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Related Issuers
Alaska Communications Systems Holdings, Inc.
American Cellular Corporation
Broadview Networks Holdings, Inc.
CavTel Holdings, LLC
Centennial Cellular Operating Co. LLC
Centennial Communications Corp.
Cincinnati Bell Inc.
Cincinnati Bell Telephone Company
Cleveland Unlimited, Inc.
Consolidated Com. Acquisition TX, Inc.
Consolidated Communications Holdings, Inc.
Consolidated Communications, Inc.
Cricket Communications, Inc.
D&E Communications, Inc.
Digicel Limited
Dobson Cellular Systems, Inc
Dobson Communications Corporation
Eschelon Telecom, Inc
FairPoint Communications, Inc. (Old)
Gabriel Communications Finance Company
GCI Liberty, Inc.
Global Tel*Link Corporation (Old 2005)
Hawaiian Telcom Communications, Inc.
Horizon PCS Escrow Company
Iowa Telecommunications Services, Inc.
iPCS Escrow Company
iPCS, Inc.
Level 3 Financing, Inc.
Level 3 Parent, LLC
Madison River Capital, LLC
Mountain States Telephone and Telegraph Co.
Nextel Partners, Inc.
Northwestern Bell Telephone Company
NTELOS Inc.
One Communications Corp.
Paetec Communications, Inc.
Primus Telecommunications Group, Incorporated
Primus Telecommunications Holding, Inc.
Qwest Capital Funding, Inc.
Qwest Communications International Inc.
Qwest Corporation
Qwest Services Corp.
Rogers Cable Inc.
Rogers Communications Inc.
Rogers Wireless Inc.
Rural Cellular Corporation
Securus Technologies, Inc. (OLD)
Suncom Wireless, Inc
TPx Communications
UbiquiTel Operating Co.
US LEC Corporation
Valor Telecommunications Enterprise, LLC
Windstream Georgia Communications Corp.
Windstream Holding of the Midwest, Inc.
Windstream Services, LLC
Rating Action:

Correction to text, Sept. 22, 2006 release: Moody's changes ratings on 54 north american telecommunications companies under LGD rating methodology

29 Sep 2006
Correction to text, Sept. 22, 2006 release: Moody's changes ratings on 54 north american telecommunications companies under LGD rating methodology

Corrections to text under Ubiquitel Operating Company. Revised release follows.

New York, September 29, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the North American Telecommunications sector. The sector included 54 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the North American Telecommunications sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Alaska Communications Systems Holdings Inc., B1

