Global Header | Moody's
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
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
American Home Mortgage Assets Trust 2006-3
American Home Mortgage Assets Trust 2006-4
American Home Mortgage Assets Trust 2006-5
American Home Mortgage Assets Trust 2006-6
American Home Mortgage Investment Tr 2006-3
American Home Mortgage Investment Trust 2006-1
American Home Mortgage Investment Trust 2007-1
Asset Backed Funding Corporation Asset-Backed Certificates, Series 2006-OPT2
GMACM Home Equity Loan Trust 2002-HE3
GMACM Home Equity Loan Trust 2002-HE4
GMACM Home Loan Trust 2002-HLTV1
GMACM Mortgage Loan Trust 2003-AR1
GMACM Mortgage Loan Trust 2003-GH2
GMACM Mortgage Loan Trust 2003-J9
GMACM Mortgage Loan Trust 2004-GH1
GMACM Mortgage Loan Trust 2004-J5
GMACM Mortgage Loan Trust 2004-J6
GMACM Mortgage Loan Trust 2005-AR6
GMACM Mortgage Loan Trust 2006-AR1
HarborView Mortgage Loan Trust 2007-2
HSI Asset Securitization Corporation Trust 2005-I1
RAAC 2006-SP2 Trust
RAAC Series 2004-SP1 Trust
RAAC Series 2004-SP2 Trust
RAAC Series 2004-SP3 Trust
RAAC Series 2005-RP1 Trust
RAAC Series 2005-RP2 Trust
RAAC Series 2005-RP3 Trust
RAAC Series 2005-SP1 Trust
RAAC Series 2005-SP2 Trust
RAAC Series 2005-SP3 Trust
RAAC Series 2006-RP1 Trust
RAAC Series 2006-RP2 Trust
RAAC Series 2006-RP3 Trust
RAAC Series 2006-RP4 Trust
RAAC Series 2006-SP1 Trust
RAAC Series 2006-SP3 Trust
RAAC Series 2006-SP4 Trust
RAAC Series 2007-RP1 Trust
RAAC Series 2007-RP2 Trust
RAAC Series 2007-RP3 Trust
RAAC Series 2007-RP4 Trust
RAAC Series 2007-SP1 Trust
RAAC Series 2007-SP2 Trust
RAAC Series 2007-SP3 Trust
RALI Series 2001-QS13 Trust
RALI Series 2001-QS18 Trust
RALI Series 2001-QS19 Trust
RALI Series 2002-QS1 Trust
RALI Series 2002-QS13 Trust
RALI Series 2002-QS14 Trust
RALI Series 2002-QS16 Trust
RALI Series 2002-QS18 Trust
RALI Series 2002-QS2 Trust
RALI Series 2002-QS5 Trust
RALI Series 2002-QS7 Trust
RALI Series 2002-QS9 Trust
RALI Series 2003-QA1 Trust
RALI Series 2003-QS1 Trust
RALI Series 2003-QS10 Trust
RALI Series 2003-QS11 Trust
RALI Series 2003-QS12 Trust
RALI Series 2003-QS13 Trust
RALI Series 2003-QS14 Trust
RALI Series 2003-QS15 Trust
RALI Series 2003-QS16 Trust
RALI Series 2003-QS17 Trust
RALI Series 2003-QS18 Trust
RALI Series 2003-QS19 Trust
RALI Series 2003-QS20 Trust
RALI Series 2003-QS23 Trust
RALI Series 2003-QS9 Trust
RALI Series 2004-QA1 Trust
RALI Series 2004-QA2 Trust
RALI Series 2004-QA3 Trust
RALI Series 2004-QA4 Trust
RALI Series 2004-QA5 Trust
RALI Series 2004-QA6 Trust
RALI Series 2004-QS1 Trust
RALI Series 2004-QS13 Trust
RALI Series 2004-QS14 Trust
RALI Series 2004-QS15 Trust
RALI Series 2004-QS16 Trust
RALI Series 2004-QS2 Trust
