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Related Issuers
ABN AMRO Mortgage Corporation, Series 2002-9
ABN AMRO Mortgage Corporation, Series 2003-3
ABN AMRO Mortgage Corporation, Series 2003-4
Banc of America Funding 2003-2 Trust
Banc of America Mortgage 2003-H Trust
Banc of America Mortgage 2004-2 Trust
Bear Stearns ARM Trust 2002-2
Bear Stearns ARM Trust 2003-3
Bear Stearns ARM Trust 2003-4
Bear Stearns ARM Trust 2003-6
CC Funding Corporation 2003-1
CC Funding Corporation 2003-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1
CHL Mortgage Pass-Through Trust 2003-27
CHL Mortgage Pass-Through Trust 2003-41
CHL Mortgage Pass-Through Trust 2003-60
CHL Mortgage Pass-Through Trust 2003-HYB3
CHL Mortgage Pass-Through Trust 2004-7
Citigroup Mortgage Loan Trust, Series 2004-HYB1
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First Horizon Mortgage Pass-Through Trust 2004-FL1
FNT Mortgage-Backed Pass-Through Certificates, Series 2001-1
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Merrill Lynch Mortgage Investors Trust MLCC 2003-H
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Merrill Lynch Mortgage Investors Trust Series MLCC 2003-A
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Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1
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Thornburg Mortgage Securities Trust 2003-3
Wachovia Asset Securitization, Inc. 2002-1 Trust
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Rating Action:

MOODY'S UPGRADES 159 TRANCHES OF JUMBO PRIME RESIDENTIAL MORTGAGE BACKED SECURITIES

17 Jul 2006
MOODY'S UPGRADES 159 TRANCHES OF JUMBO PRIME RESIDENTIAL MORTGAGE BACKED SECURITIES

New York, July 17, 2006 -- Moody's has upgraded 159 tranches from 60 residential mortgage backed securitizations. The rating actions follow Moody's review of jumbo prime RMBS deals issued from 2001 through 2004 with pool factors lower than 45% as of July 2006. Moody's notes the unusually strong housing environment of the past few years, which includes rapid industry-wide prepayment in light of low interest rates and refinancing opportunities and generally rising home prices.

Over the last several years, the jumbo RMBS securitization market has experienced very strong performance as many pools have experienced very low or even no losses. Prepayment rates are still high, particularly for variable rate mortgages, and combined with the virtually standard jumbo RMBS shifting-interest structure, have resulted in a significant increase in senior tranche credit enhancement levels. In the standard shifting-interest structure, 100% of prepayment principal is allocated to the most senior tranches, typically for at least the first five years. High prepayment rates have also reduced cumulative projected loss rates, as some loans that may have defaulted in later years have prepaid prior to the borrower experiencing a "life event." Moody's notes that in the past 12 months, prepayment rates have slowed on fixed rate pools, which reflects the increasing interest rate environment.

Additionally, the strong housing market has enabled many borrowers to avoid foreclosure by selling their properties prior to incurring any loss on the mortgage loan and has decreased the severity of the loss realized on the low percentage of loans that have experienced a default.

Moody's will continue to monitor the tail end risk of these transactions as some subordinated tranches could be vulnerable to large loan defaults.

Slower prepayment rates among fixed rate pools as well as increasing proportions of interest only and option ARM and negative amortization loans in more recent adjustable rate vintages have contributed to a decrease in the volume of upgrades relative to previous reviews of Jumbo RMBS as the peak of the loss curves for such pools may not yet have been reached. Although current performance remains strong, there may be an increased risk to such pools once the interest only and option ARM loans begin to amortize, potentially causing payment shock to the borrowers.

