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
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
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
AIA International Limited
AIG Edison Life Insurance Company
AIG Financial Products (Japan) Ltd.
AIG Financial Products Corp.
AIG Funding, Inc.
AIG Life Holdings, Inc.
AIG Liquidity Corp.
AIG Management France S.A.
AIG Matched Funding Corp.
AIG Property Casualty Company
AIG Specialty Insurance Company
AIG SunAmerica Global Financing II
AIG SunAmerica Global Financing III
AIG SunAmerica Global Financing IV
AIG SunAmerica Global Financing IX
AIG SunAmerica Global Financing V
AIG SunAmerica Global Financing VI
AIG SunAmerica Global Financing VII
AIG SunAmerica Global Financing XI
AIG SunAmerica Global Financing XII
AIG SunAmerica Global Financing XIII
AIG SunAmerica Global Financing XIV
AIG SunAmerica Institutional Funding Note Issuance Program
AIG-FP Matched Funding Corp.
AIU Insurance Company
American General Capital II
American General Capital III
American General Institutional Capital A
American General Institutional Capital B
American General Life & Accident Insurance Co
American General Life Ins. Co of Delaware
American General Life Insurance Company
American Home Assurance Company
American International Group, Inc.
American Intl. Life Assurance Co. of N.Y.
American Life Insurance Company
ASIF Global Financing XIX
ASIF Global Financing XV
ASIF Global Financing XVI
ASIF Global Financing XVII
ASIF Global Financing XVIII
ASIF Global Financing XX
ASIF Global Financing XXI
ASIF Global Financing XXII
ASIF Global Financing XXIII
ASIF Global Financing XXIV
ASIF Global Financing XXIX
ASIF Global Financing XXV
ASIF Global Financing XXVI
ASIF Global Financing XXVII
ASIF Global Financing XXVIII
ASIF I
ASIF II
ASIF III (Jersey) Limited
Commerce and Industry Insurance Company
CommoLoCo, Inc.
First SunAmerica Life Insurance Company
Insurance Co. of the State of Pennsylvania
International Lease Finance Corporation
National Union Fire Ins Co of Pittsburgh, Pa.
New Hampshire Insurance Company
OneMain Finance Corporation
SAFG Retirement Services, Inc.
Springleaf Finance, Inc.
SunAmerica Annuity and Life Assurance Company
SunAmerica Institutional Funding US$7.5bil Note Issuance Program
SunAmerica Life Insurance Company
Transatlantic Reinsurance Company
United Guaranty Mortgage Indemnity Company
United Guaranty Residential Ins. Co of NC
United Guaranty Residential Insurance Co.
United States Life Ins. Co. in The City of NY
Variable Annuity Life Insurance Company
Western National Life Insurance Company
Rating Action:

MOODY'S DOWNGRADES AIG'S LONG-TERM CREDIT RATINGS TO Aa2; RATINGS REMAIN ON REVIEW FOR POSSIBLE FURTHER DOWNGRADE

02 May 2005
MOODY'S DOWNGRADES AIG'S LONG-TERM CREDIT RATINGS TO Aa2; RATINGS REMAIN ON REVIEW FOR POSSIBLE FURTHER DOWNGRADE

Insurance Financial Strength Ratings also Affected.

New York, May 02, 2005 -- Moody's Investors Service has lowered its long-term senior debt ratings on American International Group, Inc. (NYSE: AIG) to Aa2 from Aa1; these ratings remain on review for possible further downgrade. The debt and insurance financial strength ratings of several supported entities including the group's supported life insurance and mortgage insurance subsidiaries, and of members of AIG's Domestic Brokerage Group, have also been lowered to Aa2 from Aa1, and remain on review for further possible downgrade.

The short-term Prime-1 debt ratings of AIG Funding, Inc. and AIG Liquidity Corp. are confirmed with a stable outlook, and the short-term (Prime-1) and long-term (senior unsecured at A1) ratings of the company's principal commercial and consumer finance subsidiaries (International Lease Finance Corporation and American General Finance Corporation) are not affected and have been affirmed with a stable outlook (see separate press releases). Moody's added that it will be assessing whether revisions may be appropriate for structured finance ratings that benefit from AIG support or that of its subsidiaries.