RALI Series 2004-QS3 Trust
RALI Series 2004-QS5 Trust
RALI Series 2004-QS6 Trust
RALI Series 2004-QS9 Trust
RALI Series 2005-QA1 Trust
RALI Series 2005-QA10 Trust
RALI Series 2005-QA11 Trust
RALI Series 2005-QA12 Trust
RALI Series 2005-QA13 Trust
RALI Series 2005-QA2 Trust
RALI Series 2005-QA3 Trust
RALI Series 2005-QA4 Trust
RALI Series 2005-QA5 Trust
RALI Series 2005-QA6 Trust
RALI Series 2005-QA7 Trust
RALI Series 2005-QA8 Trust
RALI Series 2005-QA9 Trust
RALI Series 2005-QS12 Trust
RALI Series 2005-QS13 Trust
RALI Series 2005-QS14 Trust
RALI Series 2005-QS15
RALI Series 2005-QS16 Trust
RALI Series 2005-QS17 Trust
RALI Series 2005-QS3 Trust
RALI Series 2005-QS6 Trust
RALI Series 2005-QS7 Trust
RALI Series 2005-QS8 Trust
RALI Series 2005-QS9 Trust
RALI Series 2006-QA1 Trust
RALI Series 2006-QA10 Trust
RALI Series 2006-QA11 Trust
RALI Series 2006-QA2 Trust
RALI Series 2006-QA3 Trust
RALI Series 2006-QA4 Trust
RALI Series 2006-QA5 Trust
RALI Series 2006-QA6 Trust
RALI Series 2006-QA7 Trust
RALI Series 2006-QA8 Trust
RALI Series 2006-QA9 Trust
RALI Series 2006-QS1 Trust
RALI Series 2006-QS10 Trust
RALI Series 2006-QS11 Trust
RALI Series 2006-QS12 Trust, Mortgage Asset-Backed Pass-Through Certificates, Series 2006-QS12
RALI Series 2006-QS13 Trust
RALI Series 2006-QS14 Trust
RALI Series 2006-QS15 Trust
RALI Series 2006-QS16 Trust
RALI Series 2006-QS17 Trust
RALI Series 2006-QS18 Trust
RALI Series 2006-QS2 Trust
RALI Series 2006-QS3 Trust
RALI Series 2006-QS4 Trust
RALI Series 2006-QS5 Trust
RALI Series 2006-QS6 Trust
RALI Series 2006-QS7 Trust
RALI Series 2006-QS8 Trust
RALI Series 2006-QS9 Trust
RALI Series 2007-QA1 Trust
RALI Series 2007-QA2 Trust
RALI Series 2007-QA3 Trust
RALI Series 2007-QA4 Trust
RALI Series 2007-QA5 Trust
RALI Series 2007-QS1 Trust
RALI Series 2007-QS2 Trust
RALI Series 2007-QS3 Trust
RALI Series 2007-QS4 Trust
RALI Series 2007-QS5 Trust
RALI Series 2007-QS6 Trust
RALI Series 2007-QS7 Trust
RALI Series 2007-QS8 Trust
RALI Series 2007-QS9 Trust
RAMP Series 2001-RS1 Trust
RAMP Series 2001-RS2 Trust
RAMP Series 2001-RS3 Trust
RAMP Series 2002-RS1 Trust
RAMP Series 2002-RS2 Trust
RAMP Series 2002-RS3 Trust
RAMP Series 2002-RS4 Trust
RAMP Series 2002-RS5 Trust
RAMP Series 2002-RS6 Trust
RAMP Series 2002-RS7 Trust
RAMP Series 2002-RZ2 Trust
RAMP Series 2002-RZ3 Trust
RAMP Series 2002-RZ4 Trust
RAMP Series 2003-RS1 Trust
RAMP Series 2003-RS10 Trust
RAMP Series 2003-RS11 Trust
RAMP Series 2003-RS2 Trust
RAMP Series 2003-RS3 Trust
RAMP Series 2003-RS4 Trust
RAMP Series 2003-RS5 Trust
RAMP Series 2003-RS6 Trust
RAMP Series 2003-RS7 Trust
RAMP Series 2003-RS8 Trust
RAMP Series 2003-RS9 Trust
RAMP Series 2003-RZ2 Trust
RAMP Series 2003-RZ3 Trust
RAMP Series 2003-RZ4 Trust
