Moodys.com
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
Rating Action:

Moody's Affirms Seven and Downgrades 13 CMBS Classes of LB-UBS 2004-C8

15 Apr 2010

Approximately $1.045 Billion of Structured Securities Affected

New York, April 15, 2010 -- Moody's Investors Service (Moody's) affirmed the ratings of seven classes and downgraded 13 classes of LB-UBS Commercial Mortgage Securities Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C8 due to higher expected losses for the pool resulting from anticipated losses from specially serviced and highly leveraged watchlisted loans and concerns about refinancing risk associated with loans approaching maturity in an adverse environment. Over 25% of the pool, comprised of 47 loans, matures over the next 36 months. Thirty-nine of these loans, or 18% of the pool, have a Moody's stressed debt service coverage ratio (DSCR) below 1.0X.

The affirmations are due to key rating parameters, including Moody's loan-to-value (LTV) ratio, stressed DSCR and the Herfindahl Index (Herf), remaining within acceptable ranges. The pool has benefited from increased loan diversity as measured by a higher Herf as well as increased subordination due to amortization and loan payoffs.

Moody's placed 13 classes of this transaction on review for possible downgrade on March 18, 2010 due to anticipated losses from specially serviced and watchlisted loans, interest shortfalls and concerns about refinancing risk. This rating action concludes that review. The rating action is the result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions.

As of the March 17, 2010 statement date, the transaction's aggregate certificate balance has decreased 20% to $1.045 billion from $1.3 billion at securitization. The 82 mortgage loans that collateralize these Certificates range in size from less than 1% to 10% of the pool, with the top ten non-defeased loans representing 32% of the pool. The pool contains two loans, representing 17% of the pool, with investment grade underlying ratings. A third loan, representing 2% of the pool, had an investment grade rating at last review, but due to a decline in performance and increased LTV, the loan is now analyzed as part of the conduit pool. U.S. Government securities secure three loans or 20% of the pool due to defeasance. At last review defeasance represented 19% of the pool.

Sixteen loans, representing 9% 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 Commercial Mortgage Securities Association's (CMSA) 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.

To date, two loans have been liquidated from the pool, resulting in an aggregate $48,648 loss (less than 1% loss severity on average). Twenty-two loans, representing 25% of the pool, are currently in special servicing. The largest specially serviced exposure is the Lembi Portfolio ($113 million, 10.6% of the pool) which consists of nine loans secured by 29 multifamily properties containing 795 apartments and 27 ground floor retail units in San Francisco, California. The loan remains current under the terms of a recent extension and modification agreement that extends the maturity date from November 2009 to November 2011 and also requires substantial principal reduction payments over the next 13 months.

The second largest specially serviced exposure is the Houston Apartments Portfolio ($40.0 million, 3.7% of the pool) which is secured by 1,151 units in three separate garden style apartment complexes located in different submarkets of Houston, Texas. The portfolio was transferred to special servicing in November 2008 and is real estate owned (REO). To date, appraisal reductions totaling $10.4 million have been recognized for this portfolio.

The third largest specially serviced loan portfolio is the Hunt Retail Portfolio ($33.3 million, 2.7% of the pool) which is secured by a portfolio of 11 retail properties totaling 225,614 square feet in Florida, Georgia, Texas, Oklahoma and South Carolina. The portfolio was transferred to special servicing in October 2008 and is now REO. To date, appraisal reductions totaling $11.3 million have been recognized for this retail portfolio.

For the 22 specially serviced loans, Moody's estimates an aggregate $81.3 million loss which represents an average 30% loss severity. The servicer has recognized an aggregate $41.5 million appraisal reduction for 13 of the specially serviced loans.

In addition to recognizing losses from specially serviced loans, Moody's has assumed a high default probability on 10 poorly performing loans, representing 7% of the pool, due to refinancing risk. All of these loans are on the watchlist. Moody's estimates an $18.4 million aggregate loss for these troubled loans (24% loss severity on average based on 75% probability of default). 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 2008 and partial-year 2009 operating results for 100% of the pool. Moody's weighted average LTV for the conduit pool, excluding specially serviced and troubled loans, is 90% compared to 109% at last review.

Excluding specially serviced and troubled loans, Moody's actual and stressed DSCRs are 1.63X and 1.35X, respectively, compared to 1.28X and 0.94X 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.

Moody's uses a variation of Herf to measure loan size diversity, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple-notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 36 compared to 17 at last review.

The largest loan with an underlying rating is The Grace Building Loan ($112.9 million - 10.5% of the pool), which is secured by a 1.5 million square foot Class A office building located in New York City. The loan represents a 33.3% pari-passu interest in a $339.1 million loan. There is also a subordinate B Note of $28.9 million held outside the trust. Currently 12% of the premises are available for lease due to recent and near-term tenant lease expirations compared to 13% availability at last review. Property performance has declined slightly since last review due to increased operating expenses and leasing challenges under current office market conditions in Midtown Manhattan. The loan sponsor is Brookfield Properties and Swig Investment Company. Moody's current underlying rating and stressed DSCR are Baa3 and 1.87X, respectively, compared to Baa1 and 1.89X at last review.

