info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, 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 (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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
Rating Action:

Moody's Takes Action on $1.9 Billion of bonds issued by Countrywide FHA - VA deals

24 Jul 2009

New York, July 24, 2009 -- Moody's Investors Service has downgraded 97 tranches and confirmed 7 tranches from 11 Countrywide FHA - VA deals issued from 2002 to 2007 due to higher expected pool losses in relation to available credit enhancement.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable rate, mortgage loans guaranteed by the FHA or the VA (typically 80% FHA and 20% VA.) As economic conditions have deteriorated; performance of these loans have worsened with serious delinquencies (that is, loans more than 60 days past due, in foreclosure or held for sale) as a percentage of current balance increasing from 33.5% 12 months ago, to 35.6% as of May 2009 for FHA -- VA pools issued in 2006. While for FHA -- VA pools issued in 2007, serious delinquencies as a percentage of current balance have risen from 41.0% 12 months ago, to 44.5% as of May 2009. Cumulative losses on FHA -- VA pools, however, are low in absolute terms due to the FHA - VA guarantee. Nevertheless, for FHA - VA pools issued in 2006, cumulative losses have risen from 0.31% in May 2008 to 0.45% one year later. For FHA - VA pools issued in 2007, cumulative losses have more than doubled from 0.16% a year earlier to 0.34% as of May 2009.

Moody's expects loss levels on FHA -- VA pools to rise further as the general level of remaining delinquencies remain elevated and loss severities increase. Due to the FHA - VA guarantee, loss severities on these pools have been historically low at 2.0% -- 4.0%. However, with recent house price depreciation, increase in foreclosure costs and timelines and change in the debenture rate applied by FHA to pay interest claims, future loss severities on these pools are expected to be higher. Moody's now expects loss severities on FHA loans originated before 2004 to average 5.0% and on FHA loans originated in 2004 and after to average 6.5% (this is due to change in debenture rate application by FHA for loans originated after 2004 which results in a lower interest expense being paid by the FHA and a higher severity to the trust). Loss severities on VA loans are expected to average 20%. As a result, Moody's now projects cumulative losses on FHA -- VA pools issued between 2002 and 2007 to average 1.42% as a percentage of original balance securitized (3.00% as a percentage of current balance) versus our original expected loss estimates of 0.40% - 0.50%. For details regarding Moody's approach to estimating losses on FHA - VA pools originated from 2002 till 2007, please refer to the methodology publication "FHA - VA RMBS Loss Projection Methodology: July 2009 "available on Moodys.com.

Loss estimates are subject to variability and are sensitive to assumptions used; as a result, realized losses could ultimately turn out higher or lower than our current expectations. Moody's will continue to evaluate performance data as it becomes available and will assess the pattern of potential future defaults and adjust loss expectations accordingly as necessary.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, time tranching, and other structural features within the priority of payments.

Other methodologies and factors that may have been considered in the process of monitoring this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory in the Rating Methodologies subdirectory.

Complete rating actions are as follows:

CWMBS Re-Performing Loan REMIC Trust Certificates, Series 2002-1

Cl. 1A-4, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A-IO, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Confirmed at Aa2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Confirmed at A2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ba1; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to B1; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R1

Cl. 1A-F, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. PT, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1M, Downgraded to Ba2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 2M, Downgraded to Ba2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 1B-1, Downgraded to B2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. 1B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. 1B-3, Downgraded to C; previously on 5/15/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. 1B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

Cl. 2B-1, Downgraded to Caa1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. 2B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. 2B-3, Downgraded to C; previously on 5/15/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. 2B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R2

Cl. 1A-F1, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B3 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R1

Cl. 1A-F1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-PO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R2

Cl. 1A-F1, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R3

Cl. A-F, Downgraded to Ba3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to Ba3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2006-R1

Cl. A-F-1, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-F-2, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2006-R2

Cl. A-F-1, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-F-2, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS, Inc. Structured pass-Through Certificates Series 2003-R3.

Cl. M, Downgraded to Baa2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 B1 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Caa3 Placed Under Review for Possible Downgrade

Reperforming Loan REMIC Trust 2003-R2

Cl. M, Downgraded to Ba1; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Caa3 Placed Under Review for Possible Downgrade

Reperforming Loan REMIC Trust 2003-R4

Cl. 1A-1X, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-2S, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-3, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-4, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-IO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-PO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Baa3; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: <A href="http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF173969">http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF173969</A>

A list of updated estimated pool losses is being updated weekly and may be found at:

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF174120

For more information please see www.moodys.com.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on $1.9 Billion of bonds issued by Countrywide FHA - VA deals
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