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
Related Issuers
ACA Euro CLO 2007-1 P.L.C.
ALESCO Preferred Funding IV, Ltd.
ALESCO Preferred Funding IX, Ltd.
Alesco Preferred Funding X, Ltd.
ALESCO Preferred Funding XII, Ltd.
ALESCO Preferred Funding XIII, Ltd.
ALESCO Preferred Funding XVII, Ltd.
ALESCO Preferred Funding® XVI, Ltd.
ARCC Commercial Loan Trust 2006
AUD [300,000,000] Non Guaranteed and Unsecured 6-Year AUD Note Linked to TOPIX Index
Barclays Bank PLC 6 Year Income Growth Switcher, Series GSN28909 (ISIN: XS0563171551)
Barclays Bank PLC AUD [20,000,000] Index Linked Notes due [9 May 2017], Series GSN29209 (ISIN: XS0569848103)
Barclays Bank PLC AUD 1,928,000 Index Linked Notes due March 2017, Series GSN26572 (ISIN: XS0521497973)
Barclays Bank PLC AUD 209,700,000 Index Linked Notes due 7 November 2016, Series GSN26167 (XS0514559839)
Barclays Bank PLC AUD 460,000,000 Equity Linked Notes due April 2017, Series GSN27341 (ISIN: XS0535295694)
Barclays Bank PLC AUD 6,500,000 Index Linked Notes due 13 October 2016, Series GSN26014
CapitalSource Commercial Loan Trust 2006-1
CapitalSource Commercial Loan Trust 2006-2
CapitalSource Commercial Loan Trust 2007-1
CB MezzCAP Limited Partnership
Credico Funding 3 S.R.L.
Credit Suisse AG AUD927,000 3-Year AUD Equity Index Linked Note Series SPLB2011-005 (ISIN: XS0577453474)
Credit Suisse AG, NZD [100,000,000] 6-Year NZD Equity Index Linked Notes, Series [] (ISIN: XS0580387842)
Credit Suisse AUD 167,751,900 6-Year AUD Equity Index Linked Note SPLB2010-1122 (XS0517955711)
Credit Suisse AUD 388,024,400 6-Year AUD Equity Index Linked Note SPLB2010-1124 (XS0517393962)
Credit Suisse AUD[100,000,000] 6-Year AUD Equity Index Linked Note Series SPLB2010-1125 (XS0517435557)
Credit Suisse AUD11,778,800 6-Year AUD Equity Index Linked Note SPLB2010-1421 (XS0566418827)
Eirles Two Limited Series 298 (Repack Force Equity)
Eurocredit CDO II
Eurocredit Opportunities I PLC
Euroloan CLO I B.V.
Force 2005-1 Limited Partnership (EquiNotes)
FORCE TWO Limited Partnership
FriedbergMilstein Private Capital Fund I
Grosvenor Place CLO I B.V.
H.E.A.T Mezzanine I-2005 S.A.
ICG EOS Loan Fund I Limited
Intermediate Finance II PLC
Kodiak CDO I, Ltd.
Kodiak CDO II, Ltd.
Lunar Funding I Limited - Series 2
Marathon Financing I, B.V.
Mare Baltic 2006-1
Metrix Funding No 1 Plc
Metrix Securities P.L.C. - Series 2006-1
MM COMMUNITY FUNDING III, LTD.
MMCapS Funding XIX, Ltd.
Non-Profit Preferred Funding Trust I Structured Tax-Exempt Pass-Through (STEP) Certificates
Preferred Term Securities II, Ltd
Preferred Term Securities V, Ltd.
Preferred Term Securities XI, Ltd.
Preferred Term Securities XIX, Ltd.
Preferred Term Securities XV, Ltd.
Preferred Term Securities XXI, Ltd.
Preferred Term Securities XXVII, Ltd.
Preferred Term Securities XXVIII, Ltd.
Preferred Term Securities, Ltd.
PreTSL Combination
PreTSL Combination Certificates
PreTSL Combination Series P XXVI Trust
PreTsl Combination Trust I
PreTSL Combination Trust I
Prime 2006-1 Funding Limited Partnership
Race Point III CLO
Sargas CLO II Ltd
ScandiNotes Five p.l.c.
SG 6 Year AUD KOSPI2 Index-linked Unsecured and Non Guaranteed Structured Note Series 30414 (ISIN: XS0580558913)
Signature 6 Limited
Signature 7 LP
Skye CLO I Limited
TABERNA PREFERRED FUNDING II, LTD.
TABERNA PREFERRED FUNDING V, LTD.
Taberna Preferred Funding VII, Ltd.
TPREF FUNDING I LTD.
Trapeza CDO X, Ltd.
Trapeza CDO XI, Ltd.
TRAPEZA EDGE CDO, LTD.
Tropic CDO I Ltd.
Tropic CDO IV LTD.
UBS AG 6-Year AUD 33,617,900 Equity Linked Notes due 2017, Series 8803 (ISIN: XS0561509786)
UBS AG AUD [20,000,000] Equity Linked Notes due May 2017, Series 8921 (ISIN: XS0576540586)
UBS AG AUD 39,000,000 Equity Linked Notes due March 2017, Series 8701 (ISIN Code: XS0549973377)
UBS AG AUD 593,957,600 Equity Linked Notes due 2017, Series 8638 (ISIN: XS0542668396)
UBS AG Equity Linked Notes due 2016, Series 8445 (XS0521412659)
UBS AG Equity Linked Notes due 2016, Series 8456 (XS0523325677)
UBS AG NZD1,170,435,200 Equity Linked Notes due 2017 Series 8863 (ISIN: XS0568321813)
UBS AUD 30,430,000 Equity Linked Notes due September 2016 Series 8467 (XS0525302963)
UBS AUD 5,488,000 Equity Linked Notes due 2016, Series 8362 (XS0509273933)
Zohar CDO 2003-1 Limited
Zohar II 2005-1, Limited
Zohar III, Limited
Announcement:

Moody's Clarifies the Identification of Moody's Principal Methodology and Rating Implementation Guidance in 101 CDO Press Releases

27 May 2011

New York, May 27, 2011 -- This press release clarifies that the principal methodology used in the following actions was Moody's Approach to Rating Repackaged Securities published in April 2010. In addition, this clarifies that Moody's Revised Update on Rating Debt Obligations with Variable Promises published in July 2010 is a Rating Implementation Guidance, not a rating methodology, as noted in the affected press releases below.

Press Release Title, Press Release Publication Date

Moody's affirms (P)Aa1 (sf) to Credit Suisse ELN Series SPLB2011-005 3/10/11

Moody's affirms (P)Aa1 (sf) to Credit Suisse ELN Series SPLB2011-005 3/9/11

Moody's affirms (P)Aa3 (sf) to Barclays Index Linked Notes 3/9/11

Moody's affirms provisional rating of Credit Suisse ELN 12/13/10

Moody's affirms provisional rating to Barclays Index Linked Notes 1/31/11

Moody's affirms provisional rating to Barclays Index Linked Notes 3/8/11

Moody's assigns (P)Aa1 (sf) to Credit Suisse ELN Series SPLB2010-1421 1/5/11

Moody's assigns (P)Aa1 (sf) to Credit Suisse ELN Series SPLB2011-005 1/9/11

Moody's assigns (P)Aa1 (sf) to Credit Suisse Interest Rate Linked Notes 1/20/11

Moody's assigns (P)Aa2 (sf) to Societe Generale Index-Linked Notes 1/17/11

Moody's assigns (P)Aa2 (sf) to Societe Generale Index-Linked Notes 11/28/10

Moody's assigns (P)Aa3 (sf) to Barclays Index Linked Notes 1/7/11

Moody's assigns (P)Aa3 (sf) to UBS Equity Linked Notes 1/9/11

Moody's assigns (P)Aa3 (sf) to UBS Equity Linked Notes 11/18/10

Moody's assigns (P)Aa3 (sf) to UBS Index-Linked-Coupon Notes 10/12/10

Moody's assigns Aa1 (sf) to AUD 388.0244m Credit Suisse ELN 12/23/10

Moody's assigns Aa3 (sf) to AUD 12.87m UBS Equity Linked Notes 12/21/10

Moody's assigns Aa3 (sf) to AUD 7.722m UBS Equity Linked Notes 12/6/10

Moody's assigns Aa3 (sf) to Barclays Index Linked Notes 10/6/10

Moody's assigns Aa3 (sf) to Barclays Index Linked Notes 11/5/10

Moody's assigns Aa3 (sf) to UBS Equity Linked Notes 2/17/11

Moody's assigns Aa3 (sf) to UBS Equity Linked Notes 3/9/11

Moody's assigns definitive rating to Barclays Index-Linked-Coupon Notes 3/3/11

Moody's assigns definitive rating to Credit Suisse Index-Linked-Coupon Notes 9/16/10

