Moodys.com
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 Finland's Aa1 ratings; outlook remains stable

24 Jul 2020

Frankfurt am Main, July 24, 2020 -- Moody's Investors Service, ("Moody's") has today affirmed the Government of Finland's long-term issuer and senior unsecured debt ratings at Aa1. Concurrently, the government's short-term issuer rating of P-1, as well as the senior unsecured medium-term note (MTN) programme rating and senior unsecured shelf rating of (P)Aa1 have been affirmed. The rating outlook remains stable.

Today's rating action reflects the following key rating factors:

- Despite the sharp real GDP contraction due to the coronavirus pandemic, Finland's economic strength remains supported by high and comparatively evenly distributed wealth levels, as well as the economy's highly educated workforce and strong innovation capability

- While the coronavirus pandemic will lead to a sharp deterioration in the government's fiscal balance and debt burden this year, the deterioration will be broadly similar to that of its peers and the historically low cost of borrowing mitigates the impact of higher debt on the government's fiscal strength.

The stable outlook reflects Moody's view that despite the negative impact from the coronavirus pandemic on the economy and government finances, the rating remains well supported by the government's strong commitment to post-crisis fiscal consolidation and structural reforms, which is reflective of the country's very strong institutional and governance framework.

In a related rating action, Moody's has today also affirmed the senior unsecured debt rating of Finnvera plc at Aa1 and the (P)Aa1 rating assigned to its backed senior unsecured MTN programme. The outlook remains stable, in line with the sovereign's rating outlook. The senior debt instruments issued by Finnvera are backed by unconditional and irrevocable guarantees from the Finnish government.

Finland's long-term and short-term foreign-currency bond and deposit ceilings remain unchanged at Aaa and P-1, respectively. Finland's long-term local-currency bond and deposit ceilings also remain unchanged at Aaa.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE Aa1 RATINGS

DESPITE A SHARP CONTRACTION THIS YEAR, ECONOMIC STRENGTH SUPPORTED BY HIGH WEALTH LEVELS AND STRONG INNOVATION CAPABILITY

Despite government measures to soften the impact of the pandemic shock on the economy, Moody's expects real growth to contract by 6.5% in 2020, followed by a rebound to around 3% growth in 2021. The recovery in 2021 will be somewhat weaker than for some Western European peers, and the authorities expect a lasting negative effect on potential growth which would be only around 1%. As a result of the sharp contraction, the government's target of reaching a 75% employment rate (up from the 72% target achieved by the previous administration at the end of 2018) and increasing the number of people in employment by a minimum of 60,000 by the end of 2023 will be harder to achieve.

Nonetheless, Finland's underlying economic strength remains solid and supportive of the sovereign's Aa1 ratings. Finland is the 11th largest economy in the EU with a nominal GDP of $269 billion (€241 billion) in 2019. The small population of only 5.5 million people and a very comprehensive social welfare system contribute to high standards of living and low income disparity. GDP per capita in purchasing power parity (PPP) terms of around $48,000 in 2019 is the ninth highest in the EU, after peers such as Austria and Sweden. The comparatively high and evenly distributed per capita income is supportive of the economy's shock absorption capacity.

Finland also scores highly in global competitiveness rankings and surveys gauging the economy's innovation capability. A supportive institutional framework that fosters innovation and the high quality of the education system that results in a well-educated workforce are Finland's strongest innovation dimensions according to the various rankings. The country spends close to 3% of GDP on research and development, well-above the EU average of 2.2%.

Finland ranks 11th out of 141 countries in the World Economic Forum's Global Competitiveness Index 4.0, has the highest global ranking in terms of institutions and macroeconomic stability, and is among the global top five for skills and quality of the education system, as well as sophistication and risk profile of the financial system. The European Commission's European Innovation Scoreboard 2020 classifies Finland as an innovation leader -- together with Denmark, Luxembourg, the Netherlands and Sweden. Notably, Finland's scorings have improved significantly since 2012, reflecting the government's strong focus on innovation and implementation of supporting policies. Furthermore, Finland is well-prepared for digitalisation, and scored number one in the EC's Digital Economy and Society Index for 2020.

