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Rating Action:

Moody's Takes Action on Certain RAST deals

29 Jan 2009

New York, January 29, 2009 -- Moody's Investors Service has downgraded 181 tranches from 14 RAST deals.

The collateral backing these transactions consists primarily of first-lien, fixed-rate, Alt-A mortgage loans. The actions are triggered by rapidly increasing delinquencies, higher severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for Alt-A pools. The actions listed below reflect Moody's updated expected losses on the Alt-A sector announced in a press release on January 22, 2009, and are part of Moody's on-going review process.

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, excess spread, time tranching, and other structural features within the senior note waterfalls.

For details regarding Moody's approach towards calculating updated expected losses on Alt-A pools backed by collateral originations from 2006 and 2007, please refer to the methodology publication "Alt-A RMBS Loss Projection Update: January 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.

Complete rating actions are as follows:

Residential Asset Sec Trust 2006-A14CB

Cl. 1-A-1, Downgraded to Caa2; previously on 11/14/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. 1-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. 1-A-4, Downgraded to C; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-1, Downgraded to Ca; previously on 5/9/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Aa3

Cl. 2-A-3, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa3

Cl. 2-A-4, Downgraded to Ca; previously on 8/14/2008 Downgraded to A1

Cl. 2-A-6, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa3

Cl. 2-A-7, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa3

Cl. A-X, Downgraded to Caa2; previously on 11/14/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Residential Asset Securitization Tr 2006-A1

Cl. 1-A-1, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Ca; previously on 3/9/2006 Assigned Aa1

Cl. 1-A-3, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-4, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-5, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-6, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-7, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-8, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 2-A-1, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to C; previously on 3/9/2006 Assigned Aa1

Cl. 3-A-1, Downgraded to B3; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-3, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-4, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-5, Downgraded to C; previously on 3/9/2006 Assigned Aa1

Cl. A-X, Downgraded to B3; previously on 3/9/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 3/9/2006 Assigned Aaa

Cl. I-B-1, Downgraded to C; previously on 5/9/2008 Downgraded to A2

Residential Asset Securitization Tr 2006-A11

Cl. 1-A-1, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 1-A-2, Downgraded to Caa1; previously on 9/15/2006 Assigned Aaa

Cl. 1-A-3, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 1-A-4, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 1-A-5, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 1-A-6, Downgraded to C; previously on 8/14/2008 Downgraded to B1

Cl. 1-A-7, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 1-A-X, Downgraded to Caa1; previously on 9/15/2006 Assigned Aaa

Cl. 1-PO, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba3

Cl. 2-A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba3

Cl. 2-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba2

Cl. 2-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba2

Cl. 3-A-1, Downgraded to Ca; previously on 8/14/2008 Downgraded to Ba3

Residential Asset Securitization Tr 2006-A15

Cl. A-10, Downgraded to Caa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Residential Asset Securitization Tr 2006-A2

Cl. A-1, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-2, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-3, Downgraded to Caa1; previously on 4/10/2006 Assigned Aaa

Cl. A-4, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-5, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-6, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-7, Downgraded to Caa1; previously on 4/10/2006 Assigned Aaa

Cl. A-8, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-9, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-10, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Cl. A-11, Downgraded to Caa1; previously on 4/10/2006 Assigned Aaa

Cl. A-X, Downgraded to Caa1; previously on 4/10/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 4/10/2006 Assigned Aaa

Residential Asset Securitization Tr 2006-A3CB

Cl. A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. A-X, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Residential Asset Securitization Tr 2006-A4IP

Cl. 1-A-1, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-10, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. 2-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-4, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-5, Downgraded to Caa1; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-6, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-7, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-8, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-9, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Cl. 2-A-X, Downgraded to Caa1; previously on 8/14/2008 Downgraded to A3

Cl. 2-PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Ba1

Residential Asset Securitization Tr 2006-A5CB

Cl. A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. A-2, Downgraded to Caa2; previously on 5/19/2006 Assigned Aaa

Cl. A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. A-4, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. A-5, Downgraded to Ca; previously on 8/14/2008 Downgraded to Ba1

Cl. A-6, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. A-7, Downgraded to Caa2; previously on 5/19/2006 Assigned Aaa

Cl. A-X, Downgraded to Caa2; previously on 5/19/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa3

Cl. B-1, Downgraded to C; previously on 8/14/2008 B3 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 8/14/2008 Downgraded to Ca

Residential Asset Securitization Tr 2006-A6

Cl. 1-A-1, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-3, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-4, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-5, Downgraded to Ca; previously on 6/8/2006 Assigned Aa1