RAMP Series 2003-RZ5 Trust
RAMP Series 2004-KR1 Trust
RAMP Series 2004-KR2 Trust
RAMP Series 2004-RS1 Trust
RAMP Series 2004-RS10 Trust
RAMP Series 2004-RS11 Trust
RAMP Series 2004-RS12 Trust
RAMP Series 2004-RS2 Trust
RAMP Series 2004-RS3 Trust
RAMP Series 2004-RS4 Trust
RAMP Series 2004-RS5 Trust
RAMP Series 2004-RS6 Trust
RAMP Series 2004-RS7 Trust
RAMP Series 2004-RS8 Trust
RAMP Series 2004-RS9 Trust
RAMP Series 2004-RZ1 Trust
RAMP Series 2004-RZ2 Trust
RAMP Series 2004-RZ3 Trust
RAMP Series 2004-RZ4 Trust
RAMP Series 2004-SL1 Trust
RAMP Series 2004-SL2 Trust
RAMP Series 2005-EFC1 Trust
RAMP Series 2005-EFC2 Trust
RAMP Series 2005-EFC3 Trust
RAMP Series 2005-EFC4 Trust
RAMP Series 2005-EFC5 Trust
RAMP Series 2005-EFC6 Trust
RAMP Series 2005-EFC7 Trust
RAMP Series 2005-NC1 Trust
RAMP Series 2005-RS1 Trust
RAMP Series 2005-RS2 Trust
RAMP Series 2005-RS3 Trust
RAMP Series 2005-RS4 Trust
RAMP Series 2005-RS5 Trust
RAMP Series 2005-RS6 Trust
RAMP Series 2005-RS7 Trust
RAMP Series 2005-RS8 Trust
RAMP Series 2005-RS9 Trust
RAMP Series 2005-RZ1 Trust
RAMP Series 2005-RZ2 Trust
RAMP Series 2005-RZ3 Trust
RAMP Series 2005-RZ4 Trust
RAMP Series 2005-SL1 Trust
RAMP Series 2005-SL2 Trust
RAMP Series 2006-EFC1 Trust
RAMP Series 2006-EFC2 Trust
RAMP Series 2006-NC1 Trust
RAMP Series 2006-NC2 Trust
RAMP Series 2006-NC3 Trust
RAMP Series 2006-RS1 Trust
RAMP Series 2006-RS2 Trust
RAMP Series 2006-RS3 Trust
RAMP Series 2006-RS4 Trust
RAMP Series 2006-RS5 Trust
RAMP Series 2006-RS6 Trust
RAMP Series 2006-RZ1 Trust
RAMP Series 2006-RZ2 Trust
RAMP Series 2006-RZ3 Trust
RAMP Series 2006-RZ4 Trust
RAMP Series 2006-RZ5 Trust
RAMP Series 2007-RS1 Trust
RAMP Series 2007-RS2 Trust
RAMP Series 2007-RZ1 Trust
RASC Series 2001-KS2 Home Equity Mortgage Asset-Backed Pass-Through Certificates, Series 2001-KS2
RASC Series 2001-KS3 Trust
RASC Series 2002-KS1 Trust
RASC Series 2002-KS4 Trust
RASC Series 2002-KS6 Trust
RASC Series 2002-KS8 Trust
RASC Series 2003-KS10 Trust
RASC Series 2003-KS11 Trust
RASC Series 2003-KS2 Trust
RASC Series 2003-KS3 Trust
RASC Series 2003-KS4 Trust
RASC Series 2003-KS5 Trust
RASC Series 2003-KS6 Trust
RASC Series 2003-KS7 Trust
RASC Series 2003-KS8 Trust
RASC Series 2003-KS9 Trust
RASC Series 2004-KS1 Trust
RASC Series 2004-KS10 Trust
RASC Series 2004-KS11 Trust
RASC Series 2004-KS12 Trust
RASC Series 2004-KS2 Trust
RASC Series 2004-KS3 Trust
RASC Series 2004-KS4 Trust
RASC Series 2004-KS5 Trust
RASC Series 2004-KS6 Trust
RASC Series 2004-KS7 Trust
RASC Series 2004-KS8 Trust
RASC Series 2004-KS9 Trust
RASC Series 2005-AHL1 Trust
RASC Series 2005-AHL2 Trust
RASC Series 2005-AHL3 Trust
RASC Series 2005-EMX1 Trust
RASC Series 2005-EMX2 Trust
RASC Series 2005-EMX3 Trust