PDR: B1

$45 million Senior Secured Revolving Facility, B1 --> B1, LGD 3, 49%

$428 million Senior Secured Term Facility, B1 --> B1, LGD 3 , 49%

Broadview Networks Holdings, Inc, B3

PDR: B3

$210 million 11.375% 2nd Lien Notes Due 2012, B3 --> B3, LGD3, 47%

CavTel Holdings, LLC, B2

PDR: B3

Senior Sec $20 mm R/C Due 2011, B2 --> B2, LGD3, 31%

Senior Sec $185 mm TLB Due 2012, B2 --> B2, LGD3, 31%

Centennial Communications Corp., B2

PDR: B2

$200 million 10% Senior Notes due 2013, Caa2 --> Caa1, LGD 5, 89%

$350 million FRN Senior Notes due 2014, Caa2 --> Caa1, LGD 5, 89%

Centennial Cellular Operating Co. LLC

$150 million Senior Secured Revolving Facility due 2010, B1 --> Ba2, LGD 2, 10%

$600 million Senior Secured Term Loan B due 2011, B1 --> Ba2, LGD 2, 10%

$325 million 8.125% Senior Notes due 2014, B3 --> B2, LGD 3 , 49%

$500 million 10.125% Senior Notes due 2013, B3 --> B2, LGD 3, 49%

$145 million 10.75% Senior Subordinate Notes due 2008, Caa1 --> B3, LGD 5 , 77%

Cincinnati Bell Inc., Ba3

PDR: Ba3

Senior Secured R/C Due 2010, Ba3 --> Ba2, LGD3, 34%

Senior Sec Term Loan B Due 2011, Ba3 --> Ba2, LGD3, 34%

Senior Sec. 7 1/4% Senior Notes Due 2023, Ba3 --> Ba2, LGD3, 34%

Senior Unsec 7% notes Due 2015, B1 --> Ba3, LGD4, 50%

Senior Unsec 7 1/4% Notes Due 2013, B1 --> Ba3, LGD4, 50%

Senior Sub 8 3/8% Notes Due 2014, B3 --> B2, LGD5, 89%

6 3/4% Cumulative Convertible Preferred, Caa1 --> B2, LGD6, 98%

Cincinnati Bell Telephone Company

Senior Unsec 6.3% Notes Due 2028, Ba2 --> Baa3, LGD2, 12%

$20 mm 7.20% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

$20 mm 7.20% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

$19 mm 7.18% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

$18 mm 7.18% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

$2.5 mm 7.27% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

$1 mm 7.25% Senior MTN Due 2023, Ba2 --> Baa3, LGD2, 12%

Cleveland Unlimited, Inc., Caa1

PDR: B3

$150 million Senior Secured FRN due 2010, Caa1 --> Caa1, LGD 4, 60%

Consolidated Communications Holdings, Inc., B1

PDR: B1

Senior Unsec Notes Due 2012, B3 --> B3, LGD6, 91%

Consolidated Comm. Acquisition TX and Consolidated Communications, Inc.

Senior Secured R/C Due 2010, B1 --> Ba3, LGD3, 38%

Senior Secured TL D Due 2011, B1 --> Ba3, LGD3, 38%

Cricket Communications Inc., B3

PDR: B3

$200 million Senior Secured Revolver, B2 --> B1, LGD 2, 27%

$900 million Senior Secured Term Facility, B2 --> B1, LGD 2, 27%

D&E Communications, Inc., Ba3

PDR: B1

Senior Secured R/C Due 2011, Ba3 --> Ba2, LGD2, 28%

Senior Secured TL A Due 2011, Ba3 --> Ba2, LGD2, 28%

Senior Secured TL B Due 2011, Ba3 --> Ba2, LGD2, 28%

Digicel Limited, B1

PDR: B1

$450 million 9.25% Senior Notes Due 2012, B3 --> B3, LGD 5, 79%

Dobson Communications Corporation, B3

PDR: B3

$150 million Senior Floating Rate Notes due 2012, Caa2 --> Caa2, LGD 5, 89%

$160 million 1.5% Senior Convertible Debentures due 2025, Caa2 --> Caa2, LGD 5, 89%

$420 million 8 7/8% Senior Notes due 2013, Caa2 --> Caa2, LGD 5, 89%

Dobson Cellular Systems, Inc.

$75 million Senior Secured Revolving Credit Facility, Ba3 --> Ba3, LGD 1, 0%

$250 million 8 3/8% First Priority Senior Secured Notes due 2011, B1 --> Ba3, LGD 1, 9%

$250 million 8 3/8% First Priority Senior Secured Notes Series B due 2011, B1 --> Ba3, LGD 1, 9%

$325 million 9 7/8% Second Priority Senior Secured Notes due 2012, B2 --> B1, LGD 2, 29%

American Cellular Corporation

$50 million Senior Secured Revolving Credit Facilities, B1 --> Ba3, LGD 1 , 9%

$100 million Senior Secured Term Loan B, B1 --> Ba3, LGD 1, 9%

$100 million Senior Secured Delayed Term Loan, B1 --> Ba3, LGD 1, 9%

$900 million 10% Senior Notes due 2011, B3 --> B3, LGD 4, 58%

Eschelon Telecom, Inc., B3

PDR: B2

Senior 8 3/8 2nd Lien Notes Due 2010, B3 --> B3, LGD4, 64%

FairPoint Communications, Inc., B1

PDR: B1

Senior Sec R/C Due 2011, B1 --> B1, LGD3, 50%

Senior Sec TL Due 2012, B1 --> B1, LGD3, 50%

GCI, Inc., Ba3

PDR: Ba3

$320 million 7.25% Senior Notes due 2014, B2 --> B1, LGD 5, 74%

Global Tel*Link Corporation, B1

PDR: B1

$10 million Senior Secured (First Lien) LC Facility, B1 --> Ba3, LGD 3, 40%

$10 million Senior Secured (First Lien) Revolving Facility, B1 --> Ba3, LGD 3, 40%

$55 million Senior Secured (First Lien) Term Loan, B1 --> Ba3, LGD 3, 40%

$22.5 million Senior Secured (Second Lien) Term Loan, B3 --> B3, LGD 5, 89%

Gabriel Communications Finance Company, B2

PDR: B3

Senior Sec R/C Due 2011, B2 --> B2, LGD3, 31%

Senior Sec TL Due 2012, B2 --> B2, LGD3, 31%

Hawaiian Telcom Communications, Inc., B1

PDR: B1

$200 million 7.48% Senior Secured Credit Facility Due 2012, B1 --> Ba3, LGD3, 30%

