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Related Issuers
American Express Credit Account Master Trust, Series 2002-5
American Express Credit Account Master Trust, Series 2004-1
American Express Credit Account Master Trust, Series 2004-2
American Express Credit Account Master Trust, Series 2004-3
American Express Credit Account Master Trust, Series 2004-4
American Express Credit Account Master Trust, Series 2004-5
American Express Credit Account Master Trust, Series 2005-1
American Express Credit Account Master Trust, Series 2005-2
American Express Credit Account Master Trust, Series 2005-4
American Express Credit Account Master Trust, Series 2005-5
American Express Credit Account Master Trust, Series 2005-7
American Express Credit Account Master Trust, Series 2005-8
American Express Credit Account Master Trust, Series 2006-1
American Express Credit Account Master Trust, Series 2006-2
American Express Credit Account Master Trust, Series 2006-3
American Express Credit Account Master Trust, Series 2006-A
American Express Credit Account Master Trust, Series 2006-B
American Express Credit Account Master Trust, Series 2007-1
American Express Credit Account Master Trust, Series 2007-2
American Express Credit Account Master Trust, Series 2007-3
American Express Credit Account Master Trust, Series 2007-4
American Express Credit Account Master Trust, Series 2007-5
American Express Credit Account Master Trust, Series 2007-6
American Express Credit Account Master Trust, Series 2007-7
American Express Credit Account Master Trust, Series 2007-8
American Express Credit Account Master Trust, Series 2008-1
American Express Credit Account Master Trust, Series 2008-2
American Express Credit Account Master Trust, Series 2008-3
American Express Credit Account Master Trust, Series 2008-4
American Express Credit Account Master Trust, Series 2008-5
American Express Credit Account Master Trust, Series 2008-6
American Express Credit Account Master Trust, Series 2008-7
American Express Credit Account Master Trust, Series 2008-8
American Express Credit Account Master Trust, Series 2008-9
American Express Credit Account Master Trust, Series 2008-A
American Express Credit Account Secured Note Trust 2004-1
American Express Credit Account Secured Note Trust 2004-2
American Express Credit Account Secured Note Trust 2004-3
American Express Credit Account Secured Note Trust 2004-4
American Express Credit Account Secured Note Trust 2004-5
American Express Credit Account Secured Note Trust 2004-C
American Express Credit Account Secured Note Trust 2005-1
American Express Credit Account Secured Note Trust 2005-2
American Express Credit Account Secured Note Trust 2005-4
American Express Credit Account Secured Note Trust 2005-5
American Express Credit Account Secured Note Trust 2005-7
American Express Credit Account Secured Note Trust 2005-8
American Express Credit Account Secured Note Trust 2006-1
American Express Credit Account Secured Note Trust 2006-2
American Express Credit Account Secured Note Trust 2006-3
American Express Credit Account Secured Note Trust 2006-A
American Express Credit Account Secured Note Trust 2006-B
American Express Credit Account Secured Note Trust 2007-1
American Express Credit Account Secured Note Trust 2007-2
American Express Credit Account Secured Note Trust 2007-3
American Express Credit Account Secured Note Trust 2007-6
American Express Credit Account Secured Note Trust 2007-7
American Express Credit Account Secured Note Trust 2007-8
American Express Credit Account Secured Note Trust 2008-1
American Express Credit Account Secured Note Trust 2008-2
American Express Credit Account Secured Note Trust 2008-3
American Express Credit Account Secured Note Trust 2008-4
American Express Credit Account Secured Note Trust 2008-5
American Express Credit Account Secured Note Trust 2008-6
American Express Credit Account Secured Note Trust 2008-7
American Express Credit Account Secured Note Trust 2008-8
American Express Credit Account Secured Note Trust 2008-9
American Express Credit Account Secured Notes Trust 2007-4
American Express Credit Account Secured Notes Trust 2007-5
American Express Issuance Trust, Series 2005-1
American Express Issuance Trust, Series 2005-2
American Express Issuance Trust, Series 2007-1
American Express Issuance Trust, Series 2007-2
American Express Issuance Trust, Series 2008-1
American Express Issuance Trust, Series 2008-2
Announcement:

Moody's affirms ratings on American Express' credit card and charge card securities

23 Oct 2008
Moody's affirms ratings on American Express' credit card and charge card securities

Up to $39.4 billion of asset-backed securities affected

New York, October 23, 2008 -- Moody's Investors Service has affirmed the ratings on 122 classes of asset-backed securities issued by American Express' credit card and charge card trusts.

This affirmation addresses Moody's October 20, 2008 downgrade of American Express Company ("Amex", senior to A2 from A1) and its subsidiaries, including its banks American Express Centurion Bank (senior to A1 from Aa3) and American Express Bank FSB (senior to A1 from Aa3). American Express Travel Related Services, Inc. ("TRS") was also downgraded (senior to A1 from Aa3). The rating outlook for Amex and it subsidiaries is negative. These rating actions conclude the rating review of Amex that was initiated on August 7, 2008.

