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Rating Action:

MOODY'S ABCP RATING ACTIONS FOR THE TWENTY-ONE DAY PERIOD ENDED JANUARY 8, 2004

09 Jan 2004

New York, January 09, 2004 -- MOODY'S IMPROVES ACCESS TO ABCP RESEARCH

On January 7, Moody's Investors Service rolled out an important improvement to the ABCP homepage on Moodys.com. Among other improvements, all of the research associated with a conduit can now be accessed through an alphabetical list of program names. "Research" on the ABCP home page now includes a new topic called "Market Reviews and Performance Overviews." This topic includes a page which lists all of the Moody's-rated ABCP programs with market reviews and performance overviews in alphabetical order. In addition, a drop-down menu allows the user to restrict the list of programs to specific types, including multiseller, single-seller, hybrids, SIVs, as well as loan-backed and securities arbitrage programs.

The new page also has links to related ABCP research, including the ABCP program index and all of the ABCP Market Snapshots, Special Comments and quarterly Market Reviews for the past six months.

If you have any questions or comments, please contact David Little at 212-553-1627.

THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT PRIME-1 DURING THE PERIOD DECEMBER 19, 2003 THROUGH JANUARY 8, 2004:

MOODY'S AFFIRMS RATINGS OF CIBC-SPONSORED CONDUITS

Moody's has affirmed the Prime-1 rating of Special Purpose Accounts Receivable Corp. (SPARC), Asset Securitization Capital Company, LLC (ASCC), Superior Funding Capital Coroporation (Superior), Great Lakes Funding Capital Corporation (Great Lakes), Asset-Backed Securitisation Corp. Ltd. and ABSC Capital Corporation, Inc. (together "ABSC"), all partially supported, multiseller conduits sponsored by Canadian Imperial Bank of Commerce (CIBC, Aa3/Prime-1/B).

On December 22, 2003, CIBC agreed to settle with US and Canadian regulators with respect to its involvement with Enron Corp. As part of the settlement, CIBC has agreed not to administer or sponsor receivable conduits in the United States, United Kingdom or Australia for three years beginning in December 2003. The agreement does permit existing conduits to be wound down or sold in an orderly fashion in the normal course of business.

The ratings of both conduits are affirmed for the following reasons: the settlement terms do not affect the underlying transactions funded by the conduits, so their credit quality remains unchanged; the settlement permits CIBC to continue providing the same level of operational, credit and liquidity support as before, under the terms of CIBC's various agreements with the conduits; CIBC's corporate ratings remain unchanged at Aa3 senior unsecured, Prime-1 short-term and B- bank financial strength; and the program credit enhancement provided for the conduits remains unchanged.

Moody's will continue to monitor the performance of these conduits and the relevant support parties, as we monitor the performance of all conduits that carry a Moody's rating.

MULTICONDUIT MORTGAGE WAREHOUSING FACILITY AMENDED

An $8.116 billion dollar warehouse facility that has been syndicated to a number of ABCP conduits has been amended.

The originator of the mortgages is an unrated residential mortgage finance company whose parent is rated A3, but who does not offer any support to the transaction. The warehouse facility is used to finance two lines of the company's business.

The first line involves short-term lending to mortgage bankers. The advances to the mortgage bankers are secured by recently originated mortgage loans. As before, eligibility requirements limit the concentration of financially weaker borrowers in the loan pool. Second, collateral eligibility requirements maintain the overall credit quality of the second line of defense against loss, the underlying mortgage collateral. Third, a percentage of the collateral must be subject to guaranteed purchase agreements from third parties. These protections are augmented by the credit enhancement in the transaction. Liquidity banks fund against the receivables to the extent that they are less than 60 days past due.

The company's second line of business is the securitization of mortgage loans it purchases directly from loan originators or in the whole-loan market. The company uses the warehouse finance facility to fund the mortgages prior to an MBS securitization. The warehouse finance line is used to finance a variety of residential mortgage products. Credit enhancement supporting the mortgage finance pool takes two forms. Here again, enhancement for this part of transaction was formerly a single number applicable to all assets based on concentration limits or buckets of certain types of assets that were permitted. Now the enhancement is assessed against each individual asset type in the amounts necessary to achieve Prime-1 ratings. In addition, since after the restructuring of the transaction the liquidity facilities are no longer absorbing market value risk, market value haircuts have been assessed against the collateral to protect investors' interests. Liquidity banks fund against the mortgages to the extent that they are less than 60 days past due.

