Moodys.com

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.

Back to Previous Page

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

Email Research

Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.

Thank you!

You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.

Already a customer?

Don't want to see this again?

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 information 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

Export PDF

Export CSV

Related Issuers

ABFC 2007-NC1 Trust

ABFC Asset-Backed Certificates, Series 2003-AHL1

ABFC Asset-Backed Certificates, Series 2004-AHL1

ACE Securities Corp. Home Equity Loan Trust, Series 2003-FM1

ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2

ACE Securities Corp. Home Equity Loan Trust, Series 2005-AG1

Bond Securitization Asset-Backed Certificates, Series 2003-1

C-BASS 2002-CB2 Trust

C-BASS 2002-CB4 Trust

C-BASS 2002-CB5 Trust

C-BASS 2002-CB6 Trust

C-BASS 2003-CB2 Trust

C-BASS 2003-CB3 Trust

C-BASS 2003-CB4 Trust

C-BASS 2003-CB6 Trust

C-BASS 2003-RP1 Trust

C-BASS Mortgage Loan Asset Backed Certificates, Series 2005-RP1

C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, 1999-CB2

C-Bass Mortgage Loan Asset-Backed Certificates, Series 2001-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB7

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB8

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB8

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-RP2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-MH1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-RP2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SL1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SP2

C-BASS Mortgage Loan Trust, Series 2003-CB1

C-BASS Mortgage Loan Trust, Series 2005-CB4

C-BASS Series 2003-CB5, C-Bass Mortgage Loan Asset-Backed Certificates

Citigroup Home Equity Loan Trust, Series 2003-HE1

Citigroup Mortgage Loan Trust, Series 2003-HE2

Citigroup Mortgage Loan Trust, Series 2004-CB3, C-Bass Mortgage Loan Asset-Backed Certificates

Citigroup Mortgage Loan Trust, Series 2004-RES1

CWABS, Inc. Asset-Backed Certificates, Series 2002-2

CWABS, Inc. Asset-Backed Certificates, Series 2002-3

CWABS, Inc., Asset-Backed Certificates, Series 2004-BC2

CWABS, Inc., Asset-Backed Certificates, Series 2004-BC3

Equity One ABS, Inc. 1998-1

Equity One Mortgage Pass-Through Trust 1999-1

Equity One Mortgage Pass-Through Trust 2001-3

Equity One Mortgage Pass-Through Trust 2002-1

Equity One Mortgage Pass-Through Trust 2002-2

Equity One Mortgage Pass-Through Trust 2002-3

Equity One Mortgage Pass-Through Trust 2003-1

Equity One Mortgage Pass-Through Trust 2003-2

Equity One Mortgage Pass-Through Trust 2003-3

Equity One Mortgage Pass-Through Trust 2003-4

Equity One Mortgage Pass-Through Trust 2004-1

Equity One Mortgage Pass-Through Trust 2004-2

Equity One Mortgage Pass-Through Trust 2004-3

First NLC Trust 2005-2

GSAA Home Equity Trust 2006-S1

GSAA Home Equity Trust 2007-S1

GSAMP Trust 2005-HE5

GSAMP Trust 2005-WMC1

GSAMP Trust 2005-WMC2

GSAMP Trust 2005-WMC3

GSAMP Trust 2007-SEA1

GSRPM Mortgage Loan Trust 2006-2

GSRPM Mortgage Loan Trust 2007-1

Long Beach Mortgage Loan Trust 2004-1

Merrill Lynch Mortgage Investors, Inc. 2002-NC1

Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2

Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-3

Nomura Home Equity Loan Trust 2006-FM1

Nomura Home Equity Loan Trust 2006-FM2

Ownit Mortgage Loan Trust 2006-1

Ownit Mortgage Trust 2006-OT1

PPT ABS LLC Asset-Backed Certificates, Series 2004-1

Salomon Home Equity Loan Trust, Series 2002-WMC1

Salomon Mortgage Loan Trust, Series 2002-CB3 C-BASS Mortgage Loan Asset-Backed Certificates

