info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
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
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” [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
Artesia Mortgage CMBS 1998-C1
Banc of America Commercial Mortgage Inc. 2000-2
Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2001-1
Banc of America Commercial Mortgage Inc. Series 2001-PB1
Bear Stearns Commercial Mortgage Securities Inc 1998-C1
Bear Stearns Commercial Mortgage Securities Inc 1999-C1
CASC Commercial Mortgage Trust 1998-D7
COMM 1999-1
Commercial Mortgage Asset Trust 1999-C1
Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2003-CK2
CS First Boston Mortgage Securities Corp 2001-CF2
CS First Boston Mortgage Securities Corp 2001-CK1
CS First Boston Mortgage Securities Corp 2001-CK3
CS First Boston Mortgage Securities Corp 2001-CKN5
CSFB Commercial Mortgage Trust 2002-CKS4
CSFB Commercial Mortgage Trust 2002-CP3
CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2003-C3
First Union National Bank - Bank of America, N.A. Commercial Mortgage Pass-Through Certificates Series 2001-C1
First Union National Bank Commercial Mortgage Trust Pass-Through Certificates, Series 2001-C4
First Union National Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2001-C2
First Union National Bank-Chase Manhattan Bank Commercial Mortgage Trust 1999-C2
First Union-Lehman Brothers-Bank of America 1998-C2
GE Capital Commercial Mortgage Corp., Series 2001-1
GE Capital Commercial Mortgage Corporation Pass-Through Certificates, Series 2001-2
GE Commercial Mortgage Corporation Pass-Through Certificates, Series 2002-1
GMAC Commercial Mortgage Securities, Inc. 2002-C1
GMAC Commercial Mortgage Securities, Inc. Series 2002-C2 Mortgage Pass-Through Certificates
Greenwich Capital Commercial Funding Corp. Commercial Mortgage Pass-Through Certificates, Series 2002-C1
GS Mortgage Securities Corporation II 1999-C1
Heller Financial Commercial Mortgage Asset Corp. 2000 PH-1
IMPAC Commercial Holdings CMB Trust 1998-C1
J.P. Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2002-C1
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2003-CIBC6
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2003-LN1
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2003-ML1
LB-UBS Commercial Mortgage Trust 2000-C5
Merrill Lynch Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2002-MW1
Morgan Stanley Dean Witter Capital I Inc. Commercial Mortgage Pass-Through Certificates, Series 2001-TOP3
Mortgage Capital Funding Inc 1998-MC3
NationsLink Funding Corporation 1998-1
NationsLink Funding Corporation 1999-1
Paine Webber Mortgage Acceptance Corporation V 1999-C1
PNC Mortgage Acceptance Corp. Commercial Mortgage Pass-Through Certificates, Series 2000-C1
PNC Mortgage Acceptance Corp., Commercial Mortgage Pass-Through Certificates, Series 2000-C2
Prudential Securities Secured Financing Corporation 1998-C1
Prudential Securities Secured Financing Corporation 1999-C2
Prudential Securities Secured Financing Corporation 1999-NRF1
Prudential Securities Secured Financing Corporation, Series KEY 2000-C1
Salomon Brothers Commercial Mortgage Trust 2000-C3
Salomon Brothers Commercial Mortgage Trust 2001-C2
Wachovia Bank Commercial Mortgage Trust 2003-C6
Rating Action:

Moody's Investors Service Upgrades 100 Classes of 51 Securitizations

09 Jul 2007
Moody's Investors Service Upgrades 100 Classes of 51 Securitizations

Approximately $2.38 Billion of Structured Securities Affected

New York, July 09, 2007 -- Moody's Investors Service is upgrading 100 classes of 51 CMBS securitizations as follows:

Artesia Mortgage CMBS, Inc., Series 1998-C1

-Class F, $8,413,000, upgraded to A2 from Baa3

Bear Stearns Commercial Mortgage Securities, Inc., Series 1998-C1

-Class D, $32,163,260, upgraded to A1 from A2

-Class E, $8,934,239, upgraded to Baa2 from Baa3

CASC (CAPCO) Commercial Mortgage Trust, Series 1998-D7

-Class A-4, $59,166,838, upgraded to Aaa from Aa1

-Class A-5, $21,798,308, upgraded to Aa2 from Aa3

First Union-Lehman Brothers-Bank of America Commercial Mortgage Trust, Series 1998-C2