These rating actions follow the company's announcement earlier today that the filing of its 2004 Form 10-K continues to be delayed and that the extensive financial review, which is not yet complete, has yielded further evidence of financial mis-statements. AIG has also announced that it will restate its financial statements for the first three quarters of 2004 and for the full years 2003, 2002, 2001 and 2000. Since AIG's last announcement on March 30, 2005, the ongoing investigations and internal reviews indicate that a) the number of transactions that appear to have been undertaken primarily to enhance reported financial results, and b) the range of categories and operating units involved in potential financial mis-statements have increased. The company has also increased its estimate of the after-tax financial impact of these items, up to a $2.7 billion reduction of shareholders' equity. While the estimated aggregate affect of these mis-statements on AIG's equity remains small relative to the company's total resources, Moody's said that the breadth of these problems confirm that aggressive accounting practices were greater and more widespread than Moody's had anticipated. The extent of these problems leads Moody's to take a more conservative perspective on the company's financial statements and indicative financial metrics, even after considering adjustments identified by the company's internal investigations. AIG's financial profile, even after adjustments identified to-date, is considered to be quite strong for the current rating category.

Moody's notes that AIG's Board has continued to act quickly and aggressively to address both accounting-related issues and regulatory investigations through an intensified internal review and associated management changes, as well as recent changes to the composition of the Board of Directors itself. Moody's believes that there is the potential for further management changes at AIG, at least below the senior executive level, as the company and the Board seek to strengthen leadership in key operational and control-related areas, and that the composition and structure of the Board will likely evolve as well, to tighten its oversight processes and capabilities.

In leaving AIG Inc.'s long-term debt ratings on review for possible further downgrade, Moody's cited continuing uncertainty about the scope of ongoing regulatory investigations, internal reviews and financial restatements and/or adjustments. Furthermore, Moody's noted that -- as has already occurred -- the expanded scope of AIG's accounting reviews and possible regulatory investigations suggests continuing potential for further delay in the 10-K filing and additional negative findings. Moody's noted that a favorable resolution of internal and external accounting reviews and regulatory actions, including filing of the company's 10-K annual report with the SEC on or before May 31, 2005 would lead to a confirmation of the Aa2 senior debt rating.

Conversely, a delay in the filing of the 10-K annual report beyond May 31, 2005, or a downward adjustment by more than 10% of the company's shareholders' equity from that reported at September 30, 2004 could result in a further downgrade of the long-term ratings. Specifically, Moody's noted that these conditions have been specified by recently-approved waivers to certain covenants in AIG, Inc.'s and AIG Funding, Inc.'s combined 5-year and 364-day bank credit agreements. Moody's added that it believes that AIG's cash flow, including the free cash flow of its finance subsidiaries and the dividend capacity of its diverse insurance company subsidiaries, together with flexibility provided by its $2 billion inter-company Credit Facility, provide AIG with substantial internal liquidity to support its Prime-1 short-term ratings. However, the external bank credit facilities are also an important component of the company's alternative liquidity program.

Moody's continues to believe that the extent of ultimate financial restatements, together with costs associated with potential regulatory or litigation settlements or fines, will not likely be material to the enterprise's overall earnings or capital strength, but noted, as before, that they have become increasingly material to those of its Domestic Brokerage Group operations, which constitute just under one-fifth of the group's consolidated earnings. Moody's believes that AIG's core operations are sufficiently well positioned that they can continue to operate without material disruption, but that some of the group's more credit-sensitive businesses could be impacted at the margin from the group's recent troubles.

Despite recent problems, Moody's believes that AIG continues to distinguish itself as the leading global insurance enterprise, in terms of business breadth, consolidated revenues and earnings, and market capitalization. The rating agency added that the group maintains excellent market positions and franchise strength in each of its major business segments: US and international general insurance, life insurance, consumer and commercial finance, and retirement services. Moody's also noted that AIG's financial flexibility is supported by its formidable business franchise value, strong and stable earnings capacity, robust internal capital generation, modest holding company leverage, very high fixed-charge coverage, and a favorable liquidity profile.

