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Announcement:

Moody's Disclosures on Credit Rating of Deutsche Bank AG

31 May 2012

New York, May 31, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Deutsche Bank AG and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Deutsche Bank AG.

Moody's current ratings on Deutsche Bank AG and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of Aa3,on review for downgrade

Senior Unsecured MTN Program (domestic and foreign currency) ratings of (P)Aa3, on review for downgrade

Long Term Bank Deposits (domestic and foreign currency) ratings of Aa3, on review for downgrade

Long Term Deposit Note/CD Program (foreign currency) ratings of Aa3, on review for downgrade

Long Term Issuer Rating of Aa3, on review for downgrade

Bank Financial Strength Rating of C+, on review for downgrade

Subordinate (domestic and foreign currency) ratings of A3, on review for downgrade

Subordinate MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

Senior Unsecured Shelf (foreign currency) ratings of (P)Aa3, on review for downgrade

Subordinate Shelf (foreign currency) ratings of (P)A3, on review for downgrade

Commercial Paper (domestic currency) ratings of P-1

Short Term Bank Deposits (domestic and foreign currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

Deutsche Bank AG, London Branch

Senior Unsecured (foreign currency) ratings of Aa3, on review for downgrade

Senior Unsecured MTN Program (foreign currency) ratings of (P)Aa3, on review for downgrade

Subordinate (foreign currency) ratings of A3, on review for downgrade

Subordinate MTN Program (foreign currency) ratings of (P)A3, on review for downgrade

Tier III Debt MTN Program (foreign currency) ratings of (P)A3, on review for downgrade

Other Short Term (foreign currency) ratings of (P)P-1

BACKED Senior Unsecured (foreign currency) ratings of Aa3, on review for downgrade

Deutsche Bank AG, New York Branch

Long Term Bank Deposits (domestic currency) ratings of Aa3, on review for downgrade

Long Term Deposit Note/CD Program (domestic currency) ratings of Aa3, on review for downgrade

Short Term Bank Deposits (domestic currency) ratings of P-1

Deutsche Bank AG, New Zealand

Subordinate (domestic currency) ratings of A3, on review for downgrade

Deutsche Bank AG, Singapore Branch

Senior Unsecured MTN Program (foreign currency) ratings of (P)Aa3, on review for downgrade

Long Term Deposit Note/CD Program (foreign currency) ratings of Aa3, on review for downgrade

Other Short Term (foreign currency) ratings of (P)P-1

Deutsche Bank AG, Sydney Branch

Senior Unsecured (domestic and foreign currency) ratings of Aa3, on review for downgrade

Senior Unsecured MTN Program (domestic and foreign currency) ratings of (P)Aa3, on review for downgrade

Long Term Deposit Note/CD Program (domestic currency) ratings of Aa3, on review for downgrade

Subordinate MTN Program (foreign currency) ratings of (P)A3, on review for downgrade

Tier III Debt MTN Program (foreign currency) ratings of (P)A3, on review for downgrade

Other Short Term (domestic and foreign currency) ratings of (P)P-1

Deutsche Bank Capital Finance Trust I

Junior Subordinate (foreign currency) ratings of Baa1, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust I

BACKED Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust IV

Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust IX

BACKED Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust V

Preferred Stock Non-cumulative (foreign currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust VI

Preferred Stock Non-cumulative (foreign currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust VII

Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust VIII

BACKED Preferred Stock Non-cumulative (domestic currency) ratings of Baa2,on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust X

Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Funding Trust XI

BACKED Preferred Stock (foreign currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Trust III

Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Capital Trust V

BACKED Preferred Stock Non-cumulative (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Contingent Capital Trust II

BACKED Preferred Stock (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Contingent Capital Trust III

BACKED Preferred Stock (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Contingent Capital Trust V

BACKED Preferred Stock (domestic currency) ratings of Baa2, on review for downgrade (hyb)

Deutsche Bank Financial LLC

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)Aa3, on review for downgrade

BACKED Subordinate (domestic currency) ratings of A3, on review for downgrade

BACKED Subordinate MTN Program (domestic currency) ratings of (P)A3, on review for downgrade

BACKED Commercial Paper (domestic currency) ratings of P-1

Deutsche Bank Trust Corporation

Long Term Issuer Rating of A1, on review for downgrade

BACKED Subordinate (domestic currency) ratings of A3, on review for downgrade

Deutsche Finance (Netherlands) B.V.

