba2 to C
Series 2001-1:
2.50% Class IO Certificates, downgraded from Aaa to A3
5.66% Class A-3 Certificates, downgraded from Aaa to A3
6.21% Class A-4 Certificates, downgraded from Aaa to A3
6.99% Class A-5 Certificates, downgraded from Aaa to A3
7.54% Class M-1 Certificates, downgraded from Aa2 to Ba2
7.97% Class M-2 Certificates, downgraded from A2 to B3
8.92% Class B-1 Certificates, downgraded from Baa2 to C
11.25% Class B-2 Certificates, downgraded from Ba1 to C
Series 2001-2:
2.50% Class IO Certificates, downgraded from Aaa to A2
7.69% Class M-1 Certificates, downgraded from Aa2 to Ba1
8.13% Class M-2 Certificates, downgraded from A2 to Ba3
9.44% Class B-1 Certificates, downgraded from Baa2 to C
10.15% Class B-2 Certificates, downgraded from Ba2 to C
Series 2001-3:
2.50% Class IO Certificates, downgraded from Aaa to A3
5.16% Class A-2 Certificates, downgraded from Aaa to A3
5.79% Class A-3 Certificates, downgraded from Aaa to A3
6.91% Class A-4 Certificates, downgraded from Aaa to A3
7.15% Class M-1 Certificates, downgraded from Aa2 to Ba1
7.44% Class M-2 Certificates, downgraded from A2 to B3
8.50% Class B-1 Certificates, downgraded from Baa2 to Ca
10.50% Class B-2 Certificates, downgraded from Ba2 to C
Series 2001-4:
2.50% Class IO Certificates, downgraded from Aaa to A2
5.15% Class A-2 Certificates, downgraded from Aaa to A2
6.09% Class A-3 Certificates, downgraded from Aaa to A2
7.36% Class A-4 Certificates, downgraded from Aaa to A2
LIBOR + 1.75% Class M-1 Certificates, downgraded from Aa2 to Baa2
8.59% Class M-2 Certificates, downgraded from A2 to Ba1
9.40% Class B-1 Certificates, downgraded from Baa2 to B3
9.40% Class B-2 Certificates, downgraded from Ba3 to C
Series 2002-1:
6.68% Class A-1 Certificates, downgraded from Aaa to A1
LIBOR + 2.05% Class M-1-A Certificates, downgraded from Aa2 to Baa2
7.95% Class M-1-F Certificates, downgraded from Aa2 to Baa2
9.55% Class M-2 Certificates, downgraded from A2 to Ba2
10.00% Class B-1 Certificates, downgraded from Baa2 to B2
9.86% Class B-2 Certificates, downgraded from Ba3 to Ca
Series 2002-2:
8.50% Class IO Certificates, downgraded from Aaa to A2
6.03% Class A-2 Certificates, downgraded from Aaa to A2
7.42% Class M-1 Certificates, downgraded from Aa2 to Baa3
9.16% Class M-2 Certificates, downgraded from A2 to Ba2
9.25% Class B-1 Certificates, downgraded from Baa2 to B3
9.25% Class B-2 Certificates, downgraded from Ba3 to Caa2
No Related Data.
© 2019 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 INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.
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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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