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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.

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Related Issuers
Administracion Nacional de Combustibles-ANCAP
Aeroports de Montreal
Air Jamaica Limited
Aruba Airport Authority N.V.
Autopista Monterrey-Cadereyta NAFIN F/80425
Brilliant Power Corporation
British Columbia Hydro & Power Authority
Calcasieu Parish Industrial Develop. Bd., LA
Cerro Negro Finance, Ltd.
CITGO Petroleum Corporation
Companhia de Saneamento do Parana - SANEPAR
Companhia Energetica de Brasilia - CEB
Companhia Energetica de Minas Gerais - CEMIG
Companhia Paranaense de Energia - COPEL
Corporacion Nacional del Cobre de Chile
Corpus Christi (Port of) TX, Ind. Dev. Corp.
Deer Park Refining Limited Partnership
Edmonton Regional Airports Authority
Empresa Nacional del Petroleo
Fertinitro Finance Inc.
Furnas Centrais Eletricas S.A
Greater Toronto Airports Authority
Gulf Coast Industrial Development Authority
Hamaca Holding LLC
HOVENSA L.L.C.
HQI Transelec Chile S.A.
Hydro One Inc.
Hydro-Quebec
Illinois Development Finance Authority
Kansas City Southern de Mexico, S.A. de C.V.
Manitoba Hydro Electric Board
Merey Sweeny Coker Project
Merey Sweeny, L.P.
Motiva Enterprises LLC
NAV CANADA
New Brunswick Electric Finance Corporation
Ontario Electricity Financial Corporation
Ontario Power Authority
Ottawa Macdonald-Cartier Int'l Airport Auth.
Pemex Project Funding Master Trust
Petrobras Argentina S.A.
Petrobras International Finance Company
Petroleo Brasileiro S.A. - PETROBRAS
Petroleos de Venezuela, S.A.
Petroleos Mexicanos
Petroleum Co.of Trinidad & Tobago (Petrotrin)
Petrozuata Finance Inc.
Phoenix Park Funding Limited
Phoenix Park Gas Processors Limited
Sincrudos de Oriente SINCOR C.A.
Tennessee Valley Authority
Vale Overseas Limited
Vale S.A.
Winnipeg Airports Authority Inc.
Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR CORPORATE ISSUERS IN THE AMERICAS

08 Jul 2005
MOODY'S ANNOUNCES RATING IMPACT OF 'GRI' METHODOLOGY FOR CORPORATE ISSUERS IN THE AMERICAS

New York, July 08, 2005 -- Moody's Investors Service published today the results of an examination of corporate sector ratings in North, Central, and South America in light of the introduction of its new rating methodology for government-related issuers ("GRIs").

In April 2005, Moody's published a Rating Methodology report entitled "The Application of Joint-Default Analysis to Government-Related Issuers". The new methodology formally disaggregates the ratings of GRIs into four components: (i) an assessment of the GRI's baseline credit risk, (ii) the default risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the expected level of support from the government.

Below is a list of all corporate GRIs in the Americas affected by the new rating methodology, including the rating changes resulting from the application of the methodology.

For a detailed discussion of how Moody's evaluates corporate GRIs in practice, please refer to Moody's Special Comment entitled "Rating Government-Related Issuers in Americas Corporate Finance", also published today.

As previously indicated, in addition to the ratings assigned to issuers and debt securities, Moody's has also published ranges of methodology inputs for each GRI, as follows:

- Baseline credit assessment, on a scale of 1 (lowest credit risk) to 6 (highest credit risk)

- Local currency bond rating of the supporting government (as published by Moody's)

- Dependence, expressed as low, medium or high

- Support, expressed as low, medium or high

For details of these input ranges for individual GRIs, please refer to the Credit Opinions published today for each corporate GRI in the Americas region. Please also refer to the separate addendum to Moody's new GRI special comment ("Rating Government-Related Issuers in the Americas -- Addendum"), which outlines the ranges of inputs and rating outcomes for every corporate GRI in the region by sector and by country.

