Moodys.com
Close
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 Changes Ratings on 50 Healthcare Service and Distribution Companies Under LGD Rating Methodology

29 Sep 2006

New York, September 29, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the Healthcare Service and Distribution sectors. The Healthcare Service and Distribution sectors include 50 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss that incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Moody's assigns probability-of-default ratings (or PDRs) only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Moody's assigns loss-given-default assessments (or LGDAs) to individual rated debt issues -- loans, bonds, and preferred stock. Moody's expresses its opinion of expected loss as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

The following is a list of the rating actions for the Healthcare Service and Distribution sectors.

Alliance Imaging, Inc., B1

PDR: B1

Senior Secured Revolver, due 2010, B1 --> Ba3, LGD3, 35%

Sr Sec T/L C1, Ba3, LGD3, 35%

Sr. Sec Bank Credit Facility (T/L) due 2011, B1->WR

7.25% Sr Sub Notes, due 2012, B3 --> B3, LGD5, 88%

AmeriPath, Inc., B2

PDR: B2

Senior Secured Revolving Credit Facility, due 2010, B1 --> Ba2, LGD2, 19%

Senior Secured Term Loan B, due 2012, B1 --> Ba2, LGD2, 19%

Senior Subordinated Notes, due 2013, B3 --> B3, LGD5, 74%

AmerisourceBergen Corporation, Ba1

PDR: Ba1

5.625% Senior Notes due 2012, Ba1 --> Ba1, LGD3, 49%

5.875% Senior Notes due 2015, Ba1 --> Ba1, LGD3, 49%

AMN Healthcare, Inc., Ba2

PDR: Ba3

5-yr Sr. Sec Revolver, due 2010, Ba2 --> Ba2, LGD2, 28%

6-yr Sr. Sec Term Loan B, due 2011, Ba2 --> Ba2, LGD2, 28%

Butler Animal Health Holding Co., LLC, B2

PDR: B2

Senior secured first lien revolver, B2 --> B1, LGD3, 42%

Senior secured first lien term loan, B2 --> B1, LGD3, 42%

Senior secured second lien term loan, Caa1 --> Caa1, LGD5, 86%

CCS Medical, Inc., Caa1

PDR: Caa1

First Priority Secured Revolver, Caa1 --> B3, LGD3, 33%

First Priority Term Loan, Caa1 --> B3, LGD3, 33%

Second Priority Term Loan, Caa3 --> Caa2, LGD5, 81%

Center for Diagnostic Imaging, Inc., B2

PDR: B3

5-yr Sr. Sec Revolver, due 2009, B2 --> B1, LGD2, 25%

6-yr Sr. Sec Term Loan, due 2010, B2 --> B1, LGD2, 25%

Charles River Laboratories International, Inc., Ba1

PDR: Ba1

Senior Secured U.S. Revolving Credit Facility, Ba1 --> Baa3, LGD2, 23%

Senior Secured U.S. term loan A, Ba1 --> Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Montreal (subsidiary)

Canadian Term Loan, Ba1 --> Baa3, LGD2, 23%

Canadian Revolving Credit Facility, Ba1 --> Baa3, LGD2, 23%

Charles River Laboratories Preclinical Services Edinburgh (subsidiary)

