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Related Issuers
Banc of America Funding 2006-H Trust
Banc of America Funding 2007-4 Trust
Bear Stearns Alt-A 2006-1
Bear Stearns ALT-A Trust 2004-9
Bear Stearns ALT-A Trust 2005-2
Bear Stearns ALT-A Trust 2005-5
Bear Stearns ALT-A Trust 2005-7
Bear Stearns ALT-A Trust 2005-8
Bear Stearns ALT-A Trust 2005-9
Bear Stearns Alt-A Trust 2006-3
Bear Stearns Alt-A Trust 2006-4
Bear Stearns Asset Backed Securities I Trust 2004-AC5
Bear Stearns Asset Backed Securities I Trust 2005-AC1
Bear Stearns Asset Backed Securities I Trust 2005-AC3
Bear Stearns Asset Backed Securities I Trust 2005-AC8
Bear Stearns Asset Backed Securities I Trust 2006-AC1
Bear Stearns Asset Backed Securities I Trust 2006-AC5
Bear Stearns Asset Backed Securities I Trust 2007-AC2
Bear Stearns Asset Backed Securities I Trust 2007-AC4
Bear Stearns Asset Backed Securities I Trust 2007-AC5
Bear Stearns Asset Backed Securities Trust I Series 2005-AC7
Bear Stearns Second Lien Trust 2007-1
CHL Mortgage Pass-Through Trust 2004-J2
Citigroup Mortgage Loan Trust 2006-AR3
Citigroup Mortgage Loan Trust 2007-AR1
Citigroup Mortgage Loan Trust 2007-AR8
Citigroup Mortgage Loan Trust Inc. 2005-7
CSFB Adjustable Rate Mortgage Trust 2004-4
CSFB Adjustable Rate Mortgage Trust 2005-1
CSFB Adjustable Rate Mortgage Trust 2005-7
CSFB Adjustable Rate Mortgage Trust 2006-2
CSFB Adjustable Rate Mortgage Trust 2006-3
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-10
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-18
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-22
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR30
CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4
CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-AR2
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-6
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-8
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9
CSMC Mortgage-Backed Trust Series 2007-1
CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2003-J11
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR4
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-2
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR2
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-BAR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AF1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR2
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB4
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-AB1
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2004-5
GreenPoint Home Equity Loan Trust 2004-3
GreenPoint Home Equity Loan Trust 2004-4
Greenpoint Mortgage Funding Trust 2005-HE3
Greenpoint Mortgage Funding Trust 2007-HE1, Mortgage-Backed Notes, Series 2007-HE1
GSAA Home Equity Trust 2005-14
GSAA Home Equity Trust 2005-7
GSAA Home Equity Trust 2006-1
GSAA Home Equity Trust 2006-10
GSAA Home Equity Trust 2006-11
GSAA Home Equity Trust 2006-12
GSAA Home Equity Trust 2006-14
GSAA Home Equity Trust 2006-16, Asset-Backed Certificates, Series 2006-16
GSAA Home Equity Trust 2006-17
GSAA Home Equity Trust 2006-19
GSAA Home Equity Trust 2006-20
GSAA Home Equity Trust 2006-3
GSAA Home Equity Trust 2006-5
GSAA Home Equity Trust 2006-9
GSAA Home Equity Trust 2007-1
GSAA Home Equity Trust 2007-2
GSAA Home Equity Trust 2007-3
GSAA Home Equity Trust 2007-4
GSR Mortgage Loan Trust 2005-HEL1
GSR Mortgage Loan Trust 2006-9F
GSRPM Mortgage Loan Trust 2007-1
HarborView Mortgage Loan Trust 2005-4
HarborView Mortgage Loan Trust 2007-7
J.P. Morgan Alternative Loan Trust 2006-A3
J.P. Morgan Alternative Loan Trust 2006-A4
J.P. Morgan Alternative Loan Trust 2007-S1
J.P. Morgan Mortage Trust 2006-S2
J.P. Morgan Mortgage Trust 2007-S2
Lehman ABS Corporation Home Equity Loan Asset-Backed Notes, Series 2005-1
Lehman Mortgage Trust 2007-2
Lehman Mortgage Trust 2007-5
Lehman Mortgage Trust 2007-7
Lehman XS Trust 2007-6
Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-3
Lehman XS Trust Series 2006-4N
Lehman XS Trust Series 2007-11
Lehman XS Trust Series 2007-14H
Lehman XS Trust Series 2007-9
Luminent Mortgage Trust 2006-7
MASTR Adjustable Rate Mortgages Trust 2003-2
MASTR Adjustable Rate Mortgages Trust 2004-15
MASTR Adjustable Rate Mortgages Trust 2004-3
MASTR Adjustable Rate Mortgages Trust 2005-2
MASTR Adjustable Rate Mortgages Trust 2005-6
MASTR Alternative Loan Trust 2003-2
MASTR Alternative Loan Trust 2003-3
MASTR Alternative Loan Trust 2003-5
MASTR Alternative Loan Trust 2004-3
MASTR Alternative Loan Trust 2004-4
MASTR Alternative Loan Trust 2004-7
MASTR Alternative Loan Trust 2005-4
MASTR Alternative Loan Trust 2005-6
MASTR Asset Backed Securities Trust 2005-AB1
MASTR Asset Securitization Trust 2004-1
Merrill Lynch Alternative Note Asset Trust, Series 2007-A1
Merrill Lynch Alternative Note Asset Trust, Series 2007-A2
Merrill Lynch Alternative Note Asset Trust, Series 2007-A3
Merrill Lynch Mortgage Investors Trust 2006-A1
Merrill Lynch Mortgage Investors Trust 2006-A4
Merrill Lynch Mortgage Investors Trust Series 2006-AF1
Morgan Stanley Mortgage Loan Trust 2004-1
Morgan Stanley Mortgage Loan Trust 2004-2AR
Morgan Stanley Mortgage Loan Trust 2004-8AR
Morgan Stanley Mortgage Loan Trust 2005-5AR
Morgan Stanley Mortgage Loan Trust 2005-6AR
Morgan Stanley Mortgage Loan Trust 2005-9AR
Morgan Stanley Mortgage Loan Trust 2006-11
Morgan Stanley Mortgage Loan Trust 2006-12XS
Morgan Stanley Mortgage Loan Trust 2006-1AR
Morgan Stanley Mortgage Loan Trust 2007-10XS
Morgan Stanley Mortgage Loan Trust 2007-14AR
Morgan Stanley Mortgage Loan Trust 2007-2AX
Morgan Stanley Mortgage Loan Trust 2007-3XS
Morgan Stanley Mortgage Loan Trust 2007-6XS
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2005-AP3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AP1
Prime Mortgage Trust 2005-2
Prime Mortgage Trust 2005-5
SACO I Trust 2005-5
Sequoia Mortgage Trust 2003-5
Sequoia Mortgage Trust 2003-8
Sequoia Mortgage Trust 2004-1
Structured Adjustable Rate Mortgage Loan Trust 2004-18
Structured Adjustable Rate Mortgage Loan Trust 2005-5
Structured Adjustable Rate Mortgage Loan Trust 2007-5
Structured Adjustable Rate Mortgage Loan Trust 2007-6
Structured Asset Mortgage Investments II Trust 2004-AR2
Structured Asset Mortgage Investments II Trust 2005-AR1
Structured Asset Securities Corp Trust 2003-32
Structured Asset Securities Corp Trust 2003-35
Structured Asset Securities Corp Trust 2003-36XS
Structured Asset Securities Corp Trust 2004-15
Structured Asset Securities Corp Trust 2004-17XS
Structured Asset Securities Corp Trust 2004-19XS
Structured Asset Securities Corp Trust 2004-7
Structured Asset Securities Corp Trust 2004-9XS
Terwin Mortgage Trust 2006-4SL
Terwin Mortgage Trust 2006-6
Terwin Mortgage Trust 2006-8
Terwin Mortgage Trust, Series TMTS 2004-5HE
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-5 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-3 Trust
Announcement:

