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Rating Action:

Correction to text Dec. 18, 2008 Release: Moody's downgrades Citigroup senior debt to A2 from Aa3

19 Dec 2008
Correction to text Dec. 18, 2008 Release: Moody's downgrades Citigroup senior debt to A2 from Aa3

Sydney, December 19, 2008 -- Remove Citigroup Pty Limited from the debt list. Revised release follows.

Moody's Investors Service lowered the debt ratings of Citigroup Inc. (senior debt to A2 from Aa3) and the ratings on its lead bank, Citibank N.A. (long-term bank deposits to Aa3 from Aa1). The financial strength rating on the bank was lowered three notches to C from B, which translates to a change in the baseline credit assessment to A3 from Aa3. The outlook on the bank financial strength rating is negative and the rating outlooks on the deposit and debt ratings at both the bank and the holding company are stable. (See below for a comprehensive list of the downgrades.) These actions had no impact on the FDIC-guaranteed debt issued by Citigroup which remained at Aaa with a stable outlook. These rating actions completed a rating review that was announced on September 29th, 2008.

Moody's said that its downgrade of Citigroup's debt and deposit ratings was moderated by Moody's opinion that Citigroup enjoys a very high probability of systemic support from the U.S. government. The benefits of this systemic support partially offset the deterioration in Citigroup's stand-alone credit quality, which is driven by worsening asset quality and the likelihood that Citigroup could see further decline in its tangible capital base in the next two years.

Moody's said the C financial strength rating reflects an array of sizable challenges Citigroup will face in the next two years. First, to address current performance, Moody's is expects that Citigroup's fourth quarter 2008 results will be saddled by significant marks on its large inventory of trading assets because of falling market values. Moody's also expects that in the quarter Citigroup will need to maintain high loan-loss provisions as the company increases its loan-loss reserves primarily against its U.S. consumer portfolio and some of its international credit card portfolios. These negative developments will likely not be fully offset by the gain on the sale of Citigroup's German retail operation.

Secondly, "There is the possibility that Citigroup could generate additional quarterly losses in 2009 and 2010 due to the need to continue to building loan loss reserves, particularly against its residential mortgage and credit card portfolios", said Moody's Senior Vice President Sean Jones. Reserve build will also be needed in response to a rise in defaults in Citigroup's other loan portfolios because of the global economic downturn. "The need for large provisions is accentuated by Citigroup's high single credit exposures", added Mr. Jones. Finally, the C financial strength rating reflects Moody's expectation that the recession will depress Citigroup's revenues which will likely not be offset by Citigroup's ongoing significant cost rationalization efforts.

Citigroup's weakened earnings prospects, in combination with an average quarterly preferred dividend of approximately $1.4 billion, makes it very likely that Citigroup will not generate significant retained earnings throughout 2009 and 2010. As a result regulatory capital structure will remain heavily skewed towards hybrid equity throughout 2009 and 2010. Moody's noted that Citigroup's regulatory capital ratios are very high due to the infusion of hybrid regulatory capital including $45 billion from the U.S. government. This is very supportive to Citigroup's debt and deposit ratings at a time when it faces its medium-term challenges. Nevertheless, Moody's does not view hybrid capital as being as permanent as common equity over the long term, and that is an important consideration in the C bank financial strength rating.

Moody's added that Citigroup's challenges go beyond the current operating environment. To restore its capital position in a sustainable manner, Citigroup must improve its organizational and operational efficiency, reduce future concentration risks, and restore competitive advantages in a number of business lines that have suffered as a result of the recent turmoil. These tasks require substantial managerial initiatives and coordination. Moody's believes current management is making gains on this front, but these changes will take time to achieve and the complexity of the effort is enormous.

Moody's stated that the U.S. government initiative announced on November 23, 2008, is very supportive of Citigroup's debt and deposit ratings. This provided further evidence of the very high systemic support that Moody's has ascribed to Citigroup. Citibank N.A.'s deposits get a three-notch lift to Aa3 from Citibank's baseline credit assessment of A3. Meanwhile, senior debt at the holding company, viewed by Moody's as structurally subordinated to bank obligations, is rated A2.

