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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.     

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Related Issuers
Structured Asset Securities Corp 2006-W1
Structured Asset Securities Corp 2006-Z
Structured Asset Securities Corp Trust 2005-NC1
Structured Asset Securities Corp Trust 2005-NC2
Structured Asset Securities Corp Trust 2005-WF1
Structured Asset Securities Corp Trust 2005-WF2
Structured Asset Securities Corp Trust 2005-WF4
Structured Asset Securities Corp Trust 2005-WMC1
Structured Asset Securities Corp Trust 2006-AM1
Structured Asset Securities Corp Trust 2006-BC1
Structured Asset Securities Corp Trust 2006-BC2
Structured Asset Securities Corp Trust 2006-BC6
Structured Asset Securities Corp Trust 2006-EQ1
Structured Asset Securities Corp Trust 2006-NC1
Structured Asset Securities Corp Trust 2006-OPT1
Structured Asset Securities Corp Trust 2006-WF1
Structured Asset Securities Corp Trust 2006-WF2
Structured Asset Securities Corp Trust 2006-WF3
Structured Asset Securities Corp Trust 2007-BC1
Structured Asset Securities Corp Trust 2007-BC2
Structured Asset Securities Corp Trust 2007-BC3
Structured Asset Securities Corp Trust 2007-MLN1
Structured Asset Securities Corp Trust 2007-OSI
Structured Asset Securities Corp Trust 2007-WF1
Structured Asset Securities Corp, Mortgage Pass-Through Certificates, Series 2006-BC3
Structured Asset Securities Corp. Trust 2007-EQ1
Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2007-WF2
Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC4
Structured Asset Securities Corporation Series 2005-AR1
Structured Asset Securities Corporation Trust 2006-BC5
Rating Action:

Moody's Downgrades Certain SASCO Subprime RMBS

31 Oct 2008
Moody's Downgrades Certain SASCO Subprime RMBS

New York, October 31, 2008 -- Moody's Investors Service has downgraded the ratings of 322 tranches from 30 subprime RMBS transactions issued by SASCO. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, subprime residential mortgage loans.

These actions follow and are as a result of Moody's September 18th 2008 announcement that it had updated its loss projections on first-lien subprime RMBS. (See Moodys.com for the report: Subprime RMBS Loss Projection Update: September 2008 for details)

Moody's Investors Service announced today that it has published the underlying ratings on the following insured notes as identified below. The ratings of these insured notes were previously derived from public ratings on non-sequential pari passu (i.e. at the same level of seniority) or more junior uninsured tranches of the same deals.

The underlying ratings reflect the intrinsic credit quality of the notes in the absence of the guarantee. The ratings on securities that are guaranteed or "wrapped" by a financial guarantor is the higher of a) the rating of the guarantor or b) the published underlying rating. The current ratings on the below notes are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating that is public.

Complete rating actions are as follows:

Issuer: Structured Asset Securities Corp 2006-W1

Cl. A1, Downgraded to A2 from Aaa

Cl. A4, Downgraded to A1 from Aaa

Cl. A5, Downgraded to Baa1 from Aaa

Cl. M1, Downgraded to Ba1 from Aa1

Cl. M2, Downgraded to Caa2 from Baa1

Cl. M3, Downgraded to C from Ba2

Cl. M4, Downgraded to C from B1

Cl. M5, Downgraded to C from B2

Cl. M6, Downgraded to C from B2

Cl. M7, Downgraded to C from Caa1

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B1, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp 2006-Z

