info

Yes No
Moodys.com
ABOUT US
REGULATORY AFFAIRS
CAREERS
Terms of Use
CONTACT US
HOME
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
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” [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, Sept. 27, 2006 release: Moody's changes ratings on 15 energy midstream companies under LGD rating methodology

02 Oct 2006
Correction to text, Sept. 27, 2006 release: Moody's changes ratings on 15 energy midstream companies under LGD rating methodology

New York, October 02, 2006 -- Correction to text under Regency Gas Services LP. Revised release follows.

Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the broad energy midstream sector, encompassing companies that engage in the extraction, treating, transmission, distribution, and logistics for crude oil, natural gas, and other hydrocarbon products. The midstream sector comprises 22 families of companies subject to the LGD methodology including master limited partnerships and their general partner sponsors and regulated gas companies.

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.

In connection with implementing LGD for the midstream sector, Moody's also assigned multiple Corporate Family Ratings (CFR) for El Paso Corp. (El Paso) and The Williams Companies, Inc. (Williams) in which there is believed to be very low correlation of default probability among related legal entities in a single consolidated organization. This situation is likely to occur in organizations comprised of multiple legal entities, whose stand-alone credit risk is substantially insulated by regulatory or structural factors. Additionally, CFRs were assigned for the first time to companies that did not previously have them, including SEMCO Energy, Inc. and the pipeline subsidiaries of El Paso and Williams.

In El Paso's case, the CFR of B1 was changed to B2, redefining the scope of legal entities covered by this CFR as encompassing only the holding company level and excluding its core pipeline and E&P operating subsidiaries. El Paso Exploration & Production Company's CFR changed from B1 to Ba3, which has been redefined to reflect that subsidiary on a standalone basis. A CFR of Ba1 was assigned to each of El Paso's five pipeline subsidiaries: Tennessee Gas Pipeline Company, Southern Natural Gas Company, El Paso Natural Gas Company, ANR Pipeline Company, and Colorado Interstate Gas Company.

For Williams, Moody's assigned a Ba1 CFR to Williams Gas Pipeline Company, LLC, the holding company for the rated debt issued by its gas pipeline subsidiaries Northwest Pipeline Corporation and Transcontinental Gas Pipeline. Moody's also redefined the scope of Williams' CFR to include the holding company and all subsidiaries except Williams Gas Pipeline Company.

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 energy midstream 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.

AmeriGas Partners, L.P., Ba3

PDR: Ba3

7.25% Sr. Unsec. Global Notes due 2015, B1 --> B1, LGD 5, 71%

7.125% Sr. Unsec. Notes due 2016, B1 --> B1, LGD 5, 71%

Atlas Pipeline Partners, L.P., B1

PDR: B1

8.125% Sr. Unsec. Global Notes due 2015, B1 --> B2, LGD 5, 71%

Copano Energy, LLC, B1

PDR: B1

8.125% Sr. Unsec. Global Notes due 2016, B2 --> B2, LGD 5, 72%

El Paso Corporation, B2* (1)

PDR: B2

Sr debs, 6.375% through 10.75%, due 2008 through 2037, B2 --> B2, LGD4, 52%

Sr notes, 5.75% through 10.75%, due 2006 through 2037, B2 --> B2, LGD4, 52%

Nts, 6.50% through 7.875%, due through 2018, B2 --> B2, LGD4, 52%

Medium-term Nts, 6.95% through 9.0%, due through 2032, B2 --> B2, LGD4, 52%

$1.25 billion Revolving Credit Facility, B1 --> Ba3, LGD2, 26%

$500mm Deposit Loan Facility, B1 --> Ba3, LGD2, 26%

El Paso Performance-Linked Trust

Performance-Linked Trust Securities, B2 --> B2, LGD4, 52%

El Paso Energy Capital Trust I

4.75 % Trust Convertible Preferred Securities, B3 --> Caa1, LGD6, 96%

El Paso Tennessee Pipeline Co.