The second largest loan with an underlying rating is the 757 Third Avenue Loan ($60.0 million -- 6.2% of the pool), which is secured by a 459,000 square foot Class A office building located in New York City. There is also a subordinate B Note of $66.0 million held outside the trust. The property was 95% leased as of year-end 2009; essentially the same as at last review. Property performance has remained stable due to recent leasing activity despite increased operating expenses. Moody's current underlying rating and stressed DSCR are A2 and 1.48X, respectively, compared to A2 and 1.45X at last review.

The loan that formerly had an underlying rating is the Westfield Shoppingtown Meriden Loan ($18.2 million -- 1.7% of the pool), which is a subordinate B Note secured by the borrower's interest in a 913,625 square foot mall located in Meriden, Connecticut. The center is anchored by Macy's, JCPenney and Sears. The mall was 92% leased as of third quarter 2009 compared to 97% as of year-end 2008. Performance has declined as a result of the decline in occupancy. Moody's current LTV and stressed DSCR are 81% and 1.21X, respectively, compared to 74% and 1.25X at last review.

The three largest conduit loans represent 8% of the pool. The largest conduit loan is the Gehr Florida Portfolio Loan ($37.8 million, 3.5% of the pool), which is secured by two drug and grocery anchored retail centers and one Class B office building. The portfolio was 67% leased as of September 2009; the same as at last review. Each property was damaged by Hurricane Wilma in 2005. The loan is on the master servicer's watch list. Although property performance has been stable, Moody's analysis of this loan incorporates a stressed cash flow due to concerns about sustained property performance given the portfolio's low occupancy levels. The loan matures mid-November 2014. Moody's LTV and stressed DSCR are 160% and 0.63X, respectively, compared to 156% and 0.64X at last review.

The second largest conduit loan is the Northhaven Pavilion Loan ($24.9 million, 2.3% of the pool), which is secured by a 98% leased 273,500 square foot community shopping center shadow anchored by Target. The center is located in Northhaven, Connecticut and has very good freeway access and visibility from I-91. The property has displayed stable operating performance in recent years. Moody's LTV and stressed DSCR are 102% and 0.95X, respectively, compared to 111% and 0.88X at last review.

The third largest conduit loan is the Parkridge Six Aurora Loan ($22.7 million, 2.1% of the pool), which is secured by a 161,218 square foot multi-story suburban office building located in Littleton, Colorado southwest of Denver. The property is 100% leased to Aurora Loan Services through July 2016. Although the property's performance has been stable, Moody's analysis incorporates a stressed cash flow due to high vacancy rates in the suburban Denver office market and concerns regarding future releasing risk given the building's single tenant occupancy. Moody's LTV and stressed DSCR are 110% and 0.93X, respectively, compared to 100% and 1.03X at last review.

Moody's rating action is as follows:

Class A-2, $195,232,808, affirmed at Aaa, previously assigned Aaa on 12/7/04;

Class A-3, $44,000,000, affirmed at Aaa, previously assigned Aaa on 12/7/04;

Class A-4, $150,000,000, affirmed at Aaa, previously assigned Aaa on 12/7/04;

Class A-5, $36,000,000, affirmed at Aaa, previously assigned Aaa on 12/7/04;

Class A-6, $383,027,000, affirmed at Aaa, previously assigned Aaa on 12/7/04;

Class XCL, $1,070,501,318, notional, affirmed AAA, previously assigned AAA on 12/02/2004;

Class XCP, $605,241, notional, affirmed AAA, previously assigned AAA on 12/02/2004;

Class A-J, $85,232,000, downgraded to Aa1 from Aaa; previously placed on review for possible downgrade on 3/18/10;

Class B, $19,669,000, downgraded to Aa2 from Aaa; previously placed on review for possible downgrade on 3/18/10;

Class C, $19,669,000, downgraded to A3 from Aa2; previously placed on review for possible downgrade on 3/18/10;

Class D, $14,752,000, downgraded to Baa3 from Aa3; previously placed on review for possible downgrade on 3/18/10;

-Class E, $14,752,000, downgraded to B3 from A1; previously placed on review for possible downgrade on 3/18/10;

-Class F, $16,391,000, downgraded to Caa3 from A3; previously placed on review for possible downgrade on 3/18/10;

-Class G, $11,473,000, downgraded to Ca from Baa1; previously placed on review for possible downgrade on 3/18/10;

-Class H, $13,113,000, downgraded to C from Baa3; previously placed on review for possible downgrade on 3/18/10;

-Class J, $9,838,000, downgraded to C from Ba2; previously placed on review for possible downgrade on 3/18/10;

-Class K, $16,391,000, downgraded to C from B1; previously placed on review for possible downgrade on 3/18/10;

-Class L, $6,556,000, downgraded to C from B2; previously placed on review for possible downgrade on 3/18/10;

-Class M, $4,918,000, downgraded to C from B3; previously placed on review for possible downgrade on 3/18/10;

-Class N, $4,917,000, downgraded to C from Caa1; previously placed on review for possible downgrade on 3/18/10;

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 review is summarized in a press release dated May 7, 2009.

The principal methodology used in rating and monitoring this transaction is "CMBS: Moody's Approach to Rating Fusion Transactions," published on April 19, 2005. This methodology is available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms Seven and Downgrades 13 CMBS Classes of LB-UBS 2004-C8
No Related Data.
© 2021 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.

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 $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 JPY125,000 to approximately JPY550,000,000.

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

Moodys.com