Cl. A1, Downgraded to Ba2 from Aaa

Cl. A2, Downgraded to B2 from Aa3

Cl. M1, Downgraded to C from B2

Cl. M2, Downgraded to C from B2

Cl. M3, Downgraded to C from Caa1

Cl. M4, Downgraded to C from Caa2

Cl. M5, Downgraded to C from Caa3

Cl. M6, Downgraded to C from Caa3

Cl. B1, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2005-NC1

Cl. M3, Downgraded to A2 from Aa3

Cl. M5, Downgraded to Ba3 from A3

Cl. M6, Downgraded to B1 from Baa1

Cl. M7, Downgraded to Ca from Baa2

Cl. M8, Downgraded to Ca from Baa3

Cl. M9, Downgraded to Ca from Ba2

Issuer: Structured Asset Securities Corp Trust 2005-NC2

Cl. M5, Downgraded to A2 from A1

Cl. M6, Downgraded to Baa2 from A2

Cl. M7, Downgraded to Ba1 from A3

Cl. M8, Downgraded to Ba3 from Baa1

Cl. M9, Downgraded to Caa2 from Baa2

Cl. M10, Downgraded to Ca from Baa3

Issuer: Structured Asset Securities Corp Trust 2005-WF1

Cl. M3, Downgraded to A1 from Aa3

Cl. M4, Downgraded to A3 from A1

Cl. M5, Downgraded to Baa2 from A2

Cl. M6, Downgraded to Baa3 from A3

Cl. M7, Downgraded to Ba2 from Baa1

Cl. M8, Downgraded to Ba3 from Baa2

Cl. M9, Downgraded to C from Baa3

Issuer: Structured Asset Securities Corp Trust 2005-WF2

Cl. M4, Downgraded to A3 from A1

Cl. M5, Downgraded to Baa1 from A2

Cl. M6, Downgraded to Baa2 from A3

Cl. M7, Downgraded to Ba1 from Baa1

Cl. M8, Downgraded to Ba3 from Baa2

Cl. M9, Downgraded to B3 from Baa3

Cl. B1, Downgraded to Ca from Ba1

Issuer: Structured Asset Securities Corp Trust 2005-WF4

Cl. M4, Downgraded to A2 from A1

Cl. M5, Downgraded to Baa1 from A2

Cl. M6, Downgraded to Baa3 from A3

Cl. M7, Downgraded to Ba2 from Baa1

Cl. M8, Downgraded to B1 from Baa2

Cl. M9, Downgraded to Ca from Baa3

Cl. B1, Downgraded to Ca from Ba1

Cl. B2, Downgraded to Ca from Caa2

Issuer: Structured Asset Securities Corp Trust 2005-WMC1

Cl. M2, Downgraded to Ba1 from Baa2

Cl. M3, Downgraded to B1 from Baa3

Cl. M4, Downgraded to Caa2 from Ba1

Cl. M5, Downgraded to Caa3 from B3

Issuer: Structured Asset Securities Corp Trust 2006-AM1

Cl. A1, Downgraded to Aa3 from Aaa

Cl. A4, Downgraded to A1 from Aaa

Cl. A5, Downgraded to Baa1 from Aaa

Cl. M1, Downgraded to Ba1 from Aa3

Cl. M2, Downgraded to Caa2 from Ba1

Cl. M3, Downgraded to C from B2

Cl. M4, Downgraded to C from B2

Cl. M5, Downgraded to C from B3

Cl. M6, Downgraded to C from Caa1

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Caa3

Cl. M9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-BC1

Cl. A1, Downgraded to A3 from Aaa

Cl. A2, Downgraded to Baa3 from Aaa

Cl. A5, Downgraded to Baa1 from Aaa

Cl. A6, Downgraded to Ba2 from Aaa

Cl. M1, Downgraded to Caa2 from Aa1

Cl. M2, Downgraded to C from Baa3

Cl. M3, Downgraded to C from B2

Cl. M4, Downgraded to C from B2

Cl. M5, Downgraded to C from Caa1

Cl. M6, Downgraded to C from Caa2

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-BC2

Cl. A1, Downgraded to Ba2 from Aaa

Cl. A3, Downgraded to B1 from Aaa

Cl. A4, Downgraded to B3 from Aa1

Cl. M1, Downgraded to C from Ba2