The complete rating action is as follows:

ABN AMRO 2002-9, Class B-2, Upgrade from Aa3 to Aa2

ABN AMRO 2002-9, Class B-3, Upgrade from A3 to A2

ABN AMRO 2003-3, Class B-2, Upgrade from Aa3 to Aaa

ABN AMRO 2003-4, Class B-1, Upgrade from A1 to Aa2

ABN AMRO 2003-4, Class B-2, Upgrade from A3 to A2

Banc of America Funding 2003-2, Class B-2, Upgrade from Aa2 to Aaa

Banc of America Funding 2003-2, Class B-3, Upgrade from A3 to Aa3

Banc of America Funding 2003-2, Class B-4, Upgrade from Baa2 to Baa1

Banc of America Funding 2003-2, Class B-5, Upgrade from Ba3 to Ba1

Banc of America Mortgage 2003-H, Class 2-A-4, Upgrade from Aa1 to Aaa

Banc of America Mortgage 2004-2, Class 5-B-2, Upgrade from Aa3 to Aaa

Banc of America Mortgage 2004-2, Class 5-B-3, Upgrade from A2 to Aa2

Bear Stearns ARM 2002-2, Class B-1, Upgrade from Aa2 to Aa1

Bear Stearns ARM 2002-2, Class B-2, Upgrade from A2 to A1

Bear Stearns ARM 2002-2, Class B-3, Upgrade from Baa2 to Baa1

Bear Stearns ARM 2003-3, Class B-2, Upgrade from Aa2 to Aaa

Bear Stearns ARM 2003-3, Class B-3, Upgrade from A2 to A1

Bear Stearns ARM 2003-4, Class B-1, Upgrade from Aa2 to Aaa

Bear Stearns ARM 2003-4, Class B-2, Upgrade from A2 to Aa2

Bear Stearns ARM 2003-4, Class B-3, Upgrade from Baa2 to A3

Bear Stearns ARM 2003-6, Class I-B-1, Upgrade from Aa2 to Aa1

Bear Stearns ARM 2003-6, Class I-B-2, Upgrade from A2 to A1

CC Funding 2003-1, Class B-1, Upgrade from Aa2 to Aaa

CC Funding 2003-1, Class B-2, Upgrade from Aa2 to Aaa

CC Funding 2003-1, Class B-3, Upgrade from A2 to Aa2

CC Funding 2003-1, Class B-4, Upgrade from Ba2 to Baa2

CC Funding 2003-1, Class B-5, Upgrade from B2 to Ba2

CC Funding 2003-2, Class B-1, Upgrade from Aa2 to Aaa

CC Funding 2003-2, Class B-2, Upgrade from A2 to Aa2

CC Funding 2003-2, Class B-3, Upgrade from Baa2 to A2

CC Funding 2003-2, Class B-4, Upgrade from Ba2 to Baa2

CC Funding 2003-2, Class B-5, Upgrade from B2 to Ba2

Chevy Chase Funding 2003-4, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2003-4, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2003-4, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2003-4, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2003-4, Class B-5, Upgrade from B2 to Ba2

Chevy Chase Funding 2004-1, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2004-1, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2004-1, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2004-1, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2004-1, Class B-5, Upgrade from B2 to Ba3

CHL Mortgage 2003-27, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2003-27, Class B-1, Upgrade from A2 to A1

CHL Mortgage 2003-41, Class A-6, Upgrade from Aa1 to Aaa

CHL Mortgage 2003-60, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2003-60, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2003-60, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2003-HYB3, Class M, Upgrade from Aa2 to Aa1

