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Related Issuers
ABN AMRO Mortgage Corporation, Series 2001-4
ABN AMRO Mortgage Corporation, Series 2002-1A
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Bank of America Mortgage 2002-D Trust
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Rating Action:

MOODY'S UPGRADES 233 JUMBO RESIDENTIAL MORTGAGE SECURITIZATION TRANCHES AND PLACES FOUR TRANCHES FROM TWO SECURITIZATIONS ON REVIEW FOR POSSIBLE DOWNGRADE

25 Sep 2003
MOODY'S UPGRADES 233 JUMBO RESIDENTIAL MORTGAGE SECURITIZATION TRANCHES AND PLACES FOUR TRANCHES FROM TWO SECURITIZATIONS ON REVIEW FOR POSSIBLE DOWNGRADE

New York, September 25, 2003 -- Moody's has upgraded 233 tranches from 60 securitizations and has placed four tranches from two securitizations on review for possible downgrade. The rating actions follow Moody's comprehensive examination of the "jumbo" RMBS deals it rated in 2001 and 2002. 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 prepayments 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 current economic environment has caused some financial strain on borrowers, the strong housing market has enabled many borrowers to avoid foreclosure by selling their properties prior to any loss being experienced on the mortgage loan. In addition, the strong housing market has decreased the amount of the loss realized on the low percentage of loans that have experienced a loss.

Included in the 233 tranches that Moody's upgraded were four super senior support tranches. Super senior support tranches have more risk than a senior tranche that is not divided into super senior and support tranches because of the potentially higher severity of loss on the support tranche, should a loss be realized. Therefore if a support tranche is a relatively small percent of the super senior tranche, unless the support tranche has more credit enhancement, Moody's would typically rate the super senior support tranche a notch or two lower-for example a senior class super senior support tranche without additional enhancement would typically be rated Aa1 or Aa2. The four super senior tranches have been upgraded to a Aaa rating due to the substantial increase in credit enhancement since issuance.

The four tranches that were place on review for potential downgrade are from two Alt-A securitizations, Bear Stearns Asset Backed Certificates 2001-AC1 and 2001-AC2. While current cumulative losses are relatively low, both pools have experienced a sharp increase in the percent of seriously delinquent loans (i.e. loans 90+ delinquent, in foreclosure and in REO) and therefore we believe the two most subordinated rated tranches from both securitizations merit further review with the possibility of being downgraded.

The complete rating action is as follows:

The following classes are being upgraded:

ABN AMRO 2001-4, Class B-2, Upgrade from Baa2 to Aa3

ABN AMRO 2002-1A, Class M, Upgrade from Aa2 to Aaa

ABN AMRO 2002-1A, Class B-1, Upgrade from A2 to Aa2

ABN AMRO 2002-1A, Class B-2, Upgrade from Baa2 to A2

ABN AMRO 2002-1A, Class B-3, Upgrade from Ba2 to Baa2

ABN AMRO 2002-1A, Class B-4, Upgrade from B2 to Ba2

ABN AMRO 2002-5, Class M, Upgrade from Aa2 to Aaa

ABN AMRO 2002-5, Class B-1, Upgrade from A2 to Aa2

ABN AMRO 2002-5, Class B-2, Upgrade from Baa2 to A2

ABN AMRO 2002-5, Class B-3, Upgrade from Ba2 to Baa2

ABN AMRO 2002-6, Class A-10, Upgrade from Aa2 to Aaa

AMAC 2001-1A, Class M, Upgrade from Aa2 to Aaa

AMAC 2001-1A, Class B-1, Upgrade from A2 to Aa1

AMAC 2001-1A, Class B-2, Upgrade from Baa2 to A2

AMAC 2001-1A, Class B-3, Upgrade from Ba2 to Baa1

AMAC 2001-1A, Class B-4, Upgrade from B2 to Baa3

Bank of America 2002-3, Class 2-B-1, Upgrade from Aa2 to Aaa

Bank of America 2002-3, Class 2-B-2, Upgrade from A2 to Aa2

Bank of America 2002-3, Class 2-B-3, Upgrade from Baa2 to A2

Bank of America 2002-3, Class 2-B-4, Upgrade from Ba2 to Baa2

Bank of America 2002-3, Class 2-B-5, Upgrade from B2 to Ba2

Bank of America 2002-D, Class B-1, Upgrade from Aa2 to Aaa

Bank of America 2002-D, Class B-2, Upgrade from A2 to Aa2

Bank of America 2002-D, Class B-3, Upgrade from Baa2 to A2

Bank of America 2002-D, Class B-4, Upgrade from Ba2 to Baa2

Bank of America 2002-D, Class B-5, Upgrade from B2 to Ba3

Bank of America 2002-G, Class 1-B-1, Upgrade from Aa2 to Aaa

Bank of America 2002-G, Class 1-B-2, Upgrade from A2 to Aa3

Bank of America 2002-G, Class 1-B-4, Upgrade from Ba2 to Baa3

Bank of America 2002-H, Class B-1, Upgrade from Aa2 to Aaa

Bank of America 2002-H, Class B-2, Upgrade from A2 to Aa2

Bank of America 2002-H, Class B-3, Upgrade from Baa2 to A2

Bank of America 2002-H, Class B-4, Upgrade from Ba2 to Baa2

Bank of America 2002-H, Class B-5, Upgrade from B2 to Ba2

Bear Stearns 2002-AC2, Class B-1, Upgrade from Aa2 to Aaa

Bear Stearns 2002-AC2, Class B-2, Upgrade from A2 to Aa2

Bear Stearns 2002-AC2, Class B-3, Upgrade from Baa2 to A2

Chase Mortgage 2001-S2, Class M, Upgrade from Aa2 to Aaa

Chase Mortgage 2001-S2, Class B-1, Upgrade from A2 to Aa2

Chase Mortgage 2001-S2, Class B-2, Upgrade from Baa2 to A2

Chase Mortgage 2001-S2, Class B-3, Upgrade from Ba2 to Baa2

Chase Mortgage 2001-S2, Class B-4, Upgrade from B2 to Ba2

Chase Mortgage 2001-S3, Class M, Upgrade from Aa2 to Aaa

Chase Mortgage 2001-S3, Class B-1, Upgrade from A2 to Aa1

Chase Mortgage 2001-S3, Class B-2, Upgrade from Baa2 to Aa3

Chase Mortgage 2001-S3, Class B-3, Upgrade from Ba2 to A3

Chase Mortgage 2001-S3, Class B-4, Upgrade from B2 to Baa3

Chase Mortgage 2001-S5, Class M, Upgrade from Aa2 to Aaa

Chase Mortgage 2001-S5, Class B-1, Upgrade from A2 to Aa2

Chase Mortgage 2001-S5, Class B-2, Upgrade from Baa2 to A2

Chase Mortgage 2001-S5, Class B-3, Upgrade from Ba2 to Baa2

Chase Mortgage 2001-S7, Class M, Upgrade from Aa2 to Aaa

Chase Mortgage 2001-S7, Class B-1, Upgrade from A3 to Aa3

Chase Mortgage 2001-S7, Class B-2, Upgrade from Baa2 to A3

Chase Mortgage 2002-S3, Class B-1, Upgrade from A3 to Aa3

Chase Mortgage 2002-S3, Class B-2, Upgrade from Baa2 to A2

Chase Mortgage 2002-S3, Class B-3, Upgrade from Ba3 to Baa3

Chase Mortgage 2002-S6, Class M, Upgrade from Aa3 to Aa1

Chase Mortgage 2002-S6, Class B-1, Upgrade from A3 to A1

Chase Mortgage 2002-S6, Class B-2, Upgrade from Baa2 to Baa1

Chase Mortgage 2002-S6, Class B-3, Upgrade from Ba3 to Ba2

CHL Mortgage 2001-7, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2001-7, Class B-1, Upgrade from A1 to Aa2

CHL Mortgage 2001-7, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2001-9, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2001-9, Class B-1, Upgrade from A2 to Aa3

CHL Mortgage 2001-9, Class B-2, Upgrade from Baa2 to A3

CHL Mortgage 2001-9, Class B-3, Upgrade from Ba2 to Baa3

CHL Mortgage 2001-11, Class M, Upgrade from Aa3 to Aa1

CHL Mortgage 2001-11, Class B-1, Upgrade from A3 to Aa3

CHL Mortgage 2001-11, Class B-2, Upgrade from Baa3 to A3

CHL Mortgage 2001-12, Class M, Upgrade from Aa3 to Aa2

CHL Mortgage 2001-12, Class B-1, Upgrade from A3 to A2

CHL Mortgage 2001-23, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2001-23, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2001-23, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2001-23, Class B-3, Upgrade from Ba2 to Baa2

CHL Mortgage 2001-23, Class B-4, Upgrade from B2 to Ba2

CHL Mortgage 2001-HYB1, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2001-HYB1, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2001-HYB1, Class B-2, Upgrade from Baa2 to A3