Sr Unsec Debs, 7.25% - 10%, due 2008 - 2025, B2 --> B2, LGD4, 52%

ANR Pipeline Company, Ba1*

PDR: Ba2

Debs and nts, 7.0% through 9.625%, due 2010 through 2025, Ba2 --> Ba1, LGD3, 36%

Nts, 13.75% due 2010, Ba2 --> Ba1, LGD3, 36%

Colorado Interstate Gas Company, Ba1*

PDR: Ba2

Sr Debs, 10.0% and 6.85%, due 2037, Ba2 --> Ba1, LGD3, 35%

Sr Nts, 5.95% and 6.80%, due 2015, Ba2 --> Ba1, LGD3, 35%

El Paso Exploration & Production Company, Ba3* (2)

PDR: Ba3

Sr Nts, 7.75%, due 2013 , B1 --> B1, LGD4, 61%

El Paso Natural Gas Company, Ba1*

PDR: Ba2

Nts, 7.625% due 2010, Ba2 --> Ba1, LGD3, 35%

Nts, 8.375%, due 2032, Ba2 --> Ba1, LGD3, 35%

Debs, 7.5%, due 2026 , Ba2 --> Ba1, LGD3, 35%

Debs,8.625%, due 2022, Ba2 --> Ba1, LGD3, 35%

Southern Natural Gas Company, Ba1*

PDR: Ba2

Nts, 6.125% through 8.875%, due 2007 through 2032, Ba2 --> Ba1, LGD3, 35%

Tennessee Gas Pipeline Company, Ba1*

PDR: Ba2

Debs, 6.0% through 7.625%, due 2011 through 2037, Ba2 --> Ba1, LGD3, 35%

Nts, 8.375%, due 2032, Ba2 --> Ba1, LGD3, 35%

EPCO Holdings, Inc., Ba1

PDR: Ba1

Sr. Sec. Gtd. Revolving Credit Facility due 2008, Ba3 --> Ba2, LGD 6, 92%

Sr. Sec. Gtd. Term Loan due 2008, Ba3 --> Ba2, LGD 6, 92%

Sr. Sec. Gtd. Term Loan B due 2010, Ba3 --> Ba2, LGD 6, 92%

Ferrellgas Partners L.P., Ba3

PDR: Ba3

8.75% Sr. Unsec. Notes due 2012, B2 --> B2, LGD 6, 91%

Ferrellgas, L.P.

6.75% Sr. Unsec. Global Notes due 2014, Ba3 --> Ba3, LGD 3, 44%

Holly Energy Partners, L.P., Ba3

PDR: Ba3

6.25% Sr. Unsec. Gtd. Global Notes due 2015, Ba3 --> B1, LGD 4, 62%

Inergy, L.P., Ba3

PDR: Ba3

6.875% Sr. Unsec. Gtd. Global Notes due 2014, B1 --> B1, LGD 4, 67%

8.25% Sr. Unsec. Gtd. Global Notes due 2016, B1 --> B1, LGD 4, 67%

MarkWest Energy Partners, L.P., B1

PDR: B1

6.875% Sr. Unsec. Global Notes due 2014, B2 --> B2, LGD 4, 70%

8.5% Sr. Unsec. Global Notes due 2016, B2 --> B2, LGD 4, 70%

MarkWest Operating Company, L.L.C.