Moody's assigns definitive rating to UBS Index-Linked-Coupon Notes 9/20/10

Moody's assigns definitive rating to UBS Index-Linked-Coupon Notes 9/6/10

Moody's assigns provisional rating to Barclays Equity Linked Notes 9/24/10

Moody's assigns provisional rating to Barclays Index Linked Notes 12/13/10

Moody's assigns provisional rating to index-linked AUD notes issued by Deutsche Bank AG 3/11/11

Moody's assigns provisional rating to UBS Equity Linked Notes 12/16/10

Moody's assigns provisional rating to UBS Equity Linked Notes 9/27/10

This press release further clarifies that for the following rating actions Moody's used Moody's Approach to Rating Collateralized Loan Obligations published in August 2009 as the principal methodology. In those rating action press releases, the referenced report titled, the Updated Approach to the Usage of Credit Estimates in Rated Transactions published in October 2009, is a Rating Implementation Guidance, not a rating methodology.

Press Release Title, Press Release Publication Date

Moody's assigns definitive ratings to CLO notes of ICG EOS Loan Fund I Ltd 8/25/2010

Moody's assigns provisional ratings to CLO notes of ICG EOS Loan Fund I Ltd 8/17/2010

Moody's confirms CLO notes of Metrix Funding Nr. 1 PLC 10/21/2010

Moody's downgrades and confirms CDO Notes of Scandinotes V P.L.C. 3/16/2011

Moody's downgrades and confirms Notes of Mare Baltic 2006-1 3/16/2011

Moody's downgrades CLO Note of Euroloan CLO I B.V. 10/15/2010

Moody's downgrades EUR 1,033m CBO notes of Credico Funding 3 3/15/2011

Moody's downgrades EUR 120.4m SME CDO Notes of CB Mezzcap 2/18/2011

Moody's downgrades EUR 191 million of SME CLO notes of Force 2 12/20/2010

Moody's downgrades notes of ACA Euro CLO 2007-1 P.L.C. 8/27/2010

Moody's downgrades Prime 2006-1 SME CDO notes 11/23/2010

Moody's downgrades SME CDO Repack Notes of Eirles Two Series 298 1/28/2011

Moody's downgrades SME CLO Notes of Force 2005-1 1/28/2011

Moody's downgrades the ratings of CLO notes issued by Zohar CDO 2003-1 Limited. 2/11/2011

Moody's downgrades the ratings of CLO notes issued by Zohar II 2005-1, Limited 2/11/2011

Moody's downgrades the ratings of CLO notes issued by Zohar III, Limited 2/11/2011

Moody's downgrades the ratings of notes issued by Non-Profit Preferred Funding Trust I 11/23/2010

Moody's downgrades three H.E.A.T German SME CDOs 9/3/2010

Moody's places under review for downgrade CLO Notes of Intermediate Finance II PLC 9/28/2010

Moody's upgrades CLO combo notes of Lunar Funding I Series 2 8/27/2010

Moody's upgrades EUR 110m CLO notes of Eurocredit CDO II B.V 2/11/2011

Moody's upgrades EUR 453.5m BS CLO notes of Metrix Securities Plc 3/1/2011

Moody's upgrades EUR 70m CLO notes of Skye CLO I Limited 8/20/2010

Moody's upgrades the rating of the Class I-B notes of Eurocredit CDO II B.V. 10/8/2010

Moody's upgrades the ratings of CBO notes issued by Signature 6 Limited 10/13/2010

Moody's upgrades the ratings of CBO notes issued by Signature 7 LP 8/26/2010

Moody's upgrades the ratings of CLO notes issued by ARCC Commercial Loan Trust 2006 9/14/2010

Moody's upgrades the ratings of CLO notes issued by CapitalSource Commercial Loan Trust 2006-1 11/18/2010

Moody's upgrades the ratings of CLO notes issued by CapitalSource Commercial Loan Trust 2006-2 12/2/2010

Moody's upgrades the ratings of CLO notes issued by CapitalSource Commercial Loan Trust 2007-1 11/17/2010