Cl. M2, Downgraded to C from B2

Cl. M3, Downgraded to C from B3

Cl. M4, Downgraded to C from Caa1

Cl. M5, Downgraded to C from Caa2

Cl. M6, Downgraded to C from Caa3

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Ca

Cl. M9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-BC6

Cl. A1, Downgraded to A1 from Aaa

Cl. A4, Downgraded to A3 from Aaa

Cl. A5, Downgraded to Baa1 from Aaa

Cl. M1, Downgraded to B1 from Aa3

Cl. M2, Downgraded to Ca from Ba2

Cl. M3, Downgraded to C from B1

Cl. M4, Downgraded to C from B1

Cl. M5, Downgraded to C from B2

Cl. M6, Downgraded to C from B3

Cl. M7, Downgraded to C from Caa1

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-EQ1

Cl. A1, Downgraded to Aa2 from Aaa

Cl. A4, Downgraded to A1 from Aaa

Cl. A5, Downgraded to A2 from Aaa

Cl. M1, Downgraded to Baa3 from Aa1

Cl. M2, Downgraded to B2 from Baa2

Cl. M3, Downgraded to Caa2 from B1

Cl. M4, Downgraded to C from B1

Cl. M5, Downgraded to C from B2

Cl. M6, Downgraded to C from B3

Cl. M7, Downgraded to C from Caa1

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-NC1

Cl. A1, Downgraded to A1 from Aaa

Cl. A4, Downgraded to Baa1 from Aa2

Cl. A5, Downgraded to Ba1 from A2

Cl. A7, Downgraded to A1 from Aaa

Cl. M1, Downgraded to Caa2 from B1

Cl. M2, Downgraded to C from B2

Cl. M3, Downgraded to C from B3

Cl. M4, Downgraded to C from Caa1

Cl. M5, Downgraded to C from Caa2

Cl. M6, Downgraded to C from Caa3

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-OPT1

Cl. A5, Downgraded to Aa1 from Aaa

Cl. M1, Downgraded to Baa2 from Aa2

Cl. M2, Downgraded to Ba3 from A3

Cl. M3, Downgraded to Caa2 from Ba1

Cl. M4, Downgraded to C from B2

Cl. M5, Downgraded to C from B3

Cl. M6, Downgraded to C from Caa1

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2006-WF1

Cl. M4, Downgraded to A3 from A1

Cl. M5, Downgraded to Baa2 from A2

Cl. M6, Downgraded to Ba3 from Baa2

Cl. M7, Downgraded to Caa2 from B2

Cl. M8, Downgraded to C from B3

Cl. M9, Downgraded to C from Caa2

Issuer: Structured Asset Securities Corp Trust 2006-WF2

Cl. M2, Downgraded to Baa1 from Aa2

Cl. M3, Downgraded to Baa3 from Aa3

Cl. M4, Downgraded to Ba2 from A1

Cl. M5, Downgraded to B3 from A2

Cl. M6, Downgraded to Ca from A3

Cl. M7, Downgraded to C from Baa3

Cl. M8, Downgraded to C from B1

Cl. M9, Downgraded to C from B2

Cl. B, Downgraded to C from Caa2

Issuer: Structured Asset Securities Corp Trust 2006-WF3

Cl. M1, Downgraded to Aa2 from Aa1

Cl. M2, Downgraded to Baa1 from A1

Cl. M3, Downgraded to Baa2 from Baa1

Cl. M4, Downgraded to Ba2 from Baa3

Cl. M5, Downgraded to B2 from B1

Cl. M6, Downgraded to Caa2 from B1

Cl. M7, Downgraded to C from B2

Cl. M8, Downgraded to C from B3

Cl. M9, Downgraded to C from Caa1

Cl. M10, Downgraded to C from Caa2

Cl. B, Downgraded to C from Caa3

Issuer: Structured Asset Securities Corp Trust 2007-BC1

Cl. A4, Downgraded to Aa3 from Aaa

Cl. A5, Downgraded to A1 from Aaa

Cl. M1, Downgraded to Ba2 from Aa1

