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
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
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 KBC Group, KBC Bank and KBC Bank Ireland's ratings and changes outlook on their long-term ratings to positive

19 Nov 2018

Paris, November 19, 2018 -- Moody's Investors Service ("Moody's") today affirmed the Aa3 long-term deposit-rating of KBC Bank N.V. (KBC Bank) and the Baa1 long-term senior unsecured debt and issuer ratings of KBC Group N.V. (KBC Group). The rating agency also affirmed the A1 backed senior unsecured debt rating of KBC IFIMA S.A. (IFIMA), as well as KBC Bank's backed junior subordinated debt rating and KBC Group's non-cumulative preferred stock rating of Baa3(hyb) and Ba1(hyb), respectively. KBC Bank's short-term deposit ratings were also affirmed at Prime-1 and KBC Group's Deposit Note/CD programme was affirmed at Prime-2, as were the bank's Baseline Credit Assessment (BCA) and Adjusted BCA of baa1. Finally, the rating agency also affirmed the bank's long-term and short-term Counterparty Risk Rating (CRR) of Aa3 and Prime-1, as well as its Counterparty Risk (CR) Assessment of Aa3(cr) and Prime-1(cr). The outlooks on long-term deposit, issuer and senior unsecured debt ratings, where applicable, were changed to positive from stable.

As part of the same action, Moody's also upgraded the BCA of KBC Bank Ireland PLC (KBCI) to b2 from b3, and affirmed its adjusted BCA of ba1, its long-term deposit rating of Ba1 and short-term deposit rating of Not Prime. The rating agency also affirmed KBCI's long-term CRR of Baa2, short-term CRR of Prime-2 and CR Assessment of Baa1(cr)/Prime-2(cr). As for its parent KBC Bank, Moody's changed the outlook on KBCI's long-term deposit rating to positive from stable.

A list of all affected ratings is provided towards the end of this press release.

RATINGS RATIONALE

1. KBCI

The upgrade of KBCI's BCA primarily reflects the bank's improved asset risk profile following a decrease in its stock of problem loans. On 9 August 2018, the bank announced an agreement to sell a problem loan portfolio with a par value of €1.9 billion, which will bring the bank's problem loan ratio to around 25% from around 35% at end-2017. Moody's expects KBCI's asset quality to continue to improve in the near term thanks to the benign operating environment and rising real estate prices in Ireland, but the agency expects the stock of problem loans to remain high in absence of further disposal transactions. The upgrade of KBCI's BCA also reflects stronger capital ratios following the bank's ongoing deleveraging, with the reported CET1 ratio improving to 14.4% at end-June 2018 from 12.6% at end-2016. Capital remains vulnerable to stresses given the still high stock of non-performing loans, but Moody's expects that improving asset quality, stronger profitability, and further deleveraging will lead to stronger loss-absorption capacity in the short-to-medium term.

KBCI's Adjusted BCA of ba1 is based on Moody's assessment of a very high probability of affiliate support from KBC Bank which leads to a four-notch uplift from its BCA of b2. This assessment is supported by the track record from the parent bank of providing support through capital injections and funding.

KBCI' deposits are likely to face moderate loss-given-failure driven by (1) the modest amount of junior deposits, and (2) the absence of junior debt instruments in the liability structure which would otherwise provide deposits with a cushion against losses. This results in no uplift from the bank's Adjusted BCA.

In Moody's view, the Irish government is unlikely to extend support to KBCI, which is reflected in the assigned low level of government support. As a result, Moody's has not incorporated any additional uplift for government support, leading to an assigned long-term deposit rating of Ba1.

2. KBC Bank, IFIMA and KBC Group

As a result of the sale of part of its Irish loan book, KBC Bank's asset risk profile improved, with a non-performing loan (NPL) ratio estimated at 4.5% pro-forma, down from 5.5% before the transaction, at end-September 2018. Moody's does not expect KBC Bank's NPL ratio to decrease materially below that level, absent any further asset disposals in its Irish subsidiary. On the other hand, the rating agency acknowledges the rapid and above-market-average loan growth in the bank's corporate portfolio and in international markets, especially in the Czech Republic. These developments reduce uncertainties over the bank's overall asset risk trend. Although the bank's credit costs have been very low in the past years (with net provision write-backs in 2017 and first nine months of 2018), fast-growing activities in corporate markets and Eastern Europe may entail new risks, which could partly offset the decrease of asset risk in its Irish subsidiary. The positive outlook assigned to KBC Bank's deposit rating, IFIMA's backed senior unsecured debt rating and KBC Group's senior unsecured debt rating reflects Moody's view that, over the next 12-18 months, asset risk improvement stemming from its Irish subsidiary will supersede other developments and may eventually lead to an upgrade of KBC Bank's baa1 BCA and Adjusted BCA.

