info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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
Announcement:

Moody's ABCP rating activity ending July 22, 2016

28 Jul 2016

New York, July 28, 2016 -- Moody's ABCP rating activity for the period ending July 22, 2016

NO RATING IMPACT ON THE FOLLOWING ABCP PROGRAMS FROM JULY 4, 2016 THROUGH JULY 22, 2016:

Moody's has reviewed the following ABCP program in conjunction with the proposed additions and amendments. At this time the additions and amendments, in and of themselves, will not result in any rating impact on the respective programs. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted. Moody's does not express an opinion as to whether the additions or amendments could have other, non-credit-related effects.

CREDIT AGRICOLE'S ATLANTIC ADDS TWO FACILITIES TO ITS PORTFOLIO

Atlantic Asset Securitization LLC ("Atlantic"), a partially supported, multiseller ABCP program sponsored and administered by Credit Agricole Corporate and Investment Bank, New York Branch ("CA-CIB,"), has added two facilities to its portfolio: a $275 million aircraft warehouse facility and a $120 million amortizing equipment facility. Both transactions are fully supported by a liquidity facility provided by Prime-1(cr) CA-CIB, which funds for the face amount of ABCP.

Atlantic's program-level credit enhancement was not increased given the full liquidity support for both transactions. Atlantic has $14.2 billion of purchase commitments and $9.6 billion in ABCP outstandings.

RIDGEFIELD FUNDING COMPANY LLC AMENDS PROGRAM DOCUMENTS

Ridgefield Funding Company LLC ("Ridgefield "), a prior review, fully supported commercial paper program managed by Guggenheim Treasury Services, has amended its Series A dedicated company documents. Currently Series A issues Notes and uses the proceeds to make loans to two Dedicated Companies. Each Dedicated Company has entered into separate repurchase facilities (repos) with unrated counterparties. There is a separate guarantee for each provided by a (P)Prime-1 rated bank that fully supports all obligations under the repos. Amendments were credit positive and ensure that the Series A Notes are fully supported.

Ridgefield has approximately $5.36 billion in outstandings.

CANADIAN ABCP CONDUITS AMEND INTEREST IN A RESIDENTIAL MORTGAGE FACILITY

A syndicate of Canadian ABCP programs amended and increased their commitment in an existing revolving residential mortgage facility to CAD5.25 billion from CAD4.75 billion. The amendment will allow National Housing Act Mortgage-Backed Securities ("NHA MBS") to be included in the collateral pool, in addition to the existing collateral of prime conventional and insured residential mortgage loans. Transaction-specific credit enhancement is comprised of overcollateralization and a cash reserve account that varies depending on the pool mix.

Banner Trust ("Banner"), Merit Trust ("Merit"), Prime Trust ("Prime") and Zeus Receivables Trust ("Zeus"), four partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., increased their commitment to CAD2.5 billion from CAD2 billion. This transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Banner, Merit, Prime and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

Canadian Master Trust ("CMT") and Ridge Trust ("Ridge"), two partially supported, multiseller Canadian ABCP programs administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") maintained their commitment at CAD1.25 billion. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO.

The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by CMT and Ridge. Both programs do not have any program-level credit enhancement.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

Ridge currently has CAD2.8 billion of purchase commitments and CAD2.2 billion of ABCP outstanding.

Fusion Trust ("Fusion") and Clarity Trust ("Clarity"), two partially supported, multiseller Canadian ABCP programs sponsored and administered by National Bank Financial Inc. ("NBF"), a wholly owned subsidiary of National Bank of Canada ("NBC") maintained their commitment at CAD1 billion. This transaction remains partially supported by a liquidity facility provided by Prime-1(cr) NBC. The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by Clarity and Fusion.

Clarity has CAD15 million of program-level credit enhancement. Clarity currently has CAD1.6 billion of purchase commitments and CAD1.6 billion of ABCP outstanding.

