Moodys.com
Close
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
Conseco Finance Securitizations Corp. Series 1999-6
Conseco Finance Securitizations Corp. Series 2000-1
Green Tree Financial Corporation MH 1993-04
Green Tree Financial Corporation MH 1994-01
Green Tree Financial Corporation MH 1994-02
Green Tree Financial Corporation MH 1994-03
Green Tree Financial Corporation MH 1994-04
Green Tree Financial Corporation MH 1994-05
Green Tree Financial Corporation MH 1994-06
Green Tree Financial Corporation MH 1994-07
Green Tree Financial Corporation MH 1994-08
Green Tree Financial Corporation MH 1995-01
Green Tree Financial Corporation MH 1995-03
Green Tree Financial Corporation MH 1995-04
Green Tree Financial Corporation MH 1995-05
Green Tree Financial Corporation MH 1995-06
Green Tree Financial Corporation MH 1995-07
Green Tree Financial Corporation MH 1995-08
Green Tree Financial Corporation MH 1995-09
Green Tree Financial Corporation MH 1995-10
Green Tree Financial Corporation MH 1996-01
Green Tree Financial Corporation MH 1996-02
Green Tree Financial Corporation MH 1996-03
Green Tree Financial Corporation MH 1996-04
Green Tree Financial Corporation MH 1996-05
Green Tree Financial Corporation MH 1996-06
Green Tree Financial Corporation MH 1996-07
Green Tree Financial Corporation MH 1996-08
Green Tree Financial Corporation MH 1996-09
Green Tree Financial Corporation MH 1997-01
Green Tree Financial Corporation MH 1997-02
Green Tree Financial Corporation MH 1997-03
Green Tree Financial Corporation MH 1997-04
Green Tree Financial Corporation MH 1997-05
Green Tree Financial Corporation MH 1997-07
Green Tree Financial Corporation MH 1998-01
Green Tree Financial Corporation MH 1998-02
Green Tree Financial Corporation MH 1998-04
Green Tree Financial Corporation MH 1998-05
Green Tree Financial Corporation MH 1998-07
Green Tree Financial Corporation MH 1998-08
Rating Action:

MOODY'S DOWNGRADES RATINGS OF 118 CLASSES AND CONFIRMS 14 CLASSES OF CONSECO FINANCE'S MANUFACTURED HOUSING CERTIFICATES

03 Dec 2002
MOODY'S DOWNGRADES RATINGS OF 118 CLASSES AND CONFIRMS 14 CLASSES OF CONSECO FINANCE'S MANUFACTURED HOUSING CERTIFICATES Moody's Investors Service has downgraded 118 classes and confirmed the ratings on 14 classes of senior, mezzanine and subordinate certificates from Conseco Finance Corporation's (formerly known as Green Tree Financial Corporation) manufactured housing deals. These actions conclude Moody's review, which was started on October 18, 2002.


According to Nicolas Vassalli, a Moody's analyst, the rating action is prompted by the continued deterioration in Conseco's pool performance, major changes in their business practices and the uncertainty regarding Conseco's ability to continue to service their portfolio.


The performance of Conseco's manufactured housing pools continues to deteriorate, resulting in higher than expected losses. "Both repossessions and loss severities are higher than initially anticipated," according to Vassalli. In addition, macroeconomic factors and a glut of repossessed units have resulted in increased pressure on the industry.


On October 1, 2002, Conseco announced that the company would discontinue financing non-real estate manufactured homes, focusing its attention on financing land-home contracts. This was followed by another announcement on November 25, 2002, that the company has suspended all manufactured housing financing and assumption programs. The suspension of all financing programs will result in weakening of Conseco's dealer relationships, impairing the company's ability to liquidate repossessed units through its retail channels. Typically recovery rates are significantly lower on repossessed units liquidated through wholesale vs. retail channels.


Conseco also announced that they are discontinuing the loan assumption programs on seriously delinquent loans. The discontinuation of these loan assumption programs could result in higher default frequencies. As a result the performance of their outstanding manufactured housing securitizations could be significantly weaker than historical trends.


On-going deterioration of Conseco's financial condition may result in a transfer of servicing and further increases in delinquencies, repossessions and loss severities. A replacement servicer may not adopt certain loss mitigation techniques extensively used by Conseco today, such as loan extensions. In addition, the successor servicer will place the servicing fee in a senior position and could also charge a higher fee, thereby reducing the amount of excess spread available to protect certificate holders against losses.




