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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
Air New Zealand Limited
Aneka Tambang Tbk (P.T.)
Antam Finance Limited
AusNet Electricity Services Pty Ltd
Ausnet Holdings (Partnership) Ltd Pt
AusNet Services Holdings Pty Ltd
China Mobile Limited
China National Offshore Oil Corporation
China Overseas Finance (Cayman) I Limited
China Overseas Land & Investment Limited
CITIC Hong Kong (Holdings) Limited
CITIC Hong Kong Finance Ltd.
CITIC Limited
CITIC Pacific Finance (2001) Limited
CMHI Finance (Cayman) Inc.
CNOOC Finance (2002) Limited
CNOOC Finance (2003) Limited
CNOOC Limited
Electricity Generating Authority of Thailand
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Hanshin Expressway Public Corporation
Housing New Zealand Limited
Indian Oil Corporation Ltd
Indosat Finance Company B.V.
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Japan Highway Public Corp.
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Korea East-West Power Co., Ltd.
Korea Electric Power Corporation
Korea Expressway Corporation
Korea Gas Corporation
Korea Hydro & Nuclear Power Co., Ltd.
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Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF JOINT DEFAULT ANALYSIS (JDA) METHODOLOGY FOR CORPORATE GRIs IN ASIA PACIFIC

14 Jul 2005
MOODY'S ANNOUNCES RATING IMPACT OF JOINT DEFAULT ANALYSIS (JDA) METHODOLOGY FOR CORPORATE GRIs IN ASIA PACIFIC

Hong Kong, July 14, 2005 -- Moody's Investors Service published today the results of an examination of the ratings of corporate government-related entities in Asia Pacific (including Japan) in light of the introduction of its new rating methodology for Joint Default Analysis (JDA).

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.

The application of the new methodology resulted in 21 ratings upgraded and 39 ratings affirmed.

Below is a list of all corporate GRIs in Asia Pacific covered by the new rating methodology, together with details of all rating actions taken.

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)

- Foreign/domestic currency ratings of the supporting government/GRI shareholder (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 Moody's Special Comment entitled "Rating Corporate Government-Related Entities in Asia Pacific", also published today, which outlines the ranges of inputs and rating outcomes for every corporate GRI in Asia Pacific by country.

Australia

* SingTel Optus Limited *

- Optus Finance Pty Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Upgraded to Aa3/STA from A2/STA

- Optus Finance Pty Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A2/STA

* Snowy Hydro Limited *

- Snowy Hydro Limited -- Senior Unsecured Domestic Currency Debt Rating -- Upgraded to A3/STA from Baa1/STA

* SPI Australia Holdings (Partnership) Ltd Pt *

- SPI Australia Holdings (Partnership) Ltd Pt -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/STA

- SPI Australia Holdings (Partnership) Ltd Pt -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA

- SPI Electricity & Gas Australia Hldgs Pty Ltd -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/STA

- SPI Electricity & Gas Australia Hldgs Pty Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA

- SPI Electricity Pty Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA

* Telstra Corporation Limited *

- Telstra Corporation Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/NEG

- Telstra Corporation Limited -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/NEG

- Telstra Corporation Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/NEG

- Telstra Corporation Limited -- Short Term Foreign Currency Commercial Paper Rating -- Affirmed at P-1/NEG

- Telstra Corporation Limited -- Short Term Issuer Rating -- Affirmed at P-1/NEG

China

* China Merchants Holdings International Co Ltd *

- China Merchants Holdings International Co Ltd -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa2/STA

- CMHI Finance (Cayman) Inc. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa2/STA

* China Mobile (Hong Kong) Limited *

- China Mobile (Hong Kong) Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/RFPU

* China National Offshore Oil Corporation *

- China National Offshore Oil Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A2/RFPD

* China Overseas Land & Investment Limited *

- China Overseas Finance (Cayman) I Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA

- China Overseas Land & Investment Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA

* CITIC Hong Kong Holdings Ltd. *

- CITIC Hong Kong Finance Ltd. -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Ba1/STA

* CITIC Pacific Limited *

- CITIC Pacific Finance (2001) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA

- CITIC Pacific Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA

* CNOOC Limited *

- CNOOC Finance (2002) Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A2/RFPD

- CNOOC Finance (2003) Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A2/RFPD

- CNOOC Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A2/RFPD

* GH Water Supply (Holdings) Limited *

- GH Water Supply (Holdings) Limited -- Backed Senior Secured Bank Credit Facility (Domestic Currency) -- Affirmed at Ba3/STA

- GH Water Supply (Holdings) Limited -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba2/STA

Hong Kong

* Kowloon-Canton Railway Corporation *

- Kowloon-Canton Railway Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa3/STA