Moody's: Servicing transfer of 168 US RMBS transactions to Ocwen Loan Servicing,LLC from Bank of America, N.A has no negative ratings impact

03 Jul 2013

New York, July 03, 2013 -- Moody's Investors Service ("Moody's") stated today that the transfer of servicing from Bank of America, N.A. ("BOA") of 17,120 loans from 168 transactions to Ocwen Loan Servicing, LLC's ("Ocwen") will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings on the securities issued by these transactions.

GreenPoint Mortgage Funding, Inc. ("GreenPoint"), which currently owns the mortgage servicing rights (MSR) of these loans, requested that Moody's provide its opinion on whether the ratings on the securities issued by the affected transactions would be downgraded or withdrawn as a result of the transactions having their loan servicing transferred to Ocwen from Bank of America, the current servicer of these loans, by way of MSR sale. After the MSR sale, Ocwen will service and own the servicing rights to these 17,120 loans. The transfer of these loans is scheduled to begin in the third quarter of 2013.

In determining the credit impact of the transfer of servicing to Ocwen, Moody's reviewed Ocwen's servicing metrics and its ability to handle the proposed transfer. Ocwen is rated SQ2- as a primary servicer of subprime residential mortgage loans and as a special servicer of residential mortgage loans. Both servicer quality assessments are on review for possible downgrade.