-Class E, $68,161,000, upgraded to Aaa from Aa1

-Class F, $51,121,000, upgraded to Aa3 from A1

IMPAC CMB Trust 1998-C1

-Class F, $18,271,000, upgraded to A3 from Baa1

Mortgage Capital Funding, Inc., Series 1998-MC3

-Class D, $61,301,000, upgraded to Aaa from Aa3

-Class E, $29,515,000, upgraded to A1 from Baa1

NationsLink Funding Corporation, Series 1998-1

-Class E, $25,515,013, upgraded to Aaa from Aa2

Prudential Securities Secured Financing Corp., Series 1998-C1

-Class F, $25,848,000, upgraded to Aaa from Aa2

-Class H, $8,617,000, upgraded to Baa1 from Baa2

Bear Stearns Commercial Mortgage Securities Inc., Series 1999-C1

-Class D, $21,510,179, upgraded to A1 from A2

-Class E, $5,975,050, upgraded to A3 from Baa1

COMM 1999-1

-Class E, $81,947,000, upgraded to Aa2 from A1

-Class F, $19,668,000, upgraded to A2 from A3

Commercial Mortgage Asset Trust, Series 1999-C1

-Class D, $136,562,000, upgraded to Aa1 from A1

-Class E, $35,625,000, upgraded to A1 from A3

First Union National Bank-Chase Manhattan Bank Commercial Mortgage Trust, Series 1999-C2

-Class F, $17,722,535, upgraded to Aa1 from Aa2

GS Mortgage Securities Corporation II, Series 1999-C1

-Class E, $13,359,000, upgraded to Aaa from Aa1

NationsLink Funding Corporation, Series 1999-1

-Class E, $33,608,999, upgraded to Aaa from Aa2

Paine Webber Mortgage Acceptance Corporation V, Series 1999-C1

-Class D, $33,476,000, upgraded to Aaa from Aa3

-Class E, $8,809,000, upgraded to Aa3 from A2

Prudential Securities Secured Financing Corporation, Series 1999-C2

-Class F, $15,213,000, upgraded to Aaa from Aa2

-Class G, $15,213,000, upgraded to Aa3 from A2

Prudential Securities Secured Financing Corporation, Series 1999-NRF1

-Class D, $46,447,000, upgraded to Aaa from Aa1

-Class E, $13,935,000, upgraded to Aa1 from Aa3

Banc of America Commercial Mortgage Inc., Series 2000-2

-Class D, $17,795,938, upgraded to Aaa from Aa1

-Class E, $8,897,968, upgraded to Aaa from Aa2

-Class F, $11,122,461, upgraded to Aa3 from A1

Heller Financial Commercial Mortgage Asset Corp., Series 2000 PH-1

-Class E, $35,885,000, upgraded to Aa1 from Aa2

-Class F, $14,354,000, upgraded to Aa3 from A1

LB-UBS Commercial Mortgage Trust 2000-C5

-Class C, $44,873,000, upgraded to Aaa from Aa1

PNC Mortgage Acceptance Corp., Series 2000-C1

-Class D, $10,014,000, upgraded to Aaa from Aa1

-Class E, $26,036,000, upgraded to Aa3 from A2

PNC Mortgage Acceptance Corp., Series 2000-C2

-Class D, $13,452,000, upgraded to Aaa from Aa2

-Class E, $13,451,000, upgraded to Aa2 from Aa3

-Class F, $18,831,000, upgraded to A2 from A3

Prudential Securities Secured Financing Corporation, Series Key 2000-C1

-Class C, $40,815,000, upgraded to Aaa from Aa1

-Class D, $10,203,000, upgraded to Aaa from Aa2

-Class E, $10,203,000, upgraded to Aa2 from Aa3

Salomon Brothers Commercial Mortgage Trust 2000-C3

-Class C, $36,586,000, upgraded to Aaa from Aa1

-Class D, $13,720,000, upgraded to Aa1 from Aa2

-Class E, $13,720,000, upgraded to Aa3 from A1

Banc of America Commercial Mortgage Inc., Series 2001-1

-Class C, $21,345,985, upgraded to Aa1 from Aa2

Banc of America Commercial Mortgage Inc., Series 2001-PB1

-Class E, $18,765,664, upgraded to Aa1 from Aa2

Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CF2

-Class C, $49,271,000, upgraded to Aa3 from A2

-Class D, $10,949,000, upgraded to A2 from A3

Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CK1

-Class C, $45,441,000, upgraded to Aa1 from Aa2

Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CK3

-Class D, $11,268,000, upgraded to Aaa from Aa1

Credit Suisse First Boston Mortgage Securities Corp., Series 2001-CKN5

-Class C, $18,773,000, upgraded to Aaa from Aa1

-Class D, $24,138,000, upgraded to Aa2 from A1

-Class E, $10,728,000, upgraded to Aa3 from A2

-Class F, $13,410,000, upgraded to A3 from Baa1

First Union National Bank-Bank of America, N.A. Commercial Mortgage Trust, Series 2001-C1

