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Rating Action:

Moody's Takes Action on Certain Seasoned SARM Alt-A Deals

09 Apr 2009

New York, April 09, 2009 -- Moody's Investors Service has downgraded the ratings of 185 tranches from 17 Alt-A RMBS transactions issued by Structured Adjustable Mortgage Loan Trust. Additionally, 2 senior tranches were confirmed at Aaa.The collateral backing these transactions consists primarily of first-lien, adjustable-rate, Alt-A residential mortgage loans.

These actions are a result of updated loss expectations on the underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A pools, takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions ranging from 40% to 55%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Once expected losses have been assigned to each collateral group, Moody's assesses available credit enhancement from subordination, overcollateralization, excess spread and any external support (mortgage insurance, pool policy, etc.). The available enhancement is weighed against projected future losses to ultimately arrive at an updated rating.

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 and Methodologies directory.

List of actions:

Structured Adj Rate Mtge Loan Trust 2004-11

Cl. B2, Downgraded to Baa1; previously on 9/10/2004 Assigned A2

Cl. B3, Downgraded to Caa2; previously on 12/14/2007 Downgraded to Ba3

Cl. B4, Downgraded to C; previously on 12/14/2007 Downgraded to Ca

Structured Adj Rate Mtge Loan Trust 2004-13

Cl. A1, Downgraded to Aa1; previously on 10/12/2004 Assigned Aaa

Cl. A4, Downgraded to Aa1; previously on 10/12/2004 Assigned Aaa

Cl. B1, Downgraded to A1; previously on 12/14/2007 Upgraded to Aa1

Cl. B2, Downgraded to Baa2; previously on 12/14/2007 Upgraded to A1

Cl. B3, Downgraded to B3; previously on 12/14/2007 Upgraded to Baa1

Structured Adj Rate Mtge Loan Trust 2004-14

Cl. 1-A, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-PAX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A1, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-PAX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa3; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B1-X, Downgraded to Baa3; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B2; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B3-X, Downgraded to B2; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Caa3; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Tr 2004-1

Cl. 1-A, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A2, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A3, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A1, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A2, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A3, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A4, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-PAX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Tr 2004-9XS

Cl. A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-10

Cl. 1-A1, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A2, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-AX, Downgraded to A3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-12

Cl. 1-A1, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A2, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-AX, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A1, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A2, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A3, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 7-AX, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 8-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 9-A, Downgraded to A1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa2; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B1-X, Downgraded to Baa2; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B1; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B3-X, Downgraded to B1; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Caa3; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-15

Cl. A, Downgraded to A2; previously on 11/30/2004 Assigned Aaa

Cl. B1, Downgraded to Baa3; previously on 11/30/2004 Assigned Aa2

Cl. B2, Downgraded to Caa1; previously on 11/30/2004 Assigned A2

Cl. B3, Downgraded to Caa3; previously on 11/30/2004 Assigned Baa2

Cl. BX, Downgraded to Caa1; previously on 11/30/2004 Assigned Baa2

Structured Adj. Rate Mtge. Loan Trust 2004-16

Cl. 1-A1, Downgraded to A3; previously on 12/30/2004 Assigned Aaa

Cl. 1-A2, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 2-A, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 3-A1, Downgraded to A3; previously on 12/30/2004 Assigned Aaa

Cl. 3-AX, Downgraded to A3; previously on 12/30/2004 Assigned Aaa

Cl. 3-PAX, Downgraded to A3; previously on 12/30/2004 Assigned Aaa

Cl. 4-A, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 4-AX, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 4-PAX, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 5-A1, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 5-A2, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 5-A3, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 5-AIO, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 5-AX, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. 6-A, Downgraded to Baa1; previously on 12/30/2004 Assigned Aaa