BACKED Senior Unsecured (domestic and foreign currency) ratings of Aa3, on review for downgrade

RECENT CREDIT DEVELOPMENTS

On Feb 15 2012, Moody's placed the Aa3 long term deposit ratings of Deutsche Bank AG (Deutsche Bank) on review for downgrade (along with 16 other firms active in the global capital markets) as a result of the risks presented by the Deutsche Bank's capital market activities. For further detail please see the press release "Moody's Reviews Ratings for European Banks" and the Moody's report titled "Challenges for Firms with Global Capital Markets Operations: Moody's Rating Reviews and Rationale", published on Feb 15.

FOCUS OF THE REVIEW OF DEUTSCHE BANK

During its review, Moody's will consider the inherent vulnerabilities of Deutsche Bank presented by its capital markets business. These vulnerabilities include the confidence-sensitivity of customers and funding counterparties, risk management / governance challenges, and a high degree of interconnectedness and opacity. Additionally, these institutions are exposed to large and rapidly-changing risk positions that expose these firms and their creditors to unexpected, sometimes outsized losses. Such losses can overwhelm the earnings power and capital resources of even the largest, most diversified financial groups. Such challenges caused several banks to fail, or to avoid failure only upon the receipt of external support, during the 2008 financial crisis.

Additional challenges have emerged for banks with significant capital markets activities, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and a very challenging macroeconomic and market environment. Some of these risks have been muted by in part, by changes to business models, as well as higher regulatory capital and liquidity requirements, but they have not been eliminated. Furthermore these adverse trends have placed acute pressure on profitability and increased the scope of reengineering required by many firms to generate satisfactory equity returns.

The combination of changed operating conditions and increased regulatory requirements and restrictions has diminished these firms' longer-term profitability and growth prospects. While we had initially expected their standalone credit profiles to recover once the acute phase of the crisis had passed, we now view these challenges as structural features of global investment banks. Our credit analysis is reflecting these challenges through greater emphasis on certain key rating factors in our methodologies, as discussed in more detail in the report published today.

The review will also consider Deutsche Bank's exposure to the more difficult operating environment in Europe.

Taken together, these inherent vulnerabilities put significant downward pressure on the credit profiles of Deutsche Bank and a downgrade of Deutsche Bank AGs long term deposits of up to two notches is possible. The bank's Prime-1 short term rating was affirmed. We expect to conclude these reviews by the middle of May.

SUMMARY RATING RATIONALE

Deutsche Bank is a systemically important German Bank and is currently rated Aa3/ P-1 on its long-term and short-term debt and deposits. The BFSR of Deutsche Bank, which reflects the stand-alone financial profile of the bank, is currently C+, mapping to an a2 equivalent long-term debt rating. The long-term ratings are on review for downgrade (see Recent Results and Developments above).

Deutsche Bank's standalone credit profile is driven by the bank's prominent positions across a number of capital markets activities globally, its strong position in European corporate and German SME/middle market banking franchises, Private Wealth Management franchise within Germany, as well as its enhanced position within German Retail Banking following the acquisition of Deutsche Postbank AG. Deutsche Bank's rating also reflects the bank's sound liquidity profile and solid capital position.

The bank has continued to improve its balance sheet since the beginning of the financial crisis, reducing leverage and overall risk appetite, particularly within its capital markets operations and this trend continued in the second half of 2011. We also note that recent acquisitions within the Private Clients and Asset Management businesses (notably Postbank and Sal. Oppenheim, unrated) should help to better balance the revenue mix of Deutsche Bank toward more stable revenue streams than has been the case in the recent past. However, the proportion of more volatile investment banking revenues and earnings over the cycle will continue to remain high relative to its most diversified global peers. As such, Moody's believes the bank's Corporate Banking & Securities (CBS) franchise remains sensitive to changes in customer and counterparty confidence. Further we note that Deutsche Bank's balance sheet leverage (21x at 2011 year-end by management's definition) remains high relative to some non-European peers.

The Aa3 senior debt rating benefits from two notches of uplift from the standalone C+/ a2 ratings. This reflects the systemic importance, complexity and difficult resolvability of the bank in Germany and Moody's assessment of a high probability of support for senior debt and deposit holders as a consequence.

Rating Outlook

The BFSR and long term debt ratings of Deutsche Bank are on review for downgrade. See Recent Credit Developments Section above.

What Could Change the Rating - Up

Upward pressure on the ratings in the short term are unlikely given the current review for downgrade. Any upward pressure on the ratings would be subject to (i) a reduced reliance on capital markets activities through greater earnings contributions from the bank's retail banking and asset management divisions, (ii) clearer evidence that market risk management and the business line are working together effectively, or (iii) improved efficiency ratios through sustainable cost reduction measures.

What Could Change the Rating - Down

See description of rating review above.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Peter E. Nerby
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Johannes Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's Disclosures on Credit Rating of Deutsche Bank AG
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.

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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.

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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.

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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.

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