Cl. 1-A-6, Downgraded to Ca; previously on 6/8/2006 Assigned Aa1

Cl. 1-A-7, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-8, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-9, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-10, Downgraded to Ca; previously on 6/8/2006 Assigned Aa1

Cl. 1-A-11, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-12, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-13, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 1-A-14, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-1, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-3, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-4, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-5, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-6, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-7, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-8, Downgraded to Caa1; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-9, Downgraded to Ca; previously on 6/8/2006 Assigned Aa1

Cl. 2-A-10, Downgraded to Ca; previously on 6/8/2006 Assigned Aa1

Cl. 2-A-11, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-12, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-13, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Residential Asset Securitization Tr 2006-A7CB

Cl. 1-A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A2

Cl. 1-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A2

Cl. 1-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. 1-A-4, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. 1-A-5, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. 1-A-6, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. 2-A-1, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A3

Cl. 2-A-2, Downgraded to Caa3; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-3, Downgraded to Caa3; previously on 6/8/2006 Assigned Aaa

Cl. 2-A-4, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-5, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A3

Cl. 2-A-6, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A3

Cl. 2-A-7, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A3

Cl. 3-A-1, Downgraded to Caa3; previously on 5/9/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. A-X, Downgraded to Caa2; previously on 6/8/2006 Assigned Aaa

Cl. PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to A3

Cl. B-1, Downgraded to C; previously on 8/14/2008 Downgraded to B1

Cl. B-2, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Residential Asset Securitization Tr 2006-A8

Cl. 1-A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 1-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 1-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 1-A-4, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 1-A-5, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-1, Downgraded to Caa3; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-2, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-3, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-4, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-5, Downgraded to Caa3; previously on 7/10/2006 Assigned Aaa

Cl. 2-A-6, Downgraded to Caa3; previously on 7/10/2006 Assigned Aaa

Cl. 2-A-7, Downgraded to Ca; previously on 8/14/2008 Downgraded to Baa1

Cl. 2-A-8, Downgraded to C; previously on 8/14/2008 Downgraded to Baa2

Cl. 3-A-1, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-2, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-3, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-4, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-5, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-6, Downgraded to Caa2; previously on 7/10/2006 Assigned Aaa

Cl. 3-A-7, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-8, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-9, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-10, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. 3-A-11, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. PO, Downgraded to Caa2; previously on 8/14/2008 Downgraded to Baa1

Cl. B-1, Downgraded to C; previously on 5/9/2008 Downgraded to B2

Cl. B-2, Downgraded to C; previously on 8/14/2008 B3 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 8/14/2008 Downgraded to Ca

Cl. B-4, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Residential Asset Securitization Tr 2006-A9CB

Cl. A-1, Downgraded to Caa3; previously on 8/22/2006 Assigned Aaa

Cl. A-2, Downgraded to Ca; previously on 8/14/2008 Downgraded to A3

Cl. A-3, Downgraded to Caa3; previously on 8/22/2006 Assigned Aaa

Cl. A-4, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-5, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A1

Cl. A-6, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-7, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-8, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-9, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-10, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-11, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-12, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. A-X, Downgraded to Caa3; previously on 8/22/2006 Assigned Aaa

Cl. PO, Downgraded to Caa3; previously on 8/14/2008 Downgraded to A2

Cl. B-1, Downgraded to C; previously on 5/9/2008 Downgraded to B3

Cl. B-2, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Residential Asset Securitization Tr 2007-A1

Cl. A-1, Downgraded to Caa2; previously on 2/15/2007 Assigned Aaa

Cl. A-2, Downgraded to C; previously on 8/14/2008 Downgraded to Baa3

Cl. A-3, Downgraded to Caa2; previously on 2/15/2007 Assigned Aaa

Residential Asset Securitization Tr 2007-A5

Cl. 2-A-3, Downgraded to Caa2; previously on 4/9/2007 Assigned Aaa

Cl. 2-A-5, Downgraded to Caa2; previously on 4/9/2007 Assigned Aaa

The ratings on the notes were assigned by evaluating factors determined to be applicable to the credit profile of the notes, such as i) the nature, sufficiency, and quality of historical performance information regarding the asset class as well as for the transaction sponsor, ii) an analysis of the collateral, iii) an analysis of the policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer, iv) an analysis of the transaction's allocation of collateral cashflow and capital structure, v) an analysis of the transaction's governance and legal structure, and (vi) a comparison of these attributes against those of other similar transactions.

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

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154525

For more information please see www.moodys.com.

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154891

For more information please see www.moodys.com.

New York
John Park
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain RAST deals
No Related Data.
© 2021 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 JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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