Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Announcement:

Moody's Affirms 21 CMBS Classes of CSMCT 2007-C4

Global Credit Research - 24 Feb 2011

Approximately $1.418 Billion of Structured Securities Affected

New York, February 24, 2011 -- Moody's Investors Service (Moody's) affirmed the ratings of 22 classes of Suisse Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2007-C4 as follows:

Cl. A-4, Affirmed at Aa2 (sf); previously on Nov 19, 2009 Downgraded to Aa2 (sf)

Cl. A-1-A, Affirmed at Aa2 (sf); previously on Nov 19, 2009 Downgraded to Aa2 (sf)

Cl. A-M, Affirmed at A3 (sf); previously on Nov 19, 2009 Downgraded to A3 (sf)

Cl. A-1-AM, Affirmed at A3 (sf); previously on Nov 19, 2009 Downgraded to A3 (sf)

Cl. A-J, Affirmed at Ba2 (sf); previously on Nov 19, 2009 Downgraded to Ba2 (sf)

Cl. A-1-AJ, Affirmed at Ba2 (sf); previously on Nov 19, 2009 Downgraded to Ba2 (sf)

Cl. B, Affirmed at B2 (sf); previously on Nov 19, 2009 Downgraded to B2 (sf)

Cl. C, Affirmed at Caa2 (sf); previously on Nov 19, 2009 Downgraded to Caa2 (sf)

Cl. D, Affirmed at Ca (sf); previously on Nov 19, 2009 Downgraded to Ca (sf)

Cl. E, Affirmed at Ca (sf); previously on Nov 19, 2009 Downgraded to Ca (sf)

Cl. F, Affirmed at Ca (sf); previously on Nov 19, 2009 Downgraded to Ca (sf)

Cl. G, Affirmed at Ca (sf); previously on Nov 19, 2009 Downgraded to Ca (sf)

Cl. H, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. J, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. K, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. L, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. M, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. N, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. O, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. P, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

Cl. Q, Affirmed at C (sf); previously on Nov 19, 2009 Downgraded to C (sf)

RATINGS RATIONALE

Moody's rating action did not address the ratings of Classes A-2, A-3, A-AB and A-X, which are all currently rated Aaa, on review for possible downgrade. These classes were placed on review on January 19, 2011. KeyCorp Real Estate Capital Markets, Inc. (KRECM) is the master servicer on this transaction and deposits collection, escrow and other accounts in KeyBank, National Association (KeyBank). KeyBank no longer meets Moody's rating criteria for an eligible depository account institution for Aaa and Aa1 rated securities. Moody's is reviewing arrangements that KeyBank has proposed, and that it may propose, to mitigate the incremental risk indicated by the lower rating of the depository account institution, so as possibly to allow the classes on review to maintain their current ratings.

The affirmations are due to key parameters, including Moody's loan to value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the Herfindahl Index (Herf), remaining within acceptable ranges. Based on our current base expected loss, the credit enhancement levels for the affirmed classes are sufficient to maintain the existing ratings.

Moody's rating action reflects a cumulative base expected loss of 11.0% of the current balance. At last review, Moody's cumulative base expected loss was 16.4%. Moody's stressed scenario loss is 45.5% of the current balance. Moody's provides a current list of base and stress scenario losses for conduit and fusion CMBS transactions on moodys.com at http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. Depending on the timing of loan payoffs and the severity and timing of losses from specially serviced loans, the credit enhancement level for investment grade classes could decline below the current levels. If future performance materially declines, the expected level of credit enhancement and the priority in the cash flow waterfall may be insufficient for the current ratings of these classes.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current sluggish macroeconomic environment and varying performance in the commercial real estate property markets. However, Moody's expects to see increasing or stabilizing property values, higher transaction volumes, a slowing in the pace of loan delinquencies and greater liquidity for commercial real estate in 2011. The hotel and multifamily sectors are continuing to show signs of recovery, while recovery in the office and retail sectors will be tied to recovery of the broader economy. The availability of debt capital continues to improve with terms returning toward market norms. Moody's central global macroeconomic scenario reflects an overall sluggish recovery through 2012, amidst ongoing individual, corporate and governmental deleveraging, persistent unemployment, and government budget considerations.

The principal methodology used in this rating was "CMBS: Moody's Approach to Conduit Transactions" published in September 2000.

Moody's review incorporated the use of the excel-based CMBS Conduit Model v 2.50 which is used for both conduit and fusion transactions. Conduit model results at the Aa2 level are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate used by Moody's to estimate Moody's value). Conduit model results at the B2 level are driven by a pay down analysis based on the individual loan level Moody's LTV ratio. Moody's Herfindahl score (Herf), a measure of loan level diversity, is a primary determinant of pool level diversity and has a greater impact on senior certificates. Other concentrations and correlations may be considered in our analysis. Based on the model pooled credit enhancement levels at Aa2 and B2, the remaining conduit classes are either interpolated between these two data points or determined based on a multiple or ratio of either of these two data points. For fusion deals, the credit enhancement for loans with investment-grade underlying ratings is melded with the conduit model credit enhancement into an overall model result. Fusion loan credit enhancement is based on the credit estimate of the loan which corresponds to a range of credit enhancement levels. Actual fusion credit enhancement levels are selected based on loan level diversity, pool leverage and other concentrations and correlations within the pool. Negative pooling, or adding credit enhancement at the underlying rating level, is incorporated for loans with similar credit estimates in the same transaction.

