Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
Athens (City of) GA
Beech Grove (City of) IN, Multi-Fam. Hsg. Mtge. Rev. Ref. Bonds, 1998A, (FHA Ins. Mtge. Ln. - McGregor Woods Apartments Project), $8.295MM
Brown (County of) OH
Brown (County of) OH, Mortgage Revenue Bonds (GNMA Collateralized-Hyde Park West/Forest Glade Apartments Project), Series 2003-A & Series 2003-B (Taxable), $2.545MM
Butler County Industrial Dev. Auth., PA
Butler County Industrial Development Auth, PA, Health Care Facilities Revenue Bonds , 2001A & B(Taxable), (GNMA Collateralized - St. John Lutheran Care Center Project), $10.868MM
California Statewide Communities Dev. Auth.
California Statewide Communities Development Authority, Multifamily Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project), Series 2001 L, $5,153,900.00
City of New Castle, Indiana Economic Development Revenue Refunding Bonds (FHA Insured Mortgage Loan - Raintree Square Project), Series 1997A
Franklin (County of) OH
Franklin (County of) OH, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Agler Green Project), Series 2002-A, $8,920,000
Franklin (County of) OH, Multifamily Housing Revenue Bonds (GNMA Collateralized - Waggoner Senior Housing Project), Series 2002-A, $1.885MM
Greeley (City of) CO, Multifamily Housing Revenue Bonds, 2000, (GNMA Collateralized - Meeker Commons), $4.355MM
Hamilton (County of) OH
Hamilton (County of) OH, Mortgage Revenue Bonds (GNMA Collateralized - Glen Meadows Project), Series 2002-A and Series 2002-B (Taxable), $5.610MM
Herkimer (County of) NY, I.D.A.
Herkimer (County of) NY, Industrial Development Agency, Civic Facility Revenue Bonds, (GNMA Collateralized-Folts Adult Home Project), Series 2005-A & Series 2005-B (Taxable), $7.875MM
Housing and Redevelopment Authority of St. Paul, MN, Elderly Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Franciscan Health and Housing Serivices Project), Series 2002
Housing Auth. (of the City of Athens), GA, Single Family Mortgage Revenue Bonds, 1998A,B, (GNMA and Fannie Mae Mortgage-Backed Securities Program)
Maryland Community Development Administration
Maryland Community Development Administration, Multifamily Development Revenue Bonds (Orchard Mews Apartments Project), Series 2002-C
Minneapolis (City of) Minnesota, Multifamily Housing Revenue Bonds, (GNMA Collateralized Mortgage Loan-Summer Field Phase II, L.P. Project), Series 2003A
Minneapolis (City of) MN
Minneapolis (City of) MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Sumner Field Partners, L.P. Project), Series 2002A, $3.550MM
New Castle (City of) IN
New Jersey Economic Development Authority
New Jersey Economic Development Authority, GNMA Collateralized Mortgage Revenue Bonds, (Victoria Health Corporation Project), Series 2001A & 2001B (Taxable), $10,260,000
New Mexico Regional Housing Authority for Region II, Multifamily Housing Refunding Revenue Bonds (GNMA Collateralized - Country Club Apartments Project), Series 2002, $3.920MM
New Mexico Regional Hsg. Auth. for Region II
Schenectady (City of) Industrial Dev. Agy., Tax-Exempt Civil Facility Revenue Bonds, 2000A, (GNMA Collateralized - Schaffer Heights Housing Corporation Project), $7.875MM
Schenectady (City of) NY
Springfield (Township of) OH (Hamilton Cnty)
Springfield (Township of) OH, Mortgage Revenue Bonds ( GNMA Collateralized-Burney View Apartments Project) Series 2003A & 2003B (Taxable), 1.955MM
St Paul & Ramsey Cnty, MN Hsg & Redevelopment
St Paul & Ramsey Cnty, MN Hsg & Redevelopment, Multifamily Housing Revenue Bonds, 2000, (GNMA Collateralized Mortgage Loan - Skyline Tower Project), $15MM
Texas Department of Housing & Community Affairs, Multifamily Housing Revenue Bonds (Greens Road Apartments Project), Series 2001, $8.375mm
Texas Dept. of Housing & Community Affairs
Westchester County I.D.A., NY
Westchester County Industrial Development Agency, NY, Civic Facility Revenue Bonds (GNMA Collateralized Mortgage Loan - Living Independently for the Elderly, Inc. Project), Series 2001A and 2001B (Taxable), $10.525MM
Rating Action:

Moody's Investors Service has placed the ratings on 7 state housing finance agency transactions, and 22 local housing finance agency transactions, on Watchlist for possible downgrade

18 Nov 2010

APPROXIMATELY $169.5 MILLION OF OUTSTANDING DEBT AFFECTED

New York, November 18, 2010 -- Moody's Investors Service has placed the ratings on the following 7 state housing finance agency transactions, and 22 local housing finance agency transactions, on Watchlist for possible downgrade, The Watchlist action is prompted by the lack of sufficient information to maintain the rating on the transactions. If the information is not obtained within the next 30 days, we will take appropriate rating action which could include the withdrawal or lowering of the rating.

