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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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2.            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.          

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Announcement:

Moody's Updates Definition of Securities Constituting SF Instruments

28 Jun 2012

Adds (sf) Indicator to Ratings

New York, June 28, 2012 -- Moody's Investors Service today has updated its definition of the types of securities it considers "structured finance instruments." As a result, it will apply the (sf) indicator to credit ratings it assigns to certain derivative product companies, structured covered bonds, and insurance-linked notes. A list of the securities and issuers today's update affects appears at the end of this release.

The original list of securities Moody's considers structured finance instruments appeared in its 14 July 2010 press release on its structured finance ratings indicator. Subsequent updates appeared in Moody's 28 December 2010 press release on the list of ratings receiving the (sf) indicator and the 23 September 2011 press release updating the determination of types of securities constituting structured finance instruments.

Today's update follows the adoption of regulatory technical standards by the European Securities and Markets Authority. The full name of the regulation is "COMMISSION_ DELEGATED REGULATION_ (EU) of 21.3.2012 supplementing Regulation (EC) _No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on the content and format of ratings data periodic reporting to be submitted to the European Securities and Markets Authority by credit rating agencies."

Derivative Product Companies

Moody's will apply the (sf) indicator to some but not all counterparty ratings of derivative product companies (DPCs). DPCs are wholly owned operating company subsidiaries of financial institutions. Their primary function is to trade interest rate and currency swaps with non-affiliated counterparties. The list of structured finance instruments will continue to exclude DPCs whose counterparty ratings rely exclusively on the credit support of non-(sf) entities.

Credit Derivative Product Companies

Moody's counterparty ratings of credit derivative product companies (CDPCs) will include the (sf) indicator. CDPCs are a type of operating company whose sole business consists of selling credit protection for corporate entities through credit default swaps. Moody's treats CDPCs as "derivative product companies" as referred to in regulations.

Structured Covered Bonds

Moody's ratings of structured covered bonds will include the (sf) indicator. Structured covered bonds are covered bonds that are not enabled by a specific legal framework and have one or both of the following characteristics:

1) at issuance, payments depend primarily on the performance of the assets in the cover pool

2) the programme that issues the bonds issues more than one class of debt.

Insurance-linked Notes

Moody's ratings of credit-linked notes will include the (sf) indicator. Insurance-linked notes are fixed income securities that

1) a special purpose vehicle, or special purpose reinsurer or entity related to the special purpose reinsurer, issues

2) are part of a transaction whose main purpose is to transfer to investors the risk of losses associated with a clearly defined set of insurance exposures

3) are part of a transaction for which the lifespan of the issuer aligns with the tenor of the issued securities

Regulations of the EU and the US rely on definitions of structured finance. To satisfy both EU and US regulations, in assigning ratings, Moody's relies on a single definition of a structured finance instrument, reflecting its interpretation of

1) the definition of "structured finance instrument" in the EU regulation

2) the description of "structured finance product" in sections (a)(3) and (b)(9) of the Securities and Exchange Commission's Rule 17g-5 (Amended Rule) as applicable under the Securities and Exchange Act of 1934

3) similar concepts in other legislation and international principles such as Basel II

4) market practices for instruments that were difficult to categorize

Moody's decision to apply the (sf) indicator to new financial products will remain dynamic and subject to feedback from market participants including regulators.

Securities and Issuers Affected

Moody's is adding the (sf) indicator to its counterparty ratings of the following DPCs and CDPCs:

Athilon Capital Corp.

Athilon Asset Acceptance Corp.

Channel Capital Plc

Citi Swapco Inc.

Koch Financial Products, LLC

Merrill Lynch Derivative Products AG

Morgan Stanley Derivative Products Inc.

Nomura Derivative Products Inc.

SMBC Derivative Products Limited

Theta Corporation

Moody's is adding the (sf) indicator to its ratings of the following structured covered bonds:

Programa Cédulas TDA, Fondo de Titulización de Activos - Series A1

Programa Cédulas TDA, Fondo de Titulización de Activos - Series A3

Programa Cédulas TDA, Fondo de Titulización de Activos - Series A4

Programa Cédulas TDA, Fondo de Titulización de Activos - Series A5

Programa Cédulas TDA, Fondo de Titulización de Activos - Series A6

CÉDULAS TDA 2, FTA

CÉDULAS TDA 3, FTA

CÉDULAS TDA 5, FTA

CÉDULAS TDA 6, FTA

CÉDULAS TDA 7, FTA

CÉDULAS TDA 17, FTA

CÉDULAS TDA 20, FTA - Serie A1

CÉDULAS TDA 20, FTA - Serie A2

CÉDULAS TDA 21, FTA

IM CÉDULAS 1 GBP, FTA

IM CÉDULAS 2, FTA

IM CÉDULAS 4, FTA

IM CÉDULAS M1, FTA

IM CÉDULAS 7, FTA

IM CÉDULAS 9, FTA

IM CÉDULAS 10, FTA

CÉDULAS GBP 3, FTA

IM Cédulas 14, FTA

IM Cédulas 15, FTA

CÉDULAS GBP 5, FTA

AyT Cedulas Cajas III, FTA

AyT Cedulas Cajas IV, FTA

AyT Cedulas Cajas V, FTA - Series A

AyT Cedulas Cajas V, FTA - Series B

AyT Cedulas Cajas VI, FTA - Series A

AyT Cedulas Cajas VI, FTA - Series B

AyT Cedulas Cajas VIII, FTA - Series A

AyT Cedulas Cajas VIII, FTA - Series B

AyT Cedulas Cajas IX, FTA - Series A

AyT Cedulas Cajas IX, FTA - Series B

AyT Cedulas Cajas X, FTA - Series A

AyT Cedulas Cajas X, FTA - Series B

AyT Cedulas Cajas XI, FTA

AyT Cédulas Cajas Global, FTA - Series I

AyT Cédulas Cajas Global, FTA - Series II

AyT Cédulas Cajas Global, FTA - Series III

AyT Cédulas Cajas Global, FTA - Series IV

AyT Cédulas Cajas Global, FTA - Series VI

AyT Cédulas Cajas Global, FTA - Series VII

AyT Cédulas Cajas Global, FTA - Series VIII

AyT Cédulas Cajas Global, FTA - Serie IX

AyT Cédulas Cajas Global, FTA - Series X

AyT Cédulas Cajas Global, FTA - Series XI

AyT Cédulas Cajas Global, FTA - Series XII

AyT Cédulas Cajas Global, FTA - Series XIII

AyT Cédulas Cajas Global, FTA - Series XIV

AyT Cédulas Cajas Global, FTA - Series XVI

AyT Cédulas Cajas Global, FTA - Series XIX

AyT Cédulas Cajas Global, FTA - Series XX

AyT Cédulas Cajas Global, FTA - Series XXIV

AyT Cédulas Cajas Global, FTA - Series XXV

AyT Cédulas Cajas Global, FTA - Series XXVI

AyT.10 Financiación Inversiones, FTA

AyT Prestige Cajas de Ahorros, FTA

AyT Financiación Inversiones II, FTA

AyT Financiación Inversiones III, FTA

PROGRAMA PITCH, FTA

RURAL CÉDULA I, FTA

Moody's is adding the (sf) indicator to its ratings of the following insurance-linked notes:

LIICA Holdings, LLC

Shenandoah Trust Capital I

Northwind Holdings, LLC

Tailwind Holdings, LLC

Maria Leibholz
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Algis Remeza
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Updates Definition of Securities Constituting SF Instruments
No Related Data.
© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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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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.

CREDIT RATINGS AND MOODY’S 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 the Moody’s 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 OR 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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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