Fusion has CAD15 million of program-level credit enhancement. Fusion currently has CAD1.7 billion of purchase commitments and CAD1.3 billion of ABCP outstanding

King Street Funding Trust ("King Street") and Bay Street Funding Trust ("Bay Street"), two partially supported, multiseller ABCP programs administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank") have maintained their commitment at CAD500 million. This transaction remains partially supported by a liquidity facility provided by Prime-1(cr) Scotiabank. The liquidity facilities are sized to cover 100% of the face amount of outstanding ABCP issued by King Street and Bay Street. Both programs do not have any program-level credit enhancement.

King Street currently has CAD2.2 billion of purchase commitments and CAD1.8 billion of ABCP outstanding.

Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of ABCP outstanding.

BMO'S CMT AND RIDGE TRUST EXTEND LIQUIDITY FACILITIES

Canadian Master Trust ("CMT") and Ridge Trust ("Ridge"), two partially supported, multiseller Canadian ABCP programs administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") have extended their respective liquidity facilities to December 2018. Program level liquidity facilities are provided by Prime-1(cr) BMO and are sized to cover 100% of the face amount of outstanding ABCP issued by CMT and Ridge.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

Ridge currently has CAD2.8 billion of purchase commitments and CAD2.2 billion of ABCP outstanding.

BMO'S CMT AMENDS A CAD250 MILLION RESIDENTIAL MORTGAGE FACILITY

Canadian Master Trust ("CMT") a partially supported, multiseller Canadian ABCP program administered by BMO Nesbitt Burns Inc. ("BMO NB"), a subsidiary of Bank of Montreal ("BMO") has amended an existing CAD250 million revolving residential mortgage facility in its portfolio. The amendment will allow inclusion of insured mortgages to the pool backing the facility, in addition to prime conventional mortgages. All mortgages are originated by a large Canadian mortgage finance company. Transaction-specific credit enhancement is comprised of a cash reserve account and minimum excess spread, and varies depending on the pool mix. This transaction is partially supported by a liquidity facility provided by Prime-1(cr) BMO. Liquidity is sized to cover 100% of the face amount of outstanding ABCP issued by CMT. CMT does not have program-level credit enhancement.

CMT currently has CAD2.9 billion of purchase commitments and CAD2.4 billion of ABCP outstanding.

CIBC'S SURE ADDS A CAD500 MILLION RESIDENTIAL MORTGAGE FACILITY

SURE Trust ("SURE"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), has added a CAD500 million committed facility backed by residential mortgages and National Housing Act Mortgage-Backed Securities ("NHA MBS"). The facility is a revolving securitization established for a large Canadian mortgage financing company. The collateral consists of a mix of prime conventional and insured mortgages and NHA MBS. This transaction is fully supported by the respective program level liquidity facilities, provided by Prime-1(cr) CIBC. The facilities are sized to cover 100% of the face amount of outstanding ABCP issued by SURE. SURE does not have program-level credit enhancement.

SURE has CAD1.4 billion in aggregate purchase commitments and CAD1.3 billion of ABCP outstanding.

CIBC'S SAFE, SOUND AND SURE TRUST AMEND LIQUIDITY SUPPORT

SAFE Trust ("SAFE"), SOUND Trust ("SOUND") and SURE Trust ("SURE"), three partially supported, multiseller Canadian ABCP programs sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), have amended the liquidity support available to residential mortgage deals. The amendments are credit positive and will cause liquidity to front for expected recoveries on the mortgage loans. Program level liquidity facilities are provided to each conduit by Prime-1(cr) CIBC and sized to cover 100% of the face amount of outstanding ABCP issued by SAFE, SOUND and SURE. SAFE, SOUND AND SURE do not have program-level credit enhancement.

SAFE has CAD1.8 billion in aggregate purchase commitments and CAD1.4 billion of ABCP outstanding.

SOUND has CAD2.5 billion in aggregate purchase commitments and CAD1.6 billion of ABCP outstanding.

SURE has CAD1.4 billion in aggregate purchase commitments and CAD1.3 billion of ABCP outstanding.

