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Related Issuers
Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2006-4
BANK 2017-BNK4
Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10
BBCMS Mortgage Trust 2017-C1
BBCMS Mortgage Trust 2019-C4
Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22
Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16
CD 2006-CD2 Commercial Mortgage Trust
CD 2006-CD3 Commercial Mortgage Trust
CFCRE 2016-C3 Mortgage Trust
CFCRE 2016-C4 Mortgage Trust
CFCRE 2017-C8 Mortgage Trust
Citigroup Commercial Mortgage Trust 2006-C4
Citigroup Commercial Mortgage Trust 2015-GC35
Citigroup Commercial Mortgage Trust 2016-C2
Citigroup Commercial Mortgage Trust 2016-C3
Citigroup Commercial Mortgage Trust 2016-GC37
Citigroup Commercial Mortgage Trust 2016-P3
Citigroup Commercial Mortgage Trust 2016-P4
Citigroup Commercial Mortgage Trust 2016-P5
Citigroup Commercial Mortgage Trust 2017-P7
COMM 2005-C6 Commercial Mortgage Pass-Through Certificates
Credit Suisse Commercial Mortgage Trust 2006-C4
Credit Suisse Commercial Mortgage Trust 2007-C3
Credit Suisse Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2006-C3
Credit Suisse Commercial Mortgage Trust Series 2007-C4
CSAIL 2015-C1 Commercial Mortgage Trust
CSAIL 2015-C2 Commercial Mortgage Trust
CSAIL 2015-C3 Commercial Mortgage Trust
CSFB Commercial Mortgage Trust 2005-C4
CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2003-C3
CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2004-C4
CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2005-C3
CSMC 2016-NXSR Commercial Mortgage Trust
DLJ Commercial Mortgage Trust 2000-CKP1
GE Commercial Mortgage Corporation, Series 2007-C1 Trust
GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG8
GS Mortgage Securities Trust 2007-GG10
J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C3
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2003-CIBC6
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC11
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC12
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CIBC16
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2006-LDP8
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2007-CIBC18
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDP10
J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC20
J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11
J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C1
J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11
JPMCC Commercial Mortgage Securities Trust 2016-JP3
LB-UBS Commercial Mortgage Trust 2005-C3
LB-UBS Commercial Mortgage Trust 2006-C3
LB-UBS Commercial Mortgage Trust 2008-C1
Merrill Lynch Mortgage Trust 2005-CKI1
ML-CFC Commercial Mortgage Trust 2006-3
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31
Morgan Stanley Capital I Inc 2007-HQ11
Morgan Stanley Capital I Trust 2004-TOP15
Morgan Stanley Capital I Trust 2005-IQ10
Morgan Stanley Capital I Trust 2006-TOP21
Morgan Stanley Capital I Trust 2007-TOP25
Morgan Stanley Capital I Trust 2016-BNK2
Morgan Stanley Capital I Trust 2016-UBS12
Morgan Stanley Capital I Trust 2016-UBS9
Morgan Stanley Capital I Trust 2017-H1
Prudential Securities Secured Financing Corporation 1999-C2
Sovereign Commercial Mortgage Securities Trust 2007-C1
Wachovia Bank Commercial Mortgage Trust 2007-C30
Wachovia Bank Commercial Mortgage Trust 2007-C31
Wachovia Bank Commercial Mortgage Trust 2007-C32
Wells Fargo Comm Mtg Tr 2019-C52
Wells Fargo Commercial Mortgage Trust 2015-P2
Wells Fargo Commercial Mortgage Trust 2016-C34
Wells Fargo Commercial Mortgage Trust 2016-C36
Wells Fargo Commercial Mortgage Trust 2016-LC24
Wells Fargo Commercial Mortgage Trust 2016-LC25
Wells Fargo Commercial Mortgage Trust 2016-NXS6
Wells Fargo Commercial Mortgage Trust 2017-C38
Wells Fargo Commercial Mortgage Trust 2017-C39
Wells Fargo Commercial Mortgage Trust 2017-C40
Wells Fargo Commercial Mortgage Trust 2017-RB1
Wells Fargo Commercial Mortgage Trust 2019-C51
Announcement:

Moody's: No adverse rating impact on 92 US conduit commercial mortgage backed securities following proposed assignment of assets from C-III Asset Management LLC to Greystone Servicing Company LLC

18 Aug 2020

New York, August 18, 2020 -- Moody's Investors Service, ("Moody's") announced today that the assignment of substantially all of the assets of C-III Asset Management LLC("C-III") to Greystone Servicing Company LLC pursuant to the applicable Pooling and Servicing Agreement associated with each of the C-III specially-serviced securitizations, and performance of the activities contemplated herein, will not, in and of themselves and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current ratings of any class of Certificates issued by the Issuers of 92 US conduit commercial mortgage-backed securitizations (CMBS) transactions.

This proposed assignment will affect 64 C-III specially-serviced US conduit CMBS transactions rated by Moody's (the "Affected Lead Transactions") and 28 Moody's rated US conduit CMBS transactions that hold C-III specially-serviced companion loans (the "Serviced Companion Loan Transactions"). The proposed assignment will exclude the non- C-III specially-serviced companion loans that are included in the Affected Lead Transactions.