The conduit participants include Barclays plc's Sheffield Receivables Corp. ($1.241 billion), Societe Generale's Asset One Securitization, LLC (not rated by Moody's) and Barton Capital Corp. ($1.5 billion); ABN AMRO N.V.'s Amsterdam Funding Corp. and Windmill Funding Corp, ($700 million); Bank One, N.A.'s PREFCO ($375 million); West LB AG's Compass US Acquisition, LLC and Paradigm Funding LLC ($1.1 billion); CIBC's Asset Securitization Capital Company, LLC ($500 million); Royal Bank of Canada's Old Line Funding Corp. ($800 million), Bank of America's Receivables Capital Company, LLC ($1.050 billion); Citicorp North America, Inc.'s CRC Funding, LLC and CHARTA, LLC ($350 million), and BNP Paribas' Starbird Funding Corp.) ($500 million).

ASCC AND SPARC CONVERT TO LIMITED LIABILITY COMPANIES

Moody's has confirmed the Prime-1 rating of Asset Securitization Cooperative Corp., now Asset Securitization Capital Company, LLC, and Special Purpose Account Receivables Corp., now SPARC, LLC, after taking into account their conversion to Delaware LLCs. The conduits' bankruptcy remoteness is unaffected.

HSBC'S BRYANT PARK AND DEUTSCHE BANK'S TAHOE FUNDING ADD CLASS A AND CLASS B VARIABLE FUNDING CERTIFICATES FROM CREDIT CARD MASTER TRUST

Bryant Park Funding LLC ("Bryant Park"), HSBC's (Aa3/Prime-1/B-) multiseller ABCP conduit and Tahoe Funding Corp ("Tahoe"), Deutsche Bank's (Aa3/Prime-1/B-) ABCP conduit, purchased an A2-rated $182,291,667 Class A Certificate and a Baa2-rated $17,798,333 Class B Certificate that is part of a $1 billion series issued out of a master trust. The collateral in the trust is backed by a pool of credit card receivables originated by a B2-rated financial company that was recently acquired by a financial institution.

Credit enhancement for the Class A Certificates is provided by subordinated Class B Certificates and Class C Certificates, which offer first-loss protection and must always equal at least 12.5% of the invested amount. The Class B Certificate is supported by subordination from the Class C Certificate in an amount equal to 4% of the invested amount. It also benefits from a funded dynamic spread account, which is sized at 1% of the invested amount initially. It will fluctuate if excess spread deteriorates.

Liquidity facilities are provided by Prime-1-rated HSBC and Deutsche Bank for each of their respective investments. For each conduit's investment in the Class A Certificate, the liquidity facility funds against good assets. The liquidity facility includes structural protections for the Class B Certificate that limit the time ABCP investors are exposed to losses.

Program-wide credit enhancement for each of Bryant Park and Tahoe was increased by 8% of purchase commitments for the Class A and Class B Certificates. In Moody's opinion, the additional program enhancement will bring the Class A Certificate up to a level consistent with Prime-1. The Class B Certificate is relying on the program enhancement as well as structural protections to achieve a level consistent with Prime-1.

SOCIETE GENERALE'S ANTALIS ADDS TWO RECEIVABLE POOLS AND AMENDS TWO EXISTING DEALS

In Paris, Moody's has confirmed the Prime-1 rating of Antalis SA, the multiseller, partially supported ABCP program sponsored by Societe Generale (Aa3/Prime-1/B). This rating action follows two pool additions and amendments to two existing programs.