CIBC'S SAFE AND SOUND TRUST ADD A CAD500 MILLION RESIDENTIAL MORTGAGE FACILITY

SAFE Trust ("SAFE") and SOUND Trust ("SOUND"), two partially supported, multiseller Canadian ABCP programs sponsored and administered by Canadian Imperial Bank of Commerce ("CIBC"), have added a CAD500 million committed facility backed by residential mortgages. The facility is a revolving securitization established for a wholly owned subsidiary of a large Canadian financial services company. The collateral consists of a mix of prime conventional and insured mortgages. This transaction is partially supported by the respective program level liquidity facilities, provided by Prime-1(cr) CIBC. The facilities are sized to cover 100% of the face amount of outstanding ABCP issued by SAFE and SOUND. SAFE and SOUND do not have program-level credit enhancement.

SAFE has CAD1.8 billion in aggregate purchase commitments and CAD1.4 billion of ABCP outstanding.

SOUND has CAD2.5 billion in aggregate purchase commitments and CAD1.6 billion of ABCP outstanding.

RBC's PLAZA INCREASES INTEREST IN A RESIDENTIAL MORTGAGE FACILITY

Plaza Trust ("Plaza"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Royal Bank of Canada ("RBC"), has increased its interest in an existing revolving residential mortgage facility to CAD850 million from CAD750 million. The facility was established for a large Canadian mortgage financing company. The collateral consists of a mix of prime conventional and insured mortgages. This transaction is partially supported by the program-level liquidity facility provided by Prime-1(cr) RBC, which is sized to cover 100% of the face amount of outstanding ABCP issued by Plaza. Plaza's program-level credit enhancement is required to be increased by 10% of aggregate investments.

Plaza has approximately CAD3.5 billion of purchase commitments and CAD2.1 billion in outstandings. Its program-level credit enhancement is approximately CAD187 million.

RBC'S STORM KING AMENDS AND TD'S PRIME ADDS AN AUTO LEASE FACILITY

Storm King Funding ("Storm King"), a partially supported, multiseller Canadian ABCP program sponsored and administered by Royal Bank of Canada ("RBC"), has amended an auto lease facility for an investment-grade automotive manufacturer. Amendments include increasing Storm King's interest in the facility to CAD450 million from CAD300 million and renewing the facility until June 2017.

Prime Trust ("Prime"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., has added a CAD150 million interest in the same facility as part of the amendments.

Transaction-specific credit enhancement is comprised of non-declining overcollateralization equal to 23.5% of the initial securitization value, a 1.0% non-declining cash reserve account, and minimum excess spread of 2.25% per annum.

For Storm King's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) RBC, funding for non-terminated leases. Storm King's program-level credit enhancement is required to be increased by 10% of aggregate investments. Storm King has approximately CAD2.3 billion of purchase commitments and CAD2.0 billion in outstandings. Its program-level credit enhancement is approximately CAD199 million.

For Prime's exposure, the transaction is partially supported by liquidity provided by Prime-1(cr) TD, funding for non-defaulted leases. Prime currently has CAD4.7 billion of purchase commitments and CAD3.0 billion of ABCP outstanding.

SCOTIA'S BAY STREET INCREASES ITS INTEREST IN AN AUTO LEASE FACILITY

Bay Street Funding Trust ("Bay Street"), a partially supported, multiseller Canadian ABCP program administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank"), has increased its interest in an existing auto lease to CAD300 million from CAD200 million. The collateral is originated by a Canadian auto finance company.

The facility benefits from transaction-specific credit enhancement in the form of overcollateralization, a cash reserve and excess spread. This transaction is fully supported by a liquidity facility provided by Prime-1(cr) Scotiabank.

Bay Street does not have any program-level credit enhancement. Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of outstanding ABCP.

SCOTIA'S KING STREET AND BAY STREET EXTEND FACILITY BACKED BY A RESIDENTIAL MORTGAGE POOL

King Street Funding Trust ("King Street") and Bay Street Funding Trust ("Bay Street"), two partially supported, multiseller Canadian ABCP programs administered by Scotia Capital Inc., a wholly owned subsidiary of Bank of Nova Scotia ("Scotiabank"), have amended and extended an existing CAD750 million facility in their portfolios till February 2017. The amendment allows National Housing Act Mortgage-Backed Securities ("NHA MBS") to be included in the collateral backing the facility, in addition to the pool of insured residential mortgages. Both the mortgages and the NHA MBS are originated by a Canadian mortgage company. This transaction is fully supported by King Street's and Bay Street's respective liquidity facilities and provided by Prime-1(cr) Scotiabank. Both programs do not have any program-level credit enhancement.