Sr. Sec. Revolving Credit Facility due 2010, Ba3 --> Ba1, LGD 2, 15%

Sr. Sec. Term Loan due 2010, Ba3 --> Ba1, LGD 2, 15%

MGG Midstream Holdings, L.P., Ba1

PDR: Ba1

Sr. Sec. Term Loan due 2010, Ba3 --> Ba2, LGD 6, 93%

MxEnergy Holdings Inc., B3

PDR: B3

Sr. Unsec. Flt Rt Global Notes due 2011, Caa1 --> Caa1, LGD 5, 77%

Niska Gas Storage, Ba3

PDR: Ba3

AECO Gas Storage

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD4, 50%

Niska Gas Storage Canada ULC

Sr. Sec. Term Loan due 2013, Ba3 --> Ba3, LGD4, 50%

Niska Gas Storage US, LLC

Sr. Sec. Term Loan due 2013, Ba3 --> Ba3, LGD4, 50%

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD4, 50%

Regency Gas Services LP, B1

PDR: B2

Sr. Sec. Revolving Credit Facility due 2011, B1 --> B1, LGD 3, 33%

Sr. Sec. Term Loan due 2013, B1 --> B1, LGD 3, 33%

SEMCO Energy, Inc., Ba2*

PDR: Ba3

6.4% Sr. Unsec. Medium Term Notes due 2008, Ba2 --> Ba2, LGD 3, 37%

7.03% Sr. Unsec. Medium Term Notes due 2013, Ba2 --> Ba2, LGD 3, 37%

8% Sr. Unsec. Notes due 2016, Ba2 --> Ba2, LGD 3, 37%

6.49% Sr. Unsec. Notes due 2009, Ba2 --> Ba2, LGD 3, 37%

7.75% Sr. Unsec. Global Notes due 2013, Ba2 --> Ba2, LGD 3, 37%

7.125% Sr. Unsec. Global Notes due 2008, Ba2 --> Ba2, LGD 3, 37%

SemGroup, L.P., Ba3

PDR: Ba3

8.75% Sr. Unsec. Gtd. Global Notes due 2015, B1 --> B1, LGD 5, 79%

Sr. Sec. Gtd. Revolving Credit Facility due 2010, Ba3 --> Ba2, LGD 3, 41%

Sr. Sec. Gtd. Term Loan due 2010, Ba3 --> Ba2, LGD 3, 41%

SemCams Holding Company

Sr. Sec. Term Loan due 2010, Ba3 --> Ba2, LGD 3, 41%

Southern Star Central Corp., Ba1

PDR: Ba1

6.75% Sr. Unsec. Global Notes due 2016, Ba3 --> Ba2, LGD 5, 80%

Star Gas Partners, L.P., Caa1

PDR: Caa1

10.25% Sr. Unsecured Global Notes due 2013, Caa3 --> Caa3, LGD 5, 85%

Suburban Propane Partners, L.P., Ba3

PDR: Ba3

6.875% Sr. Unsec. Global Notes due 2013, B1 --> B1, LGD 5, 78%

**Targa Resources, Inc., Ba3

PDR: Ba3

Sr. Sec. Gtd. Term Loan due 2012, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Gtd. Bank Credit Facility due 2007, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Gtd. Letter of Credit Facility due 2011, Ba3 --> Ba3, LGD 3, 50%