The first pool addition is a GBP 160 million transaction backed by trade receivables originated by a UK-based industrial company. Pool-specific credit enhancement is based on a dynamic formula, subject to a floor of 8%. The second portfolio finances insurance premiums of French subsidiaries of a large European insurance company for a maximum purchase limit of EUR 175 million. The obligors are multi-sector French corporate entities, but the pool includes some larger exposure to bank obligors, including Societe Generale. The pool-specific credit enhancement is sized as a percentage of receivable balances that are added on a quarterly basis. Minimum credit enhancement is 6%. Concentration limits have been also included, but they do not apply to Societe Generale as obligor. Both transactions rely on pool-specific liquidity facilities provided by Societe Generale (Aa3/Prime-1), sized at 102.5% of commitments. They fund against non-defaulted assets. In addition, Antalis' program-wide credit enhancement has been increased by 8% of those deals' purchase limits.

In addition, an existing transaction has been renewed and amended to incorporate a new seller. This relates to a pool of trade receivables originated by an Italian dairy products company. The size of the deal has been slightly increased by EUR 30 million to EUR 90 million. In addition, two existing deals involving a single pool of French trade receivables in the electronic sector with the same seller have been restructured to create a single deal. There has been no change in the pool performance as a whole. The deal benefits from a loss reserve subject to a floor of 8%. A liquidity facility provided by Societe Generale still funds for non-defaulted assets. As in all Antalis programs, performance triggers act as cease-issuance triggers.

Antalis is now authorized to issue up to EUR 5.06 billion of ABCP.

SOCIETE GENERALE'S BARTON PURCHASES $100 MILLION VARIABLE FUNDING NOTE

Societe Generale's (Aa3/Prime-1/B) Barton Capital Corp. has purchased a $100 million variable funding note (VFN) backed by credit card receivables. It is explicitly rated Aaa, due to a financial guaranty policy from FSA. A liquidity provided by Societe Generale funds the face amount of ABCP unless an insurer default has occurred. If an insurer default occurs, then the liquidity facility will fund against an asset balance concept that will subtract from Barton's investment any chargeoffs to the series. Barton is now authorized to issue up to $12.7 billion of ABCP.

JPMORGAN-ADMINISTERED ABCP CONDUIT CONVERTS TO LIMITED LIABILITY COMPANY AND ISSUES PREFERRED EQUITY INTERESTS

Delaware Funding Corp., JPMorgan Chase Bank's (Aa3/Prime-1) partially supported, multiseller ABCP conduit, has converted to a limited liability company and from now on will be known as Delaware Funding Company, LLC ("DFC"). It has also amended its program to allow for the issuance of preferred equity interests (units). The preferred units are fully subordinated to any ABCP issued by DFC. Interest and principal may be paid on the preferred units only if there are funds in excess of amounts needed to repay ABCP. The investors in the preferred units have agreed to the normal limitations on recourse and bankruptcy claim rights that are found in ABCP conduit documentation.

FLEETBOSTON'S EAGLEFUNDING ENTERS INTO $200 MILLION FUNDING AGREEMENT

EagleFunding Capital Corporation, a partially supported, multiseller ABCP conduit sponsored by FleetBoston (A1/Prime-1), entered into a $200 million funding agreement to finance an A3-rated insurance company. The funding agreement is collateralized by a diverse, U.S. dollar-denominated fixed income portfolio. A liquidity facility provided by Prime-1-rated Fleet National Bank effectively fully supports the funding agreement facility. Program-level credit enhancement for EagleFunding was increased by 5% of the purchase commitment. With the addition of the transaction, EagleFunding is authorized to issue up to $4.4 billion in ABCP.

EIFFEL FUNDING AMENDS PROGRAM TO ISSUE SUBORDINATED NOTES AND ADDS SEVERAL NEW ASSETS

Eiffel Funding, LLC, CDC Financial Products, Inc.'s (Aaa/Prime-1) partially supported, multiseller conduit, has amended its program to allow for the issuance of subordinated notes in the amount up to $2.5 million. The notes are fully subordinated to any ABCP issued by Eiffel. Interest and principal may be paid on the notes only if there are funds in excess of amounts needed to repay ABCP. The subordinated note holders have agreed to the normal limitations on recourse and bankruptcy claim rights that are found in ABCP conduit documentation.

