info

Yes No
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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 AXA's A2 senior debt rating and changes outlook to stable

09 May 2014

Paris, May 09, 2014 -- Moody's Investors Service has today affirmed AXA's A2 senior unsecured debt rating and A3/A3(hyb) subordinated debt ratings, as well as the Aa3 insurance financial strength (IFS) ratings of AXA's main operating subsidiaries. The rating agency has also changed the outlook to stable from negative on all ratings.

A list of all affected ratings is available at the end of this press release.

RATINGS RATIONALE

Moody's affirmation of AXA's debt ratings reflects the group's strong business profile combined with improvements in its financial profile in the last two years. The change in outlook to stable from negative reflects Moody's expectation that (1) AXA's actions in the last five years, including the de-risking of the new business in life insurance, the improvement in the P&C profitability and the group's continued asset liability management discipline, will continue to support a strong level of underlying earnings; and (2) the global macroeconomic environment will continue to improve. Nonetheless, given AXA's higher financial leverage and lower capitalisation compared with those of Aa-rated peers, Moody's considers AXA to be relatively weakly positioned within its rating category.

Moody's says that AXA's leading positions in many insurance markets globally, its diversified distribution capabilities and its diversified sources of earnings have enabled the group to report good profitability with a low level of volatility in the last five years. In 2013, AXA reported a growth in underlying earnings of 14% (to €4.7 billion from €4.2 billion reported in 2012) and a growth in net income of 10% (to €4.5 billion from €4.1 billion reported in 2012). These improvements in profitability strengthened the group's balance sheet.

Nevertheless, AXA's financial profile, particularly capitalisation, financial leverage (32% at year-end 2013 according to Moody's calculations, down from 34% in 2012) and earnings coverage (4.7x in 2013 according to Moody's calculation, up from 4.0x in 2012), will likely remain at the lower-end of or below Moody's usual expectations for a group whose main insurance operating subsidiaries have Aa3 IFS ratings. In addition, as a result of multiple acquisitions, Moody's views AXA's capital quality as of relatively lower quality (goodwill represented 28% of the group's reported shareholders' equity as of end-2013) compared to Aa-peers.

Moody's views AXA's underlying profitability as a core credit strength, and anticipates that AXA will continue to maintain a good level of underlying profitability. Moody's believes that the following factors support AXA's near-term profitability: (1) continued tariff adjustments in the main P&C markets where the group operates; (2) its strategy of reallocating capital to products with higher margins or that are less sensitive to financial-markets movements (e.g., unit-linked, protection and health); and (3) the de-risking of its life business in the US. Furthermore, the group's disciplined asset liability management, as well as the spread between its investments yield (3.7% in 2013 in the life segment) and the average guaranteed rate on life policies (2.2%), provides AXA with a strong ability to reduce credited rates to policyholders and therefore to limit the negative impact of low interest rates on its earnings. A gradual recovery in the global macroeconomic environment and a gradual increase in interest rates will also likely support AXA's profitability, although to a limited extent.

RATINGS OF SUBSIDIARIES

The affirmation of the Aa3 IFS ratings of AXA's main subsidiaries in France (AXA France Vie and AXA France IARD), Switzerland (AXA Versicherungen AG), the US (AXA Equitable Life Insurance Company), Germany (DBV-Deutsche Beamten-Versicherung AG, AXA Lebensversicherung AG, AXA Versicherung AG and AXA Krankenversicherung AG), Belgium (AXA Belgium) and the UK (AXA Insurance UK plc) mirrors the rating action on the holding's debt ratings. The ratings of most of these entities benefit from one or two notches of implicit support, reflecting their strong contribution to AXA's revenues and profits and their strategic relevance to the group.

Moody's has affirmed the IFS rating of MONY Life Insurance Company of America (MLOA), a US subsidiary, at A1 with a stable outlook. The rating agency downgraded this rating by one notch on 2 October 2013 after AXA sold part of its business in the US and coinsured certain in-force business of MLOA to an operating subsidiary of Protective Life Corporation (Baa2 stable).

Moody's has also affirmed the IFS rating of AXA Insurance Ltd, AXA's Irish subsidiary, at A2 with a stable outlook. AXA Insurance Ltd's IFS rating remains constrained at the level of Ireland's country ceiling.

Finally, Moody's has affirmed the A2 deposit rating of AXA Bank Europe, and changed the outlook to stable from negative, in line with that of the AXA group. This rating incorporates a four-notch uplift from its baa3 standalone baseline credit assessment.

WHAT COULD CHANGE THE RATINGS

Downward pressure on the ratings could result from (1) a sustainable reduction in profitability, prompting also a reduction in the earnings coverage ratio; (2) weakened solvency or financial leverage position; and/or (3) a deterioration in asset quality.