A) State Housing Finance Agency Issues

1) Maryland Community Development Administration, Multifamily Revenue Bonds(Edgewater Village), Series 2000B-1. Aaa / Watchlist for Possible Downgrade

2) Maryland Community Development Administration, Multifamily Revenue Bonds(Edgewater Village), Series 2000B-2. Aaa / Watchlist for Possible Downgrade

3) Maryland Community Development Administration, Multifamily Development Revenue Bonds (Orchard Mews Apartments Project), Series 2002C. Aaa / Watchlist for Possible Downgrade

4) New Jersey Economic Development Authority, GNMA Collateralized Mortgage Revenue Bonds (Victoria Health Corporation Project), Series 2001A & B. Aaa / Watchlist for Possible Downgrade

5) New Mexico Regional Housing Authority for Region II, Multifamily Housing Refunding Revenue Bonds (GNMA Collateralized - Country Club Apartments Project), Series 2002. Aaa / Watchlist for Possible Downgrade

6) California Statewide Communities Development Authority, Multifamily Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project), Series 2001. Aaa / Watchlist for Possible Downgrade

7) Texas Department of Housing & Community Affairs, Multifamily Housing Revenue Bonds. Aaa / Watchlist for Possible Downgrade

B) Local Housing Finance Agency Issues

1) City of Schenectady, Schaffer Heights Housing, Series 2000A. A2 / Watchlist for Possible Downgrade

2) Herkimer (County of) NY, I.D.A. Civic Facility Revenue Bonds (GNMA Collateralized -- Folt's Adult Home Project) 2005 A & B. Aaa / Watchlist for Possible Downgrade

3) Sacred Heart Associates, L.P. Project Revenue Bonds (Sacred Heart Associates, L.P. Project), Series 2006A and 2006B. Aa1 / Watchlist for Possible Downgrade

4) (Greens Road Apartments Project), Series 2001A. Aaa / Watchlist for Possible Downgrade

5) Springfield (Township of), Ohio, Mortgage Revenue Bonds (GNMA Collateralized - Burney View Apartments Project) ,Series 2003A and B. Aaa / Watchlist for Possible Downgrade

6) Brown (County of) ,Ohio, Mortgage Revenue Bonds (GNMA Collateralized - Hyde Park West/Forest Glade Apartments Projects), Series 2003A & B. Aaa / Watchlist for Possible Downgrade

7) Franklin (County of),Ohio, Multifamily Housing Revenue Bonds (GNMA Collateralized - Waggoner Senior Housing Project) ,Series 2002A. Aaa / Watchlist for Possible Downgrade

8) Hamilton (County of),Ohio, Mortgage Revenue Bonds (GNMA Collateralized - Glen Meadows Project), Series 2002A & B. Aaa / Watchlist for Possible Downgrade

9) Franklin (County of),Ohio, Multifamily (GNMA Collateralized - Alger Green Project), Series 2002A. Aaa / Watchlist for Possible Downgrade

10) Butler County Industrial Development Authority, PA Health Care facilities Revenue Bonds(GNMA Collateralized- St. John's Lutheran Care Center Project), Series 2001A. Aaa / Watchlist for Possible Downgrade

11) St. Paul Housing & Redevelopment Authority, MN, Multifamily (GNMA Collateralized - Franciscan Health & Housing Services), Series 2001. Aaa / Watchlist for Possible Downgrade

12) Beech Grove Economic Development, Multifamily Housing Mortgage Revenue Refunding Bonds, (FHA Insured - McGregor Woods Apartments), Series 1998A. Aa2 / Watchlist for Possible Downgrade

13) New Castle (City of), IN, Economic Development, Revenue Refunding Bonds (FHA Insured Mortgage Loan -- Rain Tree Square Project), Series 1997A. Aa2 / Watchlist for Possible Downgrade

14) Newburg Industrial Development Agency, NY Industrial Revenue Bonds, Series 1999 A. Aa1 / Watchlist for Possible Downgrade

15) Community Development Administration, Maryland Department of Housing and Community Development ,Multifamily Development Revenue Bonds (Park Montgomery), Series 2000C. Aaa / Watchlist for Possible Downgrade

16) Housing Authority of the City of Athens Georgia, Single Family Mortgage Revenue Bonds (GNMA & FNMA Mortgage Backed Securities Program), Series 1998 A. Aaa / Watchlist for Possible Downgrade

17) The Housing and Redevelopment Authority of The City of Saint Paul, Minnesota, and The Ramsey County Housing and Redevelopment Authority, Minnesota Multifamily Housing Revenue Bonds, (GNMA Collateralized Mortgage Loan -- Skyline Tower Project), Series 2000. Aaa / Watchlist for Possible Downgrade

18) City of Minneapolis, MN multifamily housing revenue bonds (GNMA Collateralized Mortgage Loan - Sumner Field Phase II, LP Project), Series 2003A. Aaa / Watchlist for Possible Downgrade

19) City of Minneapolis Minnesota Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Sumner Field Partners LP Project), Series 2002 A. Aaa / Watchlist for Possible Downgrade

20) City of Greeley, Colorado, Multifamily Housing Revenue Bonds (GNMA Collateralized - Meeker Commons), Series 2000. Aaa / Watchlist for Possible Downgrade

21) County of Westchester Industrial Development Agency, Civic Facility Revenue Bonds (GNMA Collateralized Mortgage Loan - Living Independently for the Elderly, Inc. Project), , Series 2001A. Aaa / Watchlist for Possible Downgrade

22) Rapides Parish Housing & Mortgage Finance Authority, LA, Taxable Refunding Bonds, Series 1991 B. Aaa / Watchlist for Possible Downgrade

What Could Change the Rating -- UP

N/A

What Could Change the Rating -- DOWN

Non-Receipt of Information Would Result in Moody's Inability to Maintain Rating

Asset-to-Parity Lower Than 100%.

Downgrade of a Credit Support Provider, Below Aa3, or the US Government

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
Timothy J. Mone
Associate Analyst
Public Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gregory W. Lipitz
Vice President - Senior Analyst
Public 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.

Moody's Investors Service has placed the ratings on 7 state housing finance agency transactions, and 22 local housing finance agency transactions, on Watchlist for possible downgrade
No Related Data.
© 2018 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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

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

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

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

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

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

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

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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