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
ABN AMRO Mortgage Corporation, Series 2002-1A
ABN AMRO Mortgage Corporation, Series 2002-5
Bank of America Mortgage 2002-H Trust
Bear Stearns ARM Trust 2001-7
Bear Stearns ARM Trust 2002-10
Bear Stearns ARM Trust 2002-5
Bear Stearns ARM Trust 2002-7
Bear Stearns ARM Trust 2002-8
Bear Stearns ARM Trust 2002-9
Bear Stearns ARM Trust 2003-1
Bear Stearns ARM Trust 2003-3
Bear Stearns ARM Trust, Series 2001-4
Chase Mortgage Finance Trust, Series 2002-S6
CHL Mortgage Pass-Through Trust 2001-HYB1
CHL Mortgage Pass-Through Trust 2002-1
CHL Mortgage Pass-Through Trust 2002-7
CHL Mortgage Pass-Through Trust 2003-HYB1
CHL Mortgage Pass-Through Trust 2003-HYB2
Citicorp Mtg Sec Inc 2003-2
CWMBS Mortgage Pass-Through Trust 2001-HYB2
Fifth Third Mortgage Loan Trust 2002-FTB1
FNT Mortgage-Backed Pass-Through Certificates, Series 2001-1
GSR Mortgage Loan Trust 2003-1
MASTR Adjustable Rate Mortgages Trust 2002-3
MASTR Adjustable Rate Mortgages Trust 2002-4
MASTR Asset Securitization Trust 2002-3
MASTR Asset Securitization Trust 2002-6
MASTR Asset Securitization Trust 2002-7
Merrill Lynch Mortgage Investors, Inc. Mortgage Pass-Through Certificates, Series 2001-S1
Mortgage Pass-Through Certificates, MLMI Series 2002-A2
Salomon Mortgage Loan Trust, Series 2002-HYB1
Wachovia Asset Securitization, Inc. 2002-1 Trust
WaMu Mortgage Pass-Through Certificates Series 2002-AR5 Trust
WaMu MSC Mortgage Pass-Through Certificates, Series 2001-MS14
Washington Mutual MSC 2002-MS3 Trust
Washington Mutual MSC 2002-MS4 Trust
Washington Mutual MSC 2002-MS5 Trust
Washington Mutual MSC 2002-MS6 Trust
Washington Mutual MSC Mortgage 2003-AR1 Trust
Washington Mutual MSC Mortgage 2003-AR2 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-AR2 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-AR3 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS2
Rating Action:

MOODY'S PLACES 148 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

20 Aug 2004
MOODY'S PLACES 148 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

New York, August 20, 2004 -- Moody's has placed 148 tranches from 43 Y-structure securitizations on review for possible upgrade. The rating actions follow Moody's comprehensive examination of "jumbo" securitizations issued and rated from 2001 through 2003. The examination was prompted by the unusually strong mortgage credit environment of the past few years, which includes rapid industry-wide prepayment speeds and generally rising home prices.

Over the last several years the jumbo RMBS securitization market has experienced very strong performance. Many securitization pools have experienced no losses or very low levels of losses. High prepayment rates, combined with the virtually standard jumbo RMBS shifting interest structure, have resulted in a significant increase in tranche credit enhancement levels. In the standard shifting interest structure, 100% of prepayment principal is allocated to the senior most tranche, typically for at least the first five years. High prepayment rates have also reduced loss rates, as some loans that may have defaulted in later years have prepaid prior to the borrower experiencing a "life event." While the economic environment of the recent past has caused some financial strain on borrowers, the strong housing market has enabled many borrowers to avoid foreclosure by selling their properties prior to incurring any loss on the mortgage loan. In addition, the continued strong housing market has decreased the amount of the loss realized on the low percentage of loans that have experienced a loss.