The complete rating actions are as follows:


Green Tree Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates:


Series 1993-4; $29.011 mil., 8.55% Class B-2 Certificates, downgraded from Baa2 to B3


Series 1994-1; $36.505 mil., 7.85% Class B-2 Certificates, downgraded from Ba3 to Caa2


Series 1994-2; $25.209 mil., 8.55% Class B-2 Certificates, downgraded from B2 to Caa3


Series 1994-3; $12.805 mil., 8.65% Class B-2 Certificates, downgraded from Ba3 to Caa1


Series 1994-4; $20.017 mil., 8.60% Class B-2 Certificates, downgraded from B2 to Caa1


Series 1994-5; $25.021 mil., 8.55% Class B-2 Certificates, downgraded from B2 to Caa1


Series 1994-6; $30.185 mil., 9.00% Class B-2 Certificates, downgraded from B3 to Caa2


Series 1994-7; $21.210 mil., 9.35% Class B-2 Certificates, downgraded from B3 to Ca


Series 1994-8; $31.392 mil., 9.40% Class B-2 Certificates, downgraded from B3 to Caa2


Series 1995-1; $22.721 mil., 9.20% Class B-2 Certificates, downgraded from B3 to Caa3


Series 1995-3; $22.636 mil., 8.10% Class B-2 Certificates, downgraded from B1 to B2


Series 1995-4; $12.803 mil., 7.70% Class B-2 Certificates, downgraded from B1 to Caa3


Series 1995-5; $18.053 mil., 7.65% Class B-2 Certificates, downgraded from B2 to Caa2


Series 1995-6; $17.844 mil., 8.00% Class B-2 Certificates, downgraded from Caa1 to Ca


Series 1995-7;


$19.125 mil., 7.35% Class B-1 Certificates, downgraded from Baa1 to Baa2


$13.904 mil., 7.70% Class B-2 Certificates, downgraded from B1 to Ca


Series 1995-8;


$26.400 mil., 7.30% Class B-1 Certificates, confirmed rating at Baa1


$19.196 mil., 7.65% Class B-2 Certificates, downgraded from B2 to Ca


Series 1995-9;


$15.948 mil., 7.25% Class B-1 Certificates, downgraded from Baa1 to Baa2


$15.948 mil., 7.55% Class B-2 Certificates, downgraded from B2 to Ca


Series 1995-10;


$16.200 mil., 7.05% Class B-1 Certificates, rating confirmed at Baa1


$18.211 mil., 7.40% Class B-2 Certificates, downgraded from B3 to Ca


Series 1996-1;


$15.950 mil., 6.95% Class B-1 Certificates, confirmed rating at Baa1


$15.966 mil., 7.30% Class B-2 Certificates, downgraded from B2 to Ca


Series 1996-2;


$41.850 mil., 7.60% Class M-1 Certificates, downgraded from Aa3 to A2


$18.600mil., 7.55% Class B-1 Certificates, downgraded from Baa1 to Ba3


$18.618 mil., 7.90% Class B-2 Certificates, downgraded from Caa2 to C


Series 1996-3;


$33.470 mil., 7.70% Class M-1 Certificates, downgraded from Aa3 to Baa1


$14.875 mil., 7.70% Class B-1 Certificates, downgraded from Baa1 to B1


$14.883 mil., 8.05% Class B-2 Certificates, downgraded from Caa2 to C


Series 1996-4;


$37.975 mil., 7.75% Class M-1 Certificates, downgraded from Aa3 to Baa2


$18.985 mil., 7.80% Class B-1 Certificates, downgraded from Baa1 to B1


$16.614 mil., 8.10% Class B-2 Certificates, downgraded from Caa3 to C


Series 1996-5;


$41.405 mil., 8.05% Class M-1 Certificates, downgraded from Aa3 to Baa2


$20.705 mil., 8.10% Class B-1 Certificates, downgraded from Baa1 to B2


$18.115 mil., 8.45% Class B-2 Certificates, downgraded from Caa3 to C


Series 1996-6;


$38.000 mil., 7.95% Class M-1 Certificates, downgraded from Aa3 to A3


$19.000 mil., 8.00% Class B-1 Certificates, downgraded from Baa1 to B1


$16.625 mil., 8.35% Class B-2 Certificates, downgraded from Caa3 to C


Series 1996-7;


$38.400 mil., 7.70% Class M-1 Certificates, downgraded from Aa3 to A2


$19.200 mil., 7.70% Class B-1 Certificates, downgraded from Baa1 to Ba3


$16.800 mil., 8.10% Class B-2 Certificates, downgraded from Caa1 to C


Series 1996-8;


$48.000 mil., 7.85% Class M-1 Certificates, downgraded from Aa3 to A3


$24.000 mil., 7.95% Class B-1 Certificates, downgraded from Baa1 to B1


$21.051 mil., 8.30% Class B-2 Certificates, downgraded from Caa1 to C


Series 1996-9;