CHL Mortgage 2001-HYB1, Class B-3, Upgrade from Ba2 to Baa2

CHL Mortgage 2001-HYB1, Class B-4, Upgrade from B2 to Ba3

CHL Mortgage 2002-1, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2002-1, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2002-1, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2002-7, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2002-7, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2002-7, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2002-7, Class B-3, Upgrade from Ba2 to Baa2

CHL Mortgage 2002-7, Class B-4, Upgrade from B2 to Ba3

CHL Mortgage 2002-HYB1, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2002-HYB1, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2002-HYB1, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2002-HYB2, Class M, Upgrade from Aa2 to Aaa

CHL Mortgage 2002-HYB2, Class B-1, Upgrade from A2 to Aa2

CHL Mortgage 2002-HYB2, Class B-2, Upgrade from Baa2 to A2

CHL Mortgage 2002-J1, Class B-2, Upgrade from Baa2 to A2

CSFB Mortgage 2002-26, Class I-B-1, Upgrade from Aa2 to Aaa

CSFB Mortgage 2002-26, Class I-B-2, Upgrade from A2 to Aa2

CSFB Mortgage 2002-26, Class I-B-3, Upgrade from Baa2 to A2

CSFB Mortgage 2002-26, Class I-B-4, Upgrade from Ba3 to Baa3

CSFB Mortgage 2002-26, Class II-B-1, Upgrade from Aa3 to Aa1

CSFB Mortgage 2002-26, Class II-B-2, Upgrade from A3 to Aa3

CSFB Mortgage 2002-26, Class II-B-3, Upgrade from Baa3 to A3

CSFB Mortgage 2002-26, Class IV-B-2, Upgrade from A3 to A2

E*TRADE 2001-2, Class B-1, Upgrade from Aa2 to Aaa

E*TRADE 2001-2, Class B-2, Upgrade from A2 to Aa2

E*TRADE 2001-2, Class B-3, Upgrade from Baa2 to A2

E*TRADE 2001-2, Class B-4, Upgrade from Ba2 to Baa2

E*TRADE 2001-2, Class B-5, Upgrade from B2 to Ba2

First Horizon 2001-3, Class B-1, Upgrade from Aa2 to Aaa

First Horizon 2001-3, Class B-2, Upgrade from A2 to Aa1

First Horizon 2001-3, Class B-3, Upgrade from Baa2 to Aa3

First Horizon 2001-3, Class B-4, Upgrade from Ba2 to A3

First Horizon 2001-3, Class B-5, Upgrade from B2 to Baa3

First Horizon 2001-4, Class B-1, Upgrade from Aa2 to Aaa

First Horizon 2001-4, Class B-2, Upgrade from A2 to Aa1

First Horizon 2001-4, Class B-3, Upgrade from Baa2 to Aa3

First Horizon 2001-4, Class B-4, Upgrade from Ba2 to A3

First Horizon 2001-4, Class B-5, Upgrade from B2 to Baa3

First Horizon 2001-5, Class B-1, Upgrade from Aa2 to Aaa

First Horizon 2001-5, Class B-2, Upgrade from A2 to Aa2

First Horizon 2001-5, Class B-3, Upgrade from Baa2 to A2

First Horizon 2001-5, Class B-4, Upgrade from Ba2 to Baa2

First Horizon 2001-5, Class B-5, Upgrade from B2 to Ba2

FNT Mortgage 2001-1, Class M-3, Upgrade from Baa2 to A2

GSR Mortgage 2001-1, Class B1, Upgrade from Aa2 to Aaa

GSR Mortgage 2001-1, Class B2, Upgrade from A2 to Aa2

GSR Mortgage 2001-1, Class B3, Upgrade from Baa2 to A2

GSR Mortgage 2001-1, Class B4, Upgrade from Ba2 to Baa2

GSR Mortgage 2001-1, Class B5, Upgrade from B2 to Ba2

GSR Mortgage 2002-2, Class B1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-2, Class B2, Upgrade from A2 to Aa2

GSR Mortgage 2002-2, Class B3, Upgrade from Baa2 to A2

GSR Mortgage 2002-2, Class B4, Upgrade from Ba2 to Baa2

GSR Mortgage 2002-2, Class B5, Upgrade from B2 to Ba2

GSR Mortgage 2002-3F, Class IB-1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-3F, Class IB-2, Upgrade from A2 to Aa2

