Moodys.com
Close
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
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 Aa1 ratings of DBS, OCBC and UOB; upgrades their subordinated debt ratings to A2(hyb)

03 Dec 2018

Singapore, December 03, 2018 -- Moody's Investors Service has affirmed the ratings and assessments of DBS Bank Ltd. (DBS Bank), DBS Group Holdings Ltd (DBSH), Oversea-Chinese Banking Corp Ltd (OCBC), United Overseas Bank Limited (UOB) and their branches.

At the same time, Moody's has upgraded the ratings assigned to the subordinated Tier-2 point of non-viability (PONV) securities of DBSH, OCBC and UOB to A2(hyb) from A3(hyb), and concluded the review for upgrade on these ratings that was initiated on 16 November 2017.

A full list of the affected ratings is provided at the end of this press release.

RATINGS RATIONALE

AFFIRMATION OF Aa1 RATINGS AND ASSESSMENTS

DBS Bank, OCBC and UOB maintain strong and stable financial metrics. Their a1 baseline credit assessments (BCA) are some of the highest in the world, underpinned by strong solvency and liquidity.

While 2019 will likely be a more challenging year for the Singapore and broader Asian regional economy -- due to slower economic and trade growth -- the three Singaporean lenders are well positioned to withstand these headwinds.

Moody's expects that non-performing loans will remain low at around 1.5% to 2.0% of gross loans for the three banks in 2019. Credit reserves should also remain at a good level of around 80%-90% for these banks, including the regulatory reserve where applicable.

The core capital ratios of DBS, OCBC and UOB remain strong, ranging from 14% to 17% on a tangible common equity to risk weighted assets basis. Moody's expects that loan growth at the three lenders will moderate to approximately 5% next year, as domestic macroprudential measures and more challenging macroeconomic conditions dampen loan demand.

As a result of slower growth in risk weighted assets, the banks' capital ratios could increase in 2019 - unless they decide to pay larger dividends.

Profitability has improved in 2018, as the banks' net interest margins widened on higher interest rates, while credit provisions decreased. These three banks -- DBS, OCBC and UOB -- also benefit from diversified earnings streams, with a high share of recurring and granular wealth management income.

The banks' funding and liquidity remain robust, particularly in Singapore where these banks command large market shares in low-cost and sticky current and savings accounts. They also continue to fund their significant US dollar loans with US dollar non-bank deposits, with the related loans-to-deposits ratios well below 100%.

The Aa1 deposit and senior unsecured ratings of DBS Bank, OCBC, and UOB incorporate three notches of uplift from the banks' adjusted BCAs, reflecting Moody's assumption of a very high probability of government support for these banks in times of stress.

The Aa2 issuer ratings assigned to DBSH, the financial holding company of DBS Group, is positioned one notch below the Aa1 deposit ratings of DBS Bank to reflect structural subordination of DBSH's creditors relative to DBS Bank creditors.

UPGRADE OF SUBORDINATED DEBT RATINGS

The upgrade of subordinated debt ratings to A2(hyb) from A3(hyb) is driven by the Monetary Authority of Singapore's (MAS) operationalization of its statutory bail-in powers under the enhanced bank resolution regime for Singapore banks on 29 October 2018.

According to Moody's, the statutory bail-in powers decrease the risk associated with the Singapore banks' Tier-2 contractual PONV securities, by removing the uncertainty associated with timing of a principal write-down of Tier-2 PONVs.

As per the Banks methodology, Moody's previously rated the contractual Tier-2 PONV securities of Singapore financial institutions at Adjusted BCA minus two notches, with (1) one notch deducted due to higher loss severity relative to senior debt, and (2) an additional notch deducted to reflect the risk associated with the timing of principal write-downs inherent in contractual securities in the absence of a statute.

Moody's now considers that that contractual PONV securities would not be singled out and losses would be imposed only at the same time as on new-style junior securities that would be loss absorbing by statute. As a result, Moody's now rates outstanding contractual PONV securities at the Adjusted BCA minus one notch.

RATING OUTLOOK

The outlook on the four Singapore financial institutions -- DBS Bank, DBSH, OCBC and UOB -- remains stable.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The Aa1 ratings of DBS Bank, OCBC and UOB are among the highest assigned to any banks globally, and upward pressure on the ratings is unlikely.

However, any improvement in macroeconomic conditions in Singapore or the region, as well as in the banks' financial metrics, would be positive for the banks' a1 BCAs.

