Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

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.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

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.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's affirms AIG's ratings (senior debt Baa1); stable outlook

15 Feb 2017

Also affirms A2 insurance financial strength ratings of core property casualty and life and retirement operations

NOTE: On March 03, 2017, the press release was corrected as follows: In the first line of the debt list under Global Capital Markets, Baa1 was added as the backed long-term issuer rating. Revised release follows.

New York, February 15, 2017 -- Moody's Investors Service has affirmed the Baa1 senior unsecured debt rating of American International Group, Inc. (NYSE: AIG), and has affirmed the A2 insurance financial strength (IFS) ratings of AIG's US property casualty operations (AIG PC US) and of AIG Life and Retirement (AIG L&R). These actions follow AIG's announcement of Q4 2016 results, including a $5.6 billion charge to strengthen its PC loss reserves. The rating outlook for these entities is stable.

The Q4 charge continues a pattern of reserve problems at AIG, given its industry-leading exposure to long-tail US casualty lines. The stable rating outlook reflects Moody's view that AIG will improve its PC underwriting performance through strategic initiatives now underway, and that it will manage the capital of its operating subsidiaries and the overall group in a way that protects policyholders and creditors.

RATINGS RATIONALE

AIG's Q4 reserve charge mainly pertains to US casualty lines over a range of accident years, with more than half of the charge tied to the recent period of 2011-15. The adverse development reflects a combination of AIG's struggles during and after the financial crisis of 2008-09, when the company competed aggressively to retain clients, along with more recent adverse claim experience in such lines as commercial auto, medical malpractice and excess casualty. This action follows AIG's reserve charges of about $4 billion in 2015 and a total of $7 billion in 2009-10.

AIG has strategic initiatives underway to strengthen its PC underwriting performance, including better risk selection with a focus on client profitability, a more efficient operating model, greater use of reinsurance to protect against catastrophes and other severe losses, and an accelerated reduction in US casualty premiums. Given the past volatility, it will take time for the company to show the efficacy of these initiatives and deliver sustainable profits.

In January 2017, AIG announced a retroactive reinsurance agreement with Berkshire Hathaway's National Indemnity Company (NICO) covering AIG's US casualty reserves for accident years 2015 and prior. NICO assumes 80% of AIG's paid losses in excess of $25 billion up to a contract limit of $50 billion. Based on reserves booked to date, including the Q4 2016 charge, NICO would pay $12.8 billion under the contract, and that amount could increase by up to $7.2 billion should losses rise to the contract limit. The reinsurance reduces AIG's exposure to adverse loss development, at least for the next few years, a benefit partly offset by the cost of the contract, including forgone investment income on the premium of approximately $10 billion paid to NICO. Any losses above the contract limit would revert to AIG.

AIG PARENT

AIG's Baa1 senior debt rating is based on its leading market positions in global PC insurance and US life insurance, its diversification across products and geographic regions, and the healthy liquidity of the parent company. Tempering these strengths are the company's record of volatile reserves and weak profits in PC insurance, its above-average exposure to structured and alternative investments (although the company is reducing its hedge fund investments) and the complexity of risk management across its many business lines and countries/regions. AIG maintains a liquidity pool of $6-$8 billion to support its subsidiaries as needed.

AIG continues to pursue the strategic plan launched in January 2016, including its aggressive target of returning at least $25 billion of capital to shareholders by the end of 2017. The company returned $13 billion to shareholders in 2016. Additional capital returns will be funded through a combination of ordinary dividends and tax-sharing payments from operating companies, capital released from operating companies through reinsurance transactions and reduced hedge fund investments, and proceeds or capital released from divesting or running off noncore assets. Moody's expects that AIG will manage these initiatives in a way that balances the interests of policyholders, creditors and shareholders.

Moody's cited the following factors that could lead to a rating upgrade for AIG: (i) improvement in the stand-alone credit profiles of AIG PC US and AIG L&R, (ii) consolidated return on capital in the high single digits, and (iii) improvement in financial flexibility (e.g., total leverage below 25%, pretax interest coverage in the high single digits).