CHL Mortgage 2004-7, Class II-B-3, Upgrade from Ba2 to Baa2

Citigroup 2004-HYB1, Class B-1, Upgrade from Aa2 to Aaa

Citigroup 2004-HYB1, Class B-2, Upgrade from A2 to Aa3

Citigroup 2004-HYB1, Class B-3, Upgrade from Baa2 to A3

First Horizon 2004-AR1, Class III-A-2, Upgrade from Aa1 to Aaa

First Horizon 2004-FL1, Class B-1, Upgrade from Aa2 to Aaa

First Horizon 2004-FL1, Class B-2, Upgrade from A2 to Aa2

First Horizon 2004-FL1, Class B-3, Upgrade from Baa2 to A2

First Horizon 2004-FL1, Class B-4, Upgrade from Ba2 to Baa2

First Horizon 2004-FL1, Class B-5, Upgrade from B2 to Ba2

FNT Mortgage 2001-1, Class M-3, Upgrade from Aa2 to Aaa

GSR Mortgage 2003-1, Class B-2, Upgrade from Aa2 to Aaa

GSR Mortgage 2003-1, Class B-3, Upgrade from A2 to A1

Harborview Mortgage 2003-2, Class B-1, Upgrade from Aa2 to Aa1

Harborview Mortgage 2003-2, Class B-2, Upgrade from A2 to A1

Harborview Mortgage 2003-2, Class B-3, Upgrade from Baa2 to Baa1

MASTR Asset 2002-7, Class B-3, Upgrade from Aa1 to Aaa

Merrill Lynch Mortgage Investors 2003-A, Class B-1, Upgrade from Aa2 to Aa1

Merrill Lynch Mortgage Investors 2003-A, Class B-2, Upgrade from A2 to A1

Merrill Lynch Mortgage Investors 2003-A, Class B-3A, Upgrade from Baa1 to A2

Merrill Lynch Mortgage Investors 2003-A, Class B-3B, Upgrade from Baa3 to Baa2

Merrill Lynch Mortgage Investors 2003-A, Class B-4, Upgrade from Ba2 to Baa3

Merrill Lynch Mortgage Investors 2003-B, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-B, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2003-B, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2003-B, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-B, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2003-C, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-C, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2003-C, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2003-C, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-C, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2003-D, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-D, Class B-2, Upgrade from A2 to Aa3

Merrill Lynch Mortgage Investors 2003-D, Class B-3, Upgrade from Baa2 to A3

Merrill Lynch Mortgage Investors 2003-D, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-D, Class B-5, Upgrade from B2 to B1

Merrill Lynch Mortgage Investors 2003-E, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-E, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2003-E, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2003-E, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-E, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2003-F, Class B-1, Upgrade from Aa2 to Aa1

Merrill Lynch Mortgage Investors 2003-F, Class B-2, Upgrade from A2 to A1

Merrill Lynch Mortgage Investors 2003-F, Class B-3, Upgrade from Baa2 to A3

Merrill Lynch Mortgage Investors 2003-F, Class B-4, Upgrade from Ba2 to Baa3

Merrill Lynch Mortgage Investors 2003-G, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-G, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2003-G, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2003-G, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-G, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2003-H, Class A-3B, Upgrade from Aa1 to Aaa

Merrill Lynch Mortgage Investors 2003-H, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-H, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2003-H, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2003-H, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2003-H, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2004-A, Class B-1, Upgrade from Aa2 to Aa1

Merrill Lynch Mortgage Investors 2004-A, Class B-2, Upgrade from A2 to A1

Merrill Lynch Mortgage Investors 2004-A, Class B-3, Upgrade from Baa2 to Baa1

Merrill Lynch Mortgage Investors 2004-A, Class B-4, Upgrade from Ba2 to Ba1

Merrill Lynch Mortgage Investors 2004-B, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2004-B, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2004-B, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2004-B, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2004-B, Class B-5, Upgrade from B2 to Ba3

Merrill Lynch Mortgage Investors 2004-C, Class A-2B, Upgrade from Aa1 to Aaa

Merrill Lynch Mortgage Investors 2004-C, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2004-C, Class B-2, Upgrade from A2 to Aa2

Merrill Lynch Mortgage Investors 2004-C, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2004-C, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2004-C, Class B-5, Upgrade from B2 to Ba3

Morgan Stanley Dean Witter Cap I Inc 2002-WL1, Class 3-B-3, Upgrade from Aa3 to Aa1