Moody's upgrades the ratings of CLO notes issued by Eurocredit Opportunities I PLC 12/14/2010

Moody's upgrades the ratings of CLO notes issued by FriedbergMilstein Private Capital Fund I 9/2/2010

Moody's upgrades the ratings of CLO notes issued by Marathon Financing I, B.V. 12/2/2010

Moody's upgrades the ratings of CLO notes issued by Race Point III CLO. 1/7/2011

Moody's upgrades the ratings of notes issued by Sargas CLO II, Ltd. 8/27/2010

Moody's upgrades the ratings of the Class E CLO notes of Grosvenor Place CLO I 9/13/2010

Furthermore, Moody's clarifies that for the following TRUP CDO rating actions, the principal methodology was quoted in the affected press releases below. The referenced report in those press releases, the Updated Approach to the Usage of Credit Estimates in Rated Transactions published in October 2009, is a Rating Implementation Guidance, not a rating methodology.

Press Release Title, Press Release Publication Date

Correction to Text, Nov 23, 2010 Release: Moody's takes rating action on TRUP CDO notes issued by ALESCO Preferred Funding IV, Ltd. 11/24/2010

Correction to text, September 10, 2010 Release: Moody's Downgrades the ratings of TRUP CDO notes issued by Trapeza CDO XI, Ltd. 9/10/2010

Moody's downgrades one class of notes issued by Preferred Term Securities V, Ltd., a TRUP CDO 11/18/2010

Moody's downgrades the rating of TRUP CDO notes issued by TPREF FUNDING I, LTD. 11/18/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding IX, Ltd. 9/27/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding X, Ltd. 9/23/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding XII, Ltd. 9/23/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding XIII, Ltd 9/28/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding XVI, Ltd. 9/28/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Alesco Preferred Funding XVII, Ltd. 9/28/2010

Moody's downgrades the ratings of TRUP CDO notes issued by MM Community Funding III, Ltd. 9/27/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by MMCAPS Funding XIX, Ltd. 9/27/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities I, Ltd. 10/22/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities II, Ltd. 10/22/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities XIX, Ltd. 10/22/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities XXI, Ltd. 10/22/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities XXVII, Ltd. 10/22/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Preferred Term Securities XXVIII, Ltd. 10/22/2010

Moody's downgrades the ratings of TRUP CDO notes issued by Trapeza CDO X, Ltd. 9/8/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Trapeza CDO XI, Ltd. 9/10/2010

Moody's Downgrades the ratings of TRUP CDO notes issued by Trapeza Edge CDO, Ltd. 9/10/2010

Moody's downgrades three combination notes exposed to TRUP CDOs 11/18/2010

Moody's downgrades TRUP CDO notes issued by TROPIC CDO IV LTD. 1/7/2011

Moody's downgrades two combination notes exposed to TRUP CDOs 11/23/2010

Moody's downgrades two combination notes exposed to TRUP CDOs 11/10/2010

Moody's takes rating action on notes issued by Taberna Preferred Funding II, Ltd., a REIT TRUP CDO 12/8/2010

Moody's takes rating action on notes issued by Taberna Preferred Funding VII, Ltd., a REIT TRUP CDO 3/24/2011

Moody's takes rating action on TRUP CDO notes issued by ALESCO Preferred Funding IV, Ltd. 11/23/2010

Moody's Takes Rating Action on TRUP CDO notes issued by Preferred Term Securities XV, Ltd. 11/23/2010

Moody's takes rating actions on notes issued by Kodiak CDO I, Ltd., a REIT TRUP CDO 11/23/2010

Moody's takes rating actions on notes issued by Taberna Preferred Funding V, Ltd., a REIT TRUP CDO 12/8/2010

Moody's takes rating actions on TRUP CDO notes issued by Kodiak CDO II, Ltd. 12/8/2010

Moody's takes rating actions on TRUP CDO notes issued by Tropic CDO I Ltd. 11/23/2010

Moody's Upgrades the ratings of TRUP CDO note issued by Preferred Term Securities XI, Ltd. 10/22/2010

New York
Yasmine Mahdavi
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jian Hu
MD - Structured Finance
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 Clarifies the Identification of Moody's Principal Methodology and Rating Implementation Guidance in 101 CDO Press Releases
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