King Street currently has CAD2.2 billion of purchase commitments and CAD1.8 billion of ABCP outstanding.

Bay Street currently has CAD2.7 billion of purchase commitments and CAD2.0 billion of ABCP outstanding.

TD'S MERIT AND PRIME INCREASE INTEREST IN A RESIDENTIAL MORTGAGE TRANSACTION

Merit Trust ("Merit") and Prime Trust ("Prime"), two partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities, have increased their commitment to CAD2.25 billion from CAD2 billion in an existing co-purchase facility. The facility is backed by discrete pools of residential mortgage loans and remains fully supported by a program-level liquidity facility provided by Prime-1 (cr) TD. Merit and Prime do not have any program-level credit enhancement.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion.

TD'S BANNER, MERIT AND ZEUS AMEND AN INTEREST IN A RESIDENTIAL MORTGAGE POOL

Banner Trust ("Banner"), Merit Trust ("Merit") and Zeus Receivables Trust ("Zeus"), three partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., have amended their interest in an existing CAD1.8 billion co-purchase facility. The amendments did not impact our assessment of the facility. The facility is backed by discrete pools of insured and conventional residential mortgage loans originated by a Canadian financial institution and its wholly owned subsidiary.

This transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Banner, Merit and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

TD'S BANNER, MERIT, PRIME AND ZEUS INCREASE AN INTEREST IN A RESIDENTIAL MORTGAGE POOL

Banner Trust ("Banner"), Merit Trust ("Merit"), Prime Trust ("Prime") and Zeus Receivables Trust ("Zeus"), four partially supported, multiseller Canadian ABCP programs sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., have amended and increased their commitment in an existing purchase facility, which is backed by discrete pools of residential mortgage loans. The committed facility size was increased to CAD1.7 billion from CAD700 million.

This transaction remains fully supported by a program-level liquidity facility provided by Prime-1(cr) TD. Therefore, the amendment was not material to our analysis. Banner, Merit, Prime and Zeus do not have any program-level credit enhancement.

Banner has purchase commitments of CAD3.5 billion and ABCP outstanding of CAD3.1 billion.

Merit has purchase commitments of CAD4.0 billion and ABCP outstanding of CAD3.6 billion.

Prime has purchase commitments of CAD4.7 billion and ABCP outstanding of CAD3.0 billion

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

TD'S ZEUS RENEWS INTEREST IN AN EXISTING MOTORCYCLE LOAN TRANSACTION

Zeus Receivables Trust ("Zeus"), a partially supported, multiseller Canadian ABCP program sponsored by Toronto Dominion Bank ("TD") and administered by TD Securities Inc., has renewed its interest in an existing motorcycle loan transaction.

Zeus finances a CAD240 million revolving facility backed by new and used motorcycle loans. This facility is being renewed and the commitment is being extended to June 2017. Transaction-specific credit enhancement consists of 12.5% overcollateralization and a 2% cash reserve account.

This transaction continues to be partially supported by a program-level liquidity facility provided by Prime-1(cr). Liquidity will not fund for defaulted receivables. Zeus does not have any program-level credit enhancement.

Zeus has purchase commitments of CAD3.9 billion and ABCP outstanding of CAD3.2 billion.

The principal methodology used in these ratings was "Moody's Approach to Rating Asset-Backed Commercial Paper" published in July 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's monitors and analyzes ABCP programs on an ongoing basis. A detailed description of each program is published in the ABCP Program Review. Some ABCP programs have updated performance information, which is published in the Performance Overviews. All publications are available on www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Valerie Oliveri
Associate Analyst
Structured 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

Lisa Singman
VP - Sr Credit Officer/Manager
Structured 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.
© 2020 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/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.

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.

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.

​​​​​​​​
Moodys.com