Among the 148 tranches on review for possible upgrade were 5 super senior support tranches. Super senior support tranches carry more risk than a senior tranche that is not divided into super senior and support tranches. This risk is due to the potentially higher severity of loss on the support tranche, should a loss be realized. The 5 senior support tranches have been placed under review for upgrade due to the substantial increase in credit enhancement percentages since issuance.

The complete rating action is as follows:

The following classes are on review for upgrade:

ABN AMRO 2002-1A, Class B-1, Current Rating Aa2

ABN AMRO 2002-1A, Class B-2, Current Rating A2

ABN AMRO 2002-1A, Class B-3, Current Rating Baa2

ABN AMRO 2002-1A, Class B-4, Current Rating Ba2

ABN AMRO 2002-5, Class B-1, Current Rating Aa2

ABN AMRO 2002-5, Class B-2, Current Rating A2

ABN AMRO 2002-5, Class B-3, Current Rating Baa2

ABN AMRO 2002-5, Class B-4, Current Rating B2

Bank of America 2002-H, Class B-2, Current Rating Aa2

Bank of America 2002-H, Class B-3, Current Rating A2

Bank of America 2002-H, Class B-4, Current Rating Baa2

Bank of America 2002-H, Class B-5, Current Rating Ba2

Bear Stearns ARM Trust 2001-4, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2001-4, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2001-4, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2001-7, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2001-7, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2001-7, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2001-7, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2002-5, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-5, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-5, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-7, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-7, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-7, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-8, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-8, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-8, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-8, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2002-8, Class B-5, Current Rating B2

Bear Stearns ARM Trust 2002-9, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-9, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-9, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-10, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-10, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-10, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-10, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2003-1, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2003-1, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2003-1, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2003-3, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2003-3, Class B-2, Current Rating A2

Chase Mortgage 2002-S6, Class M, Current Rating Aa1

Chase Mortgage 2002-S6, Class B-1, Current Rating A1

Chase Mortgage 2002-S6, Class B-2, Current Rating Baa1

Chase Mortgage 2002-S6, Class B-3, Current Rating Ba2

CHL Mortgage 2001-HYB1, Class B-1, Current Rating Aa2

CHL Mortgage 2001-HYB1, Class B-2, Current Rating A3

CHL Mortgage 2001-HYB1, Class B-3, Current Rating Baa2

CHL Mortgage 2001-HYB1, Class B-4, Current Rating Ba3

CHL Mortgage 2002-1, Class B-1, Current Rating Aa2

CHL Mortgage 2002-1, Class B-2, Current Rating A2

CHL Mortgage 2002-7, Class B-1, Current Rating Aa2

CHL Mortgage 2002-7, Class B-2, Current Rating A2

CHL Mortgage 2002-7, Class B-3, Current Rating Baa2

CHL Mortgage 2001-HYB2, Class M, Current Rating Aa2

CHL Mortgage 2001-HYB2, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB1, Class M, Current Rating Aa2

CHL Mortgage 2003-HYB1, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB1, Class B-2, Current Rating Baa2

CHL Mortgage 2003-HYB2, Class M, Current Rating Aa2

CHL Mortgage 2003-HYB2, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB2, Class B-2, Current Rating Baa2

Citicorp Mortgage 2003-2, Class IA-14, Current Rating Aa1

Citicorp Mortgage 2003-2, Class B-2, Current Rating A2

Citicorp Mortgage 2003-2, Class B-3, Current Rating Baa2

Fifth Third Mortgage 2002-FTB1, Class C-B-1, Current Rating Aa3

FNT Mortgage 2001-1, Class M-3, Current Rating A2

GSR Mortgage 2003-1, Class B-1, Current Rating Aa2

GSR Mortgage 2003-1, Class B-2, Current Rating A2

GSR Mortgage 2003-1, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-3, Class B-1, Current Rating Aa3

MASTR Adjustable Rate Mortgages 2002-3, Class B-2, Current Rating A2

MASTR Adjustable Rate Mortgages 2002-3, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-3, Class B-4, Current Rating Ba2