Cl. M2, Downgraded to Caa2 from Baa3

Cl. M3, Downgraded to Ca from B1

Cl. M4, Downgraded to C from B1

Cl. M5, Downgraded to C from B2

Cl. M6, Downgraded to C from B2

Cl. M7, Downgraded to C from B3

Cl. M8, Downgraded to C from Caa1

Cl. M9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2007-BC2

Cl. A1, Downgraded to A3 from Aaa

Cl. A4, Downgraded to Baa3 from Aaa

Cl. A5, Downgraded to Ba3 from Aa2

Cl. M1, Downgraded to Caa2 from Baa3

Cl. M2, Downgraded to C from B1

Cl. M3, Downgraded to C from B1

Cl. M4, Downgraded to C from B2

Cl. M5, Downgraded to C from B3

Cl. M6, Downgraded to C from Caa1

Cl. M7, Downgraded to C from Caa2

Cl. M8, Downgraded to C from Caa3

Cl. M9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2007-BC3

Cl. 1-A3, Downgraded to A1 from Aaa

Cl. 1-A4, Downgraded to Baa1 from Aaa

Cl. 2-A3, Downgraded to Baa2 from Aaa

Cl. 2-A4, Downgraded to Ba1 from Aaa

Cl. 1-M1, Downgraded to B3 from A3

Cl. 1-M2, Downgraded to C from B1

Cl. 1-M3, Downgraded to C from B1

Cl. 1-M4, Downgraded to C from B2

Cl. 1-M5, Downgraded to C from B2

Cl. 2-M1, Downgraded to B3 from A3

Cl. 2-M2, Downgraded to C from B1

Cl. 2-M3, Downgraded to C from B1

Cl. 2-M4, Downgraded to C from B2

Cl. 2-M5, Downgraded to C from B2

Cl. M6, Downgraded to C from B3

Cl. M7, Downgraded to C from Caa1

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B1, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2007-MLN1

Cl. A1, Downgraded to Baa1 from A2

Cl. A3, Downgraded to A2 from Aa2

Cl. A4, Downgraded to Ba1 from Baa2

Cl. A5, Downgraded to B1 from Ba2

Cl. M1, Downgraded to Caa3 from B1

Cl. M2, Downgraded to C from B2

Cl. M3, Downgraded to C from B3

Cl. M4, Downgraded to C from Caa2

Cl. M5, Downgraded to C from Caa3

Cl. M6, Downgraded to C from Caa3

Cl. M7, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2007-OSI

Cl. A-1, Downgraded to Ba3 from Aa2

Cl. A-2, Downgraded to Baa2 from Aaa

Cl. A-3, Downgraded to Ba1 from Aa1

Cl. A-4, Downgraded to Caa2 from Aa3

Cl. A-5, Downgraded to Caa3 from A2

Cl. M-1, Downgraded to C from Ba3

Cl. M-2, Downgraded to C from B1

Cl. M-3, Downgraded to C from B1

Cl. M-4, Downgraded to C from B2

Cl. M-5, Downgraded to C from B3

Cl. M-6, Downgraded to C from Caa1

Cl. M-7, Downgraded to C from Caa2

Cl. M-8, Downgraded to C from Caa3

Cl. M-9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp Trust 2007-WF1

Cl. A1, Downgraded to A3 from Aaa

Cl. A4, Downgraded to Baa2 from Aaa

Cl. A5, Downgraded to Ba2 from Aa2

Cl. A6, Downgraded to A3 from Aaa

Cl. M1, Downgraded to B3 from Baa2

Cl. M2, Downgraded to Ca from Ba3

Cl. M3, Downgraded to C from B1

Cl. M4, Downgraded to C from B1

Cl. M5, Downgraded to C from B1

Cl. M6, Downgraded to C from B2

Cl. M7, Downgraded to C from B2

Cl. M8, Downgraded to C from Caa1

Cl. M9, Downgraded to C from Caa2

Cl. B1, Downgraded to C from Caa3

Cl. B2, Downgraded to C from Caa3

Cl. B3, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp, Mortgage Pass-Through Certificates, Series 2006-BC3