Morgan Stanley Capital I Inc. 2003-HYB1, Class B-1, Upgrade from Aa2 to Aa1

Morgan Stanley Capital I Inc. 2003-HYB1, Class B-2, Upgrade from A2 to A1

Provident Funding 2003-1, Class B-2, Upgrade from Aa2 to Aaa

Provident Funding 2003-1, Class B-3, Upgrade from A2 to A1

Provident Funding 2003-1, Class B-4, Upgrade from Baa2 to A3

Provident Funding 2003-1, Class B-5, Upgrade from Ba2 to Ba1

RFSC 2002-RM1, Class B-I-2, Upgrade from Ba2 to Ba1

Thornburg Mortgage 2002-3, Class B-2, Upgrade from Aa2 to Aa1

Thornburg Mortgage 2003-3, Class B-1, Upgrade from Aa2 to Aaa

Thornburg Mortgage 2003-3, Class B-2, Upgrade from A2 to Aa2

Thornburg Mortgage 2003-3, Class B-3, Upgrade from Baa2 to A2

Thornburg Mortgage 2003-3, Class B-4, Upgrade from Ba2 to Baa2

Thornburg Mortgage 2003-3, Class B-5, Upgrade from B2 to Ba2

Wachovia Asset 2002-1, Class B-3, Upgrade from Aa2 to Aa1

WaMu Mortgage 2001-AR5, Class B-3, Upgrade from Aa3 to Aa2

WaMu Mortgage 2002-AR9, Class II-B-2, Upgrade from Aa1 to Aaa

WaMu Mortgage 2002-AR9, Class II-B-4, Upgrade from Baa3 to Baa2

WaMu Mortgage 2002-AR10, Class B-3, Upgrade from Aa1 to Aaa

WaMu Mortgage 2002-AR11, Class B-2, Upgrade from Aa1 to Aaa

WaMu Mortgage 2002-AR11, Class B-3, Upgrade from A1 to Aa1

WaMu Mortgage 2002-AR12, Class B-4, Upgrade from A2 to A1

WaMu Mortgage 2002-AR13, Class B-3, Upgrade from Aa2 to Aaa

WaMu Mortgage 2002-AR13, Class B-4, Upgrade from A2 to A1

WaMu Mortgage 2002-AR15, Class B-2, Upgrade from Aa1 to Aaa

WaMu Mortgage 2002-AR15, Class B-3, Upgrade from A1 to Aa3

WaMu Mortgage 2002-AR16, Class B-4, Upgrade from A2 to A1

WaMu Mortgage 2002-AR17, Class I-B-2, Upgrade from Aa2 to Aa1

WaMu Mortgage 2002-AR17, Class I-B-3, Upgrade from A2 to A1

WaMu Mortgage 2002-AR17, Class II-B-2, Upgrade from Aa2 to Aaa

WaMu Mortgage 2002-AR17, Class II-B-3, Upgrade from A2 to Aa2

WaMu Mortgage 2002-AR18, Class B-4, Upgrade from A3 to A2

WaMu Mortgage 2002-AR19, Class B-4, Upgrade from A3 to A2

Washington Mutual MSC 2002-MS4, Class C-B-3, Upgrade from Aa1 to Aaa

Washington Mutual MSC 2003-MS6, Class III-B-3, Upgrade from A1 to Aa2

Wells Fargo Mortgage 2003-C, Class B-3, Upgrade from A1 to Aa3

Wells Fargo Mortgage 2003-D, Class B-3, Upgrade from A2 to A1

Wells Fargo Mortgage 2003-F, Class B-1, Upgrade from Aa1 to Aaa

For more information please see www.Moodys.com

New York
Nicolas S. Weill
Managing Director - Chief Credit
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Barry M. Eisbruck
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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 $5,000,000. 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 JPY100,000 to approximately JPY550,000,000.

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

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