GBP Revolving Credit Facility, Ba1 --> Baa3, LGD2, 23%

GBP Term Loan, Ba1 --> Baa3, LGD2, 23%

Chemed Corporation, Ba2

PDR: Ba2

Senior secured revolving credit facility, Ba2 --> Baa2, LGD2, 11%

8.75% senior unsecured notes, Ba3 --> Ba3, LGD4, 68%

Concentra Operating Corporation, B1

PDR: B1

Senior Secured Revolving Credit Facility, due 2010, B1 --> Ba2, LGD2, 29%

Senior Secured Term Loan, due 2011, B1 --> Ba2, LGD2, 29%

Senior Subordinated Notes, due 2010, B3 --> B3, LGD5, 83%

Senior Subordinated Notes, due 2012, B3 --> B3, LGD5, 83%

CRC Health Corporation, B2

PDR: B2

6-yr Sr. Secured Revolver, due 2012, B1 --> Ba3, LGD2, 29%

Sr. Secured Term Loan B, due 2013, B1 --> Ba3, LGD2, 29%

10.75% Sr. Sub Notes due 2016, Caa1 --> Caa1, LGD5, 84%

DaVita, Inc., B1

PDR: B1

Senior secured revolving credit facility due 2011, B1 --> Ba2, LGD2, 29%

Senior secured term loan A due 2011, B1 --> Ba2, LGD2, 29%

Senior secured term loan B due 2012, B1 --> Ba2, LGD2, 29%

6.625% senior unsecured notes due 2013, B2 --> B2, LGD5, 75%

7.25% senior subordinated notes due 2015, B3 --> B3, LGD6, 91%

Diagnostic Imaging Group, LLC, B2

PDR: B3

5-yr, Sr. Sec'd Revolver due 2010, B2 --> B1, LGD2, 25%

7-yr, Sr. Sec'd Term Loan B due 2012, B2 --> B1, LGD2, 25%

EMSC Management, Inc., B2

PDR: B2

1st Lien Sr. Sec'd Revolver due 2011, B2 --> Ba2, LGD2, 20%

1st Lien Sr. Sec'd T/L B due 2012, B2 --> Ba2, LGD2, 20%

10.0%, Sr. Sub Notes due 2015, Caa1 --> B3, LGD5, 77%

FHC Health Systems, Inc., B2

PDR: B2

Senior Secured Second Lien Term Loan, B2 --> B2, LGD3, 48%

Senior Secured Third Lien Term Loan, Caa1 --> Caa1, LGD5, 88%

Gentiva Health Services, Inc., Ba3

PDR: B1

Senior Secured Revolver, due 2012, Ba3 --> Ba3, LGD3, 34%

Senior Secured Term Loan B, due 2013, Ba3 --> Ba3, LGD3, 34%

Hanger Orthopedic Group, Inc., B3

PDR: B3

5-yr Sr. Secured Revolver, due 2011, B2 --> B1, LGD2, 25%

7-yr Sr. Sec Term Loan B, due 2013, B2 --> B1, LGD2, 25%

Sr. Unsecured Notes, due 2014, B3 --> Caa2, LGD5, 80%

Harlan Sprague Dawley, Inc., B2

PDR: B2

U.S. Dollar-Denominated Senior Secured Revolver, due 2010, B2 --> B1, LGD3, 33%

Euro-Denominated Senior Secured Revolver, due 2010, B2 --> B1, LGD3, 33%

First Lien Secured Term Loan, due 2011, B2 --> B1, LGD3, 33%

HealthCare Partners, LLC, B1

PDR: B1

Secured Bank Term Loan, B1 --> Ba2, LGD2, 29%

Secured Revolver, B1 --> Ba2, LGD2, 29%

HealthTronics, Inc., B1

PDR: B2

5-yr, Sr. Sec'd R/C due 2010, B1 --> Ba3, LGD2, 27%

Healthways, Inc., Ba2

PDR: Ba3

Senior secured revolver, Ba2 --> Ba2, LGD3, 31%

InSight Health Services Corp., B3

PDR: B3

Senior Secured FRN's due 2011, B3 --> B1, LGD2, 27%

Senior Subordinated Notes due 2011, Caa2 --> Caa2, LGD5, 83%

InterDent Service Corporation, B3

PDR: B3

10 3/4% Sr. Sec'd 2nd Lien Notes due 2011, B3 --> B3, LGD3, 46%

Kendle International, Inc., B1

PDR: B2

Senior Secured Revolver, due 2011, B1 --> B1, LGD3, 31%

Senior Secured Term Loan B, due 2012, B1 --> B1, LGD3, 31%

Magellan Health Services, Inc., Ba3

PDR: B1

Senior Secured Bank Credit Facility, due 2008, Ba3 --> Ba2, LGD2, 28%

Senior Secured Term Loan B, due 2008, Ba3 --> Ba2, LGD2, 28%

Matria Healthcare, Inc., B1

PDR: B1

Revolving credit facility, B1 --> Ba3, LGD3, 38%

Term loan B, B1 --> Ba3, LGD3, 38%

Second lien term loan, B3 --> B3, LGD5, 89%

Medical Services Company, B3

PDR: B3

Sr Secured Floating Rate Notes, B3 --> B3, LGD3, 46%

MQ Associates, Inc., Caa1

PDR: Caa1

12 1/4% Sr Discount Notes due 2012, Ca --> Caa3, LGD6, 90%

MedQuest, Inc. (subsidiary)