$300 million 7.23% Tranche A term loan due 2012, B1 --> Ba3, LGD3, 30%

$450 million 7.23% Tranche B term loan due 2012, B1 --> Ba3, LGD3, 30%

$150 million 10.79% Senior Notes Due 2013, B3 --> B3, LGD5, 80%

$200 million 9.75% Senior Notes Due 2013, B3 --> B3, LGD5, 80%

$150 million 12.50% Senior Sub Notes Due 2015, Caa1 --> B3, LGD6, 94%

Iowa Telecommunications Services, Inc., Ba3

PDR: B1

Senior Secured R/C Due 2011, Ba3 --> Ba3, LGD3, 34%

Senior Secured TL B Due 2011, Ba3 --> Ba3, LGD3, 34%

Senior Secured TL C Due 2011, Ba3 --> Ba3, LGD3, 34%

Senior Secured TL D Due 2011, Ba3 --> Ba3, LGD3, 34%

iPCS, Inc., B3

PDR: B2

Horizon PCS Escrow Company

11 - 3/8% Senior Notes Due 2012, B3 --> B3, LGD4, 68%

iPCS, Inc. Escrow Company

11 - 1/2% Senior Notes Due 2012, B3 --> B3, LGD4, 68%

Level 3 Communications Inc., Caa1

PDR: Caa1

Senior 3.5% Convert Notes Due 2012, Caa3 --> Caa2, LGD4, 67%

Senior 11.0% Notes Due 2008, Caa3 --> Caa2, LGD4, 67%

Senior 10.75% Euro Notes Due 2008, Caa3 --> Caa2, LGD4, 67%

6.0% Convert Sub Notes Due 2009, Ca --> Caa3, LGD6, 94%

Senior 2.875% Convert Notes Due 2010, Caa3 --> Caa2, LGD4, 67%

Senior 11.5% Notes Due 2010, Caa3 --> Caa2, LGD4, 67%

Senior 12.875% Discount Notes Due 2010, Caa3 --> Caa2, LGD4, 67%

Senior 11.25% Euro Notes Due 2010, Caa3 --> Caa2, LGD4, 67%

Senior 11.25% Notes due Due 2010, Caa3 --> Caa2, LGD4, 67%

6.0% Convert Sub Notes Due 2010, Ca --> Caa3, LGD6, 94%

Level 3 Financing, Inc.

Senior 5.25% Convert Notes Due 2011, Caa3 --> Caa2, LGD4, 67%

Senior Sec TL Due 2011, B2 --> B1, LGD1, 3%

Senior 12.25% Notes Due 2013, B3 --> B2, LGD2, 28%

Senior FRN L+6.375% Due 2011, B3 --> B2, LGD2, 28%

Senior Notes 10.75% Due 2011, B3 --> B2, LGD2, 28%

Madison River Capital, LLC, B1

PDR: B2

Senior Sec R/C Due 2012, B1 --> B1, LGD3, 30%

Senior Sec TL B Due 2012, B1 --> B1, LGD3, 30%

Nextel Partners, Inc, Ba2

PDR: Ba1

8.125% senior notes due 2011, Ba3 --> Ba3, LGD5, 80%

Ntelos Inc., B2

PDR: B3

$35 million Senior Secured Revolving Facility, B2 --> B2, LGD 3, 31%

$630 million Senior Secured Term Facility, B2 --> B2, LGD 3, 31%

One Communications, Inc., B1

PDR: B1

Senior Secured R/C Due Due 2011, Ba3 --> Ba3, LGD3, 38%

Senior 1st Lien Sec TL B Due 2012, Ba3 --> Ba3, LGD3, 38%

Senior 2nd Lien Sec TL B Due 2013, B2 --> B3, LGD5, 88%

PaeTec Communications, Inc., B2

PDR: B2

Senior Sec RC Due 2011, B1 --> B1, LGD3, 36%

Senior 1st Lien Sec TL Due 2012, B1 --> B1, LGD3, 36%

Senior 2nd Lien Sec TL Due 2013, B3 --> Caa1, LGD5, 86%

Primus Telecommunications Group, Incorporated, Caa1

PDR: Caa1

Primus Telecommunications Group, Incorporated

$250 mm 12.75% Senior Notes Due 2009, Caa3 --> Caa3, LGD5, 86%

Primus Telecommunications Holdings, Inc.

