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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.

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Related Issuers
American Municipal Power, Inc.
American Municipal Power, Inc., OH- Electricity Purchase Revenue Bonds, Series 2007A, $307.550MM
California Statewide Communities Dev. Auth.
California Statewide Communities Development Authority, Gas Supply Variable Rate Revenue Bonds, Series 2010, $781.285MM
Central Plains Energy Project
Central Plains Energy Project, Gas Project Variable Rate Bonds (Project 2), Series 2009, $718.445MM
Clarksville City Natural Gas Acquisition Corp
Clarksville City Natural Gas Acquisition Corporation, Gas Revenue Bonds, Series 2006,
Indiana Bond Bank
Indiana Bond Bank, Special Program Gas Revenue Bonds, Series 2007 A & Series 2007 B
Lancaster Port Authority, OH
Lancaster Port Authority, OH, Gas Supply Variable Rate Revenue Bonds, Series 2008
Long Beach Bond Finance Authority, CA
Long Beach Bond Finance Authority, CA, Natural Gas Purchase Revenue Bonds, Series 2007 A through Series 2007 D, $1.1 Billion
Lower Alabama Gas District, AL
Lower Alabama Gas District, Gas Supply Variable Rate Revenue Bonds, Series 2007-A, $378.150MM
Main Street Natural Gas, Inc.
Main Street Natural Gas, Inc., Gas Project Revenue Bonds, Series 2006 A, $535.425MM
Main Street Natural Gas, Inc., Gas Project Revenue Bonds, Series 2006 B, $536.865MM
Main Street Natural Gas, Inc., Gas Project Revenue Bonds, Series 2007A-1 through Series 2007A-4, $315MM
Main Street Natural Gas, Inc., Gas Project Variable Rate Revenue Bonds, Series 2010A (BANK BOND), $772.825MM
Main Street Natural Gas, Inc., Gas Project Variable Rate Revenue Bonds, Series 2010A, $772.825MM
Municipal Energy Acquisition Corporation, TN
Municipal Energy Acquisition Corporation, TN, Gas Revenue Bonds, Series 2006A & Series 2006B, $648.975MM
New Mexico Muni. Energy Acq. Authority
New Mexico Municipal Energy Acquisition Authority, Gas Supply Variable Rate Revenue Bonds, Series 2009, $780.9MM
New Mexico Municipal Energy Acquistion Authority, Gas Supply Variable Rate Revenue Bonds, Series 2009 (BANK BONDS), $780.965MM
Northern California Gas Authority No. 1
Northern California Gas Authority No. 1, Gas Project Revenue Bonds, Series 2007 A & Series 2007 B
Public Authority for Colorado Energy
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Series 2008
Public Energy Authority of Kentucky
Public Energy Authority of Kentucky, Inc., Variable Rate Gas Supply Revenue Bonds, Senior Series 2007A-1 & Senior Series 2007
Roseville Natural Gas Financing Auth., CA
Roseville Natural Gas Financing Authority, CA, Gas Revenue Bonds, Series 2007 A, $194,950,000.00
Salt Verde Financial Corporation, AZ
Salt Verde Financial Corporation, AZ, Senior Gas Revenue Bonds, Series 2007 & Subordinate Gas Revenue Bonds, Series 2007, $1,
Southeast Alabama Gas District
Southeast Alabama Gas District, AL, Supply Project Variable Rate Revenue Bonds, Series 2007A, $971.745MM
Tennessee Energy Acquisition Corporation
Tennessee Energy Acquisition Corporation, Gas Project Revenue Bonds, Series 2006-A, $1,999,810,000.00
Texas Muni. Gas Acquisition & Supply Corp I
Texas Muni. Gas Acquisition & Supply Corp. II
Texas Municipal Gas Acquisition & Supply Corporation I, Gas Supply Revenue Bonds (Senior Lien Series) Series 2006A & Series 2006B, & Series 2008D, $1.155BN
Texas Municipal Gas Acquisition & Supply Corporation II, Gas Supply Revenue Bonds, Series 2007A, Series 2007B, and Series 2012C
Announcement:

MOODY'S PLACES UNDER REVIEW FOR DOWNGRADE THE LONG-TERM RATINGS OF 24 GAS PREPAYMENT BONDS

17 Feb 2012

APPROXIMATELY $17.8 BILLION OF OUTSTANDING DEBT AFFECTED

New York, February 17, 2012 -- Moody's Investors Service has placed the long-term ratings of the below listed gas prepayment bonds under review for downgrade (The "Bonds"). On February 15, 2012 Moody's placed the long-term ratings of Citigroup, Inc., Credit Agricole Corporate & Investment Bank, JPMorgan Chase & Co., Merrill Lynch & Co., Morgan Stanley, BNP Paribas, Royal Bank of Canada and Societe Generale under review for downgrade. These entities support certain payment obligations of the Bonds. Please use the following link to access Moody's announcement of these bank reviews:

(1) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-Banks-and-Securities-Firms-with-Global--PR_238006; and

(2) http://www.moodys.com/research/Moodys-Reviews-Ratings-for-European-Banks--PR_237914.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM139917 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected debt.