-Class C, $26,166,000, upgraded to Aaa from Aa3

-Class D, $26,165,000, upgraded to Aa2 from A2

-Class E, $16,354,000, upgraded to A1 from A3

-Class F, $13,082,000, upgraded to A3 from Baa1

First Union National Bank Commercial Mortgage Trust, Series 2001-C2

-Class F, $10,015,000, upgraded to Aaa from Aa1

-Class G, $15,023,000, upgraded to Aa2 from Aa3

-Class H, $17,527,000, upgraded to A2 from A3

First Union National Bank Commercial Mortgage Trust, Series 2001-C4

-Class F, $12,232,000, upgraded to Aaa from Aa1

-Class G, $12,232,000, upgraded to Aaa from Aa2

-Class H, $17,125,000, upgraded to Aa3 from A1

GE Capital Commercial Mortgage Corporation, Series 2001-1

-Class C, $49,390,000, upgraded to Aa1 from Aa2

-Class D, $15,523,000, upgraded to Aa2 from Aa3

-Class E, $15,522,000, upgraded to A1 from A2

-Class F, $15,523,000, upgraded to A3 from Baa1

GE Capital Commercial Mortgage Corporation, Series 2001-2

-Class C, $45,129,000, upgraded to Aa1 from A1

-Class D, $12,537,000, upgraded to Aa3 from A2

-Class E, $10,028,000, upgraded to A2 from A3

Morgan Stanley Dean Witter Capital I Trust 2001-TOP3

-Class B, $30,843,000, upgraded to Aaa from Aa1

Salomon Brothers Commercial Mortgage Trust 2001-C2

-Class D, $27,022,000, upgraded to Aa1 from Aa2

Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CKS4

-Class C, $18,429,000, upgraded to Aaa from Aa1

-Class D, $30,714,000, upgraded to Aa3 from A1

-Class E, $16,893,000, upgraded to A1 from A2

Credit Suisse First Boston Mortgage Securities Corp., Series 2002-CP3

-Class C, $40,307,000, upgraded to Aa1 from Aa2

-Class D, $8,957,000, upgraded to Aa2 from Aa3

GE Capital Commercial Mortgage Corp., Series 2002-1

-Class C, $22,070,000, upgraded to Aaa from Aa2

-Class D, $16,877,000, upgraded to Aa2 from A2

-Class E, $10,385,000, upgraded to Aa3 from A3

-Class F, $12,983,000, upgraded to A2 from Baa1

GMAC Commercial Mortgage Securities, Inc., Series 2002-C1

-Class D, $15,977,000, upgraded to Aaa from Aa1

GMAC Commercial Mortgage Securities, Inc., Series 2002-C2

-Class D, $23,053,000, upgraded to Aaa from Aa1

-Class E, $7,376,000, upgraded to Aa2 from Aa3

Greenwich Capital , Series 2002-C1

-Class F, $15,990,000, upgraded to Aa1 from Aa2

-Class G, $15,989,000, upgraded to Aa3 from A1

J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2002-C1

-Class C, $34,708,000, upgraded to Aa1 from Aa2

Merrill Lynch Mortgage Trust, Series 2002-MW1

-Class D, $10,826,000, upgraded to Aa2 from Aa3

Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C3

-Class C, $19,405,000, upgraded to Aa1 from Aa2

Credit Suisse First Boston Mortgage Securities Corp., Series 2003-CK2

-Class D, $29,647,000, upgraded to Aa1 from Aa2

-Class E, $12,353,000, upgraded to Aa2 from Aa3

J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CIBC6

-Class B, $31,189,000, upgraded to Aaa from Aa1

J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-LN1

-Class B, $34,547,000, upgraded to Aaa from Aa1

J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1

-Class C, $10,461,000, upgraded to Aaa from Aa1

-Class D, $22,083,000, upgraded to Aa2 from Aa3

Wachovia Bank Commercial Mortgage Trust, Series 2003-C6

-Class C, $13,101,000, upgraded to Aaa from Aa1

-Class D, $25,010,000, upgraded to Aa3 from A1

-Class E, $14,292,000, upgraded to A1 from A2

Moody's Investors Service has used its quantitative ("Q") tools, including Moody's Commercial Mortgage Metrics (CMM™) and Moody's Surveillance Trend (MOST™) Scores to conduct a portfolio wide review to identify CMBS transactions with significant changes to their credit profile since their last comprehensive review. Moody's quantitative approach supplements but does not replace our conventional approach of detailed transactional analysis. Significant amortization buildup, pay downs and defeasance have helped boost the credit profile of the above referenced classes, resulting in the upgrades.

The affected transactions passed a set of six filters to be qualified for Q tool based upgrades, which are discussed in detail in "US CMBS: Q Tool Based Portfolio Review Results in Numerous Upgrades, August 2, 2006", which is available on moodys.com. Moody's will continue to utilize Q tools periodically in order to effectively identify and respond to those securitizations with a significant shift in credit profile.

New York
Cedric Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Pamela Dent
Senior Vice President
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.

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 $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.

​​​​​​​​
Moodys.com