AFFECTED LEAD TRANSACTIONS

Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2006-4

Bear Stearns Commercial Mortgage Securities Trust 2004-PWR6

Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7

Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16

Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18

Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22

Bear Stearns Commercial Mortgage Securities Trust 2006-TOP24

CD 2006-CD2 Commercial Mortgage Trust

CD 2006-CD3 Commercial Mortgage Trust

Citigroup Commercial Mortgage Trust 2006-C4

Citigroup Commercial Mortgage Trust 2015-GC35

Citigroup Commercial Mortgage Trust 2016-C2

Citigroup Commercial Mortgage Trust 2016-P3

COMM 2005-C6 Commercial Mortgage Pass-Through Certificates

CSAIL 2015-C1 Commercial Mortgage Trust

CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2003-C3

CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2004-C4

CSFB Mortgage Securities Corp. Commercial Mtge Pass-Through Ctfs. 2005-C3

CSFB Commercial Mortgage Trust 2005-C4

Credit Suisse Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2006-C3

Credit Suisse Commercial Mortgage Trust 2006-C4

Credit Suisse Commercial Mortgage Trust 2007-C3

Credit Suisse Commercial Mortgage Trust Series 2007-C4

CSMC 2016-NXSR Commercial Mortgage Trust

DLJ Commercial Mortgage Trust 2000-CKP1

GE Commercial Mortgage Corporation, Series 2007-C1 Trust

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-GG8

GS Mortgage Securities Trust 2007-GG10

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

J.P. Morgan Chase Commercial Mortgage Securities Corp. 2004-C3

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC11

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC12

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2006-CIBC16

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2006-LDP8

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2007-CIBC18

J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC20

J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2007-LDP10

J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11

J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C1

J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-LC11

LB-UBS Commercial Mortgage Trust 2005-C3

LB-UBS Commercial Mortgage Trust 2006-C3

LB-UBS Commercial Mortgage Trust 2008-C1

ML-CFC Commercial Mortgage Trust 2006-3

Merrill Lynch Mortgage Trust 2005-CKI1

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28

Morgan Stanley Capital I Trust 2004-TOP15

Morgan Stanley Capital I Trust 2005-IQ10

Morgan Stanley Capital I Trust 2006-TOP21

Morgan Stanley Capital I Inc 2007-HQ11

Morgan Stanley Capital I Trust 2016-BNK2

Morgan Stanley Capital I Trust 2007-TOP25

Prudential Securities Secured Financing Corporation 1999-C2

Sovereign Commercial Mortgage Securities Trust 2007-C1

Wachovia Bank Commercial Mortgage Trust 2007-C30

Wachovia Bank Commercial Mortgage Trust 2007-C31

Wachovia Bank Commercial Mortgage Trust 2007-C32

Wells Fargo Commercial Mortgage Trust 2016-C36

Wells Fargo Commercial Mortgage Trust 2017-C40

Wells Fargo Commercial Mortgage Trust 2017-RB1

Wells Fargo Commercial Mortgage Trust 2019-C51


SERVICED COMPANION LOAN TRANSACTIONS

JPMCC Commercial Mortgage Securities Trust 2016-JP3

Wells Fargo Commercial Mortgage Trust 2016-LC24

Wells Fargo Commercial Mortgage Trust 2016-C34

Wells Fargo Commercial Mortgage Trust 2015-P2

CFCRE 2016-C3 Mortgage Trust

Citigroup Commercial Mortgage Trust 2016-GC37

CFCRE 2016-C4 Mortgage Trust

Citigroup Commercial Mortgage Trust 2016-P4

CSAIL 2015-C2 Commercial Mortgage Trust

CSAIL 2015-C3 Commercial Mortgage Trust

Wells Fargo Commercial Mortgage Trust 2016-NXS6

Citigroup Commercial Mortgage Trust 2017-P7

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29

Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10

Morgan Stanley Capital I Trust 2016-UBS9

Wells Fargo Commercial Mortgage Trust 2016-LC25

Morgan Stanley Capital I Trust 2016-UBS12

Citigroup Commercial Mortgage Trust 2016-C3

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31

Citigroup Commercial Mortgage Trust 2016-P5

Wells Fargo Commercial Mortgage Trust 2017-C39

Morgan Stanley Capital I Trust 2017-H1

Wells Fargo Commercial Mortgage Trust 2017-C38

BANK 2017-BNK4

BBCMS Mortgage Trust 2017-C1

CFCRE 2017-C8 Mortgage Trust

Wells Fargo Comm Mtg Tr 2019-C52

BBCMS Mortgage Trust 2019-C4

The methodologies used in monitoring these ratings are "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in May 2020, "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in May 2020, "Moody's Approach to Rating Repackaged Securities" published in June 2020, and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's opinion addresses only the credit impact associated with the proposed assignment, and Moody's is not expressing any opinion as to whether the proposed assignment has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders of rated obligations and/or counterparties.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Kevin Li
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Deryk Meherik
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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