The following long-term debt ratings of AIG, Inc. and its supported debt-issuing subsidiaries have been downgraded and remain on review for possible further downgrade:

American International Group, Inc. - senior unsecured debt to Aa2 from Aa1;

American General Corporation - guaranteed senior unsecured debt to Aa2 from Aa1;

American General Capital II, III - guaranteed trust preferred securities to Aa3 from Aa2;

American General Institutional Capital A and B - guaranteed trust preferred stock to Aa3 from Aa2;

AIG Financial Products Corp. - guaranteed senior unsecured debt to Aa2 from Aa1;

AIG Financial Products (Japan) Ltd. - guaranteed senior unsecured debt to Aa2 from Aa1;

AIG Matched Funding Corp. - guaranteed senior unsecured debt to Aa2 from Aa1;

AIG-FP Matched Funding Corp. - guaranteed senior unsecured debt to Aa2 from Aa1;

Banque AIG SA - guaranteed senior unsecured debt to Aa2 from Aa1;

SunAmerica Inc. - supported senior unsecured debt to Aa2 from Aa1; supported convertible preferred to A1 from Aa3;

AIG SunAmerica Institutional Funding I, II and III (Jersey) Limited -- funding agreement-backed senior debt to Aa2 from Aa1;

AIG SunAmerica Global Financing II, III, IV, V, VI, VII, IX, XI, XIII, XIV, XV, XVI, XVII, XVIII, XIX, XX, XXI, XXII, XXIII, XXIV, XV, XVI, XVII, XVIII, XXIX -- funding agreement-backed senior debt to Aa2 from Aa1.

Ratings on the guaranteed debts of AIG's debt-issuing subsidiaries, reflect the existence of an unconditional and irrevocable guarantee from AIG Inc. with respect to these obligations. Ratings on the funding agreement-backed notes of AIG SunAmerica entities reflect their direct support from members of the SunAmerica Life Insurance group (see below) as well as the SunAmerica companies' explicit support from AIG Inc.

The following unsupported insurance financial strength ratings of members of AIG's Domestic General Insurance Group subsidiaries have been lowered, and remain under review for possible downgrade:

National Union Fire Insurance Company of Pittsburgh, PA - insurance financial strength to Aa2 from Aa1;

American Home Assurance Company - insurance financial strength to Aa2 from Aa1;

Birmingham Fire Insurance Company of Pennsylvania - insurance financial strength to Aa2 from Aa1;

Commerce & Industry Insurance Company - insurance financial strength to Aa2 from Aa1;

AIU Insurance Company - insurance financial strength to Aa2 from Aa1;

New Hampshire Insurance Company - insurance financial strength to Aa2 from Aa1;

Insurance Company of the State of Pennsylvania - insurance financial strength to Aa2 from Aa1;

American International Specialty Lines Insurance Company - insurance financial strength to Aa2 from Aa1.

Ratings on member of the Domestic Brokerage Group have been lowered in consideration of the fact that the preponderance of the ongoing regulatory investigations and potential accounting restatements or adjustments identified to date are related to DBG's operations. Furthermore, the group's continued significant trend of adverse reserve development exceeding Moody's expectations in 2004 and continuing a trend from prior years, is a heightened concern. The review will focus on whether the intrinsic ratings on these operations support their current ratings, and will include a review of DBG's loss reserve adequacy and the likelihood of further additions to reserves -- especially for excess and specialty casualty lines and asbestos and mass tort liabilities.

The following supported insurance financial strength ratings of members of AIG's Mortgage Insurance Group have been lowered:

United Guaranty Residential Insurance Company (UGRIC) - supported insurance financial strength to Aa2 from Aa1 (outlook: stable), concluding the review;

United Guaranty Mortgage Indemnity Company (UGMIC) - supported insurance financial strength to Aa2 from Aa1 (outlook: stable), concluding the review

United Guaranty Residential Insurance Company of North Carolina (UGRIC NC)- supported insurance financial strength to Aa2 from Aa1 (this rating remains under review for possible downgrade).