Eiffel has also added five new asset interests from two separate facilities and amended an existing subscription loan facility. Two of the new interests are unrated classes of variable funding notes totaling $350 million that are part of the same series issued out of a master trust. The collateral backing the notes consists of consumer loans originated and serviced by an A1/Prime-1-rated finance company. The loan pool includes closed-end and revolving loans that are either personal unsecured loans or personal homeowner loans. The first note, totaling $297 million, is the most senior note of the series and is supported by subordination equal to 52.4%. Moody's reviewed this note and has determined that it is consistent with a Prime-1 rating. The second note, totaling $52.5 million, is supported by subordination equal to 44%. In order for this note to be consistent with a Prime-1 rating, investors are relying on both program-wide credit enhancement and structural protections that reduce credit risk. Program-wide credit enhancement will increase by 10% of outstandings for each note.

The remaining three asset interests added are a Aaa-rated Class A-1 note that is fixed at an amount equal to $50 million, a Aaa-rated Class A-2 revolving note for up to $75 million and a Aa3-rated variable funding note for $50 million. Each note is part of a CDO structure secured primarily by senior secured loans and some distressed assets. Program-wide credit enhancement will not be increased for the Class A-1 and Class A-2 notes due to the high credit quality of the notes. However, the amount of program enhancement will increase by 10% of outstandings against the variable funding note.

Lastly, there was an amendment to an existing subscription loan facility to permit Eiffel to make loans in Euro, Sterling or US$. ABCP would still be issued in either the US or Euro market. A hedge is in place to convert ABCP proceeds into the appropriate currency of the loan. Prior to the amendment loans were denominated solely in U.S. dollars. Since liquidity facilities protect investors against all currency risk, this change to the facility will not increase risk to the ABCP investor.

HUDSON CASTLE'S FENWAY FUNIDNG PURCHASES $230 MILLION CLO

Moody's has affirmed the Prime-1 rating of Fenway Funding LLC, Hudson Castle's fully supported multi-seller conduit issuing Secured Liquidity Notes ("SLNs"), upon its commitment to purchase up to $230 million of a collateralized note obligation. The conduit is administered by Deutsche Bank Trust Company Americas (A1/Prime-1/C). The SLNs have an expected maturity date of up to 90 days, and a legal final maturity date of 390 days. The maturity of the SLNs can be extended on the expected maturity date if funds are insufficient to repay the notes. A liquidity facility provided by Prime-1-rated General Electric Capital Services, Inc. fully supports the facility at legal final maturity. Unlike conventional ABCP transactions, the liquidity provider will know by 300 days in advance, or on the expected maturity date, that it will be required to fund up to its commitment on the legal final maturity of the extended SLNs. Fenway has no program credit enhancement. Fenway is authorized to issue up to $5 billion in SLNs.

DEUTSCHE BANK'S GEMINI PURCHASES ABCP FROM SISTER CONDUITS SEDONA FUNDING CORP. AND TAHOE FUNDING CORP. TOTALING $1.83 BILLION AND Aaa-RATED STUDENT LOAN-BACKED BOND AMOUNTING TO $100 MILLION

During the period from December 12 to 20, 2003, Deutsche Bank's Gemini Securitization Corp. (Aa3/Prime-1/B-) purchased a total of $1.83 billion of ABCP from sister conduits. The ABCP is backed by several asset interests. These assets include two unrated variable funding certificates amounting to $200 million. The certificates are issued by a trust backed by prime-quality credit card receivables. Subordination for the senior certificate is 12.5%, while for the senior subordinated certificate it is 6.5%. Subordination takes the form of a junior variable funding certificate and a funded spread account.

Another purchase was a $500 million residential mortgage facility to a mortgage financing company. The facility is fully supported by a liquidity facility provided by Deutsche Bank.

Other assets include $80 million of Aaa-rated senior secured floating rate notes issued by a newly established trust, where the underlying assets are collateralized debt obligations and $300 million of Class A certificates issued by a master trust and backed by consumer loans. The latter purchase was made with full liquidity support provided by Deutsche Bank.