Moody's uses a variation of Herf to measure diversity of loan size, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 24 compared to 46 at Moody's prior review.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior full review is summarized in a press release dated November 19, 2009. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

DEAL PERFORMANCE

As of the February 17, 2011 distribution date, the transaction's aggregate certificate balance has decreased by 3% to $2.025 billion from $2.081 billion at securitization. The Certificates are collateralized by 204 mortgage loans ranging in size from less than 1% to 15% of the pool, with the top ten loans representing 45% of the pool. There are no defeased loans or loans that support investment grade credit estimates.

Sixty-two loans, representing 43% of the pool, are on the master servicer's watchlist. The watchlist includes loans which meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of our ongoing monitoring of a transaction, Moody's reviews the watchlist to assess which loans have material issues that could impact performance.

Eleven loans have been liquidated from the pool since securitization, resulting in an aggregate $21.8 million loss (61% loss severity on average). At last review the pool had experienced less than $2,000 of losses. Twenty-one loans, representing 19% of the pool, are currently in special servicing. The largest specially serviced loan is the City Tower Loan ($115.0 million - 5.7% of the pool), which is secured by a 411,000 square foot (SF) office building located in Orange County, California. In addition to the first mortgage loan, there is a $25.0 million mezzanine loan held outside the trust. The loan sponsor is Maguire. The loan transferred to special servicing in October 2010 due to monetary default. The loan is cash managed and all property revenues are being deposited into an account controlled by the lender. The borrower has indicated they are not interested in a modification of the loan and foreclosure is being pursued.

The second largest specially serviced loan is the 2600 Michelson Loan ($95.0 million --4.7% of the pool), which is secured by a Class A office property located in Irvine, California with 307,000 square feet (SF). In addition to the first mortgage loan, there is a $15.0 million mezzanine loan held outside the trust. The loan sponsor is Maguire Properties (Maguire). The loan was transferred to special servicing in August 2009 for imminent default. A receiver has been appointed to the property and the property is currently being marketed for sale. The loan is currently 90+ days delinquent. In December 2010, the master servicer recognized an appraisal reduction of $48.9 million for the loan.

The third largest specially serviced loan is the Meyberry House Loan ($90.0 million --4.4% of the pool), which is secured by a 179-unit apartment building located on the Upper East Side of Manhattan in New York City. In addition to the first mortgage loan, there is a $34.0 million mezzanine loan held outside the trust. The loan has been in special servicing several times since securitization and was most recently transferred to special servicing in September 2009 due to imminent default. The borrower has recently brought the loan current and it is expected to be returned to the master servicer shortly. At this time Moody's is not expecting a loss on this loan but has stressed the loan in the conduit model.

The remaining 18 specially serviced loans are secured by a mix of property types. The master servicer has recognized an aggregate $113.7 million appraisal reduction for 14 of the specially serviced loans. Moody's has estimated an aggregate $154.2 million loss (51% expected loss on average) for 20 of the specially serviced loans.

Moody's has assumed a high default probability for ten poorly performing loans representing 4% of the pool and has estimated an aggregate $17.6 million loss (25% expected loss based on a 50% probability default) from these troubled loans. Moody's rating action recognizes potential uncertainty around the timing and magnitude of loss from these troubled loans.

Moody's was provided with full year 2009 operating results for 94% of the pool and partial year 2010 financials for 91% of the pool. Excluding specially serviced and troubled loans, Moody's weighted average LTV is 134% compared to 133% at last review. Moody's net cash flow reflects a weighted average haircut of 9.1% to the most recently available net operating income. Moody's value reflects a weighted average capitalization rate of 9.23%

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.17X and 0.81X, respectively, compared to 1.02X and 0.72X at last review. Moody's actual DSCR is based on Moody's net cash flow (NCF) and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stressed rate applied to the loan balance.

The top three performing conduit loans represent 25% of the pool balance. The largest loan is the Shutters on The Beach & Casa Del Mar Portfolio Loan ($310.0 million -- 15.3% of the pool), which is secured by two luxury hotel properties located in Santa Monica, California. Shutters on the Beach is a 198-room full service hotel and Casa Del Mar is a 129-room bed and breakfast inn. In addition to the first mortgage loan, there is a $72.0 million mezzanine loan held outside the trust. Both properties are performing better than anticipated at last review; however, they are performing below Moody's original projections because of declines in tourist and business travel due to the economic recession. The loan is on the servicer's watchlist due to a decline in DSCR. Moody's LTV and stressed DSCR are 188% and 0.58X, respectively, compared to 258% and 0.42X at last review.

The second largest loan is 245 Fifth Avenue Loan ($131.5 million -- 6.9% of the pool), which is secured by a 303,000 SF office building located in midtown Manhattan. In addition to the first mortgage loan, there is a $53.0 million mezzanine loan held outside the trust. The property was 94% leased as of June 2010, essentially the same as at last review. The largest tenants include Citibank (9% of the Net Rentable Area (NRA); lease expiration December 2012) Data Monitor LTD (5% of the NRA; lease expiration July 2012) and Beth Israel Medical Center (5% of the NRA; lease expiration November 2021). The loan is currently on the watchlist due to a decline in DSCR and matures in May 2012. Moody's LTV and stressed DSCR are 148% and 0.66X, respectively, compared to 179% and 0.58X at last review.

The third largest loan is the Hamburg Trust Portfolio Loan ($54.0 million -- 2.7% of the pool), which is secured by five cross collateralized and cross defaulted multifamily properties. The properties total 1,209 units and are located in Amarillo, Texas. The property was 94% leased as of September 2010. Property performance has improved since last review. Moody's LTV and stressed DSCR are 99% and 0.92X respectively, compared to 109% and 0.63X at last review.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's investors Service information and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

New York
Lacey Morgan
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms 21 CMBS Classes of CSMCT 2007-C4
No Related Data.
© 2018 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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