Senior Secured Revolver due 2007, Caa1 --> B1, LGD2, 11%

MedQuest, Inc. (subsidiary)

Senior Secured Term Loan due 2009, Caa1 --> B1, LGD2, 11%

MedQuest, Inc. (subsidiary)

11 7/8% Sr Sub Notes due 2012, Caa3 --> Caa1, LGD4, 56%

MultiPlan, Inc., (P)B2

PDR: (P)B2

Senior Secured Revolving Credit Facility, due 2012, (P)B2 --> (P)B1, LGD3, 38%

Senior Secured Term Loan B, due 2013, (P)B2 --> (P)B1, LGD3, 38%

Senior Secured Term Loan C, due 2013, B2 --> B1, LGD3, 38%

Senior Subordinated Notes, due 2016, (P)Caa1 --> (P)Caa1, LGD6, 90%

National MENTOR, Holdings, Inc., B2

PDR: B2

Senior Secured Revolving Credit Facility, due 2012, B1 --> B1, LGD3, 33%

Senior Secured Term Loan B, due 2013, B1 --> B1, LGD3, 33%

Synthetic Letter of Credit Facility, B1 --> B1, LGD3, 33%

Senior Subordinated Notes, due 2014, B3 --> Caa1, LGD5, 88%

Omnicare, Inc., Ba2

PDR: Ba2

8.125% Senior Subordinated Notes due 2011, Ba3 --> Ba2, LGD4, 55%

6.125% Senior Subordinated Notes due 2013, Ba3 --> Ba2, LGD4, 55%

6.75% Senior Subordinated Notes due 2013, Ba3 --> Ba2, LGD4, 55%

6.875% Senior Subordinated Notes due 2015, Ba3 --> Ba2, LGD4, 55%

3.25% Convertible Senior Debentures due 2035, B1 --> Ba3, LGD5, 82%

Old PIERS Trust Preferred, B2 --> B1, LGD6, 95%

New PIERS Trust Preferred , B2 --> B1, LGD6, 95%

Owens & Minor, Inc., Ba2

PDR: Ba2

6.35% Notes due 2016, Ba2 --> Ba2, LGD4, 50%

Psychiatric Solutions, Inc., B1

PDR: B1

Senior Secured Term Loan B, due 2012, B1 --> Ba2, LGD2, 24%

Senior Secured Guaranteed Revolver, due 2009, B1 --> Ba2, LGD2, 24%

Senior Subordinated Notes, due 2014, B3 --> B3, LGD5, 82%

Senior Subordinated Notes, due 2013, B3 --> B3, LGD5, 82%

QTC Management, Inc., B2

PDR: B2

Senior Secured First Lien Revolver, due 2011, B2 --> Ba3, LGD2, 29%

Senior Secured First Lien Term Loan, due 2012, B2 --> Ba3, LGD2, 29%

Radiation Therapy Services, Inc., B1

PDR: B2

Senior secured revolving credit facility due 2010, B1 --> B1, LGD3, 31%

Senior secured term loan due 2012, B1 --> B1, LGD3, 31%

Radiologix, Inc, B2

PDR: B2

7-yr Sr. Unsec Notes due 2008, B3 --> B2, LGD4, 52%

RadNet Management, Inc. (ProForma), B3

PDR: B3

5-yr Revolver due 2011, (P)B2 --> (P)B1, LGD2, 29%

6-yr Term Loan 'B' due 2012, (P)B2 --> (P)B1, LGD2, 29%

6.5 yr 2nd Lien T/L due 2013, (P)Caa1 --> (P)Caa2, LGD5, 83%

RadNet Management, Inc. (Current), B3

PDR: B3

5-yr Revolver due 2011, B3 --> Ba3, LGD2, 22%

5-yr Term Loan B due 2011, B3 --> Ba3, LGD2, 22%

6.5-yr 2nd Lien T/L due 2012, Caa1 --> Caa1, LGD5, 71%

Res-Care Inc., Ba3

PDR: Ba3

Senior Secured Revolving Credit Facility, due 2010, Ba2 --> Ba1, LGD2, 16%

Senior Unsecured Notes, due 2013, B1 --> B1, LGD5, 73%

Rotech Healthcare, Inc., Caa2

PDR: Caa2

Senior Secured Revolver, due 2007, B2 --> B1, LGD2, 11%

Senior term loan, due 2008, B2 --> B1, LGD2, 11%

Senior Subordinated Notes, due 2012, Caa3 --> Caa3, LGD4, 67%

Rural/Metro Corporation, B2

PDR: B2

Senior Discount Notes due 2016, Caa1 --> Caa1, LGD6, 92%

Rural/Metro LLC (subsidiary)