Also, four notes aggregating $500 million were issued by a warehouse facility backed by federally guaranteed student loans. The notes were explicitly rated Aaa and A2. Pool credit enhancement for the Class A note consists of the subordinated Class B note, which is 5%. Both classes also benefit from a funded reserve account of 0.5% and a capitalized interest account based on the percentage of unsubsidized Stafford loans. As the loans are federally guaranteed, 98% of the repayment of the principal and interest of the loans will be guaranteed by the federal government. Finally, an incremental increase of $250 million was made to senior and subordinate warehouse notes issued by a student loan backed warehouse facility through March 1, 2004.

Subsequently, Gemini's co-purchase share increased to a total of $570 million. After March 1, its co-purchase share will drop back to $350 million.

Gemini also directly purchased a $100 million Aaa-rated private student loan-backed bond issued by a new indenture. The bond carries a financial guaranty insurance policy from Ambac, a Aaa-rated monoline insurer.

As of December 31, 2003, the total commitment for Gemini was at $9.5 billion with $5.1 billion of ABCP outstanding. Of those amounts, Sedona has $3.1 billion in total commitments with $1.6 billion in outstandings, and Tahoe has $2.6 billion in commitments and $1.5 billion in outstandings. Gemini program credit enhancement is $575 million, with a floor of $250 million.

BLB'S GIRO MULTI-FUNDING AND BANK OF NOVA SCOTIA'S LIBERTY STREET ADD $300 MILLION CREDIT CARD DEAL

Giro Multi-Funding Corp (GMFC), a partially supported, multiseller conduit sponsored and administered by Bayerische Landesbank, New York Branch (Aaa/Prime-1/D+), and The Bank of Nova Scotia's (Aa3/Prime-1/B) Liberty Street Funding Corp. (Liberty Street), another partially supported, multiseller conduit, have purchased $100 million and $200 million, respectively, of credit card participation certificates issued by a private, unrated master trust. The certificates are backed by credit card receivables originated by a major bank that is rated investment-grade by Moody's. This transaction is partially supported; the subordination level for the Participation Certificates is 6%, and takes the form of a letter of credit provided by a Prime-1-rated bank. The deal is structured so that upon the occurrence of any early amortization event, GMFC will cease issuing ABCP and fund the transaction through a liquidity facility provided by Prime-1-rated BLB. GMFC, which owns two other transactions backed by consumer loans, is now authorized to issue up to $3.6 billion of ABCP. Liberty is authorized to issue approximately $6 billion of ABCP.

STANFIELD'S MICA ADDS SECOND GLOBAL SWAP FACILITY.

Mica Funding LLC, a partially supported, multiseller ABCP conduit sponsored by Stanfield Global Strategies (unrated), added its second global swap facility. The facility permits the purchase of up to $2 billion of securities. This facility is fully supported by a total return swap provided by a major United States bank that is rated Aa3/Prime-1.

With the addition of this transaction, Mica is currently authorized to issue approximately $7 billion of ABCP. It has no program-level credit enhancement, because all but two transactions are fully supported by liquidity facilities.

WESTLB'S PARADIGM FUNDING ADDS SIX INTERESTS TOTALING $260.71 MILLION

Paradigm Funding LLC (Paradigm), a partially supported, multiseller conduit, has acquired three unrated credit card-backed investments, an interest in an unrated secured note backed by credit card receivables and an A1-rated and A2-rated credit-card backed investment from Montauk Funding Corp. Both conduits are administered by WestLB AG (Aa1/Prime-1/E, bank long-term deposit rating on review for possible downgrade).

Two unrated credit card investments, for $37.5 million and $48.53 million, are supported by 2.58% deal-specific enhancement provided through the liquidity facility as well as 10% incremental program-level credit enhancement. The third unrated credit card transaction, a $37.55 million investment, benefits from 6.0% deal-specific enhancement provided through the liquidity facility and 10% incremental program-level credit enhancement. In these three transactions, the risk to ABCP investors is minimized through a short ABCP tenor and very strong ABCP cease issuance events and other structural provisions. The $44.94 million interest in a secured note trust transaction backed by credit-card receivables is supported by a financial guaranty insurance policy from Aaa-rated XL Capital Assurance Inc. (XL Capital) and is fully supported by the liquidity facility, as long as XL Capital is not rated below Caa3 by Moody's or is insolvent.

