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Rating Action:

Moody's Takes Rating Action on Certain RALI Option ARM deals

25 Jun 2008
Moody's Takes Rating Action on Certain RALI Option ARM deals

New York, June 25, 2008 -- Moody's Investors Service has downgraded the ratings of 206 tranches from 30 Option ARM transactions issued by issued by Residential Accredit Loans Inc. under the QH and QO shelves. Seventy four tranches remain on review for possible further downgrade. Additionally, 48 tranches were placed on review for possible downgrade

The collateral backing these transactions consists primarily of first-lien, hybrid and adjustable-rate, negatively amortizing Alt-A mortgage loans. The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. The actions described below are a result of Moody's on-going review process.

Complete rating actions are as follows:

Issuer: RALI Series 2005-QO1 Trust

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Aa2 from Aa1

Cl. M-2, Downgraded to A2 from Aa2

Cl. M-3, Downgraded to A3 from Aa3

Cl. M-4, Downgraded to Baa3 from A1

Cl. M-5, Downgraded to Ba2 from A2

Cl. M-6, Downgraded to B1 from A3

Cl. M-7, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba2

Issuer: RALI Series 2005-QO2 Trust

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to A1 from Aa2

Cl. M-2, Downgraded to Ba2 from A2

Cl. M-3, Downgraded to B3 from Baa2

Issuer: RALI Series 2005-QO3 Trust

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa3 from Aa2

Cl. M-2, Downgraded to B2 from A2

Cl. M-3, Downgraded to Ca from Ba2

Issuer: RALI Series 2005-QO4 Trust

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-PO, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-IO, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Ba1 from Aa2

Cl. M-2, Downgraded to B3 from A2

Cl. M-3, Downgraded to Ca from Ba1

Issuer: RALI Series 2005-QO5 Trust

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa3 from Aa1

Cl. M-2, Downgraded to Ba3 from Aa2

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Baa2

Cl. M-9, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QH1 Trust

Cl. M-2, Downgraded to Baa3 from A2

Cl. M-3, Downgraded to Ba3 from Baa1

Cl. M-4, Downgraded to B1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from Baa3

Issuer: RALI Series 2006-QO1 Trust

Cl. 1-A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. 2-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. 3-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. X-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa3 from Aa1

Cl. M-2, Downgraded to Ba2 from Aa2

Cl. M-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Ca from Ba1

Cl. M-6, Downgraded to Ca from B2

Cl. B-1, Downgraded to Ca from Caa1

Issuer: RALI Series 2006-QO10 Trust

Cl. M-1, Downgraded to Aa2 from Aaa

Cl. M-2, Downgraded to Baa1 from Aa1

Cl. M-3, Downgraded to Baa3 from Aa2

Cl. M-4, Downgraded to Ba3 from Aa3

Cl. M-5, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QO2 Trust

Cl. M-2, Downgraded to A3 from Aa2

Cl. M-3, Downgraded to Baa3 from Aa3

Cl. M-4, Downgraded to Ba3 from A1

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QO3 Trust

Cl. M-1, Downgraded to Aa2 from Aa1

Cl. M-2, Downgraded to Baa2 from Aa2

Cl. M-3, Downgraded to Ba2 from Aa3

Cl. M-4, Downgraded to B2 from A1

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QO4 Trust

Cl. M-1, Downgraded to A2 from Aa1

Cl. M-2, Downgraded to Baa3 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa2

Cl. M-4, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Baa2

Cl. M-10, Downgraded to Ca from Ba1

Issuer: RALI Series 2006-QO5 Trust

Cl. I-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. III-A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. XC, Placed on Review for Possible Downgrade, currently Aaa

Cl. XN, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa1 from Aaa

Cl. M-2, Downgraded to B1 from Aa1

Cl. M-3, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to Ca from Ba2

Cl. M-7, Downgraded to Ca from B3

Issuer: RALI Series 2006-QO6 Trust

Cl. M-1, Downgraded to A3 from Aa1

Cl. M-2, Downgraded to Baa3 from Aa2

Cl. M-3, Downgraded to Ba3 from Aa3

Cl. M-4, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QO7 Trust

Cl. I-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. III-A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. X1, Placed on Review for Possible Downgrade, currently Aaa

Cl. X2, Placed on Review for Possible Downgrade, currently Aaa

Cl. X3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa3 from Aaa

Cl. M-2, Downgraded to B1 from Aa1

Cl. M-3, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to Caa1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to Ca from Baa3

Cl. M-6, Downgraded to Ca from Ba3

Cl. M-7, Downgraded to Ca from B3

Issuer: RALI Series 2006-QO8 Trust

Cl. I-A1B, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-A3B, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-A4B, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-AX, Placed on Review for Possible Downgrade, currently Aaa

Cl. II-AX, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to A2 from Aaa

Cl. M-2, Downgraded to Ba3 from Aa1

Cl. M-3, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade

Cl. M-4, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B3 from A1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Baa2

Cl. M-9, Downgraded to Ca from Baa3

Issuer: RALI Series 2006-QO9 Trust

Cl. II-A, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-A1B, Placed on Review for Possible Downgrade, currently Aaa

Cl. I-A3B, Placed on Review for Possible Downgrade, currently Aaa

Cl. AXP, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to A1 from Aa1

Cl. M-2, Downgraded to A3 from Aa1

Cl. M-3, Downgraded to Baa3 from Aa1

Cl. M-4, Downgraded to Ba3 from Aa2

Cl. M-5, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from A1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Ba1