Cl. B1, Downgraded to Ba1; previously on 12/30/2004 Assigned Aa2

Cl. B1X, Downgraded to Ba1; previously on 12/30/2004 Assigned Aa2

Cl. B3, Downgraded to Caa1; previously on 12/30/2004 Assigned A2

Cl. B3X, Downgraded to Caa1; previously on 12/30/2004 Assigned A2

Cl. B5, Downgraded to Caa3; previously on 12/30/2004 Assigned Baa2

Structured Adj. Rate Mtge. Loan Trust 2004-17

Cl. A1, Downgraded to A3; previously on 1/27/2005 Assigned Aaa

Cl. A1X, Downgraded to A3; previously on 1/27/2005 Assigned Aaa

Cl. A2, Downgraded to A3; previously on 1/27/2005 Assigned Aaa

Cl. A2X, Downgraded to A3; previously on 1/27/2005 Assigned Aaa

Cl. A3, Downgraded to A3; previously on 1/27/2005 Assigned Aaa

Cl. B1, Downgraded to Ba3; previously on 1/27/2005 Assigned Aa2

Cl. B3, Downgraded to Caa1; previously on 1/27/2005 Assigned A2

Cl. B5, Downgraded to Ca; previously on 1/27/2005 Assigned Baa2

Structured Adj. Rate Mtge. Loan Trust 2004-18

Cl. 1-A1, Downgraded to Ba2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to Baa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A1, Downgraded to Baa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-AX, Downgraded to Baa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-PAX, Downgraded to Baa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-AX, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B3; previously on 9/17/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. MX, Downgraded to B3; previously on 9/17/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Caa2; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B1X, Downgraded to Caa2; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Caa3; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B3X, Downgraded to Caa3; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Ca; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. B5X, Downgraded to Ca; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. B6X, Downgraded to C; previously on 9/17/2008 Baa3 Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-2

Cl. 1-A1, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to A2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-AX, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A1, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A2, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A3, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-AX, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-20

Cl. 1-A1, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Baa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Baa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to Baa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A2, Downgraded to Ba1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to Baa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to Baa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to B1; previously on 9/17/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. B1X, Downgraded to B1; previously on 9/17/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Caa1; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B-2X, Downgraded to Caa1; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Caa3; previously on 9/17/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. B3X, Downgraded to Caa3; previously on 9/17/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Ca; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B5X, Downgraded to Ca; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to C; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. B7X, Downgraded to C; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C; previously on 9/17/2008 Baa3 Placed Under Review for Possible Downgrade

Cl. B8X, Downgraded to C; previously on 9/17/2008 Baa3 Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-4

Cl. 1-A1, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 1-A2, Downgraded to Aa2; previously on 4/26/2004 Assigned Aaa

Cl. 2A, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 3-A1, Downgraded to Aa2; previously on 4/26/2004 Assigned Aaa

Cl. 3-A2, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 3-A3, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 3-A4, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 3-A5, Downgraded to Aa3; previously on 4/26/2004 Assigned Aaa

Cl. 4-A, Downgraded to Aa2; previously on 4/26/2004 Assigned Aaa

Cl. 4-AX, Downgraded to Aa2; previously on 4/26/2004 Assigned Aaa

Cl. 5-A, Downgraded to Aa2; previously on 4/26/2004 Assigned Aaa

Structured Adj. Rate Mtge. Loan Trust 2004-5

Cl. 1-A, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 2-A, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 3-A1, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 3-A2, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 3-A3, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 3-A4, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 3-A5, Downgraded to Aa2; previously on 5/21/2004 Assigned Aaa

Cl. 3-AX, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 3-PAX, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 4-A, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 4-AX, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 5-A, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Cl. 5-AX, Downgraded to Aa1; previously on 5/21/2004 Assigned Aaa

Structured Adj. Rate Mtge. Loan Trust 2004-6

Cl. 1-A, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A1, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A2, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A1, Confirmed at Aaa; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A2, Downgraded to Aa1; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A3, Downgraded to Aa2; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A4, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A5, Confirmed at Aaa; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to Aa3; previously on 9/17/2008 Aaa Placed Under Review for Possible Downgrade

Structured Adj. Rate Mtge. Loan Trust 2004-7

Cl. A1, Downgraded to A1; previously on 6/10/2004 Assigned Aaa

Cl. A3, Downgraded to A1; previously on 6/10/2004 Assigned Aaa

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

Excel:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF160091

For more information please see www.moodys.com.

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

New York
Ola Hannoun-Costa
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain Seasoned SARM Alt-A Deals
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE 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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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 $2,700,000. 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 JPY250,000,000.

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

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