$99 mm Senior Secured TL Due 2011, B3 --> B3, LGD3, 37%

$240 mm 8% Senior Notes Due 2014, Caa1 --> Caa1, LGD3, 45%

Qwest Communications International Inc., B1

PDR: B1

$850 mm revolving credit facility, B1 --> B2, LGD4, 69%

$62 mm 7.5% Senior Notes Due 2008, B3 --> B3, LGD5, 80%

$8 mm 7.25% Senior Notes Due 2008, B3 --> B3, LGD5, 80%

$525 million 7.25% Senior Notes Due 2011, B2 --> B2, LGD4, 69%

$500 million 7.5% Senior Notes Due 2014, B2 --> B2, LGD4, 69%

$750 million Floating Notes Due 2009, B2 --> B2, LGD4, 69%

$800 million 7.5% Senior Notes Due 2014, B2 --> B2, LGD4, 69%

Convertible Senior Notes Due 2025, B3 --> B3, LGD5, 89%

Qwest Services Corp.

$22 million Senior Subordinated Notes, B3 --> B3, LGD5, 80%

Qwest Corporation

$90 mm 6.25% Senior Notes due 2007, Ba3 --> Ba2, LGD2, 26%

$600 mm 7.5% Senior Notes due 2014, Ba3 --> Ba2, LGD2, 26%

$70 mm 6.0% Senior Notes due 2007, Ba3 --> Ba2, LGD2, 26%

$320 mm 5.625% Senior Notes due 2008, Ba3 --> Ba2, LGD2, 26%

$825 mm 7.875% due 2011, Ba3 --> Ba2, LGD2, 26%

$1.5 billion 8.875% Notes due 2012, Ba3 --> Ba2, LGD2, 26%

$750 million FRN due 2013, Ba3 --> Ba2, LGD2, 26%

$400 million 7.625% Senior notes due 2015, Ba3 --> Ba2, LGD2, 26%

$484 million 7.5% Senior notes due 2023, Ba3 --> Ba2, LGD2, 26%

$250 million 7.25% Senior notes due 2025, Ba3 --> Ba2, LGD2, 26%

$250 million 7.2% Senior notes due 2026, Ba3 --> Ba2, LGD2, 26%

$55 million 7.375% Senior notes due 2030, Ba3 --> Ba2, LGD2, 26%

$43 million 7.75% Senior notes due 2030, Ba3 --> Ba2, LGD2, 26%

$250 million 8.875% Senior notes due 2031, Ba3 --> Ba2, LGD2, 26%

$1 billion 6.875% Senior notes due 2033, Ba3 --> Ba2, LGD2, 26%

$250 million 7.25% Senior notes due 2035, Ba3 --> Ba2, LGD2, 26%

$250 million 7.125% Senior notes due 2043, Ba3 --> Ba2, LGD2, 26%

$500 million Term Loan, Ba3 --> Ba2, LGD2, 26%

Qwest Capital Funding Corp.

$171 million 6.375% Notes due 2008, B3 --> B3, LGD5, 89%

$562 million 7.0% Notes due 2009, B3 --> B3, LGD5, 89%

$403 million 7.9% Notes due 2010, B3 --> B3, LGD5, 89%

$801 million 7.25% Notes due 2011, B3 --> B3, LGD5, 89%

$174 million 6.5% Notes due 2018, B3 --> B3, LGD5, 89%

$97 million 7.625% Notes due 2021, B3 --> B3, LGD5, 89%

$352 million 6.875% Notes due 2028, B3 --> B3, LGD5, 89%

$358 million 7.75% notes due 2031, B3 --> B3, LGD5, 89%

Mountain States Telephone & Telegraph Co.

$55 million Debentures due 2030, Ba3 --> Ba2, LGD 2, 26%

Northwestern Bell Telephone Company

$43 million Debentures due 2030, Ba3 --> Ba2, LGD 2, 26%

Rogers Communications Inc., Ba2

PDR: Ba2

Rogers Wireless Inc.