RASC Series 2005-EMX4 Trust
RASC Series 2005-EMX5 Trust
RASC Series 2005-KS1 Trust
RASC Series 2005-KS10 Trust
RASC Series 2005-KS11 Trust
RASC Series 2005-KS12 Trust
RASC Series 2005-KS2 Trust
RASC Series 2005-KS3 Trust
RASC Series 2005-KS4 Trust
RASC Series 2005-KS5 Trust
RASC Series 2005-KS6 Trust
RASC Series 2005-KS7 Trust
RASC Series 2005-KS8 Trust
RASC Series 2005-KS9 Trust
RASC Series 2006-EMX1 Trust
RASC Series 2006-EMX2 Trust
RASC Series 2006-EMX3 Trust
RASC Series 2006-EMX4 Trust
RASC Series 2006-EMX5 Trust
RASC Series 2006-EMX6 Trust
RASC Series 2006-EMX7 Trust
RASC Series 2006-EMX8 Trust
RASC Series 2006-EMX9 Trust
RASC Series 2006-KS1 Trust
RASC Series 2006-KS2 Trust
RASC Series 2006-KS3 Trust
RASC Series 2006-KS4 Trust
RASC Series 2006-KS5 Trust
RASC Series 2006-KS6 Trust
RASC Series 2006-KS7 Trust
RASC Series 2006-KS8 Trust
RASC Series 2006-KS9 Trust
RASC Series 2007-EMX1 Trust
RASC Series 2007-KS1 Trust
RASC Series 2007-KS2 Trust
RASC Series 2007-KS3 Trust
RASC Series 2007-KS4 Trust
Residential Asset Securities Corporation, Series 1999-RS1
Residential Asset Securities Corporation, Series 2001-KS1
Residential Asset Securities Corporation, Series 2002-KS2
RFMSI Series 2003-S10 Trust
RFMSI Series 2003-S11 Trust
RFMSI Series 2003-S12 Trust
RFMSI Series 2003-S6 Trust
RFMSI Series 2004-S2 Trust
RFMSI Series 2004-S3 Trust
RFMSI Series 2004-S7 Trust
RFMSI Series 2004-S8 Trust
RFMSI Series 2004-S9 Trust
RFMSI Series 2004-SA1 Trust
RFMSI Series 2005-S1 Trust
RFMSI Series 2005-S2 Trust
RFMSI Series 2005-S3 Trust
RFMSI Series 2005-S4 Trust
RFMSI Series 2005-S5 Trust
RFMSI Series 2005-S7 Trust
RFMSI Series 2005-S8 Trust
RFMSI Series 2005-S9 Trust
RFMSI Series 2005-SA1 Trust
RFMSI Series 2005-SA2 Trust
RFMSI Series 2005-SA3 Trust
RFMSI Series 2005-SA4 Trust
RFMSI Series 2005-SA5 Trust
RFMSI Series 2006-S1 Trust
RFMSI Series 2006-S12 Trust
RFMSI Series 2006-S5 Trust
RFMSI Series 2006-S6 Trust
RFMSI Series 2006-S7 Trust
RFMSI Series 2006-S8 Trust
RFMSI Series 2006-S9 Trust
RFMSI Series 2006-SA1 Trust
RFMSI Series 2006-SA4 Trust
RFMSI Series 2007-S1 Trust
RFMSI Series 2007-S2 Trust
RFMSI Series 2007-S4 Trust
RFMSI Series 2007-S5 Trust
RFMSI Series 2007-S6 Trust
RFMSI Series 2007-SA1 Trust
RFMSI Series 2007-SA2 Trust
RFSC Series 2001-RM2 Trust
RFSC Series 2002-RP1 Trust
RFSC Series 2002-RP2 Trust
RFSC Series 2003-RP1 Trust
RFSC Series 2003-RP2 Trust
RFSC Series 2004-RP1 Trust
Soundview Home Loan Trust 2006-OPT2
TBW Mortgage-Backed Trust 2007-1, Mortgage Pass-Through Certificates, Series 2007-1
TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2
TBW Mortgage-Backed Trust Series 2006-3
TBW Mortgage-Backed Trust Series 2006-4
TBW Mortgage-Backed Trust Series 2006-6
Announcement:

Moody's: No Downgrade for Bank of America, N.A. Remaining As Custodial Account Depository for 370 Various RALI/RAMP/RAAC/RASC and Other Sponsored RMBS Deals Serviced by Ocwen

07 Aug 2013

New York, August 07, 2013 -- Moody's Investors Service stated today that Ocwen Loan Servicing, LLC (for transactions formerly serviced by Residential Capital, LLC or Homeward Residential Holdings, Inc.) proposed to maintain custodial accounts for the affected transactions at Bank of America, N.A. (BANA) as long as BANA's commercial paper, short-term debt obligations, demand deposits or other short-term deposits are rated at least P-2 by Moody's and BANA's long term unsecured debt obligations are rated at least A3 by Moody's ("the Proposal").

As the servicer for the affected transactions, Ocwen Loan Servicing, LLC requested that Moody's provide its opinion on whether the ratings of the securities issued by the affected transactions would be downgraded or withdrawn as a result of the proposal to maintain the custodial accounts for the affected transactions at BANA as long as BANA's long-term unsecured debt obligations are rated at least A3 and commercial paper, short-term debt obligations, demand deposits or other short-term deposits are rated at least P-2 by Moody's.

Moody's has determined that the proposed action of Ocwen Loan Servicing, LLC will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the effected transactions. Moody's opinion addresses only the credit impact of the Proposal, and Moody's is not expressing any opinion as to whether the Proposal has, or could have, other non-credit related effects that may have a detrimental impact on the interests of security holders and/or counterparties.

Moody's believes the Proposal will not result in a downgrade or withdrawal of the current ratings of the effected transactions because of the weak to medium linkage between the ratings on the effected transactions and BANA's rating and because Ocwen Loan Servicing, LLC must pass the cash collected in the custodial account to the Trustee on a monthly basis.

A list of the affected transactions can be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF338711

The principal methodology used is "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines" published in March 2013. Also relevant is Moody's methodology for rating and monitoring these transactions: "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Kathryn E Kelbaugh
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Kruti Muni
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's: No Downgrade for Bank of America, N.A. Remaining As Custodial Account Depository for 370 Various RALI/RAMP/RAAC/RASC and Other Sponsored RMBS Deals Serviced by Ocwen
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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 CREDIT 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 ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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

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 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.

​​​​
Global Footer | Moody's