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 ratings of GE and GE Capital following update on GE Capital's insurance review; outlook stable

16 Jan 2018

NOTE: On February 26, 2018, the press release was corrected as follows: In the list of affected ratings, under the affirmations for General Electric Company, removed the “backed” designation from the last three bonds. Revised release follows.

New York, January 16, 2018 -- Moody's Investors Service ("Moody's") affirmed the ratings of General Electric Company ("GE"), including the A2 senior unsecured rating and the P-1 short term rating. Concurrently, Moody's also affirmed the ratings of GE Capital Global Holdings, LLC ("GE Capital") and its subsidiaries, including the A2 long-term issuer rating of GE Capital. The outlook of the ratings of GE, GE Capital and its subsidiaries is stable. These rating actions follow the announcement by GE that the company will incur a $7.5 billion after-tax charge in connection with a requisite increase in statutory reserves of approximately $15 billion related to GE Capital's run-off insurance activities due to adverse claims behavior in the company's long-term care policies.

RATINGS RATIONALE

Affirmation of the ratings is based on the actions that GE Capital plans to undertake to restore capital adequacy and preserve strong liquidity in response to the negative effects of the $7.5 billion insurance-related charge and $15 billion statutory capital contribution on GE Capital's leverage, liquidity and earnings. Moody's estimates that GE Capital's pro forma leverage, measured as tangible common equity to tangible managed assets, will deteriorate to approximately 7.4% from 10.8% at September 30, 2017 (including Moody's standard and non-standard adjustments). The actions that GE Capital plans to undertake include the suspension of dividends to GE and a further reduction of assets. Together with the increase in insurance reserves, this will moderate asset and refinancing risks and strengthen capital levels. Moody's estimates that GE Capital's plan will restore leverage to the company's September levels within two years and to within a more acceptable long-term range of 11% to 12% within three years.

Affirmation of GE's ratings furthermore considers that the statutory contribution to GE Capital's insurance activities does not require any funding from GE's industrial businesses, nor does Moody's expect that GE's industrial businesses will have to contribute any funds to GE Capital in order to help restore GE Capital's leverage. Moody's also views the negative effect on GE's industrial businesses of the measures that GE Capital plans to take to be limited, in part because GE Capital's dividends would have been very modest relative to historical levels. Still, the suspension of GE Capital's dividends heightens the imperative for GE to increase free cash flows of its industrial businesses.

GE's A2 senior unsecured rating reflects the breadth and depth of GE's position across a diverse set of end-markets that is sustained by technological leadership. Aided by a vast installed base and an equipment and services backlog of more than $320 billion, cash flows will show steady improvements over time as restructuring and portfolio shaping initiatives start to yield gains and GE heightens its focus on cash flows from its core businesses. Notwithstanding currently tempered free cash flows, GE's liquidity is good taking into account that GE does not have any material debt maturities until 2020 and maintains $20 billion of borrowing availability under its committed revolving credit facility.

GE's strong implicit and explicit support of GE Capital, including through debt guarantees and provision of borrowing capacity on an unconditional and irrevocable basis, results in Moody's equalization of GE Capital's senior unsecured rating with the senior unsecured rating of GE.

Moody's changed GE Capital's stand-alone credit profile to Baa3 from Baa2 to reflect the higher risk profile of the company's insurance activities, partially offset by GE Capital's plan to bolster insurance reserves, reduce leverage, and shrink assets within other business lines. However, Moody's does not expect that these measures fully compensate for the elevated claims experience and higher performance volatility of the insurance business, which could result in a need for additional capital support in the future.

The stable outlook of GE's ratings is predicated on Moody's expectation that the decline in revenues in GE's Power and Transportation segments will be offset by growth in other segments, most notably Aviation, resulting in modest organic revenue growth and EBITA margins of approximately 16% in 2018, calculated with GE's 62.5% ownership of Baker Hughes on a deconsolidated basis. GE Capital's stable ratings outlook reflects GE's strong support of GE Capital and the benefits to financial stability of the company's strong liquidity management.