KBC Bank's baa1 BCA also reflects its solid presence in Belgium and Central and Eastern European (CEE) countries, which supports its strong earnings power. The bank also benefits from strong capitalization, as evidenced by a Common Equity Tier 1 (CET1) ratio of 16% (Basel III fully loaded) as of end-September 2018, and sound funding and liquidity profiles. As at many other European banks, KBC Bank's net interest margins are suffering from the low interest rate environment, especially in Belgium, where re-pricing of deposits has reached a floor.

KBC Bank's deposit rating and IFIMA's backed senior unsecured debt rating benefit from extremely low and very low loss-given-failure, leading to a three-notch and two-notch uplift, respectively, from the bank's Adjusted BCA. Both ratings also reflect the moderate likelihood of support from the Belgian government, owing to KBC Bank's systemic presence in Belgium; which leads to an additional one-notch uplift from the bank's Adjusted BCA. KBC Group's senior unsecured debt rating benefits from a moderate loss-given-failure and a low probability of government support, leading to no uplift from the bank's Adjusted BCA.

OUTLOOK

The positive outlooks assigned to KBC Bank, IFIMA and KBC Group's long-term deposit, issuer and senior unsecured debt ratings, where applicable, reflect Moody's expectation that KBC Bank's asset risk will continue to improve, despite rapid loan growth in corporate sector and CEE countries. The positive outlook assigned to KBCI's long-term deposit rating reflects the positive outlook assigned to its parent.

WHAT COULD CHANGE RATINGS UP/DOWN

KBCI's long-term deposit ratings could be upgraded as a result of (1) an upgrade of its standalone BCA owing to further improvements of asset risk and/or a sustainable increase of profitability, (2) an upgrade of KBC Bank's BCA or (3) a significant increase in the bank's bail-in-able debt together with a decrease in the bank's tangible banking assets.

An upgrade of KBC Bank, IFIMA and KBC Group's long-term ratings could result from (1) significantly improved regulatory capital and asset risk ratios at the bank level; or (2) substantial issuance of senior debt by KBC Group, adding sustainable subordination in favor of KBC Bank's and IFIMA's senior creditors and volume benefiting KBC Group's senior creditors.

KBCI's ratings could be downgraded as a result of (1) a downgrade of its standalone BCA or (2) a reduction in the likelihood of support from the parent. KBCI's BCA could be downgraded as a result of a significant deterioration in the bank's capital level, a reversal in the improving profitability trend, or a deterioration in asset quality and provisioning coverage.

A downgrade of KBC Bank's BCA could occur as a result of (1) reduced profitability should both fees and net interest income decline; (2) reduced regulatory capital ratios at the bank and group levels, owing to a switch towards a more aggressive financial policy in terms of dividends, lending growth or acquisitions; and (3) a deterioration of asset quality.

A downgrade of KBC Bank's BCA would typically result in a downgrade of the long-term ratings of KBC Bank, IFIMA and KBC Group. These ratings could also be downgraded if there is a significant and sustainable decrease in the debt loss-absorption capacity, resulting in higher loss-given-failure for one or more instrument classes.

LIST OF AFFECTED RATINGS

Issuer: KBC Group N.V.

..Affirmations:

....Short-term Deposit Note/CD Program, affirmed P-2

....Long-term Issuer Rating, affirmed Baa1, outlook changed to Positive from Stable

....Short-term Issuer Rating, affirmed P-2

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Preferred Stock Non-cumulative, affirmed Ba1(hyb)

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: KBC Bank N.V.

..Affirmations:

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Long-term Bank Deposits, affirmed Aa3, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-1

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Baseline Credit Assessment, affirmed baa1

....Adjusted Baseline Credit Assessment, affirmed baa1

....Backed Junior Subordinated Regular Bond/Debenture, affirmed Baa3(hyb)

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: KBC Bank N.V., Succursale Francaise

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Aa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Counterparty Risk Ratings, affirmed Aa3

....Short-term Counterparty Risk Ratings, affirmed P-1

....Short-term Deposit Note/CD Program, affirmed P-1

..No Outlook assigned

Issuer: KBC IFIMA S.A.

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1, outlook changed to Positive from Stable

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Subordinate Regular Bond/Debenture, affirmed Baa2

....Backed Subordinate Medium-Term Note Program, affirmed (P)Baa2

....Backed Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Kredietbank North American Finance Corp

..Affirmation:

....Backed Commercial Paper, affirmed P-1

..No Outlook assigned

Issuer: KBC Bank Ireland PLC

..Upgrade:

....Baseline Credit Assessment, upgraded to b2 from b3

..Affirmations:

....Long-term Counterparty Risk Ratings, affirmed Baa2

....Short-term Counterparty Risk Ratings, affirmed P-2

....Long-term Bank Deposits, affirmed Ba1, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed NP

....Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Adjusted Baseline Credit Assessment, affirmed ba1

....Backed Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook changed to Positive from Stable

PRINCIPAL METHODOLOGY

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.

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.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

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.

Laurent Le Mouel
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
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.

​​​​​​​​