The stable outlooks on UGRIC and UGMIC reflect Moody's view that these companies' intrinsic financial strength, irrespective of parental support, sustains their current ratings. The continuing review of UGRIC NC's rating reflects support from AIG Inc. and Moody's view that its stand-alone rating is below the Aa2 level. For further discussion regarding the ratings and outlooks on these subsidiaries, the reader is referred to Moody's separate press release regarding AIG's United Guaranty Mortgage Insurance operations.

The following insurance financial strength ratings of members of AIG's Domestic and International Life Insurance Groups have been lowered, and remain on review for possible downgrade:

SunAmerica Life Insurance Company - supported insurance financial strength rating to Aa2 from Aa1;

First SunAmerica Life Insurance Company - supported insurance financial strength rating to Aa2 from Aa1;

AIG SunAmerica Life Assurance Company - supported insurance financial strength rating to Aa2 from Aa1;

American International Assurance Company (Bermuda) Ltd. (AIAB) - supported insurance financial strength rating to Aa2 from Aa1;

American Life Insurance Company (ALICO) - insurance financial strength rating to Aa2 from Aa1;

AIG Edison Life Insurance Company - insurance financial strength rating to Aa2 from Aa1.

The ratings of the SunAmerica companies and of AIAB were lowered to AIG Inc.'s senior unsecured rating level, because their intrinsic ratings are viewed by Moody's as being below that of AIG Inc., which provides explicit support to their ratings. The ratings of ALICO and AIG Edison were lowered, in parallel with AIG Inc., because the Japanese operations are viewed by Moody's as an integrated business unit whose rating is lifted to the level of the parent holding company due to its strong implicit support, given that Moody's considers AIG's Japanese operations as being a core franchise. Furthermore, ALICO's and AIAB's balance sheet exposures to AIG Inc.'s common stock reduce the quality of capital in these operations.

The following rating, whose outlook was previously negative, has been placed on review for possible downgrade:

Transatlantic Reinsurance Company - insurance financial strength rating at Aa2.

Moody's rating on Transatlantic, an AIG-majority owned subsidiary, benefits from implied support of the Domestic Brokerage group and from the holding company. The review will focus on whether Transatlantic's intrinsic financial strength supports the current rating or one notch lower at Aa3.

The following insurance financial strength ratings on members of AIG's Domestic Life Insurance Group are not affected, but remain under review for possible downgrade:

American General Life & Accident Insurance Company - insurance financial strength rating at Aa1;

American General Life Insurance Company - insurance financial strength rating at Aa1;

AIG Annuity Insurance Company - insurance financial strength rating at Aa1;

United States Life Insurance Company in The City of New York - insurance financial strength rating at Aa1;

Variable Annuity Life Insurance Company - insurance financial strength rating at Aa1;

AIG Life Insurance Company -- (supported) insurance financial strength rating at Aa1;

American International Life Assurance Company of New York -- (supported) insurance financial strength rating at Aa1.

Moody's views AIG's Domestic Life operations as an integrated business unit with a shared AIG brand, whose standalone creditworthiness supports a rating level that is higher than the parent's. The two subsidiaries within the Domestic Life group that have explicit support from the parent holding company remain at Aa1 because of their ties to Domestic Life and its higher intrinsic rating profile.

The following short-term ratings, which are supported by AIG, Inc. - have been confirmed with a stable outlook:

AIG Funding, Inc. - rating for backed commercial paper at Prime-1;

AIG Liquidity Corp. - backed short-term debt rating at Prime-1.

The following ratings have been affirmed with a stable outlook:

International Lease Finance Corporation - senior unsecured debt at A1, rating for commercial paper at Prime-1;

American General Finance Corporation - senior unsecured debt at A1, rating for commercial paper at Prime-1;

American General Finance, Inc. - rating for commercial paper at Prime-1;

Commo Loco, Inc. - commercial paper rating at Prime-1.

American International Group, Inc. (NYSE: AIG), based in New York City, is the leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. The company is engaged through its subsidiaries in international property and casualty insurance, life insurance, retirement services, asset management and financial services.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

New York
Alan Murray
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Riegel
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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.

​​​​​​​​