The Aa1 ratings could be downgraded if the a1 BCAs are downgraded. Negative pressure on BCAs could materialize if problem loans exceed 2% of gross loans, capital deteriorates to much lower levels, and/or liquidity tightens considerably.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

LIST OF AFFECTED RATINGS

DBS GROUP HOLDINGS LTD

• Long-term local and foreign currency issuer rating affirmed at Aa2; stable outlook

• Short-term local and foreign currency issuer rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Local and foreign currency senior unsecured debt rating affirmed at Aa2; stable outlook

• Foreign currency senior unsecured medium-term note (MTN) program rating affirmed at (P)Aa2

• Long-term local and foreign currency subordinate rating upgraded to A2(hyb) from A3(hyb) review for upgrade

• Long-term foreign currency MTN program subordinate rating upgraded to (P)A2 from (P)A3 review for upgrade

• Local and foreign currency preferred stock non-cumulative rating affirmed at Baa1(hyb)

• Foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• Outlook is maintained at stable

DBS BANK LTD.

• Long-term local and foreign currency bank deposit ratings affirmed at Aa1; stable outlook

• Short-term local and foreign currency bank deposit ratings affirmed at P-1

• Short-term foreign currency commercial paper rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Foreign currency senior unsecured debt rating affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Senior unsecured commercial paper rating affirmed at (P)Aa1

• Long-term foreign currency subordinate MTN program rating upgraded to (P)A2 from (P)A3 review for upgrade

• Local currency preferred stock non-cumulative rating affirmed at Baa1(hyb)

• Foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• BCA and adjusted BCA affirmed at a1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Outlook is maintained at stable

DBS BANK LTD., AUSTRALIA BRANCH

• Short-term foreign currency commercial paper rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Local currency senior unsecured debt ratings affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Long-term foreign currency subordinate MTN program rating, upgraded to (P)A2 from (P)A3 review for upgrade

• Foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• Outlook is maintained at stable

DBS BANK LTD., HONG KONG BRANCH

• Short-term foreign currency commercial paper rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Foreign currency senior unsecured debt ratings affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

•Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Outlook is maintained at stable

DBS BANK LTD., LONDON BRANCH

• Short-term foreign currency commercial paper rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Outlook is NOO

OVERSEA-CHINESE BANKING CORPORATION LIMITED

• Long-term local and foreign currency bank deposit ratings affirmed at Aa1; stable outlook

• Short-term local and foreign currency bank deposit ratings affirmed at P-1

• Short-term foreign currency commercial paper rating affirmed at P-1

• Foreign currency other short term program rating affirmed at (P)P-1

• Foreign currency senior unsecured debt rating affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Foreign currency Basel III-compliant subordinated debt rating upgraded to A2(hyb) from A3(hyb) review for upgrade

• Foreign currency Basel III-compliant subordinated MTN program rating upgraded to (P)A2 from (P)A3 review for upgrade

• Local currency preferred stock rating affirmed at Baa1(hyb)

• BCA and adjusted BCA affirmed at a1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• Outlook is maintained at stable

OVERSEA-CHINESE BANKING CORPORATION LIMITED, SYDNEY BRANCH

• Foreign currency other short term program rating affirmed at (P)P-1

• Local currency senior unsecured debt rating affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

•Outlook is maintained at stable

UNITED OVERSEAS BANK LIMITED

• Long-term local and foreign currency bank deposit ratings affirmed at Aa1; stable outlook

• Short-term local and foreign currency bank deposit ratings affirmed at P-1

• Short-term foreign currency commercial paper rating affirmed at P-1

• Local and foreign currency other short term program rating affirmed at (P)P-1

• Foreign currency senior unsecured debt rating affirmed at Aa1; stable outlook

• Local and foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Local and foreign currency Basel III-compliant subordinated debt ratings upgraded to A2(hyb) from A3(hyb) review for upgrade

• Local and foreign currency Basel III-compliant subordinated MTN program rating upgraded to (P)A2 from (P)A3 review for upgrade

• Local and foreign currency preferred stock rating affirmed at Baa1(hyb)

• Local and foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• BCA and adjusted BCA affirmed at a1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Outlook is maintained at stable

UNITED OVERSEAS BANK LIMITED, SYDNEY BRANCH

• Foreign currency other short term program rating affirmed at (P)P-1

• Local currency senior unsecured debt rating affirmed at Aa1; stable outlook

• Foreign currency senior unsecured MTN program rating affirmed at (P)Aa1

• Foreign currency preferred stock non-cumulative MTN program rating affirmed at (P)Baa1

• Long-term and short-term Counterparty Risk Assessment affirmed at Aa1(cr)/P-1(cr)

• Long-term and short-term local and foreign currency Counterparty Risk Ratings affirmed at Aa1/P-1

• Foreign currency Basel III-compliant subordinated MTN program rating upgraded to (P)A2 from (P)A3 review for upgrade

• Outlook is maintained at stable

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.

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

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 rating analyst and the Moody's legal entity that has issued the ratings.

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.

Eugene Tarzimanov
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

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.

MOODY’S CREDIT RATINGS AND MOODY’S 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 OR MOODY’S 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.

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.

​​​​
Moodys.com