MASTR Adjustable Rate Mortgages 2002-4, Class B-1, Current Rating Aa2

MASTR Adjustable Rate Mortgages 2002-4, Class B-2, Current Rating A2

MASTR Adjustable Rate Mortgages 2002-4, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-4, Class B-4, Current Rating Ba2

MASTR Adjustable Rate Mortgages 2002-4, Class B-5, Current Rating B3

MASTR Asset Securitization 2002-3, Class B-1, Current Rating Aa1

MASTR Asset Securitization 2002-3, Class B-2, Current Rating Aa3

MASTR Asset Securitization 2002-3, Class B-3, Current Rating A3

MASTR Asset Securitization 2002-3, Class B-4, Current Rating Baa3

MASTR Asset Securitization 2002-6, Class 3-A-2, Current Rating Aa1

MASTR Asset Securitization 2002-6, Class B-2, Current Rating A3

MASTR Asset Securitization 2002-7, Class 1-A-5, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class 2-A-14, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class 2-A-15, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class B-1, Current Rating Aa3

MASTR Asset Securitization 2002-7, Class B-2, Current Rating A3

MASTR Asset Securitization 2002-7, Class B-3, Current Rating Baa3

MASTR Asset Securitization 2002-7, Class B-4, Current Rating Ba3

Merrill Lynch Mortgage 2001-S1, Class M-2, Current Rating Aa2

Merrill Lynch Mortgage 2001-S1, Class M-3, Current Rating A2

MLMI 2002-A2, Class M-1, Current Rating Aa1

MLMI 2002-A2, Class M-2, Current Rating A1

MLMI 2002-A2, Class M-3, Current Rating Baa1

MLMI 2002-A2, Class B-1, Current Rating Ba1

MLMI 2002-A2, Class B-2, Current Rating B2

Salomon 2002-HYB1, Class M-2, Current Rating Aa2

Salomon 2002-HYB1, Class M-3, Current Rating A2

Salomon 2002-HYB1, Class B-1, Current Rating Baa2

Salomon 2002-HYB1, Class B-2, Current Rating Ba2

Wachovia Asset 2002-1, Class B-1, Current Rating Aa2

Wachovia Asset 2002-1, Class B-2, Current Rating A2

Wachovia Asset 2002-1, Class B-3, Current Rating Baa2

Wachovia Asset 2002-1, Class B-4, Current Rating Ba2

Wachovia Asset 2002-1, Class B-5, Current Rating B2

WaMu 2002-AR5, Class B-1, Current Rating Aa2

WaMu 2002-AR5, Class B-2, Current Rating A2

WaMu 2002-AR5, Class B-3, Current Rating Baa2

WaMu 2002-AR5, Class B-4, Current Rating Ba2

WaMu 2002-AR5, Class B-5, Current Rating B2

WaMu MSC 2001-MS14, Class C-B-2, Current Rating Aa2

WaMu MSC 2001-MS14, Class C-B-3, Current Rating Baa2

WaMu MSC 2001-MS14, Class C-B-4, Current Rating Ba2

Washington Mutual MSC 2002-MS3, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS3, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS3, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS3, Class C-B-4, Current Rating Baa3

Washington Mutual MSC 2002-MS4, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS4, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS4, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS4, Class C-B-4, Current Rating Ba1

Washington Mutual MSC 2002-MS5, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS5, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS5, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS5, Class C-B-4, Current Rating Baa3

Washington Mutual MSC 2002-MS6, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS6, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS6, Class C-B-4, Current Rating Baa3

Washington Mutual MSC Mortgage 2002-AR2, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2002-AR2, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2002-AR2, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-AR3, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2002-AR3, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2002-AR3, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2003-AR1, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2003-AR1, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2003-AR1, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2003-AR2, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2003-AR2, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2003-AR2, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-2, Current Rating Aa3

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-3, Current Rating A2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-4, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-5,Current Rating Ba3

New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Warren Kornfeld
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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