The ratings of GE could be upgraded if the company demonstrates a material improvement in profitability, cash flows and return on assets, including EBITA margins that approach 20% and EBITA/Average assets of at least 12.5%, while pursuing a more balanced financial policy that lowers debt/EBITDA to less than 2.5 times and increases RCF/Net debt to at least 25%.

The ratings of GE could be downgraded if the company is unable to demonstrate meaningful improvements in free cash flow. The ratings could also be downgraded if Moody's expects that revenues in the Power segment will be subject to further declines beyond 2019 or that GE will be unable to restore operating margins in this segment to at least 15%; in the absence of continuing progress to lower debt/EBITDA towards 2.5 times; or if GE will be unable to sustain RCF/Net debt of at least 20%, including as a result of the deployment of proceeds from planned divestitures solely for share repurchases. An inability to maintain sufficient resources at GE Capital, including in the form of assets that can be divested, to meet the planned capital infusions into the insurance business, could also cause a ratings downgrade.

GE Capital's ratings could be upgraded if GE's ratings are upgraded and if GE's support of GE Capital, including of future debt issuance, remains strong. A downgrade of GE Capital's ratings could result from a weakening of GE's support or weaker than anticipated support of future debt issuance. GE Capital's standalone credit profile could improve if the company successfully executes its remediation plan and also meaningfully reduces its insurance exposures. Conversely, GE Capital's standalone credit profile could be lowered if insurance business losses increase, resulting in a material deterioration of capital and earnings.

Affected ratings:

Affirmations:

..Issuer: General Electric Company*

*Inclusive of debt originally issued by General Electric Capital Corporation and certain of its subisidiaries, assumed by General Electric Company

.... Commercial Paper, Affirmed P-1

.... Issuer Rating, Affirmed A2

....Subordinate Shelf, Affirmed (P)A3

....Senior Unsecured Shelf, Affirmed (P)A2

....Preferred Shelf, Affirmed (P)Baa1

....Pref. Stock Non-cumulative Preferred Stock, Affirmed Baa1

....Senior Unsecured Commercial Paper, Affirmed P-1

....Senior Secured Regular Bond/Debenture, Affirmed A1

....Senior Unsecured Regular Bond/Debenture, Affirmed A2

....Subordinate Regular Bond/Debenture, Affirmed A2

....Subordinate Regular Bond/Debenture, Affirmed A3

....Senior Subordinated Regular Bond/Debenture, Affirmed A3

..Issuer: Security Capital Group Incorporated

....BACKED Senior Unsecured Regular Bond/Debenture, Affirmed A2

..Issuer: Montgomery (City of) AL, Industrial Devel Bd

....Revenue Bonds, Affirmed A2

....Revenue Bonds, Affirmed VMIG 1

..Issuer: New York State Environmental Facilities Corp.

....BACKED Revenue Bonds, Affirmed A2

....BACKED Revenue Bonds, Affirmed P-1

..Issuer: Upper Illinois River Valley Dev. Authority

....BACKED Revenue Bonds, Affirmed A2

Outlook Actions:

..Issuer: General Electric Company

....Outlook, Remains Stable

..Issuer: General Electric Capital Services, Inc.

....Outlook, Changed To No Outlook From Stable

..Issuer: Security Capital Group Incorporated

....Outlook, Remains Stable

..Issuer: SUSA Partnership, L.P.

....Outlook, Changed To No Outlook From Stable

Affected ratings of GE Capital and its subsidiaries:

Affirmations:

..Issuer: GE Capital Australia Funding Pty. Ltd.

.... BACKED Subordinate MTN, Affirmed (P)A3

.... BACKED Senior Unsecured MTN, Affirmed (P)A2

.... BACKED Other Short Term, Affirmed (P)P-1

.... BACKED Senior Unsecured, Affirmed A2, stable

..Issuer: GE Capital Canada Funding Company

....BACKED Senior Unsecured MTN, Affirmed (P)A2

.... BACKED Senior Unsecured, Affirmed A2, stable

..Issuer: GE Capital EFS Financing Inc.

