info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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 Downgrades Seven CMBS Classes of Bear Stearns 2007-BBA8

09 Dec 2010

Approximately $934.8 Million of Structured Securities Affected

New York, December 09, 2010 -- Moody's Investors Service (Moody's) downgraded the ratings of seven classes, including three pooled classes and four non-pooled, or rake, classes, and affirmed the ratings of 27 classes, including 13 pooled classes and 14 non-pooled classes of Bear Stearns Commercial Mortgage Securities Inc. Commercial Pass-Through Certificates, Series 2007-BBA8 as follows:

Cl. A-1, Affirmed at Aaa (sf); previously on Apr 26, 2007 Definitive Rating Assigned Aaa (sf)

Cl. A-2, Affirmed at Aaa (sf); previously on Apr 26, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-1B, Affirmed at Aaa (sf); previously on Apr 26, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-2, Affirmed at Aaa (sf); previously on Apr 26, 2007 Definitive Rating Assigned Aaa (sf)

Cl. X-4, Affirmed at Aaa (sf); previously on Apr 26, 2007 Assigned Aaa (sf)

Cl. X-2M, Affirmed at Aaa (sf); previously on Apr 26, 2007 Definitive Rating Assigned Aaa (sf)

Cl. B, Affirmed at Aa2 (sf); previously on Dec 3, 2009 Downgraded to Aa2 (sf)

Cl. C, Affirmed at A1 (sf); previously on Dec 3, 2009 Downgraded to A1 (sf)

Cl. D, Affirmed at A3 (sf); previously on Dec 3, 2009 Downgraded to A3 (sf)

Cl. E, Affirmed at Baa2 (sf); previously on Dec 3, 2009 Downgraded to Baa2 (sf)

Cl. F, Affirmed at Ba1 (sf); previously on Dec 3, 2009 Downgraded to Ba1 (sf)

Cl. G, Affirmed at Ba3 (sf); previously on Dec 3, 2009 Downgraded to Ba3 (sf)

Cl. H, Affirmed at B1 (sf); previously on Dec 3, 2009 Downgraded to B1 (sf)

Cl. J, Downgraded to B3 (sf); previously on Dec 3, 2009 Downgraded to B2 (sf)

Cl. K, Downgraded to Caa2 (sf); previously on Dec 3, 2009 Downgraded to Caa1 (sf)

Cl. L, Downgraded to Caa3 (sf); previously on Dec 3, 2009 Downgraded to Caa2 (sf)

Cl. MS-1, Affirmed at Aaa (sf); previously on Apr 16, 2008 Upgraded to Aaa (sf)

Cl. MS-2, Affirmed at Aaa (sf); previously on Apr 16, 2008 Upgraded to Aaa (sf)

Cl. MS-3, Affirmed at Aa1 (sf); previously on Apr 16, 2008 Upgraded to Aa1 (sf)

Cl. MS-4, Affirmed at A3 (sf); previously on Dec 3, 2009 Downgraded to A3 (sf)

Cl. MS-5, Affirmed at Baa3 (sf); previously on Dec 3, 2009 Downgraded to Baa3 (sf)

Cl. MS-6, Affirmed at Ba3 (sf); previously on Dec 3, 2009 Downgraded to Ba3 (sf)

Cl. MS-7, Affirmed at B1 (sf); previously on Dec 3, 2009 Downgraded to B1 (sf)

Cl. MS-X, Affirmed at Aaa (sf); previously on Apr 16, 2008 Upgraded to Aaa (sf)

Cl. PH-1, Affirmed at B2 (sf); previously on Dec 3, 2009 Downgraded to B2 (sf)

Cl. PH-2, Affirmed at B3 (sf); previously on Dec 3, 2009 Downgraded to B3 (sf)

Cl. PH-3, Affirmed at Caa1 (sf); previously on Dec 3, 2009 Downgraded to Caa1 (sf)

Cl. MA-1, Affirmed at B1 (sf); previously on Dec 3, 2009 Downgraded to B1 (sf)