Upward pressure on the ratings is less likely in the short term given the positioning of AXA's ratings within their category. In the long term, however, upward pressure on the ratings could result from (1) a sustained improvement in the group's capitalisation level and quality; (2) a sustainable reduction in financial leverage to below 30%; and (3) an improvement in earnings coverage to the 8x-12x range.

LIST OF AFFECTED RATINGS

The following ratings have been affirmed and the outlook changed to stable from negative:

AXA -- senior unsecured debt rating at A2;

AXA -- subordinated debt rating at A3/A3(hyb);

AXA -- junior subordinated debt rating at A3(hyb)/Baa1(hyb);

AXA France IARD -- insurance financial strength rating at Aa3;

AXA France Vie -- insurance financial strength rating at Aa3;

AXA Versicherungen AG -- insurance financial strength rating at Aa3;

DBV-Deutsche Beamten-Versicherung AG -- insurance financial strength rating at Aa3;

AXA Lebensversicherung AG -- insurance financial strength rating at Aa3;

AXA Versicherung AG -- insurance financial strength rating at Aa3;

AXA Krankenversicherung AG -- insurance financial strength rating at Aa3;

AXA Belgium -- insurance financial strength rating at Aa3;

AXA Insurance UK plc -- insurance financial strength rating at Aa3;

Guardian Royal Exchange plc -- backed senior unsecured debt rating at A2;

AXA Financial, Inc. -- senior unsecured debt rating at A2;

AXA Equitable Life Insurance Company -- insurance financial strength rating at Aa3;

AXA Equitable Life Insurance Company -- surplus notes rating at A2(hyb);

MONY Life Insurance Company of America -- insurance financial strength rating at A1;

AXA Bank Europe -- bank deposit rating at A2.

The following rating has been affirmed with a stable outlook:

AXA Insurance Ltd -- insurance financial strength rating at A2.

The following ratings have been affirmed:

AXA -- provisional senior unsecured MTN rating at (P)A2;

AXA -- provisional subordinated MTN rating at (P)A3;

AXA -- provisional junior subordinated MTN rating at (P)A3;

AXA -- commercial paper at P-1;

AXA Financial, Inc. -- provisional senior unsecured shelf rating at (P)A2;

AXA Financial, Inc. -- provisional subordinated shelf rating at (P)A3;

AXA Financial, Inc. -- provisional junior subordinated shelf rating at (P)A3;

AXA Financial, Inc. -- backed commercial paper at P-1;

AXA Financial Capital Trust I -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust II -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust III -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust IV -- backed preference shares shelf (P)A3.

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating AXA, AXA France IARD, AXA France Vie, AXA Versicherungen AG, AXA Lebensversicherung AG, AXA Versicherung AG, AXA Krankenversicherung AG, DBV-Deutsche Beamten-Versicherung AG and AXA Belgium were Global Life Insurers published in December 2013, and Global Property and Casualty Insurers published in December 2013. The principal methodology used in rating AXA Insurance Ltd, Guardian Royal Exchange plc and AXA Insurance UK plc was Global Property and Casualty Insurers published in December 2013. The principal methodology used in rating AXA Financial, Inc., AXA Equitable Life Insurance Company and MONY Life Insurance Company of America was Global Life Insurers published in December 2013. The principal methodology used in rating AXA Bank Europe was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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 ratings of rated entity Guardian Royal Exchange plc was initiated by Moody's and was not requested by this rated entities.

Rated entity Guardian Royal Exchange plc or its agent(s) participated in the rating process. This rated entity or its agent(s), if any, provided Moody's - access to the books, records and other relevant internal documents of the rated entity.

The person who approved AXA Financial, Inc., AXA Equitable Life Insurance Company, AXA Financial Capital Trust I, II,III and IV and MONY Life Insurance Company credit ratings is Robert Riegel, Managing Director, Insurance, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

The person who approved AXA, AXA France IARD, AXA France Vie, AXA Versicherungen AG, DBV-Deutsche Beamten-Versicherung AG, AXA Lebensversicherung AG, AXA Versicherung AG, AXA Krankenversicherung AG, AXA Belgium, AXA Insurance UK plc, Guardian Royal Exchange plc, and AXA Insurance Ltd credit ratings is Simon Harris, Managing Director, Insurance, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

The person who approved AXA Bank Europe credit rating is Carola Schuler, Managing Director, Banking, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

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.

Benjamin Serra
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Simon Harris
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms AXA's A2 senior debt rating and changes outlook to stable
No Related Data.
© 2023 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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 credit 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 $5,000,000. 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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000.

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

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomePesquisa e RatingsProdutos e SoluçõesNotícias e Eventoscarreiras na Moody’s
Ajuda e SuporteContate-nosApresente uma reclamação
Termos de UsoPolítica de PrivacidadeDireitos Autorais
© 2023 Moody's Investors Service, Inc., Moody’s Analytics, Inc. e/ou afiliadas e licenciadas. Todos os direitos reservados.