Terwin Mortgage Trust 2003-7SL

Terwin Mortgage Trust 2004-10SL

Terwin Mortgage Trust 2004-2SL

Terwin Mortgage Trust 2004-6SL

Related Research

	Rating Action: Moody's takes action on $31.6 Million of US RMBS issued in 2006
	Rating Action: Moody's downgrades $49.7 Million of RMBS issued from 2003 to 2005
	Rating Action: Moody's downgrades Class A-1A from C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4
	Rating Action: Moody's takes action on $350 Million Subprime RMBS issued from 2004 to 2006
	Rating Action: Moody's takes action on $335.8 Million of RMBS issued from 2005 to 2007

Announcement:

Moody's: No negative ratings impact on various US RMBS from transfer of servicing to Ocwen from Litton

03 Nov 2011

New York, November 03, 2011 -- Moody's Investors Service stated today that the ratings on tranches issued by 129 transactions serviced by Litton Loan Servicing, LP will not be downgraded, withdrawn or placed on review for possible downgrade, solely as a result of Ocwen Loan Servicing, LLC's proposal to transfer servicing to Ocwen's own servicing platform from Litton Loan Servicing, LP's platform. On June 5, 2011, Ocwen Financial and The Goldman Sachs Group, Inc. entered into a Purchase Agreement in which Ocwen agreed to acquire the loans and servicing platform of Litton Loan Servicing LP. The transaction closed on September 1, 2011.

Ocwen is rated SQ2- as a primary servicer of Subprime residential mortgage loans and SQ2 as a special servicer of residential mortgage loans. Both these ratings are on review for possible downgrade. Ocwen Loan Servicing, LLC requested that Moody's provide its opinion to it as to whether the ratings on the Moody's-rated securities issued in the affected transactions would be downgraded, withdrawn or placed on review for possible downgrade as a result of its proposal to transfer servicing from Litton.

Moody's believed, as of the above date, that the proposed transfer of servicing to Ocwen Loan Servicing, LLC in and of itself would not have an adverse credit effect on the current outstanding Moody's ratings of securities issued by the below transactions. Moody's did not express an opinion as to whether this action had, or could have, other non credit-related effects that investors may or may not view positively.

In assessing the credit impact of the transfer, Moody's compared the differences in servicing practices between Litton and Ocwen, and evaluated the effect on short term cash flows to the trust as well as total pool losses.

Ocwen has acquired Litton's entire servicing platform and plans to service Litton's entire portfolio under Ocwen's servicing strategy.

The methodologies used in this rating were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "Moody's Approach to Rating Residential Mortgage Servicers" published in January 2001. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Other factors used in this rating are described in "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009, and "Updated Moody's Servicer Quality Rating Scale and Definitions" published in May 2005.

List of affected transactions:

ABFC Asset-Backed Certificates, Series 2003-AHL1

ABFC Asset-Backed Certificates, Series 2004-AHL1

ABFC 2007-NC1 Trust

ACE Securities Corp. Home Equity Loan Trust, Series 2003-FM1

ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2

ACE Securities Corp. Home Equity Loan Trust, Series 2005-AG1

Bond Securitization Asset-Backed Certificates, Series 2003-1

C-BASS Mortgage Loan Asset-Backed Certificates, 1999-CB2

C-Bass Mortgage Loan Asset-Backed Certificates, Series 2001-CB3

C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1

C-BASS 2002-CB2 Trust

Salomon Mortgage Loan Trust, Series 2002-CB3 C-BASS Mortgage Loan Asset-Backed Certificates

C-BASS 2002-CB4 Trust

C-BASS 2002-CB5 Trust

C-BASS 2002-CB6 Trust

C-BASS Mortgage Loan Trust, Series 2003-CB1

C-BASS 2003-CB2 Trust

C-BASS 2003-CB3 Trust

C-BASS 2003-CB4 Trust

C-BASS Series 2003-CB5, C-Bass Mortgage Loan Asset-Backed Certificates

C-BASS 2003-CB6 Trust

C-BASS 2003-RP1 Trust

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB2

Citigroup Mortgage Loan Trust, Series 2004-CB3, C-Bass Mortgage Loan Asset-Backed Certificates

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB7

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB8

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB3

C-BASS Mortgage Loan Trust, Series 2005-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB8