$36.000 mil., 7.63% Class M-1 Certificates, downgraded from Aa3 to A2


$18.000 mil. 7.65% Class B-1 Certificates, downgraded from Baa1 to Ba3


$15.750 mil., 8.11% Class B-2 Certificates, downgraded from Caa2 to C


Series 1997-1;


$20.000 mil., 7.23% Class B-1 Certificates, downgraded from Baa1 to Baa3


$17.500 mil., 7.76% Class B-2 Certificates, downgraded from Caa1 to Caa3


Series 1997-2;


$41.250 mil., 7.54% Class M-1 Certificates, downgrade from Aa3 to A3


$22.000 mil., 7.56% Class B-1 Certificates, downgraded from Baa1 to Baa3


$19.250 mil., 8.05% Class B-2 Certificates, downgraded from Caa2 to Ca


Series 1997-3;


$60.000 mil., 7.53% Class M-1 Certificates, downgraded from Aa3 to A3


$32,000 mil., 7.51% Class B-1 Certificates, downgraded from Baa1 to Ba3


$28.000 mil., 8.03% Class B-2 Certificates, downgraded from Caa1 to Ca


Series 1997-4;


$39.000 mil., 7.22% Class M-1 Certificates, downgraded from Aa3 to A2


$20.800 mil., 7.23% Class B-1 Certificates, downgraded from Baa1 to Ba2


$18.200 mil., 7.73% Class B-2 Certificates, downgrade from B3 to Ca


Series 1997-5;


$41.250 mil., 6.95% Class M-1 Certificates, downgraded from Aa3 to A2


$22.000 mil., 6.97% Class B-1 Certificates, downgraded from Baa1 to Ba2


$19.250 mil., 7.49% Class B-2 Certificates, downgraded from B3 to Ca


Series 1997-7;


$41.250 mil., 7.03% Class M-1 Certificates, downgraded from Aa3 to A2


$22.000 mil., 6.99% Class B-1 Certificates, downgraded from Baa1 to Ba2


$19.250 mil., 7.59% Class B-2 Certificates, downgraded from Caa1 to Caa3




Series 1998-1;


$33.750 mil., 6.77% Class M-1 Certificates, downgraded from Aa3 to Baa1


$18.000 mil., 6.92% Class B-1 Certificates, downgraded from Baa1 to B1


$15.750 mil., 8.11% Class B-2 Certificates, downgraded from Caa1 to C


Series 1998-2;


$52.500 mil., 6.94% Class M-1 Certificates, downgraded from Aa3 to A3


$33.750 mil., 7.36% Class B-1 Certificates, downgraded from Baa1 to Ba3


$30.000mil., 8.44% Class B-2 Certificates, downgraded from Caa2 to C


Series 1998-4;


$108.400 mil., 6.18% Class A-5 Certificates, rating confirmed at Aaa


$ 72.700 mil., 6.53% Class A-6 Certificates, rating confirmed at Aaa


$105.000 mil., 6.87% Class A-7 Certificates, rating confirmed at Aaa


$ 35.000 mil., 6.83% Class M-1 Certificates, downgraded from Aa3 to Baa1


$ 22.500 mil., 7.26% Class B-1 Certificates, downgraded from Baa1 to B1


$ 20.000 mil., 8.11% Class B-2 Certificates, downgraded from Caa1 to C


Series 1998-5;


$301.197 mil., 6.54% Class A-1 Certificates, rating confirmed at Aaa


$ 24.950 mil., 6.71% Class M-1 Certificates, downgraded from Aa3 to Baa2


$ 16.040 mil., 7.18% Class B-1 Certificates, downgraded from Baa1 to B2


$ 14.260 mil., 7.99% Class B-2 Certificates, downgraded from Caa2 to C


Series 1998-7;


$718.250 mil., 6.32% Class A-1 Certificates, downgraded from Aaa to Aa1


$ 46.750 mil., 6.40% Class M-1 Certificates, downgraded from Aa2 to Baa2


$ 25.500 mil., 6.84% Class M-2 Certificates, downgraded from A2 to Ba2


$ 25.500 mil., 7.68% Class B-1 Certificates, downgraded from Baa1 to B3


$ 34.000 mil., 8.24% Class B-2 Certificates, downgraded from Caa2 to C


Series 1998-8;


$1,130.625 mil., 6.28% Class A-1 Certificates, rating confirmed at Aaa


$ 70.875 mil., 6.98% Class M-1 Certificates, downgraded from Aa2 to A3


$ 40.500 mil., 7.08% Class M-2 Certificates, downgraded from A2 to Baa3


$ 47.250 mil., 7.69% Class B-1 Certificates, downgraded from Baa2 to B2


$ 60.750 mil., 8.50% Class B-2 Certificates, downgraded from Caa1 to C


Conseco Finance Securitizations Corp.:


Series 1999-6;


$830.000 mil., 7.36% Class A-1 Certificates, downgraded from Aaa to Aa1


$ 50.000 mil., 7.96% Class M-1 Certificates, downgraded from Aa2 to A1


$ 40.000 mil., 8.74% Class M-2 Certificates, downgraded from A2 to Baa2


$ 30.000 mil., 9.20% Class B-1 Certificates, downgraded from Baa2 to Ba2


$ 35.000 mil., 9.20% Class B-2 Certificates, downgraded from Caa1 to Caa3


Series 2000-1;


$130.500 mil., 7.30% Class A-3 Certificates, downgraded from Aaa to A1


$125.000 mil., 7.62% Class A-4 Certificates, downgraded from Aaa to A1


$313.000 mil., 8.06% Class A-5 Certificates, downgraded from Aaa to A1


$ 45.000 mil., 8.30% Class M-1 Certificates, downgraded from Aa2 to Baa2


$ 36.000 mil., 9.08% Class M-2 Certificates, downgraded from A2 to Ba2


$ 27.000 mil., 8.80% Class B-1 Certificates, downgraded from Baa2 to B1


$ 31.500 mil., 8.80% Class B-2 Certificates, downgraded from Caa1 to Ca


Series 2000-2


$ 31.000 mil., 8.07% Class A-3 Certificates, downgraded from Aaa to Aa3


$ 33.000 mil., 8.48% Class A-4 Certificates, downgraded from Aaa to Aa3


$ 88.125 mil., 8.85% Class A-5 Certificates, downgraded from Aaa to Aa3


$400.000 mil., 8.49% Class A-6 Certificates, downgraded from Aaa to Aa3


$ 35.625 mil., 9.08% Class M-1 Certificates, downgraded from Aa2 to A3


$ 37.500 mil., 10.32% Class M-2 Certificates, downgraded from A2 to Ba1


$ 15.000 mil., 10.70% Class B-1 Certificates, downgraded from Baa1 to Ba3


Series 2000-3


$820.000 mil., 8.26% Class A-1 Certificates, downgraded from Aaa to A1


$ 45.000. mil., 8.26% Class M-1 Certificates, downgraded from Aa2 to Baa1


$ 40.000 mil., 8.26% Class M-2 Certificates, downgraded from A2 to Ba1


$ 35.000 mill., 8.26% Class B-1 Certificates, downgraded from Baa2 to B1


Series 2000-4


$ 90.000 mil., 7.35% Class A-2 Certificates, downgraded from Aaa to Aa3


$125.000 mil., 7.47% Class A-3 Certificates, downgraded from Aaa to Aa3


$190.000 mil., 7.73% Class A-4 Certificates, downgraded from Aaa to Aa3


$110.000 mil., 7.97% Class A-5 Certificates, downgraded from Aaa to Aa3


$310.000 mil., 8.31% Class A-6 Certificates, downgraded from Aaa to Aa3


$ 62.500 mil., 8.73% Class M-1 Certificates, downgraded from Aa2 to A3


$ 50.000 mil., 9.30% Class M-2 Certificates, downgraded from A2 to Baa3


$ 37.500 mil., 10.35% Class B-1 Certificates, downgraded from Baa2 to Ba2


Series 2000-5


$ 67.000 mil., 7.06% Class A-2 Certificates, rating confirmed at Aaa


$ 67.000 mil., 7.21% Class A-3 Certificates, rating confirmed at Aaa


$101.000 mil., 7.47% Class A-4 Certificates, rating confirmed at Aaa


$ 40.000 mil., 7.70% Class A-5 Certificates, rating confirmed at Aaa


$117.000 mil., 7.96% Class A-6 Certificates, rating confirmed at Aaa


$104.250 mil., 8.20% Class A-7 Certificates, rating confirmed at Aaa


$ 37.500 mil., 8.40% Class M-1 Certificates, downgraded from Aa2 to A1


$ 30.000 mil., 9.03% Class M-2 Certificates, downgraded from A2 to Baa1


$ 22.500 mil., 10.21% Class B-1 Certificates, downgraded from Baa2 to Baa3


$ 26.250 mil., 9.80% Class B-2 Certificates, downgraded from Ba2 to B1


Conseco Finance Corp., a wholly owned subsidiary of Conseco, Inc., is headquartered in St. Paul, Minnesota. The company is the largest servicer of manufactured housing contracts in the United States with a servicing portfolio of approximately $23 billion in receivables as of September 30, 2002.


For further details visit www.moodys.com




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.

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.

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.

​​​​
Moodys.com