Moodys.com
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
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
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
Related Issuers
BGI US Dollar Liquidity Class A Fund
BGI US Dollar Liquidity Class B Fund
BSN Dinero (FIAMM)
BSN Tesoreria Fondtesoro (FIAMM)
BT Global Assets Funds Managed Dollar Fund
Caam Mone Cash
CB Geldmarkt Deutschland I
CBF Church of England Deposit Fund
COIF Charities Deposit Fund
Commerzbank Money Market Fund-Euro
Coutts Liquidity Fund CHF
Coutts Liquidity Fund Euro
Coutts Liquidity Fund GBP
Coutts Liquidity Fund USD
Federated Int'l Fds plc, S-T US Prime Fund
Federated Int'l Fds plc, S-T US Tr. Sec. Fd
Fidelity Cash Unit Trust
Fidelity Curr Funds Ltd-Deutsche Mark Fund
Fidelity Currency Funds Ltd-Dutch Gilder Fund
Fidelity Currency Funds Ltd-French Franc Fund
Fidelity Currency Funds Ltd-Italian Lira Fund
Fidelity Euro Cash Fund
Fidelity Funds II- Japanese Yen Currency Fund
Fidelity Funds II-Australian $ Currency Fund
Fidelity Funds II-Canadian $ Currency Fund
Fidelity Funds II-Euro Currency Fund
Fidelity Funds II-HK$ Currency Fund
Fidelity Funds II-NZ$ Currency Fund
Fidelity Funds II-Sterling Currency Fund
Fidelity Funds II-Swiss Franc Currency Fund
Fidelity Funds II-US Dollar Currency Fund
Fidelity Institutional Liquidity Fd PLC-Euro
Fidelity Inst'l Liquidity Fund PLC - Sterling
Fidelity Inst'l Liquidity Fund PLC-US Dollar
Fidelity Money Fund Ltd-Aus Sch
Fidelity Money Fund Ltd-NKR
Fidelity Money Fund Ltd-S$
Fidelity Money Fund Ltd-SKR
Fidelity Money Fund Ltd-Sp Pta
Fidelity US $ Cash Fund
Force Cash - Traditionnel CHF
Force Cash - Traditionnel Euro
Force Cash - Traditionnel US$
Goldman Sachs US$ Liquid Reserves Fund
International Dollar Reserve Fund I, Ltd.
Invesco Liquidity Funds Plc - USD Liquidity
Northern Trust Global Cash Fund: Sterling Fd
Northern Trust Global Cash Fund: US Dollar Fd
Raiffeisen-Fonds Euro Money A/B
Raiffeisen-Fonds Swiss Money A/B
Raiffeisen-Fonds US Dollar Money A/B
RG Money Plus Fund-CHF
Robeco Money Plus (Euro)
Robeco Money Plus (USD)
Royal Bank of Canada Int'l MMF-Accum C$
Royal Bank of Canada Int'l MMF-Accum DM
Royal Bank of Canada Int'l MMF-Accum SFr
Royal Bank of Canada Int'l MMF-Accum STG
Royal Bank of Canada Int'l MMF-Accum US$
Royal Bank of Canada Int'l MMF-Accum Yen
Royal Bank of Canada Int'l MMF-Distr C$
Royal Bank of Canada Int'l MMF-Distr DM
Royal Bank of Canada Int'l MMF-Distr SFr
Royal Bank of Canada Int'l MMF-Distr Stg
Royal Bank of Canada Int'l MMF-Distr Yen
Royal Bk of Canada Intl Curr Fd Canadian$
Royal Bk of Canada Intl Curr Fd Japanese Yen
Royal Bk of Canada Intl Curr Fd Ltd-EuroClass
Royal Bk of Canada Intl Curr Fd Swiss Franc
Royal Bk of Canada Intl Curr Fd US Dollars
Royal Bk of Canada Int'l MMF-Distr US$
Santander Dinero Fondtesoro (FIAMM)
Schroders Investment Mgmt.: CMR Cash Pool
SEI US Dollar Government Fund Limited
SEI US Dollar Money Market Fund Limited
SG Monetaire Dollar
STIC Global-Sterling Portfolio
Superfondo Santander I (FIAMM)
Superfondo Santander Monetario (FIAMM)
Swissca MM Fund French Francs (FF)
Swissca MM Fund Italian Lira (LIT)
Swissca MM Fund JPY
Swissca MM Fund Pesetas (PTAS)
Swisscanto Lu MM Fund AUD
Swisscanto Lu MM Fund CAD
Swisscanto Lu MM Fund CHF
Swisscanto Lu MM Fund EUR
UBKAM US Dollar Money Market Fund
Western Asset Euro Liquidity Fund
Western Asset Sterling Liquidity Fund
Western Asset US Dollar Liquidity Fund
Rating Action:

MOODY'S ASSIGNS MARKET RISK RATINGS TO EUROPEAN MONEY MARKET FUNDS

17 Apr 1997
MOODY'S ASSIGNS MARKET RISK RATINGS TO EUROPEAN MONEY MARKET FUNDS New York, 04-17-97 -- Moody's Investors Service has assigned Market Risk Ratings (MRRs) to 96 European money funds and has plans to assign a MRR to every fund Moody's rates in Europe.
These newly issued ratings are being added, according to Moody's, to complement credit ratings by providing investors with an indicator of a fund's potential for loss and the relative volatility of its net asset value. Moody's notes that mutual fund credit ratings generally do not quantify the relative market risks taken by fund managers. MRRs will allow investors to determine the degree to which a fund will be affected by changing interest rates and other market decisions.
Funds with the least sensitivity to market changes will receive an MR1, while the most sensitive funds will be rated MR5. These ratings are being assigned to funds in addition to the familiar Aaa-to-B fund ratings that address credit risk.
"The typical MR1-rated money fund invests in short-term securities or deposits with an average duration below one year. Furthermore, it invests in liquid high-credit quality instruments; takes no unhedged currency risk; does not enter into speculative derivative transactions; and uses only money market indexed floating rate notes," Moody's explains.
In the case of constant net asset value (CNAV) money market funds, they will likely be rated MR1+ because Moody's has incorporated the market risk taken by these funds in their credit ratings. "Aaa rated CNAV money funds must limit their weighted average maturity to 60 days or less, and are limited in the type and amounts of floating rate instruments they may invest in," Moody's says.
At the same time, MRRs do not take accounting methods into consideration. Portfolios are examined from a market value perspective. Moody's says that "this does not mean that funds valued using amortized cost are any more or less risky than those using a mark-to-market method, but investors must realize that potential problems in a fund may not be transparent until it is too late."
In addition, MRRs do not address fund expenses. Therefore, some funds with fluctuating expense charges or funds where expenses exceed income earned (as is the case with some yen-denominated funds) will not be penalized by a lower MRR, Moody's says,
The need for these additional ratings has been underlined by a Moody's study showing that "funds domiciled in nearly every country where money funds exist have experienced losses in the past five years."
In fact, Moody's research shows that over 65 funds domiciled in Europe have experienced a loss in market value over at least a one month period since 1992. This includes funds denominated in the five main western currencies.
Some 569 funds were examined, and Moody's says that the Swiss franc and US dollar funds had the largest proportion of 1 month losses with 26.3% and 25.4% using red ink at some stage. Third at 19.2% were D-mark funds, while 11.4% of the Sterling funds lost value. The French franc funds' 4.1% loss proportion was the lowest. Moody's explained that the low interest rates in Switzerland and the US encourage fund managers to try to maximize returns.
A listing of Moody's rated money market funds follows:


Money Market Fund Ratings


BERMUDA
Fund Name Advisor Moody's Rating
Fidelity Money Fund Ltd.:
Australian Dollar Fund Fidelity Investments International Aaa/MR1+
Austrian Shilling Fund Fidelity Investments International Aaa/MR1+
Canadian Dollar Fund Fidelity Investments International Aaa/MR1+
Deutsche Mark Fund Fidelity Investments International Aaa/MR1+
Dutch Guilder Fund Fidelity Investments International Aaa/MR1+
ECU Fund Fidelity Investments International Aaa/MR1+
French Franc Fund Fidelity Investments International Aaa/MR1+
HK$ Fund Fidelity Investments International Aaa/MR1+
Italian Lira Fund Fidelity Investments International Aaa/MR1+
Japanese Yen Fund Fidelity Investments International Aaa/MR1+
NZ$ Fund Fidelity Investments International Aaa/MR1+
NKR Fidelity Investments International Aaa/MR1+
Spanish Peseta Fund Fidelity Investments International Aaa/MR1+
SKR Fund Fidelity Investments International Aaa/MR1+
S$ Fund Fidelity Investments International Aaa/MR1+
Sterling Fund Fidelity Investments International Aaa/MR1+
Swiss Franc Fund Fidelity Investments International Aaa/MR1+
U.S. Dollar Fund Fidelity Investments International Aaa/MR1+

CAYMAN ISLANDS
Fund Name Advisor Moody's Rating
International Dollar Reserve Fund I, Ltd. Provident Institutional Mgt Co. - Dub Aaa/MR1+
SEI U.S. Dollar Government Fund Limited SEI Investments Aaa/MR1+
SEI U.S. Dollar Money Market Fund Ltd SEI Investments Aaa/MR1+

DUBLIN
Fund Name Advisor Moody's Rating
Short-Term Investments Company PLC:
U.S. Dollar Portfolio AIM Global Advisors Ltd Aaa/MR1+
Sterling Portfolio AIM Global Advisors Ltd Aaa/MR1+
BT Global Assets Funds
Managed Dollar Fund Bankers Trust Asset Management Aaa/MR1+
BZW Fixed Income Selection Fund:
BZW Sterling Liquidity Class A Barclays de Zte Wedd Inv. Mgmt Aaa/MR1+
BZW U.S. Dollar Liquidity Class A Barclays de Zte Wedd Inv. Mgmt Aaa/MR1+
Citi Institutional Liquidity Fund P.L.C.:
Sterling Fund Citibank International PLC Aaa/MR1+
Deutsche Mark Fund Citibank International PLC Aaa/MR1+
U.S. Dollar Fund Citibank N.A. Aaa/MR1+
Coutts Liquidity Fund:
Swiss Franc Coutts & Co Aaa/MR1
Deutsche Mark Coutts & Co Aaa/MR1
Sterling Coutts & Co Aaa/MR1
US Dollar Coutts & Co Aaa/MR1



DUBLIN (Cont.)
Fund Name Advisor Moody's Rating
Federated Int'l Fds Plc.:
S-T U.S. Prime Fund Federated Management Aaa/MR1+
S-T US Treasury Securities Fund Federated Management Aaa/MR1+
Fidelity Institutional Cash Fund PLC:
Deutsche Mark Fund Fidelity Investments International Aaa/MR1+
U.S. Dollar Fund Fidelity Investments International Aaa/MR1+
Sterling Fund Fidelity Investments International Aaa/MR1+
Goldman Sachs US$ Liquid Reserves Fund Goldman Sachs Asset Management Aaa/MR1+
The Northern Trust Global Cash Funds PLC:
Sterling Fund Northern Trust Aaa/MR1+
US Dollar Fund Northern Trust Aaa/MR1+

FRANCE
Fund Name Advisor Moody's Rating
Gestion Pibor Indosuez Asset Management Aaa/MR1+
SocGen Cash Dollar Soci‚t‚ G‚n‚rale Aaa/MR1