Cl. MA-2, Affirmed at B2 (sf); previously on Dec 3, 2009 Downgraded to B2 (sf)

Cl. MA-3, Affirmed at B3 (sf); previously on Dec 3, 2009 Downgraded to B3 (sf)

Cl. MA-4, Downgraded to Caa2 (sf); previously on Dec 3, 2009 Downgraded to Caa1 (sf)

Cl. CA-1, Downgraded to B3 (sf); previously on Oct 28, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. CA-2, Downgraded to Caa1 (sf); previously on Oct 28, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. CA-3, Downgraded to Caa2 (sf); previously on Oct 28, 2010 B3 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The downgrades of the pooled classes were due to the deterioration in the performance of six loans in the trust, the Ashford MIP Portfolio Loan, the Felcor Lodging Trust Loan, the 980 Madison Avenue Loan, the Thanksgiving Tower Loan, the Larkspur Hotel Portfolio Loan and the Carr America Portfolio Loan. The downgrades of the non-pooled classes were due to the deterioration in the performance of the Carr America Portfolio Loan. The affirmations were due to key parameters, including Moody's loan to value (LTV) ratio remaining within an acceptable range. Moody's placed three non-pooled classes, Class CA-1, Class CA-2 and Class CA-3, on review for possible downgrade on October 28, 2010. These classes are associated with the Carr America Portfolio Loan. This action concludes Moody's review.

Moody's analysis reflects a forward-looking view of the likely range of collateral performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside an acceptable range of the key parameters may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated during the current review. Even so, deviation from the expected range will not necessarily result in a rating action. There may be mitigating or offsetting factors to an improvement or decline in collateral performance, such as increased subordination levels due to amortization and loan payoffs or a decline in subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed macroeconomic environment and continuing weakness in the commercial real estate and lending markets. Moody's currently views the commercial real estate market as stressed with further performance declines expected in the industrial, office, and retail sectors. Hotel performance has begun to rebound, albeit off a very weak base. Multifamily has also begun to rebound reflecting an improved supply / demand relationship. The availability of debt capital is improving with terms returning towards market norms. Job growth and housing price stability will be necessary precursors to commercial real estate recovery. Overall, Moody's central global scenario remains "hook-shaped" for 2010 and 2011; we expect overall a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in this rating was "CMBS: Moody's Approach to Rating Large Loan/Single Borrower Transactions" published in July 2000.

In addition to methodologies and research available on moodys.com, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users on our website, at www.moody.com/SFDQuickCheck.

Moody's review incorporated the use of the excel-based CMBS Large Loan Model v 8.0 which is used for both large loan and single borrower transactions. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type, and sponsorship. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations. The model also incorporates a supplementary tool to allow for the testing of the credit support at various rating levels. The scenario or "blow-up" analysis tests the credit support for a rating assuming that loans in the pool default with an average loss severity that is commensurate with the rating level being tested.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. Therefore, the rating outcome may differ from the model output.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's monitors transactions on a monthly basis through two sets of quantitative tools -- MOST® (Moody's Surveillance Trends) and CMM (Commercial Mortgage Metrics) on Trepp -- and on a periodic basis through a comprehensive review. Moody's prior full review is summarized in a press release dated December 3, 2009. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

Moody's Investors Service did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

DEAL PERFORMANCE

As of the November 15, 2010 Payment Date, the transaction's aggregate certificate balance has decreased by 47% to $934.8 million from $1.8 billion at securitization. The certificates are collateralized by 12 mortgage loans ranging in size 15% to 2%, with the top two loans representing 30% of the pool.

Moody's weighted average pooled loan to value (LTV) ratio is 85%, compared to 82% at last review. Moody's stressed debt service coverage ratio (DSCR) is 1.55x, compared to 1.64x at last review.

There are currently three loans in special servicing, the MeriStar Portfolio Loan, the Thanksgiving Tower Loan and the One Riverwalk Place Loan. The pool has incurred $37,856 in cumulative bond losses, affecting Class L.