Moody's said that there are two parts to the U.S. government's initiatives directed towards Citigroup. First, Citigroup will issue $20 billion of preferred stock to the U.S. Treasury with an 8% dividend rate, which can be redeemed in stock or cash, as mutually agreed between the U.S. Treasury and Citigroup. The infusion of hybrid equity means that Citigroup regulatory capital ratios will be high.

The second part of the U.S. government initiative is the Eligible Asset Guarantee, which covers $306 billion of Citigroup's assets consisting mostly of loans and securities backed primarily by residential and commercial real estate. These assets will remain on Citigroup's balance sheet. Citigroup will absorb pre-tax losses up to $29 billion in addition to existing reserves. Any losses in excess of that amount will be shared by the U.S. government (90%) and Citigroup (10%).

Moody's said that the key benefit of the Eligible Asset Guarantee is that it protects Citigroup from catastrophic losses from that pool of assets. Moody's noted that its stress loss assumption -- as opposed to its expected life-time loss assumption -- on this portfolio exceeds $29 billion. "Given the Government protection, even if credit costs exceed $29 billion, Citigroup's exposure to further economic losses on this portfolio would not be meaningful to the rating," said Moody's Senior Vice President Sean Jones. In Moody's view, the U.S. government took these actions to aid Citigroup because it viewed the banking concern as systemically very important to fulfilling the U.S. government's commitment to support financial market stability - a prerequisite to restoring economic growth.

Regarding liquidity, Moody's stated that in the past year Citigroup has improved the liquidity profile at both the non-bank and the bank entities. At the non-bank entities, average cash holdings have increased while the tenure of its debt is long. Regarding the bank, its liquidity position has improved as a result of the reduction of its balance sheet. Like its peers, Citigroup's liquidity profile has also been strongly supported by the infusion of hybrid equity from the U.S. Treasury, the establishment of a number of liquidity facilities by the Federal Reserve, and the ability to issue Aaa rated FDIC- guaranteed debt.

"The negative outlook on C bank financial strength rating reflects the possible impact that a deep recession could have on assets not covered by the Eligible Asset Guarantee", said Moody's Mr. Jones. A particular concern is Citigroup's credit card business. The stable outlook on the debt and deposit ratings of Citibank and Citigroup reflects Moody's assumption that Citigroup enjoys a very high probability of systemic support.

Also the Eligible Asset Guarantee covers Citigroup's most problematic assets.

Regarding the Baa2 preferred stock rating at the holding company, Moody's noted that it is two notches lower -- opposed to one notch lower -- than its subordinated debt rating. The increased notching is in response to the observation that with Citigroup's weak earnings prospects, the average quarterly preferred dividend payment of $1.4 billion is a meaningful barrier to capital generation. This increases the possibility that preferred dividends could be deferred.

Moody's last rating action was on September 29, 2008 when the ratings of Citigroup Inc. where placed under review for possible downgrade.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Ratings downgraded were:

Citigroup Inc. is headquartered in New York City and reported assets of $2.1 trillion as of September 30, 2008.

Ratings downgraded were:

Issuer: Associates Corporation of North America

..Downgrades:

.... Issuer Rating, Downgraded to A2 from Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Associates First Capital Corporation

..Downgrades:

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: CGMH Capital II

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: CGMH Capital III

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: CGMH Capital IV

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: CitiFinancial Credit Company

..Downgrades:

.... Issuer Rating, Downgraded to A2 from Aa3

....Junior Subordinated Shelf, Downgraded to (P)A3 from (P)A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

....Senior Unsecured Shelf, Downgraded to (P)A2 from (P)Aa3

..Outlook Actions:

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

Issuer: CitiFinancial Europe PLC

..Downgrades:

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

..Outlook Actions:

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

Issuer: Citibank Europe plc

..Downgrades:

.... Bank Financial Strength Rating, Downgraded to C from B

....Senior Unsecured Deposit Rating, Downgraded to A1 from Aa3

..Outlook Actions:

....Outlook, Changed To Stable(m) From Rating Under Review

Issuer: Citibank International Plc

..Downgrades:

.... Bank Financial Strength Rating, Downgraded to C from B

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A2 to A1 from a range of A1 to Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Rating, Downgraded to A1 from Aa3

..Outlook Actions:

....Outlook, Changed To Stable(m) From Rating Under Review

Issuer: Citibank, N.A.