Moody's view is based primarily on its opinion that the ratings of each of the securities in the transactions will not have material negative implication following changes in servicing strategy due to either: i) the small number of loans being transferred -- in each of these transactions, the number of loans being transferred represent a small percentage of the pool balance; or ii) the ratings of the securities are already in default.

Moody's opinion addresses only the current impact on Moody's ratings, and we do not express an opinion as to whether the transfer of servicing rights has or could have any other effects that investors may or may not view positively. The determination was made without regard to any applicable Certificate Insurance Policy, with respect to Insured Certificates.

The methodology used in assessing the credit impact of the servicing transfer was "Moody's Approach to Rating Residential Mortgage Servicers" published in January 2001. Other methodologies include "Updated Moody's Servicer Quality Rating Scale and Definitions" published in May 2005, "Moody's Methodology For Assessing RMBS Servicer Quality (SQ)" published in January 2013, and "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Affected Transactions:

Transactions where less than 5% of the loan pool balance transferred:

Banc of America Funding 2006-H Trust

Banc of America Funding 2007-4 Trust

Bear Stearns Alt-A 2006-1

Bear Stearns ALT-A Trust 2004-9

Bear Stearns ALT-A Trust 2005-2

Bear Stearns ALT-A Trust 2005-5

Bear Stearns ALT-A Trust 2005-7

Bear Stearns ALT-A Trust 2005-9

Bear Stearns Alt-A Trust 2006-3

Bear Stearns Alt-A Trust 2006-4

Bear Stearns Asset Backed Securities I Trust 2004-AC5

Bear Stearns Asset Backed Securities I Trust 2005-AC1

Bear Stearns Asset Backed Securities I Trust 2005-AC3

Bear Stearns Asset Backed Securities I Trust 2005-AC8

Bear Stearns Asset Backed Securities I Trust 2006-AC1

Bear Stearns Asset Backed Securities I Trust 2007-AC2

Bear Stearns Asset Backed Securities I Trust 2007-AC4

Bear Stearns Asset Backed Securities I Trust 2007-AC5

Bear Stearns Asset Backed Securities Trust I Series 2005-AC7

CHL Mortgage Pass-Through Trust 2004-J2

Citigroup Mortgage Loan Trust 2006-AR3

Citigroup Mortgage Loan Trust 2007-AR1

Citigroup Mortgage Loan Trust 2007-AR8

CSFB Adjustable Rate Mortgage Trust 2004-4

CSFB Adjustable Rate Mortgage Trust 2005-1

CSFB Adjustable Rate Mortgage Trust 2005-7

CSFB Adjustable Rate Mortgage Trust 2006-2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-10

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-18

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-22

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR30

CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4

CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-AR2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10

CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-6

CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-8

CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9

CSMC Mortgage-Backed Trust Series 2007-1

CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2003-J11

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-2

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-BAR1

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-AR1

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR1

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3

Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB4

Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-AB1

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2004-5

GSAA Home Equity Trust 2005-7

GSAA Home Equity Trust 2006-1

GSR Mortgage Loan Trust 2006-9F

GSRPM Mortgage Loan Trust 2007-1

HarborView Mortgage Loan Trust 2005-4

HarborView Mortgage Loan Trust 2007-7

J.P. Morgan Alternative Loan Trust 2006-A3

J.P. Morgan Alternative Loan Trust 2006-A4

J.P. Morgan Mortage Trust 2006-S2

J.P. Morgan Mortgage Trust 2007-S2

Lehman Mortgage Trust 2007-2

Lehman Mortgage Trust 2007-5

Lehman Mortgage Trust 2007-7

Lehman XS Trust 2007-6

Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-3

Lehman XS Trust Series 2006-4N

Lehman XS Trust Series 2007-14H

Luminent Mortgage Trust 2006-7

MASTR Adjustable Rate Mortgages Trust 2003-2

MASTR Adjustable Rate Mortgages Trust 2004-15

MASTR Adjustable Rate Mortgages Trust 2004-3

MASTR Adjustable Rate Mortgages Trust 2005-2

MASTR Adjustable Rate Mortgages Trust 2005-6

MASTR Alternative Loan Trust 2003-2

MASTR Alternative Loan Trust 2003-3

MASTR Alternative Loan Trust 2003-5

MASTR Alternative Loan Trust 2004-3

MASTR Alternative Loan Trust 2004-4

MASTR Alternative Loan Trust 2004-7

MASTR Alternative Loan Trust 2005-4

MASTR Alternative Loan Trust 2005-6

MASTR Asset Backed Securities Trust 2005-AB1

MASTR Asset Securitization Trust 2004-1

Merrill Lynch Mortgage Investors Trust Series 2006-AF1

Morgan Stanley Mortgage Loan Trust 2004-1

Morgan Stanley Mortgage Loan Trust 2004-2AR

Morgan Stanley Mortgage Loan Trust 2004-8AR

Morgan Stanley Mortgage Loan Trust 2005-5AR

Morgan Stanley Mortgage Loan Trust 2005-6AR

Morgan Stanley Mortgage Loan Trust 2005-9AR

Morgan Stanley Mortgage Loan Trust 2006-11

Morgan Stanley Mortgage Loan Trust 2006-1AR

Morgan Stanley Mortgage Loan Trust 2007-10XS

Morgan Stanley Mortgage Loan Trust 2007-14AR

Morgan Stanley Mortgage Loan Trust 2007-3XS

Morgan Stanley Mortgage Loan Trust 2007-6XS

Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2005-AP3

Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AP1

Prime Mortgage Trust 2005-2

Prime Mortgage Trust 2005-5

SACO I Trust 2005-5

Sequoia Mortgage Trust 2003-5

Sequoia Mortgage Trust 2003-8

Sequoia Mortgage Trust 2004-1

Structured Adjustable Rate Mortgage Loan Trust 2004-18

Structured Adjustable Rate Mortgage Loan Trust 2005-5

Structured Adjustable Rate Mortgage Loan Trust 2007-6

Structured Asset Mortgage Investments II Trust 2004-AR2

Structured Asset Mortgage Investments II Trust 2005-AR1

Structured Asset Securities Corp Trust 2003-32

Structured Asset Securities Corp Trust 2003-35

Structured Asset Securities Corp Trust 2003-36XS

Structured Asset Securities Corp Trust 2004-15

Structured Asset Securities Corp Trust 2004-17XS

Structured Asset Securities Corp Trust 2004-19XS

Structured Asset Securities Corp Trust 2004-7

Structured Asset Securities Corp Trust 2004-9XS

Terwin Mortgage Trust, Series TMTS 2004-5HE

WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-5 Trust

Transactions where the ratings are in default:

Bear Stearns ALT-A Trust 2005-8

Bear Stearns Asset Backed Securities I Trust 2006-AC5

Bear Stearns Second Lien Trust 2007-1

Citigroup Mortgage Loan Trust Inc. 2005-7

CSFB Adjustable Rate Mortgage Trust 2006-3

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR4

Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AF1

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR2

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6

Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2

GreenPoint Home Equity Loan Trust 2004-3

GreenPoint Home Equity Loan Trust 2004-4

Greenpoint Mortgage Funding Trust 2005-HE3

Greenpoint Mortgage Funding Trust 2007-HE1, Mortgage-Backed Notes, Series 2007-HE1

GSAA Home Equity Trust 2005-14

GSAA Home Equity Trust 2006-10

GSAA Home Equity Trust 2006-11

GSAA Home Equity Trust 2006-12

GSAA Home Equity Trust 2006-14

GSAA Home Equity Trust 2006-16, Asset-Backed Certificates, Series 2006-16

GSAA Home Equity Trust 2006-17

GSAA Home Equity Trust 2006-19

GSAA Home Equity Trust 2006-20

GSAA Home Equity Trust 2006-3

GSAA Home Equity Trust 2006-5

GSAA Home Equity Trust 2006-9

GSAA Home Equity Trust 2007-1

GSAA Home Equity Trust 2007-2

GSAA Home Equity Trust 2007-3

GSAA Home Equity Trust 2007-4

GSR Mortgage Loan Trust 2005-HEL1

J.P. Morgan Alternative Loan Trust 2007-S1

Lehman ABS Corporation Home Equity Loan Asset-Backed Notes, Series 2005-1

Lehman XS Trust Series 2007-11

Lehman XS Trust Series 2007-9

Merrill Lynch Alternative Note Asset Trust, Series 2007-A1

Merrill Lynch Alternative Note Asset Trust, Series 2007-A2

Merrill Lynch Alternative Note Asset Trust, Series 2007-A3

Merrill Lynch Mortgage Investors Trust 2006-A1

Merrill Lynch Mortgage Investors Trust 2006-A4

Morgan Stanley Mortgage Loan Trust 2006-12XS

Morgan Stanley Mortgage Loan Trust 2007-2AX

Structured Adjustable Rate Mortgage Loan Trust 2007-5

Terwin Mortgage Trust 2006-4SL

Terwin Mortgage Trust 2006-6

Terwin Mortgage Trust 2006-8

WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-3 Trust

Ilana J Fried
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

Deepika Kothari
VP - Sr Credit Officer/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: Servicing transfer of 168 US RMBS transactions to Ocwen Loan Servicing,LLC from Bank of America, N.A has no negative ratings impact
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.

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