GSR Mortgage 2002-3F, Class IB-3, Upgrade from Baa2 to A2

GSR Mortgage 2002-3F, Class IB-4, Upgrade from Ba2 to Baa2

GSR Mortgage 2002-3F, Class IB-5, Upgrade from B2 to Ba2

GSR Mortgage 2002-3F, Class IIB-1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-3F, Class IIB-2, Upgrade from A2 to Aa2

GSR Mortgage 2002-3F, Class IIB-3, Upgrade from Baa2 to A2

GSR Mortgage 2002-3F, Class IIB-4, Upgrade from Ba2 to Baa2

GSR Mortgage 2002-3F, Class IIB-5, Upgrade from B2 to Ba2

GSR Mortgage 2002-4, Class B1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-4, Class B2, Upgrade from A2 to Aa2

GSR Mortgage 2002-4, Class B3, Upgrade from Baa2 to A2

GSR Mortgage 2002-5, Class B1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-5, Class B2, Upgrade from A2 to Aa2

GSR Mortgage 2002-5, Class B3, Upgrade from Baa2 to A2

GSR Mortgage 2002-5, Class B4, Upgrade from Ba2 to Baa2

GSR Mortgage 2002-5, Class B5, Upgrade from B2 to Ba2

GSR Mortgage 2002-7, Class B-1, Upgrade from Aa2 to Aaa

GSR Mortgage 2002-7, Class B-2, Upgrade from A2 to Aa2

GSR Mortgage 2002-7, Class B-3, Upgrade from Baa2 to A2

GSR Mortgage 2002-7, Class B-4, Upgrade from Ba2 to Baa2

GSR Mortgage 2002-7, Class B-5, Upgrade from B2 to Ba2

MASTR 2002-3, Class B-1, Upgrade from Aa3 to Aa1

MASTR 2002-3, Class B-2, Upgrade from A3 to Aa3

MASTR 2002-3, Class B-3, Upgrade from Baa3 to A3

MASTR 2002-3, Class B-4, Upgrade from Ba3 to Baa3

MASTR 2002-4, Class B-1, Upgrade from Aa3 to Aa1

MASTR 2002-4, Class B-2, Upgrade from A3 to Aa3

MASTR 2002-4, Class B-3, Upgrade from Baa3 to A3

MASTR 2002-4, Class B-4, Upgrade from Ba3 to Ba1

Merrill Lynch 2001-S1, Class M-1, Upgrade from Aa2 to Aaa

Merrill Lynch 2001-S1, Class M-2, Upgrade from A2 to Aa2

Merrill Lynch 2001-S1, Class M-3, Upgrade from Baa2 to A2

MLMI Series 2002-A2, Class M-1, Upgrade from Aa2 to Aa1

MLMI Series 2002-A2, Class M-2, Upgrade from A2 to A1

MLMI Series 2002-A2, Class M-3, Upgrade from Baa2 to Baa1

MLMI Series 2002-A2, Class B-1, Upgrade from Ba2 to Ba1

Morgan Stanley 2002-WL1, Class 3-B-1, Upgrade from Aa2 to Aaa

Morgan Stanley 2002-WL1, Class 3-B-2, Upgrade from A2 to Aa2

Morgan Stanley 2002-WL1, Class 3-B-3, Upgrade from Baa2 to A2

Morgan Stanley 2002-WL1, Class 3-B-4, Upgrade from Ba2 to Baa2

Morgan Stanley 2002-WL1, Class 3-B-5, Upgrade from B2 to Ba2

PNC Mortgage 2001-1, Class II-B-1, Upgrade from Aa2 to Aaa

PNC Mortgage 2001-1, Class II-B-2, Upgrade from A2 to Aaa

PNC Mortgage 2001-1, Class II-B-3, Upgrade from Baa2 to Aaa

Salomon Mortgage 2001-CPB1, Class B-1, Upgrade from Aa2 to Aaa

Salomon Mortgage 2001-CPB1, Class B-2, Upgrade from A2 to Aa2

Salomon Mortgage 2001-CPB1, Class B-3, Upgrade from Baa2 to A2

Salomon Mortgage 2001-CPB1, Class B-4, Upgrade from Ba2 to Baa2

Salomon Mortgage 2001-CPB1, Class B-5, Upgrade from B2 to Ba2

Salomon Mortgage 2002-HYB1, Class M-1, Upgrade from Aa2 to Aaa

Salomon Mortgage 2002-HYB1, Class M-2, Upgrade from A2 to Aa2

Salomon Mortgage 2002-HYB1, Class M-3, Upgrade from Baa2 to A2

Salomon Mortgage 2002-HYB1, Class B-1, Upgrade from Ba2 to Baa2

Salomon Mortgage 2002-HYB1, Class B-2, Upgrade from B2 to Ba2

SASCO 2001-16H, Class B1, Upgrade from Aa2 to Aaa

SASCO 2001-16H, Class B2, Upgrade from A2 to Aa3

SASCO 2001-16H, Class BX-2, Upgrade from A2 to Aa3

SASCO 2001-16H, Class BX-1, Upgrade from Aa2 to Aaa