C-BASS Mortgage Loan Asset Backed Certificates, Series 2005-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-RP2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB8

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-MH1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-RP2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB6

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-RP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SL1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SP1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SP2

Citigroup Home Equity Loan Trust, Series 2003-HE1

Citigroup Mortgage Loan Trust, Series 2004-RES1

Citigroup Mortgage Loan Trust, Series 2003-HE2

CWABS, Inc. Asset-Backed Certificates, Series 2002-3

CWABS, Inc. Asset-Backed Certificates, Series 2002-2

Equity One ABS, Inc. 1998-1

Equity One Mortgage Pass-Through Trust 1999-1

Equity One Mortgage Pass-Through Trust 2001-3

Equity One Mortgage Pass-Through Trust 2002-1

Equity One Mortgage Pass-Through Trust 2002-2

Equity One Mortgage Pass-Through Trust 2002-3

Equity One Mortgage Pass-Through Trust 2003-1

Equity One Mortgage Pass-Through Trust 2003-2

Equity One Mortgage Pass-Through Trust 2003-3

Equity One Mortgage Pass-Through Trust 2003-4

Equity One Mortgage Pass-Through Trust 2004-1

Equity One Mortgage Pass-Through Trust 2004-2

Equity One Mortgage Pass-Through Trust 2004-3

Popular ABS Mortgage Pass-Through Trust 2004-4

Popular ABS Mortgage Pass-Through Trust 2004-5

Popular ABS Mortgage Pass-Through Trust 2005-1

Popular ABS Mortgage Pass-Through Trust 2005-2

Popular ABS Mortgage Pass-Through Trust 2005-3

Popular ABS Mortgage Pass-Through Trust 2005-4

Popular ABS Mortgage Pass-Through Trust 2005-5

Popular ABS Mortgage Pass-Through Trust 2005-6

Popular ABS Mortgage Pass-Through Trust 2005-A

Popular ABS Mortgage Pass-Through Trust 2005-B

Popular ABS Mortgage Pass-Through Trust 2005-C

Popular ABS Mortgage Pass-Through Trust 2005-D

Popular ABS Mortgage Pass-Through Trust 2006-A

Popular ABS Mortgage Pass-Through Trust 2006-B

First NLC Trust 2005-2

GSAA Home Equity Trust 2006-S1

GSAA Home Equity Trust 2007-S1

GSAMP Trust 2005-WMC1

GSAMP Trust 2005-WMC2

GSAMP Trust 2006-HE1

GSAMP Trust 2006-HE3

GSAMP Trust 2006-HE4

GSAMP Trust 2006-HE5

GSAMP Trust 2006-HE7

GSAMP Trust 2007-HE1

GSAMP Trust 2007-NC1

GSAMP Trust 2007-SEA1

GSAMP Trust 2005-HE5

GSAMP Trust 2006-HE8

GSRPM Mortgage Loan Trust 2006-2

GSRPM Mortgage Loan Trust 2007-1

Long Beach Mortgage Loan Trust 2004-1

Merrill Lynch Mortgage Investors, Inc. 2002-NC1

Nomura Home Equity Loan Trust 2006-FM1

Nomura Home Equity Loan Trust 2006-FM2

Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2

Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-3

Ownit Mortgage Loan Trust 2006-1

Ownit Mortgage Trust 2006-OT1

Popular ABS Mortgage Pass-Through Trust 2006-C

Popular ABS Mortgage Pass-Through Trust 2006-D

PPT ABS LLC Asset-Backed Certificates, Series 2004-1

Salomon Home Equity Loan Trust, Series 2002-WMC1

Terwin Mortgage Trust 2003-7SL

Terwin Mortgage Trust 2004-10SL

Terwin Mortgage Trust 2004-2SL

Terwin Mortgage Trust 2004-6SL

CWABS, Inc., Asset-Backed Certificates, Series 2004-BC2

CWABS, Inc., Asset-Backed Certificates, Series 2004-BC3

GSAMP Trust 2005-WMC3

Maxim Pertsov
Associate 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

Linda Stesney
MD - Structured Finance
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 negative ratings impact on various US RMBS from transfer of servicing to Ocwen from Litton

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.

Back to Previous Page

Moodys.com