Senior Secured Revolver due 2010, B1 --> Ba2, LGD2, 15%

Rural/Metro LLC (subsidiary)

Senior Secured Term Loan B due 2011, B1 --> Ba2, LGD2, 15%

Rural/Metro LLC (subsidiary)

9.875% Sr Sub Notes due 2015, B3 --> B3, LGD4, 63%

Sheridan Holdings, Inc., B2

PDR: B2

Senior secured revolving credit facility due 2009, B2 --> B1, LGD3, 34%

Senior secured first lien term loan due 2011, B2 --> B1, LGD3, 34%

Senior secured second lien term loan due 2012, Caa1 --> Caa1, LGD5, 87%

SFBC International, Inc., Caa1

PDR: Caa1

Senior Secured Credit Facility, due 2009, B3 --> B1, LGD1, 7%

Spheris Inc., B3

PDR: B3

Senior Secured revolving credit facility, B3 --> Ba3, LGD2, 17%

Senior secured first lien term loan, B3 --> Ba3, LGD2, 17%

11% subordinated notes, Caa2 --> Caa1, LGD5, 75%

Team Finance LLC, B2

PDR: B2

Senior secured revolving credit facility due 2011, B2 --> B1, LGD3, 34%

Senior secured term loan due 2012, B2 --> B1, LGD3, 34%

11.25% senior subordinated notes due 2013, Caa1 --> Caa1, LGD5, 87%

TLC Health Care Services, Inc., B2

PDR: B2

TLC Funding Corporation (subsidiary), B2

Senior Secured Revolver, due 2011, B2 --> B1, LGD3, 35%

Senior Secured First Lien Term Facility, due 2012, B2 --> B1, LGD3, 35%

Second Lien Term Facility, due 2013, Caa1 --> Caa1, LGD5, 88%

Universal Hospital Services, Inc., B2

PDR: B2

10 1/8% Senior Notes due 2011, B3 --> B3, LGD4, 64%

US Oncology Holdings, B1

PDR: B1

Senior unsecured floating rate notes due 2015, Caa1 --> B3, LGD6, 93%

US Oncology, Inc. (subsidiary)

Senior secured revolving credit facility due 2010, Ba3 --> Ba2, LGD2, 20%

Senior secured term loan due 2011, Ba3 --> Ba2, LGD2, 20%

9.0% senior unsecured notes due 2012, B1 --> B2, LGD4, 58%

10.75% senior subordinated notes due 2014, B3 --> B3, LGD5, 81%

USP Domestic Holdings, Inc., Ba2

PDR: Ba3

7-yr Term Loan 'B' due 2013, Ba2 --> Ba2, LGD3, 35%

VWR International, Inc., B2

PDR: B2

Senior Secured EURO Term Loan, B2 --> Ba3, LGD2, 24%

Senior Secured Guaranteed US Dollar Term Loan, due 2011, B2 --> Ba3, LGD2, 24%

Senior Secured Guaranteed Revolver, due 2009, B2 --> Ba3, LGD2, 24%

Senior Unsecured Guaranteed Notes, due 2012, B3 --> B3, LGD4, 67%

CDRV Investors Inc. (parent)

Senior Subordinated Unsecured Guaranteed Notes, due 2014, Caa1 --> Caa1, LGD6, 90%

Youth and Family Centered Services, Inc., B2

PDR: B2

Senior Secured Revolving Credit Facility, due 2012, B2 --> B1, LGD3, 41%

Senior Secured Term Loan B, due 2013, B2 --> B1, LGD3, 41%

New York
Patrick Finnegan
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Paul D. Bienstock
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Changes Ratings on 50 Healthcare Service and Distribution Companies Under LGD Rating Methodology
No Related Data.
© 2019 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 OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. 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 CREDIT 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 ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. 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.

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 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