Cl. B, Downgraded to Ca from Ba2

Issuer: RALI Series 2007-QH1 Trust

Cl. M-1, Downgraded to Aa2 from Aa1

Cl. M-2, Downgraded to A1 from Aa1

Cl. M-3, Downgraded to Baa1 from Aa2

Cl. M-4, Downgraded to Ba1 from A1

Cl. M-5, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Ca from Ba2

Issuer: RALI Series 2007-QH2

Cl. M-1, Downgraded to Aa3 from Aa1

Cl. M-2, Downgraded to A2 from Aa2

Cl. M-3, Downgraded to Baa1 from Aa2

Cl. M-4, Downgraded to Ba1 from Aa3

Cl. M-5, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Ca from Baa3

Issuer: RALI Series 2007-QH3 Trust

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Aa3 from Aa1

Cl. M-2, Downgraded to A2 from Aa1

Cl. M-3, Downgraded to Baa2 from Aa2

Cl. M-4, Downgraded to Ba1 from Aa2

Cl. M-5, Downgraded to B1 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Ba1

Issuer: RALI Series 2007-QH4 Trust

Cl. M-3, Downgraded to Aa3 from Aa2

Cl. M-4, Downgraded to A3 from Aa3

Cl. M-5, Downgraded to Baa3 from A1

Cl. M-6, Downgraded to B1 from A3

Cl. M-7, Downgraded to B1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Ba1

Cl. B, Downgraded to Ca from Ba3

Issuer: RALI Series 2007-QH5 Trust

Cl. A-I-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-II, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to A1 from Aa1

Cl. M-2, Downgraded to A3 from Aa1

Cl. M-3, Downgraded to Baa3 from Aa2

Cl. M-4, Downgraded to B1 from Aa3

Cl. M-5, Downgraded to B1 from A1; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Ba2

Issuer: RALI Series 2007-QH6 Trust

Cl. M-1, Downgraded to Aa2 from Aaa

Cl. M-2, Downgraded to A2 from Aa1

Cl. M-3, Downgraded to Baa1 from Aa1

Cl. M-4, Downgraded to Baa3 from Aa1

Cl. M-5, Downgraded to B1 from Aa3

Cl. M-6, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Ca from Ba3

Cl. B, Downgraded to Ca from B1

Issuer: RALI Series 2007-QH7 Trust

Cl. M-7, Downgraded to Baa2 from A3

Cl. M-8, Downgraded to Ba1 from Baa1

Cl. M-9, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade

Issuer: RALI Series 2007-QH8 Trust

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to Baa1 from Aa2

Cl. M-2, Downgraded to B1 from A2

Cl. M-3, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade

Cl. B-1, Downgraded to Ca from Ba2

Issuer: RALI Series 2007-QH9 Trust

Cl. X, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Placed on Review for Possible Downgrade, currently Aa2

Cl. M-2, Placed on Review for Possible Downgrade, currently A2

Cl. M-3, Placed on Review for Possible Downgrade, currently Baa2

Cl. B-1, Placed on Review for Possible Downgrade, currently Ba2

Cl. B-2, Placed on Review for Possible Downgrade, currently B2

Issuer: RALI Series 2007-QO1 Trust

Cl. M-2, Downgraded to Aa2 from Aa1

Cl. M-3, Downgraded to A1 from Aa1

Cl. M-4, Downgraded to Baa1 from Aa2

Cl. M-5, Downgraded to Baa3 from Aa3

Cl. M-6, Downgraded to Ba3 from A1

Cl. M-7, Downgraded to B1 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Cl. B, Downgraded to Ca from Ba3

Issuer: RALI Series 2007-QO2 Trust

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. M-1, Downgraded to A2 from Aaa

Cl. M-2, Downgraded to Baa1 from Aa1

Cl. M-3, Downgraded to Ba2 from Aa1

Cl. M-4, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade

Cl. M-5, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade

Cl. M-6, Downgraded to B3 from A1; Placed Under Review for further Possible Downgrade

Cl. M-7, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to Ca from Baa3

Cl. B, Downgraded to Ca from Ba3

Issuer: RALI Series 2007-QO3 Trust

Cl. M-6, Downgraded to Baa1 from A2

Cl. M-7, Downgraded to Baa3 from A3

Cl. M-8, Downgraded to Ba3 from Baa2

Cl. M-9, Downgraded to B3 from Ba1; Placed Under Review for further Possible Downgrade

Issuer: RALI Series 2007-QO4 Trust

Cl. M-1, Downgraded to Aa2 from Aaa

Cl. M-2, Downgraded to A2 from Aa1

Cl. M-3, Downgraded to A2 from Aa1

Cl. M-4, Downgraded to Baa1 from Aa2

Cl. M-5, Downgraded to Baa3 from Aa3

Cl. M-6, Downgraded to Ba3 from A1

Cl. M-7, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade

Cl. M-8, Downgraded to B2 from Baa1; Placed Under Review for further Possible Downgrade

Cl. M-9, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade

Issuer: RALI Series 2007-QO5 Trust

Cl. M-1, Downgraded to A2 from Aa2

Cl. M-2, Downgraded to Baa2 from A2

Cl. M-3, Downgraded to Ba1 from Baa1

Cl. M-4, Downgraded to Ba3 from Baa2

Cl. M-5, Downgraded to B1 from Baa3; Placed Under Review for further Possible Downgrade

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF136241

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

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 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.

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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

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 $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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