info

Yes No
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
Está por salir del sitio local de México y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
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 7/10 PR: Moody's reviews Wachovia's ratings for possible downgrade

10 Jul 2008

New York, July 10, 2008 -- The original press release incorrectly listed BluePoint Re Limited among the entities placed under review for possible downgrade today. Moody's expects to comment separately, in the near term, on the implications of Wachovia's review on the rating of BluePoint Re Limited.

Moody's Investors Service placed under review for possible downgrade the long-term debt ratings of Wachovia Corporation (senior debt at Aa3) as well as the financial strength and deposit ratings of Wachovia Bank, N.A. (at B+ and Aa1, respectively). Concurrently, Moody's also affirmed all Prime-1 short-term ratings of Wachovia Corporation and its subsidiaries.

The rating action follows the announcement by Wachovia Corporation (WB) of an anticipated second quarter net loss of up to $2.8 billion primarily driven by a substantial loan loss provision largely associated with its approximate $115 billion pick-a-pay portfolio.

Moody's said the review will focus on: 1) the potential incremental lifetime losses on WB's option arm portfolio over Moody's previous assumptions that were incorporated into the current ratings; 2) WB's ability to offset potential incremental charges through internal and external capital growth initiatives; 3) asset quality trends in WB's other portfolios; and 4) strategic initiatives it may take under its newly appointed CEO, Robert Steel.

Moody's pointed out the option arm portfolio constitutes roughly 25% of WB's total loans. "Initially, we thought the lifetime losses on this book would be around $8.4 billion, but the review will update and possibly increase our loss expectations," said Moody's Senior Vice President Sean Jones. "This will be the central point in the review," added Mr. Jones.

Factors supporting WB's credit profile include robust liquidity at both the holding co and bank, and strong regulatory capital ratios even after the second quarter loss, said the rating agency.

The following debts are affected:

On Review for Possible Downgrade:

..Issuer: Central Fidelity Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Congress Financial Capital Company

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: CoreStates Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: CoreStates Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: CoreStates Capital III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Fidelity Bancorporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: First Union Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: First Union Capital II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Union Capital III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: First Union Institutional Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: First Union National Bank of Florida

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Golden West Financial Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Meridian Bancorp, Inc.

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: South Carolina National Corporation

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Issuer: SouthTrust Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: SouthTrust Bank of Georgia, N.A. (Old)

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: SouthTrust Corporation

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Bank, N.A.

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Wachovia Bank, N.A. (Old)

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Wachovia Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust V

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Issuer: Wachovia Capital Trust VII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust VIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust X

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Capital Trust XIV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A1

..Issuer: Wachovia Capital Trust XV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Issuer: Wachovia Corporation

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A2

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Wachovia Corporation (Old)

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Wachovia Preferred Funding Corp.

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Western Financial Bank, F.S.B.

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: World Savings Bank, FSB

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B+

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

Outlook Actions:

..Issuer: Central Fidelity Capital Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Congress Financial Capital Company

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: CoreStates Capital III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Fidelity Bancorporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Capital III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union Institutional Capital I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: First Union National Bank of Florida

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Golden West Financial Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Meridian Bancorp, Inc.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: South Carolina National Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Bank

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Bank of Georgia, N.A. (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SouthTrust Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Bank, N.A.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Bank, N.A. (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust I

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust IV

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust IX

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust VII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust VIII

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Capital Trust X

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Corporation (Old)

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Wachovia Preferred Funding Corp.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Western Financial Bank, F.S.B.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: World Savings Bank, FSB

....Outlook, Changed To Rating Under Review From Negative

Wachovia Corporation, headquartered in Charlotte, NC reported assets of $809 billion at March 31, 2008.

New York

Sean Jones

Senior Vice President

Financial Institutions Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York

Robert Young

Managing Director

Financial Institutions Group

Moody's Investors Service

JOURNALISTS: 212-553-0376

SUBSCRIBERS: 212-553-1653

New York
Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to 7/10 PR: Moody's reviews Wachovia's ratings for possible downgrade
No Related Data.
© 2023 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 credit 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, Inc. 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 — Charter Documents - 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.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
InicioEstudios & CalificacionesProductos & SolucionesNoticias & EventosEmpleo
Ayuda y SoporteContactoPresente su Queja
Condiciones de UsoPolítica de PrivacidadDerechos de Propiedad
© 2023 Moody’s Investors Service, Inc., Moody’s Analytics, Inc. y/o sus afiliadas y licenciadas. Derechos reservados.