The following list outlines ratings affirmed or upgraded following the application of the GRI rating methodology. The rated entity is listed with the rated class of debt, and the final rating outcome and rating outlook.

RATINGS AFFIRMED WITH NO CHANGE IN RATING OUTLOOK

- Administracion Nacional de Combustibles (ANCAP)

Issuer Rating (foreign currency) -- B3, Stable Outlook

- Aeroports de Montreal

Senior Secured (domestic currency) -- A2, Stable

- Air Jamaica

Backed Senior Unsecured (foreign currency), B1, Stable

- Autopista Monterrey Cadereyta

Senior Secured (foreign currency) - Baa3, Stable

- Brilliant Power Corporation

Senior Secured (domestic currency) -- A1, Stable

- British Columbia Hydro & Power Authority

Backed Senior Unsecured (domestic currency) -- Aa1, Stable

- Companhia Energetica de Minas Gerais (CEMIG)

Senior Unsecured (domestic currency) B1, Stable

- Companhia Paranense de Energia (COPEL)

Corporate Family Rating (domestic currency, Ba3, Stable

Senior Secured (domestic currency) -- Ba2, Stable

Senior Unsecured (domestic currency) -- Ba3, Stable

- Deer Park Refining Ltd. Partnership

Senior Unsecured (domestic currency), A2, Stable

Backed Senior Unsecured (domestic currency) -- A2, Stable

- Edmonton Regional Airports Authority

Senior Secured (domestic currency), A1, Negative

- Greater Toronto Airports Authority

Senior Secured (domestic currency), A2, Stable

- Hovensa LLC

Senior Secured (domestic currency), Baa3, Stable

- HQI Transelec S.A.

Senior Unsecured (foreign currency), Baa1, Stable

- Hydro-Quebec

Backed Senior Unsecured (domestic currency), A1, Stable

- Manitoba Hydro Electric Board

Backed Commercial Paper (foreign currency), P1, Stable

- Merey Sweeny L.P.

Senior Unsecured (domestic currency), Baa3, Stable

- Motiva Enterprises LLC

Senior Unsecured (domestic currency), A2, Stable

- NAV CANADA

Senior Secured (domestic currency), Aa3, Stable

- New Brunswick Power Corporation

Backed Senior Unsecured (domestic currency), Aa3, Stable

- Ontario Electricity Financial Corporation

Backed Senior Unsecured (domestic currency), Aa2, Stable

- Ontario Power Authority

Issuer Rating (domestic currency), Aa2, Stable

- Ottawa Macdonald-Cartier International Airport Authority

Senior Secured (domestic currency), A1, Stable

- Pemex Project Funding Master Trust

Backed Senior Unsecured (foreign currency), Baa1, Stable

- Petrobras Energia S.A.

Corporate Family Rating (foreign currency), B3, Stable

- Petrobras International Finance Co. (PIFCO)

Backed Senior Unsecured (foreign currency), Ba1, Positive

- Petroleo Brasileiro S.A. (Petrobras)

Senior Unsecured (foreign currency), Ba1, Positive

Corporate Family Rating (foreign currency), B1, Positive

- Petroleos de Venezuela, S.A.(PDVSA)

Issuer Rating (domestic currency), B1, Developing

Issuer Rating (foreign currency), B2, Stable

Corporate Family Rating (foreign currency), B2, Stable

- Petroleos Mexicanos (PEMEX)

Senior Unsecured (domestic and foreign currency), Baa1, Stable

Corporate Family Rating (foreign currency), Baa1, Stable

Issuer Rating (domestic and foreign currency), Baa1, Stable

- Petroleum Company of Trinidad & Tobago (Petrotrin)

Issuer Rating (foreign currency), Baa3, Stable

- Tennessee Valley Authority

Senior Unsecured (domestic currency), Aaa, Stable

- TFM S.A. de C.V.