8.5% Sr. Unsec. Global Bonds due 2013, B2 --> B2, LGD 6, 93%

Vulcan Energy Corporation, Ba1

PDR: Ba1

Sr. Sec. Gtd. Term Loan B due 2011, Ba2 --> Ba2, LGD 6, 95%

Sr. Sec. Gtd. Revolving Credit Facility due 2009, Ba2 --> Ba2, LGD 6, 95%

Williams Companies, Inc. (The), Ba2

PDR: Ba2

10.25% Sr. Unsec. Debentures due 2020, Ba2 --> Ba2, LGD 4, 59%

9.375% Sr. Unsec. Debentures due 2021, Ba2 --> Ba2, LGD 4, 59%

8.875% Sr. Unsec. Debentures due 2012, Ba2 --> Ba2, LGD 4, 59%

7.625% Sr. Unsec. Notes due 2019, Ba2 --> Ba2, LGD 4, 59%

7.5% Sr. Unsec. Bonds due 2031, Ba2 --> Ba2, LGD 4, 59%

5.935% Sr. Unsec. Notes due 2007, Ba2 --> Ba2, LGD 4, 59%

7.75% Sr. Unsec. Bonds due 2031, Ba2 --> Ba2, LGD 4, 59%

7.875% Sr. Unsec. Notes due 2021, Ba2 --> Ba2, LGD 4, 59%

7.125% Sr. Unsec. Notes due 2011, Ba2 --> Ba2, LGD 4, 59%

8.125% Sr. Unsec. Global Notes due 2012, Ba2 --> Ba2, LGD 4, 59%

8.75% Sr. Unsec. Global Bonds due 2032, Ba2 --> Ba2, LGD 4, 59%

8.625% Sr. Unsec. Notes due 2010, Ba2 --> Ba2, LGD 4, 59%

Multiple Seniority Shelf (Senior Unsecured), (P)Ba2 --> (P)Ba2, LGD 4, 59%

Multiple Seniority Shelf (Subordinate), (P)Ba3 --> (P)B1, LGD 6, 96%

Multiple Seniority Shelf (Preferred), (P)B1 --> (P)B1, LGD 6, 97%

Williams Production RMT Company

7.55% Sr. Unsec. Notes due 2007, Ba2 --> Ba2, LGD 4, 59%

Williams Holdings of Delaware, Inc.

6.5% Sr. Unsec. Notes due 2008, Ba2 --> Ba2, LGD 4, 59%

MAPCO Inc.

7.25% Sr. Unsec. Notes due 2009, Ba2 --> Ba2, LGD 4, 59%

8.72% Sr. Unsec. Notes due 2022, Ba2 --> Ba2, LGD 4, 59%

7.7% Sr. Unsec. Notes due 2027, Ba2 --> Ba2, LGD 4, 59%

Transco Energy Company

9.875% Sr. Unsec. Notes due 2020, Ba2 --> Ba2, LGD 4, 59%

Williams Gas Pipeline Company, LLC, Ba1*

PDR: Ba2

Northwest Pipeline Corporation

9% Sr. Unsec. Debentures due 2022, Ba1 --> Ba1, LGD 3, 35%

7.125% Sr. Unsec. Debentures due 2025, Ba1 --> Ba1, LGD 3, 35%

6.625% Sr. Unsec. Debentures due 2007, Ba1 --> Ba1, LGD 3, 35%

7% Sr. Unsec. Gtd. Global Notes due 2016, Ba1 --> Ba1, LGD 3, 35%

8.125% Sr. Unsec. Global Notes due 2010, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Shelf , (P)Ba1 --> (P)Ba1, LGD 3, 35%

Transcontinental Gas Pipe Line Corporation

7.08% Sr. Unsec. Debentures due 2026, Ba1 --> Ba1, LGD 3, 35%

7.25% Sr. Unsec. Debentures due 2026, Ba1 --> Ba1, LGD 3, 35%

6.25% Sr. Unsec. Bonds due 2008, Ba1 --> Ba1, LGD 3, 35%

7% Sr. Unsec. Global Notes due 2011, Ba1 --> Ba1, LGD 3, 35%

8.875% Sr. Unsec. Notes due 2012, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Flt Rt Global Notes due 2008, Ba1 --> Ba1, LGD 3, 35%

6.4% Sr. Unsec. Global Notes due 2016, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Shelf , (P)Ba1 --> (P)Ba1, LGD 3, 35%

Williams Partners LP, Ba3

PDR: Ba2

7.5% Sr. Unsec. Global Notes due 2011, Ba3 --> Ba3, LGD 4, 67%

* This CFR has been assigned in conjunction with implementing LGD

** Denotes certain ratings may be under review

(1) This CFR relates only to El Paso Corp. parent company, not the consolidated entity

(2) This CFR relates only to El Paso Exploration & Production Co., not the EP consolidated entity

end

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

New York
Mihoko Manabe
VP - Senior Credit Officer
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.

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.

​​​​
Moodys.com