Washington Mutual 2001-2, Class B-1, Upgrade from Aa2 to Aaa

Washington Mutual 2001-2, Class B-2, Upgrade from A2 to Aa1

Washington Mutual 2001-3, Class C-B-1, Upgrade from Aa2 to Aaa

Washington Mutual 2001-3, Class C-B-2, Upgrade from A2 to Aa2

Washington Mutual 2001-3, Class C-B-3, Upgrade from Baa2 to A2

Washington Mutual 2001-3, Class C-B-4, Upgrade from Ba2 to Baa2

Washington Mutual 2001-4, Class C-B-1, Upgrade from Aa3 to Aaa

Washington Mutual 2001-4, Class C-B-2, Upgrade from A3 to Aaa

Washington Mutual 2001-4, Class C-B-3, Upgrade from Baa2 to Aa2

Washington Mutual 2001-4, Class C-B-4, Upgrade from Ba3 to Baa2

Washington Mutual 2001-7, Class C-B-3, Upgrade from Baa2 to A1

Washington Mutual 2001-7, Class II-B-1, Upgrade from Aa2 to Aaa

WaMu MSC 2001-MS14, Class C-B-1, Upgrade from Aa3 to Aaa

WaMu MSC 2001-MS14, Class C-B-2, Upgrade from A2 to Aa2

Washington Mutual 2002-MS2, Class C-B-2, Upgrade from A3 to Aa3

Washington Mutual 2002-MS2, Class C-B-3, Upgrade from Baa2 to A2

Washington Mutual 2002-MS2, Class C-B-4, Upgrade from Ba2 to Baa2

Washington Mutual 2002-MS2, Class C-B-5, Upgrade from B3 to Ba3

Washington Mutual MSC 2002-MS3, Class C-B-1, Upgrade from Aa3 to Aa1

Washington Mutual MSC 2002-MS3, Class C-B-2, Upgrade from A3 to Aa3

Washington Mutual MSC 2002-MS3, Class C-B-3, Upgrade from Baa3 to A3

Washington Mutual MSC 2002-MS3, Class C-B-4, Upgrade from Ba3 to Baa3

Washington Mutual MSC 2002-MS4, Class C-B-1, Upgrade from Aa3 to Aa1

Washington Mutual MSC 2002-MS4, Class C-B-2, Upgrade from A3 to Aa3

Washington Mutual MSC 2002-MS4, Class C-B-3, Upgrade from Baa3 to A3

Washington Mutual MSC 2002-MS4, Class C-B-4, Upgrade from Ba3 to Ba1

Washington Mutual MSC 2002-MS5, Class C-B-1, Upgrade from Aa3 to Aa1

Washington Mutual MSC 2002-MS5, Class C-B-2, Upgrade from A3 to Aa3

Washington Mutual MSC 2002-MS5, Class C-B-3, Upgrade from Baa3 to A3

Washington Mutual MSC 2002-MS5, Class C-B-4, Upgrade from Ba3 to Baa3

Washington Mutual MSC 2002-MS6, Class C-B-2, Upgrade from A3 to Aa3

Washington Mutual MSC 2002-MS6, Class C-B-3, Upgrade from Baa3 to A3

Washington Mutual MSC 2002-MS6, Class C-B-4, Upgrade from Ba3 to Baa3

Wells Fargo 2002-15, Class A-7, Upgrade from Aa1 to Aaa

Wells Fargo 2002-22, Class I-A-16, Upgrade from Aa1 to Aaa

Wells Fargo 2002-22, Class II-A-10, Upgrade from Aa1 to Aaa

The following deals are on review for possible downgrade:

Bear Stearns Asset Backed Certificates, 2001-AC1, Class M-2, Current Rating A2

Bear Stearns Asset Backed Certificates, 2001-AC1, Class B, Current Rating Baa2

Bear Stearns Asset Backed Certificates, 2001-AC2, Class M-2, Current Rating A2

Bear Stearns Asset Backed Certificates, 2001-AC2, Class B, Current Rating Baa2

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

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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

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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.

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, 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 $2,700,000. 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 JPY125,000 to approximately JPY250,000,000.

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

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