Rating Action:

MOODY'S DOWNGRADES TO Aa2 THE LONG-TERM RATINGS OF DEXIA BANK BELGIUM AND OF DEXIA CREDIT LOCAL (FRANCE); UPGRADES TO Aa2/B+ RATINGS OF ARTESIA BANKING CORPORATION; CONFIRMS DEXIA BIL'S LONG-TERM RATINGS AT Aa2; DOWNGRADES TO Aa3 THE LONG-TERM RATINGS OF

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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 JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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