DESPITE SIGNIFICANT DETERIORATION, FISCAL STRENGTH IN LINE WITH PEERS, DEBT AFFORDABILITY REMAINS STRONG

General government debt will rise over the coming years. Moody's projects it to increase to about 70% of GDP this year and peak at around 73% of GDP in 2022, up from about 59% in 2019. Despite this increase, Finland's general government debt burden will continue to compare favorably to close peers such as Austria. Furthermore, the government debt burden will remain much lower than for several Aa2- and Aa3-rated Western European peers such as Belgium, the United Kingdom, or France.

In addition, Finland's debt affordability metrics will remain very strong, as the sovereign benefits from very low funding costs, partly due to its euro area membership, and with its benchmark bond yields closely tracking those of Aaa-rated Germany. The coupons on government serial bond issuances during 2020 have averaged less than 0.2%, compared to an average coupon rate of 0.375% for maturing debt this year. As a result, Moody's expects the interest-to-budgetary revenue ratio to remain at historic lows of 1.8% on average for 2020 and 2021, compared to the long-term average of 3.6% since 1995. Resiliency of its fiscal strength is also supported by sizable financial assets of close to 8% of GDP as of 2019, and strong oversight and management of contingent liability risks.

RATIONALE FOR THE STABLE OUTLOOK

Despite the highly negative impact from the coronavirus pandemic on the economy and government finances, Moody's expects that the government's strong commitment to fiscal consolidation and structural reforms will preserve the country's economic and fiscal strength imbedded in the current rating. This expectation is supported by Finland's strong institutional and governance framework, which has contributed to the successful implementation of structural reforms in areas like pension and labour market in recent years, including the 2016 competitiveness pact.

The government has early on since the coronavirus shock stressed the need for fiscal consolidation and debt stabilization and reduction following 2021, with concrete plans to be presented in September, together with the 2021 budget and revised medium-term fiscal plan. Moody's is confident that the Finnish government will enact reforms to strengthen the fiscal and debt dynamics over time.

Finally, the stable outlook also reflects Moody's view that Finland's susceptibility to event risks arising from its political landscape, the country's external position and its banking system is well contained.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental considerations currently exert limited influence on Finland's credit profile, notwithstanding the country's proactive measures to address climate change. The share of energy from renewable sources in gross final energy consumption was 41.2% in 2018, the second highest in the European Union after Sweden and significantly above the European average of 18%.

Social risks are an important factor that will, however, only affect Finland's credit profile over the long term, given that its ageing population poses risks to the country's growth potential, and therefore also to its fiscal flexibility and the sustainability of its social security systems. Finland benefits from very low income inequality and a high quality education system, which is conducive to social cohesion. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given substantial implications for public health and safety.

Governance considerations are material for Finland's credit profile, and the country's sound institutions and governance framework is supported by strong government effectiveness and rule of law, which rank very high in international surveys, and a demonstrated capacity for fiscal and monetary policy to effectively manage and absorb shocks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

WHAT COULD CHANGE THE RATING -- UP

Although unlikely in the near term given the severe impact from the coronavirus pandemic on Finland's economy and government finances, the Aa1 rating could come under upward pressure if the pace and impact of structural reforms -- particularly related to containing ageing-related spending pressures -- surprised on the upside, leading to a more favourable debt trajectory beyond 2021, possibly in part due to a sustained increase in the country's medium-term trend growth, which is currently expected to be very low.

WHAT COULD CHANGE THE RATING -- DOWN

Conversely, downward rating pressure would develop if the impact from the coronavirus pandemic were to turn out more lasting than Moody's currently thinks. Similarly, the rating agency would consider a negative rating action if fiscal consolidation measures were reversed and planned structural economic reforms significantly delayed or diminished in scope, leading to a severe deterioration in the government's debt burden. A material worsening of the medium-term growth outlook, combined with an unwillingness or inability to address the impact of lower growth on public finances would also be credit negative

GDP per capita (PPP basis, US$): 47,975 (2019 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 1.1% (2019 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.1% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -1.1% (2019 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -0.5% (2019 Actual) (also known as External Balance)

External debt/GDP: [not available]

Economic resiliency: aa2

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 21 July 2020, a rating committee was called to discuss the rating of the Government of Finland. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength, have not materially changed. The issuer's fiscal or financial strength, including its debt profile, has not materially changed. The issuer's susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1158631. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

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.

Steffen Dyck
VP - Senior Credit Officer
Sovereign Risk Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Yves Lemay
MD-Sovereign/Sub Sovereign
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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.

​​​​​​​​
Moodys.com