Global Header | Moody's
Close
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
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
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” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, 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.            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.          

3.            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.

4.            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.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding 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, Jan. 16, 2009 Release: Moody's places Citigroup's ratings (snr at A2 and Prime-1) under review for possible downgrade

21 Jan 2009

Preferred debt and bank financial strength ratings lowered

New York, January 21, 2009 -- Includes Citigroup Global Markets Inc. in the rating action list; Prime-1 commercial paper rating placed on review for possible downgrade. Revised release follows.

Moody's Investors Service placed the long and short-term ratings of Citigroup Inc. (senior debt at A2 and short-term at Prime-1) under review for possible downgrade. Moody's also placed the long-term ratings of Citigroup's lead bank, Citibank N.A. (long-term bank deposits at Aa3) under review for possible downgrade. The Prime-1 rating on the bank for short-term obligations was affirmed. Moody's also lowered its ratings on preferred stock issued by Citigroup Inc. to Baa3 from Baa2 and cut its bank financial strength rating on Citibank N.A. to C- from C, which translates to a change in the baseline credit assessment to Baa1 from A3. Both the preferred stock rating and the financial strength ratings are under review for possible downgrade. These actions had no impact on the FDIC-guaranteed debt issued by Citigroup which remains at Aaa with a stable outlook.

The downgrade of the financial strength rating reflects further deterioration in Citibank's standalone creditworthiness that is represented by its relatively low tangible common equity ratio and growing pressures on its franchise value. Moody's said that the downgrade of the holding company's preferred stock was in response to an increase in the possibility that preferred dividends could be deferred. "Citigroup's current preferred dividend payments are a hurdle for future capital generation, especially when considering Citigroup's poor earnings prospects for 2009," said Moody's Senior Vice-President, Sean Jones.

Moody's review will focus on three issues: the potential for and possible implications of further systemic support, Citigroup's financial prospects, and the credit implications of Citigroup's strategic initiatives

Moody's believes that Citigroup enjoys a very high level of systemic support from the U.S. government. Citibank's deposits now benefit from four notches of ratings lift as a result of this support assumption. "Recent government actions confirm that Citigroup is systemically important" , said Mr. Jones. However, Moody's will consider the extent of this ratings lift during its review.

Regarding Citigroup's financial prospects, Moody's said that the credit costs taken against many of Citigroup's investment banking portfolios and U.S. consumer assets in the fourth quarter were within its recently increased expectations. However, the sizable marks Citigroup took against its derivatives portfolio were not incorporated in Citigroup's ratings. Those marks resulted from changes in Citigroup's credit spreads and those of its counterparties. Moody's said it will review the potential need for further increases in the credit valuation allowances and the implications of this on Citigroup's credit strength.

Moody's noted that the U.S. government's Eligible Asset Guarantee Program does not include some of Citigroup's investment banking assets. The program covers $301 billion of assets in which Citigroup has a $29 billion first-loss position. Moody's initially believed that the program was sufficient to cover all of Citigroup's problematic investment banking portfolios. These portfolios have been subject to very sizable marks, including in the fourth quarter of 2008. Some of these portfolios will not be covered under the asset guarantee program, leaving Citigroup exposed to any further deterioration. Moody's noted that a high proportion of those assets, going forward, will not be subject to mark-to-market valuations, which will potentially lead to greater earnings stability. The review will focus on these financial issues in the context of Citigroup's capital structure, which is highly skewed towards hybrid securities as opposed to tangible common equity.

The third major area for review is the credit impact of Citigroup's proposed reorganization. While the proposal will enhance management focus on the numerous challenges Citigroup faces, in the longer-term it could also facilitate the sale of stronger businesses within the new "Citicorp" that might diminish the overall credit profile of the holding company. Moody's noted that the proposed reorganization does not entail any changes to Citigroup's legal structure.

Moody's last rating action was on December 18th , 2008 when the ratings of Citigroup Inc. were lowered to A2 from Aa3, and the rating on Citibank N.A. for deposits were lowered to Aa3 from Aa1, and the financial strength rating on Citibank N.A. was lowered to C from B.

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.

Citigroup Inc. is headquartered in New York City, and its reported assets were $2 trillion as of December 31st 2008.

Issuer: Citigroup Global Markets Inc.

.. On Review for Possible Downgrade

... Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

..Outlook Actions:

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

Issuer: CitiFinancial Credit Company

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Outlook Actions:

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

Issuer: CitiFinancial Europe PLC

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

..Outlook Actions:

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

Issuer: Citibank (South Dakota), N.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

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

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

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

Issuer: Citibank Europe plc

..Downgrades:

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

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

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

Issuer: Citibank International Plc

..Downgrades:

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

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to A1

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

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

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

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

Issuer: Citibank, N.A.

..Downgrades:

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

..On Review for Possible Downgrade:

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

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)Aa3 to Aa3

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

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

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

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

..On Review for Possible Downgrade:

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

..Outlook Actions:

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

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

..On Review for Possible Downgrade:

....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

..Outlook Actions:

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

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

..On Review for Possible Downgrade:

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

..Outlook Actions:

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

Issuer: Citicorp

..Downgrades:

....Multiple Seniority Shelf, Downgraded to (P)Baa3 from (P)Baa2

....Preferred Stock Preferred Stock, Downgraded to Baa3 from Baa2

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to A2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A2

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

Issuer: Citigroup Finance Canada Inc

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

Issuer: Citigroup Funding, Inc.

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently a range of A2 to P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to A2

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

Issuer: Citigroup Global Markets Holdings Inc.

..Downgrades:

....Preferred Stock Preferred Stock, Downgraded to Baa3 from Baa2

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)A2

..Outlook Actions:

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

Issuer: Citigroup Global Mkts Deutsch. AG&Co

..Downgrades:

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

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

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

Issuer: Citigroup Inc.

..Downgrades:

....Multiple Seniority Shelf, Downgraded to (P)Baa3 from (P)Baa2

....Preferred Stock Preferred Stock, Downgraded to Baa3 from Baa2

..On Review for Possible Downgrade:

.... Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)A3 to (P)A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

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

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

Correction to text, Jan. 16, 2009 Release: Moody's places Citigroup's ratings (snr at A2 and Prime-1) under review for possible downgrade
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.

MOODY’S CREDIT RATINGS AND MOODY’S 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 OR MOODY’S 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.

CREDIT RATINGS AND MOODY’S 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 the Moody’s 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 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.

​​​​
Global Footer | Moody's