Cl. A1, Downgraded to Ba2 from Aaa

Cl. A3, Downgraded to B3 from Aaa

Cl. A4, Downgraded to Ca from Aa3

Cl. M1, Downgraded to C from Ba2

Cl. M2, Downgraded to C from B1

Cl. M3, Downgraded to C from B2

Cl. M4, Downgraded to C from B3

Cl. M5, Downgraded to C from Caa1

Cl. M6, Downgraded to C from Caa2

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp. Trust 2007-EQ1

Cl. A-1, Downgraded to Baa2 from Aa1

Cl. A-2, Downgraded to Aa2 from Aaa

Cl. A-3, Downgraded to Baa2 from Aaa

Cl. A-4, Downgraded to Ba3 from Aa1

Cl. A-5, Downgraded to B1 from Aa3

Cl. M-1, Downgraded to Caa2 from Baa3

Cl. M-2, Downgraded to C from B1

Cl. M-3, Downgraded to C from B1

Cl. M-4, Downgraded to C from B1

Cl. M-5, Downgraded to C from B2

Cl. M-6, Downgraded to C from Caa1

Cl. M-7, Downgraded to C from Caa2

Cl. M-8, Downgraded to C from Caa3

Cl. M-9, Downgraded to C from Ca

Cl. B-1, Downgraded to C from Ca

Issuer: Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2007-WF2

Cl. A-1, Downgraded to Aa2 from Aaa

Cl. A-3, Downgraded to A1 from Aaa

Cl. A-4, Downgraded to A3 from Aaa

Cl. M-1, Downgraded to Ba1 from Baa2

Cl. M-2, Downgraded to Ba3 from Ba1

Cl. M-3, Downgraded to B2 from B1

Cl. M-4, Downgraded to Caa2 from B2

Cl. M-5, Downgraded to C from B3

Cl. M-6, Downgraded to C from Caa2

Issuer: Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC4

Cl. A1, Downgraded to B2 from Aa2

Cl. A4, Downgraded to Ba2 from Aaa

Cl. A5, Downgraded to Caa2 from A2

Cl. M1, Downgraded to C from Ba3

Cl. M2, Downgraded to C from B1

Cl. M3, Downgraded to C from B2

Cl. M4, Downgraded to C from B3

Cl. M5, Downgraded to C from Caa1

Cl. M6, Downgraded to C from Caa2

Cl. M7, Downgraded to C from Caa3

Cl. M8, Downgraded to C from Caa3

Cl. M9, Downgraded to C from Ca

Issuer: Structured Asset Securities Corporation Series 2005-AR1

Cl. A2, Currently Aaa

Financial Guarantor: CIFG Assurance North America, Inc. (B3, outlook uncertain)

Underlying Rating: Aaa

Cl. M2, Downgraded to A1 from Aa2

Cl. M3, Downgraded to Baa2 from Aa3

Cl. M4, Downgraded to Ba3 from A3

Cl. M5, Downgraded to B3 from Baa1

Cl. M6, Downgraded to Ca from Ba1

Cl. M7, Downgraded to C from B2

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B1, Downgraded to C from Ca

Issuer: Structured Asset Securities Corporation Trust 2006-BC5

Cl. A1, Downgraded to Baa2 from Aaa

Cl. A3, Downgraded to Aa1 from Aaa

Cl. A4, Downgraded to Baa3 from Aaa

Cl. A5, Downgraded to Ba1 from Aaa

Cl. M1, Downgraded to Ca from Baa3

Cl. M2, Downgraded to C from B1

Cl. M3, Downgraded to C from B2

Cl. M4, Downgraded to C from B2

Cl. M5, Downgraded to C from B3

Cl. M6, Downgraded to C from B3

Cl. M7, Downgraded to C from Caa1

Cl. M8, Downgraded to C from Caa2

Cl. M9, Downgraded to C from Caa3

Cl. B, Downgraded to C from Ca

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF146467

For more information please see www.moodys.com.

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

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

No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

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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 $2,700,000. 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 JPY250,000,000.

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

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