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Announcement:

Moody's Updates its Determination of Types of Securities Constituting Structured Finance Instruments

11 Oct 2013

USD $45978.38 million of securities affected

New York, October 11, 2013 -- Moody's Investors Service today has updated its definition of the types of securities it considers "structured finance instruments". As a result, it will remove the (sf) indicator from credit ratings it assigns to (i) student loan backed bonds issued by a non-profit or public instrumentality that issues fewer than three classes of debt, (ii) US state and local housing finance agency debt for which the pool backing the debt contains self-liquidating mortgages that the issuer does not actively manage and (iii) certain structured notes that are issued in a single tranche and have a credit rating directly linked to a credit rating of a corporate entity or sovereign guaranteeing payment obligations on such notes. It will also add the (sf) indicator to credit ratings it assigns to certain structured notes that have credit risk of a hedge counterparty incorporated into such credit ratings.

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 and 28 June 2012 press releases updating the determination of types of securities constituting structured finance instruments.

Regulations in multiple jurisdictions rely on definitions of structured finance. To satisfy such 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 and Japan 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 or remove the (sf) indicator to financial products will remain dynamic and subject to market practice and feedback from market participants including regulators.

Securities Affected

Moody's is removing the "sf" indicator from the outstanding securities listed below:

STUDENT BOND DEALS:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF344480

HOUSING BOND DEALS:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF344506

STRUCTURED NOTES:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF344481

Moody's is adding the "sf" indicator to the outstanding securities listed below:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF344483

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF344482

Florence E Zeman
Associate Managing Director
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

Henry Charpentier
MD - EMEA Structured Fin
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

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.

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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 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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