Backed Senior Unsecured (foreign currency), B2, Negative

Senior Unsecured (foreign currency), B2, Negative

Corporate Family Rating (foreign currency), B2, Negative

- Winnipeg Airports Authority Inc.

Senior Secured (domestic currency), (P)A1, Stable Outlook

RATINGS AFFIRMED WITH CHANGE IN OUTLOOK

- Companhia de Saneamento de Parana (SANEPAR)

Senior Unsecured (domestic currency) B1, Positive Outlook

- Petroleos de Venezuela S.A. (PDVSA)

Issuer Rating (domestic currency), B1, Developing Outlook

RATINGS UPGRADED (NEW RATINGS LISTED)

- Aruba Airport Authority

Senior Unsecured (foreign currency), Baa3, Stable Outlook

- Cerro Negro Finance Limited

Backed Senior Secured (foreign currency), Ba3, Stable

- CITGO Petroleum Corporation

Corporate Family Rating (domestic currency), Ba1, Stable

Senior Unsecured (domestic currency), Ba1, Stable

- Companhia Vale do Rio Doce (CVRD)

Senior Unsecured Shelf Registration (foreign currency, (P)Baa3, Stable

Issuer Rating (domestic currency), Baa1, Stable

- Corporacion Nacional del Cobre de Chile (CODELCO)

Senior Unsecured (foreign currency), Aa3, Stable

- Empresa Nacional del Petroleo, S.A. (ENAP)

Senior Unsecured (foreign currency), A2, Stable

- Fertinitro Finance Inc.

Backed Senior Secured (foreign currency), B3, Stable

- Hamaca Holding LLC

Senior Secured (foreign currency), Ba3, Stable

- Hydro One Inc.

Senior Unsecured (domestic currency), Aa3, Stable

- Petrobras Energia S.A.

Senior Unsecured (foreign currency), Ba2, Stable

- PetroZuata Finance Inc.

Backed Senior Secured (foreign currency), Ba3, Stable

- Petroleo Brasileiro (Petrobras) S.A.

Senior Unsecured (domestic currency), A2, Stable

Issuer Rating (domestic currency), A2, Stable

- Phoenix Park Gas Processor Ltd.

Senior Secured (foreign currency), A3, Stable

- Sincrudos de Orient (SINCOR)

Senior Secured (foreign currency), Ba3, Stable

- Vale Overseas Ltd -- Backed Senior Unsecured (foreign currency), Baa3, Stable Outlook

RATING UNDER REVIEW - POSSIBLE UPGRADE

- Furnas Centrais Eletricas S.A.

Issuer Rating (domestic currency), Ba2

RATING CONTINUING UNDER REVIEW -- DIRECTION UNCERTAIN

- Companhia de Energetica de Brasilia (CEB)

Senior Unsecured (domestic currency), Ba3

RATING ASSIGNED

- Air Jamaica

Corporate Family Rating (domestic currency), B2, Stable Outlook

* * * * *

NOTE TO JOURNALISTS ONLY: For a copy of any of the Moody's reports referred to in this press release, please contact Daniel Piels in London on +44-20-7772-5456; New York Press Information +1-212-553-0376; Juan Pablo Soriano in Madrid +34-91-310-1454; Henry MacNevin in Milan +39-02-5821-5580; Detlef Scholz in Frankfurt +49-69-707-30-700; Adel Satel in Limassol +357-25-586-586; Hector Lim in Sydney +612 9270 8102; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Luiz Tess in São Paulo +55-11-3443-7444; Benito Solis in Mexico City +5255-9171-1817; Jose Fenner in Buenos Aires +54 11-4816-2332 ext. 118; or Reynold Leegerstee in Johannesburg +27-11-217-5471 or visit our web site at www.moodys.com

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

New York
Chee Mee Hu
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.

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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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.

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