.... Long term Issuer Rating, Affirmed A2

..Issuer: GE Capital European Funding

....BACKED Subordinate MTN, Affirmed (P)A3

....BACKED Senior Unsecured MTN, Affirmed (P)A2

....BACKED Other Short Term, Affirmed (P)P-1

....BACKED Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured, Affirmed A2, stable

..Issuer: GE Capital Global Holdings, LLC

....Long term Issuer Rating, Affirmed A2

....Short term Issuer Rating, Affirmed P-1

..Issuer: GE Capital International Funding Company

.... BACKED Senior Unsecured, Affirmed A2

..Issuer: GE Capital Treasury Services (U.S.) LLC

.... BACKED Commercial Paper, Affirmed P-1

..Issuer: GE Capital UK Funding

....BACKED Subordinate MTN, Affirmed (P)A3

....BACKED Senior Unsecured MTN, Affirmed (P)A2

....BACKED Other Short Term, Affirmed (P)P-1

....BACKED Commercial Paper, Affirmed P-1

....BACKED Senior Unsecured, Affirmed A2, stable

..Issuer: General Electric Capital Canada Inc.

.... BACKED Senior Unsecured MTN, Affirmed (P)A2

.... BACKED Other Short Term, Affirmed (P)P-1

.... BACKED Senior Unsecured, Affirmed A2, stable

Outlook Actions:

..Issuer: GE Capital Australia Funding Pty. Ltd.

....Outlook, Remains Stable

..Issuer: GE Capital Canada Funding Company

....Outlook, Remains Stable

..Issuer: GE Capital EFS Financing Inc.

....Outlook, Remains Stable

..Issuer: GE Capital European Funding

....Outlook, Remains Stable

..Issuer: GE Capital Global Holdings, LLC

....Outlook, Remains Stable

..Issuer: GE Capital International Funding Company

....Outlook, Remains Stable

..Issuer: GE Capital Treasury Services (U.S.) LLC

....Outlook, Remains Stable

..Issuer: GE Capital UK Funding

....Outlook, Remains Stable

..Issuer: General Electric Capital Canada Inc.

....Outlook, Remains Stable

The methodologies used in rating General Electric Company, General Electric Capital Corporation, Security Capital Group Incorporated, General Electric Capital Services, Inc., SUSA Partnership, L.P., GE Capital Franchise Finance Corporation, Montgomery (City of) AL, Industrial Devel Bd, New York State Environmental Facilities Corp. and Upper Illinois River Valley Dev. Authority were Global Manufacturing Companies published in June 2017 and Captive Finance Subsidiaries of Nonfinancial Corporations published in December 2015.

The principal methodology used in rating GE Capital Global Holdings, LLC, General Electric Capital Canada Inc., GE Capital Australia Funding Pty. Ltd., GE Capital Canada Funding Company, GE Capital EFS Financing Inc., GE Capital European Funding, GE Capital International Funding Company, GE Capital Treasury Services (U.S.) LLC and GE Capital UK Funding was Finance Companies published in December 2016.

Please see the Rating Methodologies 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 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.

The person who approved General Electric Company credit ratings is Robert Jankowitz, MD-Corporate Finance, Corporate Finance Group, Journalists 1 212 553 0376, 1 212 553 1653.

The person who approved General Electric Capital Corporation, Security Capital Group Incorporated, General Electric Capital Services, Inc., SUSA Partnership, L.P., GE Capital Franchise Finance Corporation, GE Capital Global Holdings, LLC, General Electric Capital Canada Inc., GE Capital Australia Funding Pty. Ltd., GE Capital Canada Funding Company, GE Capital EFS Financing Inc., GE Capital European Funding, GE Capital International Funding Company, GE Capital Treasury Services (U.S.) LLC and GE Capital UK Funding credit ratings is Ana Arsov, MD-Financial Institutions, Financial Institutions Group, Journalists 1 212 553 0376, 1 212 553 1653.

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.

Rene Lipsch
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Robert Jankowitz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Mark Wasden
VP - Sr Credit Officer
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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