- Kowloon-Canton Railway Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/STA

- Kowloon-Canton Railway Corporation -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa3/STA

- Kowloon-Canton Railway Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA

- Kowloon-Canton Railway Corporation -- Short Term Issuer Rating -- Affirmed at P-1/STA

* MTR Corporation Limited *

- MTR Corporation (C.I.) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA

- MTR Corporation Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/STA

- MTR Corporation Limited -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa3/STA

- MTR Corporation Limited -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA

- MTR Corporation Limited -- Short Term Issuer Rating -- Affirmed at P-1/STA

India

* Indian Oil Corporation Ltd *

- Indian Oil Corporation Ltd -- Long Term Foreign Currency Issuer Rating -- Upgraded to Baa3/STA from Ba2/RFPU

* National Thermal Power Corporation *

- National Thermal Power Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA

Indonesia

* Excelcomindo Pratama (P.T.) *

- Excelcomindo Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at B1/STA

- Excelcomindo Pratama (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba3/STA

* Indosat Tbk. (P.T.) *

- Indosat Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Ba3/POS from B1/POS

- Indosat International Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Ba3/POS from B1/POS

- Indosat Tbk. (P.T.) -- Long Term Domestic Currency Issuer Rating -- Upgraded to Ba1/POS from Ba2/POS

- Indosat Tbk. (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba1/POS from Ba2/POS

* Perusahaan Gas Negara (P.T.) *

- Perusahaan Gas Negara (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba2/STA from Ba3/STA

- PGN Euro Finance 2003 Ltd. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to B1/POS from B2/POS

* PT Aneka Tambang (Persero) Tbk (Antam) *

- Antam Finance Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Outlook changed to B2/POS from B2/STA

- PT Aneka Tambang (Persero) Tbk (Antam) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to B1/STA from B2/STA

* Telekomunikasi Indonesia (P.T.) *

- Telekomunikasi Indonesia (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba1/STA from Ba3/RFPU

* Telekomunikasi Selular (P.T.) *

- Telekomunikasi Selular (P.T.) -- Long Term Domestic Currency Issuer Rating -- Upgraded to Baa2/STA from Ba2/RFPU

Japan

* Hanshin Expressway Public Corporation *

- Hanshin Expressway Public Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA

- Hanshin Expressway Public Corporation -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA

* Japan Highway Public Corp. *

- Japan Highway Public Corp. -- Backed Senior Secured Foreign Currency Debt Rating -- Affirmed at Aaa/STA

- Japan Highway Public Corp. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA

- Japan Highway Public Corp. -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA

* Japan Tobacco, Inc. *

- Japan Tobacco, Inc. -- Long Term Foreign Currency Issuer Rating -- Upgraded to Aa2/STA from Aa3/STA

- Japan Tobacco, Inc. -- Senior Secured Domestic Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA

- Japan Tobacco, Inc. -- Senior Secured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA

- JT Capital (U.K.) Plc -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA

* Nippon Telegraph and Telephone Corporation *

- Nippon Telegraph and Telephone Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa2/STA

- Nippon Telegraph and Telephone Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aa2/STA

- Nippon Telegraph and Telephone Corporation -- Senior Secured Domestic Currency Debt Rating -- Affirmed at Aa2/STA

- Nippon Telegraph and Telephone Corporation -- Senior Secured Foreign Currency Debt Rating -- Affirmed at Aa2/STA

- Nippon Telegraph and Telephone Corporation -- Short Term Domestic Currency Commercial Paper Rating -- Affirmed at P-1/STA

- NTT Leasing Co., Ltd. (formerly NTT Finance Japan Co., Ltd.) -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA

* Urban Renaissance Agency *

- Urban Renaissance Agency -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA

- Urban Renaissance Agency -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA

Korea

* Korea East-West Power Co., Ltd. *

- Korea East-West Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea East-West Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea Electric Power Corporation *

- Korea Electric Power Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea Electric Power Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea Gas Corporation *

- Korea Gas Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA

- Korea Gas Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA

* Korea Highway Corporation *

- Korea Highway Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA

* Korea Hydro and Nuclear Power Company Limited *

- Korea Hydro and Nuclear Power Company Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea Hydro and Nuclear Power Company Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea Land Corporation *

- Korea Land Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA

- Korea Land Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA

* Korea Midland Power Co., Ltd. *

- Korea Midland Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea Midland Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea National Housing Corporation *

- Korea National Housing Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA

- Korea National Housing Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA

* Korea South-East Power Co., Ltd. *

- Korea South-East Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea South-East Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea Southern Power Co., Ltd *

- Korea Southern Power Co., Ltd -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA

- Korea Southern Power Co., Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA

* Korea Water Resources Corporation *

- Korea Water Resources Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA

- Korea Water Resources Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA

Malaysia

* Malaysia International Shipping Corp. Berhad *

- Malaysia International Shipping Corp. Berhad -- Long Term Domestic Currency Issuer Rating -- Upgraded to A2/STA from Baa1/POS

- - MISC Capital (L) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA

* Petroliam Nasional Berhad *

- Petroliam Nasional Berhad -- Long Term Domestic Currency Issuer Rating -- Upgraded to A1/STA from A2/POS

- Petroliam Nasional Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A1/STA from A2/POS

- Petronas Capital Ltd -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A1/STA from A2/STA

* Telekom Malaysia Berhad *

- Telekom Malaysia Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA

- TM Global Incorporated -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA

* Tenaga Nasional Berhad *

- Tenaga Nasional Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Baa1/STA from Baa2/STA

- TNB Capital (L) Ltd -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Baa1/STA from Baa2/STA

New Zealand

* Air New Zealand Limited *

- Air New Zealand Limited -- Long Term Foreign Currency Issuer Rating -- Upgraded to Ba1/STA from Ba2/STA

* Housing New Zealand Limited *

- Housing New Zealand Limited -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aaa/STA

- Housing New Zealand Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aaa/STA

- Housing New Zealand Limited -- Short Term Issuer Rating -- Affirmed at P-1/STA

* Transpower New Zealand Limited *

- Transpower Finance Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa2/STA

- Transpower Finance Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA

- Transpower Finance Limited -- Backed Short Term Foreign Currency Commercial Paper Rating -- Affirmed at P-1/STA

- Transpower New Zealand Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA

- Transpower New Zealand Limited -- Short Term Domestic Currency Commercial Paper Rating -- Affirmed at P-1/STA

- Transpower New Zealand Limited -- Short Term Issuer Rating -- Affirmed at P-1/STA

The Philippines

* Globe Telecom, Inc. *

- Globe Telecom, Inc. -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Baa3/POS

- Globe Telecom, Inc. -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Ba2/NEG from Ba3/POS

* National Power Corporation *

- National Power Corporation -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at B1/NEG

- National Power Corporation -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at B1/NEG

Singapore

* PSA Corporation (The) *

- PSA Corporation (The) -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aaa/STA

* Singapore Power Limited *

- Singapore Power Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aa1/STA

* Singapore Technologies Engineering Ltd. *

- Singapore Technologies Engineering Ltd. -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aaa/STA

* Singapore Telecommunications Limited *

- Singapore Telecommunications Limited -- Senior Unsecured Domestic Currency Debt Rating -- Upgraded to Aa2/STA from A1/STA

- Singapore Telecommunications Limited -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from A1/STA

* SP PowerAssets Ltd *

- SP PowerAssets Ltd -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa1/STA

- SP PowerAssets Ltd -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa1/STA

- SP PowerAssets Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa1/STA

* STATS ChipPAC Ltd. *

- STATS ChipPAC Ltd. -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba2/STA

- STATS ChipPAC Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Ba2/STA

* Temasek Holdings (Private) Limited *

- Temasek Holdings (Private) Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aaa/STA

- Temasek Holdings (Private) Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aaa/STA

Thailand

* Aromatics (Thailand) Public Company Ltd (The) *

- Aromatics (Thailand) Public Company Ltd (The) -- Long Term Domestic Currency Issuer Rating -- Affirmed at (P)Baa3/STA

- Aromatics (Thailand) Public Company Ltd (The) -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at (P)Baa3/STA

* Electricity Generating Authority of Thailand *

- Electricity Generating Authority of Thailand -- Structured Issue Rating -- Affirmed at A1/STA

* PTT Exploration & Production Public Co. Ltd. *

- PTT Exploration & Production Public Co. Ltd. -- Long Term Domestic Currency Issuer Rating -- A2/STA assigned

- PTT Exploration & Production Public Co. Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA

- PTT Exploration and Production Int'l. Ltd. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA

* PTT Public Company Limited *

- PTT Public Company Limited -- Long Term Domestic Currency Issuer Rating -- Upgraded to A2/STA from A3/STA

- PTT Public Company Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa1/STA

- PTT Public Company Limited -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA

* Thai Oil Public Company Ltd *

- Thai Oil Public Company Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa1/STA

* Thai Olefins Public Company Limited *

- Thai Olefins Public Company Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at Baa3/STA

- Thai Olefins Public Company Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA

Hong Kong
Clara Lau / Tomomichi Nagaoka
SVP / SVP
Corporate Finance Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

Brian Cahill / Takahiro Morita
Analyst
Corporate Finance Group

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.

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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.

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