The following factors could lead to a rating downgrade: (i) deterioration in the stand-alone credit profiles of major operating units, (ii) insufficient liquidity within operating units or at the parent relative to the company's or Moody's stress tests, or (iii) a decline in financial flexibility (e.g., total leverage approaching 35% or higher, pretax interest coverage remaining below five times). To the extent AIG sheds additional businesses and further reduces its diversification, or faces constraints on the dividend capacity of its subsidiaries, Moody's could widen the notching between the IFS ratings of the operating companies and the senior debt rating of the parent.

AIG PC US

AIG PC US is one of the largest commercial PC insurers in the US. The pool members' A2 IFS ratings reflect the group's market leadership in commercial and specialty lines, its diversified product offerings and its expertise in writing large and complex risks. The group also benefits from AIG's global network, through which it serves multinational accounts, along with the large liquidity pool and diversified funding sources of AIG parent.

Challenges for AIG PC US include volatile earnings, with large swings in yearly loss development, along with exposure to natural and man-made catastrophes. The group has historically focused on long-tail casualty lines, heightening the risk and uncertainty surrounding ultimate losses. AIG aims to improve its underwriting performance through better client segmentation and pricing, reducing expenses, exiting subpar business lines and greater use of reinsurance. However, this effort may be hampered by soft pricing in commercial lines and modest global economic growth. AIG PC US also has a lower regulatory risk-based capital (RBC) ratio than similarly rated peers, and greater exposure to structured and alternative investments, although the firm is cutting back on hedge fund investments.

Moody's cited the following factors that could lead to a rating upgrade for AIG PC US: (i) improvement in underwriting results and profitability (e.g., combined ratio below 95%, return on capital consistently above 8%), (ii) favorable/benign development of loss reserves, and (iii) improvement in AIG's financial flexibility (e.g., total leverage below 25%, pretax interest coverage in the high single digits).

The following factors could lead to a rating downgrade: (i) deterioration in underwriting results (e.g., combined ratio remaining above 100%, return on capital below 5%), (ii) significant further adverse loss development, or (iii) a decline in statutory surplus relative to the evolving risk profile.

AIG LIFE AND RETIREMENT

The A2 IFS ratings of AIG L&R are based on their leading (top five in several cases) positions in a number of individual annuity and retirement product markets. The group has completed certain life reinsurance transactions and alternative securities sales, returning over $1 billion of capital to AIG in 2016, while keeping its regulatory RBC ratio within rating expectations.

Offsetting these strengths are AIG L&R's significant exposure to interest rate risk and spread compression from its dominant fixed annuity business, although this risk would decrease if rates continued to rise, and growing exposure to equity market and hedging risks, largely through its growing individual variable annuity business. Moody's noted that AIG L&R might face greater pressure to pay dividends to AIG parent following the Q4 2016 PC reserve charge, which could constrain the dividend capacity of the PC operations.

Moody's said the following factors could lead to a rating upgrade for AIG L&R: (i) greater diversification away from annuity products, (ii) consolidated statutory return on capital consistently exceeding 8%, (iii) regulatory RBC ratio of at least 425% (company action level, including the effects of reinsurance), with no decline in consolidated statutory surplus exceeding 10% in a given year, and (iv) improvement in AIG's financial flexibility (e.g., total leverage below 25%, pretax interest coverage in the high single digits).

The following factors could lead to a rating downgrade: (i) consolidated statutory return on capital below 4% and/or continued earnings volatility, (ii) capital distributions to AIG parent exceeding amounts indicated by the group's strategic plan, (iii) a decline in consolidated statutory surplus exceeding 10% in a given year (outside the strategic plan), (iv) regulatory RBC ratio below 350% (company action level, including the effects of reinsurance), or (v) gross pretax asset losses exceeding of $700 million in a given year.