The MeriStar Portfolio Loan ($47.9 million -- 7% of the pooled balance) is secured by cross -collateralized and cross-defaulted mortgages on 11 full-service hotel properties containing a total of 4,059 keys. Since securitization 24 of the original 35 properties were released, resulting in a 92% reduction in the pooled mortgage balance and a 65% reduction in the trust mortgage balance. The loan pay downs affected only the pooled debt. The $284.5 whole loan includes non-pooled trust debt of $236.6 million, certificate Classes MS-X, MS-1, MS-2, MS-3, MS-4 and MS-5. There is also $266.6 million in mezzanine debt.

The loan was transferred to special servicing February 2, 2010 when the borrower indicated that they anticipated difficulty refinancing the loan at the May 2011 maturity date. An extension of the maturity date beyond 2011 is in negotiation. The hotel collateral was appraised in May 2010 for $460.8 million. Moody's LTV ratio for the $47.9 million pooled balance is 14%, the same as at last review. Moody's credit estimate is Aaa, the same as at last review. Moody's $345.6 million valuation is 25% less than the appraised value. The loan sponsor is Blackstone Real Estate Partners.

The Prime Hospitality Portfolio Loan ($99.3 million -- 15%) is secured by cross-collateralized and cross-defaulted mortgages on two full-service and 12 limited-service hotels with a total of 1,954 keys. The two full-service hotels are flagged by Hilton and are located in Hasbrouck Heights, New Jersey (355 keys) and Saratoga Springs, New York (240 keys). The remaining 12 hotels have Wellesley Inn flags, nine of which are located in Florida; the balance is located in New York and New Jersey. Since securitization, three of the original 17 hotels in the portfolio were released, resulting in a 19% pay down of the trust balance. The whole loan balance of $141.6 million includes $16.4 million in non-pooled trust debt, certificate Classes PH-1, PH-2 and PH-3, and a $25.9 million non-trust junior component. There is also $36.0 million in mezzanine debt.

Revenue per available room (RevPAR) for calendar year 2009 was $59.65, a 17% decline from $72 in 2008. However, there has been improvement in 2010. RevPAR for the year-to-date period ending in June 2010 increased by 5% to $61 from $58 in the same period in 2009, an increase of 2% over Moody's RevPAR at last review. Moody's LTV ratio for the pooled debt is 85%, the same as last review. Moody's credit estimate is B1, the same as last review. The loan sponsor is WH Hotels, L.L.C. and BREP IV.

The Felcor Lodging Trust ($96.2 million -- 15%) is a 52% pari passu interest secured by 12 full-service hotels located in 12 states with a total of 2,930 keys. Brand affiliations include Embassy Suites (seven properties -- 1,739 keys), Doubletree (two properties -- 406 keys), Holiday Inn (one property -- 214 keys), Holiday Inn Select (one property -- 397 keys) and Hilton Suites (one property -- 174 keys). The $130 million whole loan includes $33.8 million of non-trust junior debt. RevPAR for the trailing 12-month period ending June 2010 was $78, a slight decline from calendar year 2009, but a 20% decline from calendar year 2008. Moody's credit estimate is B1, compared to Ba2 at last review.

The Carr California Portfolio Loan ($11.6 million -- 1.2%) is a 50% pari passu interest secured by two office properties located in Sunnyvale and Mountain View, California with total net rentable area of 300,128 square feet. At securitization the portfolio included a third property in San Diego. The $13.5 million whole loan includes $1.9 million in non-pooled trust, certificate Classes CA1, CA2 and CA3. There is also $18.2 million in mezzanine debt. The portfolio is currently approximately 43% leased. The largest tenant is Nokia, leasing 22% of total net rentable area with a lease expiration date of December 31, 2010. The loan sponsor is The Blackstone Group, BREP V. Moody's LTV is 86%. Moody's credit estimate is B2, compared to Ba3 at last review.

REGULATORY DISLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jay Rosen
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Keith Banhazl
Vice President - Senior Analyst
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 Downgrades Seven CMBS Classes of Bear Stearns 2007-BBA8
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

​
Moodys.com