$175 million Senior Secured Debentures, Ba2 --> Ba2, LGD 3, 43%

$550 million Senior Secured Floating Rate Notes, Ba2 --> Ba2, LGD 3, 43%

$500 million Senior Secured Notes, Ba2 --> Ba2, LGD 3, 43%

$460 million Senior Secured Notes, Ba2 --> Ba2, LGD 3, 43%

$470 million Senior Secured Notes, Ba2 --> Ba2, LGD 3, 43%

$750 million Senior Secured Notes, Ba2 --> Ba2, LGD 3, 43%

$550 million Senior Secured Notes, Ba2 --> Ba2, LGD 3, 43%

$400 million Senior Subordinated Global Notes, Ba3 --> B1, LGD 6, 91%

Rogers Cable Inc.

$450 million Senior Secured 2nd Priority Notes, Ba2 --> Ba2, LGD 3, 43%

$350 million Senior Secured 2nd Priority Notes, Ba2 --> Ba2, LGD 3, 43%

$350 million Senior Secured 2nd Priority Notes, Ba2 --> Ba2, LGD 3, 43%

$350 million Senior Secured 2nd Priority Notes, Ba2 --> Ba2, LGD 3, 43%

$280 million Second Priority Senior Secured Global Notes, Ba2 --> Ba2, LGD 3, 43%

$175 million Second Priority Senior Secured Global Notes, Ba2 --> Ba2, LGD 3, 43%

$200 million Senior Secured Debentures, Ba2 --> Ba2, LGD 3, 43%

Rural Cellular Corporation, B3

PDR: B3

$60 million Senior Secured Revolving Credit Facility, B1 --> Ba3, LGD 1, 0%

$350 million 8 1/4% Senior Secured Notes due 2012, B2 --> Ba3, LGD 2, 18%

$160 million 8 1/4% Senior Secured Notes due 2012 (add-on), B2 --> Ba3, LGD 2, 18%

$325 million 9 7/8% Senior Notes due 2011, Caa1 --> B3, LGD 4, 57%

$300 million 9 3/4% Senior Subordinate Notes due 2010, Caa2 --> Caa2, LGD 5, 86%

$175 million Senior Subordinate Floating Rates Notes due 2012, Caa2 --> Caa2, LGD 5, 86%

11.375% Senior Exchangeable Preferred Stock due 2010, Ca --> Caa2, LGD 6, 98%

12.25% Junior Exchangeable Pref Stock due 2011, C --> Caa2, LGD 6, 100%

Securus Technologies, Inc., B3

PDR: B3

$154 million 11% Second-priority Senior Sec Notes due 2011, B3 --> B2, LGD 3, 41%

Suncom Wireless, Inc., Caa3

PDR: Caa3

$250 million Senior Secured Term Loan due 2009, B2 --> B2, LGD 1, 3%

$714 million 8.5% Senior Notes due 2013, Caa2 --> Caa2, LGD 3, 37%

$340 million 9.375% Senior Subordinate Notes due 2011, Ca --> Ca, LGD 5, 83%

$391 million 8.75% Senior Subordinate Notes due 2011, Ca --> Ca, LGD 5, 83%

Ubiquitel Operating Company, B3

PDR: B2

9.875% Senior Notes Due 2011, Caa1 --> B3, LGD4, 66%

Windstream Corporation, Ba2

PDR: Ba2

Senior Secured R/C Due 2011, Ba2 --> Ba1, LGD2, 25%

Senior Secured TL A Due 2012, Ba2 --> Ba1, LGD2, 25%

Senior Secured TL B Due 2012, Ba2 --> Ba1, LGD2, 25%

Senior 8 5/8% Notes Due 2016, Ba3 --> Ba3, LGD5, 80%

Senior 8 1/8% Notes Due 2013, Ba3 --> Ba3, LGD5, 80%

Windstream Holdings Co. of the Midwest

Senior 6.75% Notes Due 2028, Ba2 --> Ba1, LGD2, 25%

Windstream Georgia Communications Co.

Senior 6.5% Notes Due 2013, Baa2 --> Baa2, LGD1, 0%

US LEC Corporation, Caa1

PDR: Caa1

Senior Sec 2nd Lien FRN Due 2009, B3 --> Caa1, LGD4, 50%

U.S. Telepacific Corporation, B3

PDR: B3

Senior Sec R/C Due 2011, B2 --> B1, LGD2, 28%

Valor Telecommunications Enterprise, LLC

Senior 7.750% Notes Due 2015, Ba2 --> Ba1, LGD2, 25%

New York
Mark Gray
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Toronto
Donald S. Carter
Senior Vice President
Corporate Finance 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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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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