RATING ACTIONS

Moody's has affirmed the following ratings:

American International Group, Inc. -- long-term issuer rating Baa1, senior unsecured debt Baa1, junior subordinated debt Baa2 (hyb), short-term issuer rating Prime-2, senior unsecured shelf (P)Baa1, senior unsecured MTN program (P)Baa1, subordinated shelf (P)Baa2, junior subordinated shelf (P)Baa2;

AIG Life and Retirement -- American General Life Insurance Company, The United States Life Insurance Company in the City of New York, The Variable Annuity Life Insurance Company -- insurance financial strength A2;

AIG Life and Retirement funding agreement-backed notes:

AIG Global Funding -- senior secured debt A2, senior secured MTN program (P)A2;

AIG SunAmerica Global Financing X -- senior secured debt A2;

ASIF II -- senior secured debt A2, senior secured MTN program (P)A2;

ASIF III (Jersey) Limited -- senior secured debt A2, senior secured MTN program (P)A2;

AIG Life Holdings, Inc. -- backed senior unsecured debt Baa1, backed junior subordinated debt Baa2 (hyb);

AIG Property Casualty U.S., Inc. -- AIG Assurance Company, AIG Property Casualty Company, AIG Specialty Insurance Company, AIU Insurance Company, American Home Assurance Company, Commerce and Industry Insurance Company, Granite State Insurance Company, Illinois National Insurance Co., Lexington Insurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., New Hampshire Insurance Company, The Insurance Company of the State of Pennsylvania -- insurance financial strength A2;

Global Capital Markets:

AIG Financial Products Corp. -- backed long-term issuer rating Baa1, backed short-term issuer rating Prime-2;

AIG Management France S.A. -- backed senior unsecured debt Baa1;

AIG Matched Funding Corp. -- backed senior unsecured debt Baa1, backed short-term issuer rating Prime-2;

AIG-FP Capital Funding Corp. -- backed senior unsecured debt Baa1;

AIG-FP Matched Funding Corp. -- backed senior unsecured debt Baa1, backed senior unsecured MTN program (P)Baa1;

SAFG Retirement Services, Inc. -- backed senior unsecured debt Baa1.

The rating outlook for these entities is stable.

The principal methodologies used in rating AIG Financial Products Corp., AIG Life Holdings, Inc., AIG Management France S.A., AIG Matched Funding Corp., AIG-FP Capital Funding Corp., AIG-FP Matched Funding Corp., American International Group, Inc. and SAFG Retirement Services, Inc. were Global Life Insurers published in April 2016 and Global Property and Casualty Insurers published in June 2016. The principal methodology used in rating AIG Global Funding, AIG SunAmerica Global Financing X, American General Life Insurance Company, ASIF II, ASIF III (Jersey) Limited, The United States Life Insurance Company in the City of New York and Variable Annuity Life Insurance Company was Global Life Insurers published in April 2016. The principal methodology used in rating AIG Assurance Company, AIG Property Casualty Company, AIG Specialty Insurance Company, AIU Insurance Company, American Home Assurance Company, Commerce and Industry Insurance Company, Granite State Insurance Company, Illinois National Insurance Co., Lexington Insurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., New Hampshire Insurance Company and The Insurance Company of the State of Pennsylvania was Global Property and Casualty Insurers published in June 2016. Please see the Rating Methedoogies page on www.moodys.com for copies of these methodologies.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay senior policyholder claims and obligations.

AIG, based in New York City, is a leading global insurance organization providing PC insurance, life insurance, retirement products and other financial services to customers in more than 80 countries and jurisdictions. AIG generated total revenues of $52 billion and a net loss attributable to AIG of $849 million in 2016. AIG shareholders' equity was $76 billion as of 31 December 2016.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Bruce Ballentine
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Marc R. Pinto, CFA
MD - Financial Institutions
Financial Institutions 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

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.

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 $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.

​​​​​​​​