..Downgrades:

.... Bank Financial Strength Rating, Downgraded to C from B

.... Issuer Rating, Downgraded to Aa3 from Aa1

....OSO Senior Unsecured OSO Rating, Downgraded to Aa3 from Aa1

....Senior Unsecured Deposit Note/Takedown, Downgraded to Aa3 from Aa1

....Senior Unsecured Medium-Term Note Program, Downgraded to a range of (P)Aa3 to Aa3 from a range of (P)Aa1 to Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa1

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa1

..Outlook Actions:

....Outlook, Changed To Stable(m) From Rating Under Review

Issuer: Citibank, N.A. (Auckland Branch)

..Downgrades:

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa3 from Aa1

..Outlook Actions:

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

Issuer: Citibank, N.A. (London Branch)

..Downgrades:

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa3 from Aa1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa1

..Outlook Actions:

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

Issuer: Citibank, N.A. (Sydney Branch)

..Downgrades:

....Senior Unsecured Medium-Term Note Program, Downgraded to Aa3 from Aa1

..Outlook Actions:

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

Issuer: Citicorp

..Downgrades:

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa2 to (P)A2 from a range of (P)A2 to (P)Aa3

....Preferred Stock Preferred Stock, Downgraded to Baa2 from A2

....Subordinate Medium-Term Note Program, Downgraded to A3 from A1

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Citicorp Capital I

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital I

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital II

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital III

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital IV

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital IX

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital V

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital VI

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital VII

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital VIII

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital X

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital XI

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital XII

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital XIII

..Downgrades:

....Preferred Stock Shelf, Downgraded to (P)A3 from (P)A1

..Outlook Actions:

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

Issuer: Citigroup Capital XIV

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XIX

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XV

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XVI

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XVII

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XVIII

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XX

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Capital XXI

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Citigroup Finance Canada Inc

..Downgrades:

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Citigroup Funding, Inc.

..Downgrades:

.... Issuer Rating, Downgraded to A2 from Aa3

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A3 to (P)A2 from a range of (P)A1 to (P)Aa3

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A2 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Citigroup Global Markets Holdings Inc.

..Downgrades:

.... Issuer Rating, Downgraded to A2 from Aa3

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)A3 to (P)A2 from a range of (P)A1 to (P)Aa3

....Preferred Stock Preferred Stock, Downgraded to Baa2 from A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Downgraded to A2 from Aa3

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

....Senior Unsecured Shelf, Downgraded to (P)A2 from (P)Aa3

..Outlook Actions:

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

Issuer: Citigroup Global Markets Inc.

..Outlook Actions:

....Outlook, Changed To Stable From Negative

Issuer: Citigroup Global Mkts Deutsch. AG&Co

..Downgrades:

.... Bank Financial Strength Rating, Downgraded to C from B

....Senior Unsecured Deposit Rating, Downgraded to A1 from Aa3

..Outlook Actions:

....Outlook, Changed To Stable(m) From Rating Under Review

Issuer: Citigroup Inc.

..Downgrades:

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

....Multiple Seniority Shelf, Downgraded to a range of (P)Baa2 to (P)A2 from a range of (P)A2 to (P)Aa3

....Preferred Stock Preferred Stock, Downgraded to Baa2 from A2

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A1

....Senior Unsecured Medium-Term Note Program, Downgraded to A2 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Egg Banking Plc

..Downgrades:

....Junior Subordinated Regular Bond/Debenture, Downgraded to Baa2 from A2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of A3 to A2 from a range of A1 to Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A1

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

Issuer: SI Financing Trust I

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to A3 from A1

..Outlook Actions:

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

Issuer: Source One Mortgage Services Corporation

..Downgrades:

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Issuer: Washington Mutual Finance Corp.

..Downgrades:

....Senior Unsecured Regular Bond/Debenture, Downgraded to A2 from Aa3

..Outlook Actions:

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

Citigroup Inc. is headquartered in New York City and reported assets of $2.1 trillion as of September 30, 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
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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.

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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 OR 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 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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