Affected Gas Pre-Payment Bond Issues

(1) Southeast Alabama Gas District Supply Project Variable Rate Revenue Bonds, Series 2007A

(2) Lower Alabama Gas District Gas Supply Variable Rate Revenue Bonds, Series 2007A

(3) Public Energy Authority of Kentucky, Inc. Variable Rate Gas Supply Revenue Bonds, Series 2007A-1 and Series 2007A-2

The long-term ratings of A1 on issues (1) -- (3) listed above are placed under review for downgrade. The VMIG 1 short-term ratings are not affected. The long-term ratings on these issues are based upon the credit quality of Societe Generale (A1 under review for downgrade) as gas supplier guarantor and as interest rate swap provider.

(4) New Mexico Municipal Energy Acquisition Authority Gas Supply Variable Rate Revenue Bonds, Series 2009

(5) Lancaster Port Authority Gas Supply Variable Rate Revenue Bonds, Series 2008

(6) Main Street Natural Gas, Inc. Gas Project Variable Rate Revenue Bonds, Series 2010

(7) Central Plains Energy Project Gas Project Variable Rate Revenue Bonds (Project No. 2), Series 2009

(8) California Statewide Communities Development Authority Gas Supply Revenue Bonds, Series 2010

The long-term ratings of Aa1 on issues (4) -- (8) listed above are hereby placed under review for downgrade. The VMIG 1 short-term ratings are not affected. The long-term ratings on these issues are based upon the credit quality of Royal Bank of Canada (Aa1 under review for downgrade) as (i) the supplier under the gas purchase agreement and (ii) the interest rate swap provider.

(9) Texas Municipal Gas Acquisition & Supply Corporation II Gas Supply Revenue Bonds, Series 2007A & 2007B

(10) Indiana Bond Bank Gas Revenue Bonds, 2007

(11) Municipal Energy Acquisition Corp. Gas Revenue Bonds, Series 2006A & 2006B

(12) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2006A

The long-term ratings of Aa3 on issues (9) -- (12) are placed under review for downgrade. The long-term ratings on these issues are based upon the credit quality of JPMorgan Chase & Co. (Aa3 under review for downgrade) as gas supplier guarantor. In addition, issues (9) - (11) are subject to the credit quality of BNP Paribas (Aa3 under review for downgrade) and issue (12) is subject to the credit quality of Credit Agricole Corporate & Investment Bank (Aa3 under review for downgrade) in each case as commodity swap provider.

(13) Tennessee Energy Acquisition Corporation Gas Project Revenue Bonds, Series 2006A

(14) American Municipal Power, Inc., OH Electricity Purchase Revenue Bonds, 2007A

(15) Salt Verde Financial Corporation, AZ Senior Gas Revenue Bonds, 2007

The long-term ratings of A2 on issues (13) and (14) and A3 on issue (15) are placed under review for downgrade. The long-term ratings of A2 on issues (13) and (14) are based upon the credit quality of Citigroup Inc. (A3 under review for downgrade) as guaranteed investment agreement provider. The long-term rating of A3 on issue (15) is based upon the credit quality of Citigroup Inc. as gas supplier guarantor.

(16) Northern California Gas Authority No. 1 Gas Project Revenue Bonds, Series 2007B

The long-term rating of A2 on the above issue (16) is placed under review for downgrade. The long-term rating on this issue is based upon the credit quality of Morgan Stanley (A2 under review for downgrade) as gas supplier guarantor.

(17) Roseville Natural Gas Financing Authority, CA Gas Prepayment Revenue Bonds, Series 2007A

(18) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2006B

(19) Main Street Natural Gas, Inc. Gas Project Revenue Bonds, Series 2007A

(20) Public Authority for Colorado Energy Natural Gas Purchase Revenue Bonds, Series 2008

(21) Natural Gas Acquisition Corporation of the City of Clarksville, TN Gas Revenue Bonds, Series 2006

(22) Long Beach Bond Finance Authority Natural Gas Purchase Revenue Bonds, Series 2007A & 2007B

(23) Texas Municipal Gas Acquisition & Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A & 2006B

(24) Texas Municipal Gas Acquisition & Supply Corporation I, Gas Supply Revenue Bonds, Series 2008D

The long-term rating of Baa1 on issues (17) -- (24) listed above are placed under review for downgrade. The long-term ratings on these issues are based upon the credit quality of Merrill Lynch & Co. (Baa1 under review for downgrade) as gas supplier guarantor.

The methodologies used in these ratings were Gas Prepayment Bonds published in December 2008, and Methodology Update: Ratings that Rely on Guaranteed Investment Contracts published in December 2008. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's adopts all necessary measures so that the information it uses in assigning a 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.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see for each issuer the ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Joann Hempel
VP - Senior Credit Officer
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Thomas Jacobs
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
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.

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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.

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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.

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