GUERNSEY
Fund Name Advisor Moody's Rating
Portman U.S. Dollar Money Market Fund Portman Asset Management PLC Aaa/MR1
RBC International Currency Fund Ltd.:
Canadian Dollar Royal Bank of Canada Inv. Mgt. Aaa/MR1
Deutsche Mark Royal Bank of Canada Inv. Mgt Aaa/MR1
Japanese Yen Royal Bank of Canada Inv. Mgt Aaa/MR1
Pound Sterling Royal Bank of Canada Inv. Mgt Aaa/MR1
Swiss Franc Royal Bank of Canada Inv. Mgt Aaa/MR1
U.S. Dollar Royal Bank of Canada Inv. Mgt Aaa/MR1
RBC International Money Market Fund:
Accumulating Canadian Dollar Royal Bank of Canada Inv. Mgt Aaa/MR1
Accumulating Deutsche Mark Royal Bank of Canada Inv. Mgt Aaa/MR1
Accumulating Swiss Franc Royal Bank of Canada Inv. Mgt Aaa/MR1
Accumulating STG Royal Bank of Canada Inv. Mgt Aaa/MR1
Accumulating U.S. Dollar Royal Bank of Canada Inv. Mgt Aaa/MR1
Accumulating Yen Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing Swiss Franc Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing STG Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing Canadian Dollar Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing Deutsche Mark Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing U.S. Dollar Royal Bank of Canada Inv. Mgt Aaa/MR1
Distributing Yen Royal Bank of Canada Inv. Mgt Aaa/MR1


LUXEMBOURG
Fund Name Advisor Moody's Rating
Force Cash Fund:
Force Cash DEM Banque Priv‚e Edmond de Rothschild .Aaa/MR1
Force Cash USD Banque Priv‚e Edmond de Rothschild . Aaa/MR1
Force Cash CHF Banque Priv‚e Edmond de Rothschild Aaa/MR1
CB Geldmarkt Deutschland I Caisse Centrale de R‚escompte Aaa/MR1
Commerzbank MMF: Deutsche Mark Caisse Centrale de R‚escompte Aaa/MR1
Fidelity Funds II:
Fidelity US $ Cash Fund Fidelity Investments International Aaa/MR1+
CapitalBuilder DM Cash Fund Fidelity Investments International Aaa/MR1+
RG Interest Plus Fund:
RG Money Plus Fund (NLG) Robeco Group Aaa/MR1
RG Money Plus Fund CHF Robeco Group Aaa/MR1
RG Money Plus Fund USD Robeco Group Aaa/MR1
Raiffeisen Schweiz (Luxemburg) Fonds:
DM Money A/B Schweizer Verband der Raiffeisenbanken Aaa/MR1
Swiss Money A/B Schweizer Verband der Raiffeisenbanken Aaa/MR1
US Dollar Money A/B Schweizer Verband der Raiffeisenbanken Aaa/MR1
Swissca Money Market Fund:
Australian Dollar (Aus$) Swissca Holding AG Aaa/MR1
Canadian Dollar (Can$) Swissca Holding AG Aaa/MR1
Deutsche Mark (DM) Swissca Holding AG Aaa/MR1
ECU (ECU) Swissca Holding AG Aaa/MR1
French Francs (FRF) Swissca Holding AG Aaa/MR1
Swiss Francs (SFR) Swissca Holding AG Aaa/MR1
Guilders (NLG) Swissca Holding AG Aaa/MR1
Italian Lira (LIT) Swissca Holding AG Aaa/MR1
Pesetas (PTAS) Swissca Holding AG Aaa/MR1
Sterling (GBP) Swissca Holding AG Aaa/MR1
U.S. Dollar (US$) Swissca Holding AG. Aaa/MR1
Yen (YEN) Swissca Holding AG Aaa/MR1

SPAIN
Fund Name Advisor Moody's Rating

BSN Tesoreria Fondtesoro (FIAMM) BSN Gesti¢n Aaa/MR1
BSN Dinero (FIAMM) BSN Gesti¢n Aaa/MR1
Superfondo Santander I (FIAMM) Gesbansander S.A. SGIIC Aaa/MR1
Superfondo Santander Monetario (FIAMM) Gesbansander S.A. SGIIC Aaa/MR1
Santander Dinero Fondtesoro (FIAMM) Gesbansander S.A. SGIIC Aaa/MR1

UNITED KINGDOM
Fund Name Advisor Moody's Rating

COIF Charities Deposit Fund CCLA Investment Management Ltd. Aaa/MR1+
CBF Deposit Fund CCLA Investment Management Ltd. Aaa/MR1+
Fidelity Cash Unit Trust Fidelity Investments Services Ltd Aaa/MR1+
SIM CMR Cash Pool Schroders Investment Management Aaa/MR1+


No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR  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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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, ASSESSMENT, 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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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