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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

	Assessment Announcement: Moody's: No adverse ratings impact on 51 RMBS transactions following the proposed transfer of servicing to Select Portfolio Servicing from JPMorgan Chase
	Rating Action: Moody's takes action on $231.2 Million of US RMBS issued between 2002 and 2007
	Rating Action: Moody's upgrades $134 Million of US RMBS issued from 2005 to 2006
	Rating Action: Moody's upgrades 148 US structured finance securities and one class of US securities guaranteed by Assured Guaranty
	Rating Action: Moody's upgrades $182.2 Million of US RMBS issued from 2005 to 2006

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.

© 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.

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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.

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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.

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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.

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