Paradigm also acquired a $32.18 million interest in an A1-rated credit card-backed investment that benefits from 6% subordination, 2.5% deal-specific enhancement as well as 10% incremental program-level credit enhancement. Finally, it acquired $60 million in an A2-rated credit card-backed investment that benefits from 7.5% subordination, 2.5% deal-specific enhancement provided through the liquidity facility, and 10% incremental program-level credit enhancement.

Paradigm has about $7.54 billion in outstanding ABCP, with nearly $711.71 million in program-level credit enhancement. Paradigm is now authorized to issue about $9.06 billion of ABCP.

ROSY BLUE AMENDS PROGRAM DOCUMENTS TO ALLOW ISSUANCE OF EURO-DENOMINATED ABCP

Rosy Blue International SA (Rosy Blue), a fully supported, single-seller conduit administered by JPMorgan Chase (Aa3/Prime-1/B), has amended its program documents to allow for the issuance of Euro-denominated ABCP Notes ("Euro CP"). The program is a revolving facility backed by trade receivables generated by four wholly owned subsidiaries of Rosy Blue Finance SA. The US-denominated Euro ABCP Notes are fully supported by liquidity provided by KBC Bank NV (Aa3/Prime-1/B).

Liquidity for the Euro CP consists of spot and forward swap transactions provided by Prime-1-rated KBC Bank, as swap counterparty. These arrangements fully support the Euro CP Notes. The spot and forward swap transactions settle on the related issuance and maturity dates, respectively, of the Euro CP. The exchange rate for these swap transactions is set on the spot settlement date, which is the date the Euro CP is issued, and ensures that there will be sufficient funds paid by the swap counterparty on the forward settlement date to pay maturing Euro CP in full.

Rosy Blue is authorized to issue up to $150 million of ABCP.

SEVEN HILLS FUNDING CORP. AMENDS PROGRAM AND REMOVES INTEREST RATE SWAP

Seven Hills Funding Corp. a partially supported, single-seller ABCP program sponsored by Federated Department Stores Inc. (Baa1/Prime-2) recently amended its program and removed an interest rate swap in its liquidity agreements. Upon Moody's review of the documents and the structure of the conduit's program, it was determined that the removal of the interest rate swap would not result in an increase or a change in the risk to ABCP investors. The only asset in the conduit is a Aa1-rated Class A certificate issued out of the Prime Credit Card Master Trust. As of November 30, 2003, the conduit had no outstanding ABCP.

DRESDNER BANK'S SILVER TOWER FUNDING LIMITED ADDS EUR 150 MILLION TRADE RECEIVABLE TRANSACTION

Silver Tower Funding Limited, a Prime-1-rated, multiseller, partially supported ABCP conduit sponsored by Dresdner Bank AG (A1/Prime-1/C-), has added a EUR 150 million facility to its portfolio.

In the transaction, Silver Tower Funding makes advances under a commissioning agreement to a purchasing company, Master Finance Inc., which finances trade receivables originated within the computer hardware and software sector on a revolving basis.

The debtors of the underlying portfolio reside in various European countries. Obligor concentration is mitigated through commercial credit insurance, which covers the largest of the obligors.

Pool-specific credit enhancement is provided in the form of a 1.5% purchase discount; a cash reserve that is the greater of (i) 1.5% of actual purchase amount and (ii) EUR 1.2 million; and a subordinated loan of 10% of the actual purchase amount.

The transaction benefits from default and delinquency triggers. Such trigger events result in the termination of receivable purchases and the cessation of ABCP issuance followed by a put to the liquidity facility. Dresdner Bank AG (Prime-1/A1/C-) provides a liquidity faciilty which funds for non-defaulted receivables.

With this addition, Silver Tower Funding is now authorized to issue ABCP up to approximately EUR 15 billion.

For a more detailed description of these ABCP programs, see Moody's GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which is published quarterly. This information is also available at http://www.moodys.com.

New York
Claire Robinson
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Letitia Accarrino
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S ABCP RATING ACTIONS FOR THE TWENTY-ONE DAY PERIOD ENDED JANUARY 8, 2004
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.

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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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