TRS is the seller/servicer for the related credit card and charge card trusts. The viability of revolving securitization programs is highly correlated to the credit strength of the seller/servicer. This evaluation of the seller/servicer's credit strength is therefore an important consideration in Moody's credit opinion of the program's outstanding asset-backed securities. It is Moody's opinion that higher-rated seller/servicers are more likely to maintain the ongoing servicing and origination requirements of such a program.

The collateral performance of the securitized Amex credit card and charge card portfolios generally remains within the bounds of Moody's expectations and is not a principal factor in the ratings affirmation of the asset-backed securities. Nevertheless, for both Amex and the broader credit card market, Moody's expects collateral performance will likely deteriorate throughout 2008 and 2009 as delinquency and charge-off rates continue to rise. In addition, Moody's has a negative outlook on the credit card sector.

Downward rating pressure on Amex's credit and charge card securities could ensue as the result of either a further weakening of TRS's credit strength, or collateral deterioration in the trusts in excess of Moody's expectations.

The ratings on the following securities were affirmed:

Issuer: American Express Credit Account Master Trust

$495,000,000 Class A Floating Rate Asset Backed Certificates, Series 2002-5, rated Aaa

$48,000,000 Class B Floating Rate Asset Backed Certificates, Series 2002-5, rated Aa3

$668,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-1, rated Aaa

$60,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-1, rated Aa3

$334,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-2, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-2, rated Aa3

$522,000,000 Class A Fixed Rate Asset Backed Certificates, Series 2004-3, rated Aaa

$30,000,000 Class B Fixed Rate Asset Backed Certificates, Series 2004-3, rated Aa3

$918,500,000 Class A Floating Rate Asset Backed Certificates, Series 2004-4, rated Aaa

$82,500,000 Class B Floating Rate Asset Backed Certificates, Series 2004-4, rated Aa3

$835,000,000 Class A Floating Rate Asset Backed Certificates, Series 2004-5, rated Aaa

$75,000,000 Class B Floating Rate Asset Backed Certificates, Series 2004-5, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2005-1, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2005-1, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2005-2, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2005-2, rated Aa3

$417,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-4, rated Aaa

$37,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-4, rated Aa3

$918,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-5, rated Aaa

$82,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-5, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-7, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-7, rated Aa3

$417,500,000 Class A Floating Rate Asset Backed Certificates, Series 2005-8, rated Aaa

$37,500,000 Class B Floating Rate Asset Backed Certificates, Series 2005-8, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2006-A, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2006-A, rated Aa3

$584,500,000 Class A Floating Rate Asset Backed Certificates, Series 2006-B, rated Aaa

$52,500,000 Class B Floating Rate Asset Backed Certificates, Series 2006-B, rated Aa3

$835,000,000 Class A Floating Rate Asset Backed Certificates, Series 2006-1, rated Aaa

$75,000,000 Class B Floating Rate Asset Backed Certificates, Series 2006-1, rated Aa3

$437,500,000 Class A Fixed Rate Asset Backed Certificates, Series 2006-2, rated Aaa

$27,500,000 Class B Fixed Rate Asset Backed Certificates, Series 2006-2, rated Aa3

$501,000,000 Class A Floating Rate Asset Backed Certificates, Series 2006-3, rated Aaa

$45,000,000 Class B Floating Rate Asset Backed Certificates, Series 2006-3, rated Aa3

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-1, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-1, rated A2

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-2, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-2, rated A2

$528,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-3, rated Aaa

$33,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-3, rated A2

$704,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-4, rated Aaa

$44,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-4, rated A2

$440,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-5, rated Aaa

$27,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-5, rated A2

$880,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-6, rated Aaa

$55,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-6, rated A2

$792,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-7, rated Aaa

$49,500,000 Class B Floating Rate Asset Backed Certificates, Series 2007-7, rated A2

$1,056,000,000 Class A Floating Rate Asset Backed Certificates, Series 2007-8, rated Aaa

$66,000,000 Class B Floating Rate Asset Backed Certificates, Series 2007-8, rated A2

$2,530,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-1, rated Aaa

$158,125,000 Class B Floating Rate Asset Backed Certificates, Series 2008-1, rated A2

$1,200,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-2, rated Aaa

$75,001,000 Class B Floating Rate Asset Backed Certificates, Series 2008-2, rated A2

$1,500,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-3, rated Aaa

$93,751,000 Class B Floating Rate Asset Backed Certificates, Series 2008-3, rated A2

$535,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-4, rated Aaa

$33,438,000 Class B Floating Rate Asset Backed Certificates, Series 2008-4, rated A2

$800,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-5, rated Aaa

$50,000,000 Class B Floating Rate Asset Backed Certificates, Series 2008-5, rated A2

Up to $5,000,000,000 Class A Asset Backed Certificates, Series 2008-A, rated Aaa

Up to $312,505,000 Class B Asset Backed Certificates, Series 2008-A, rated A2

$1,350,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-6, rated Aaa

$84,375,000 Class B Floating Rate Asset Backed Certificates, Series 2008-6, rated A2

$525,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-7, rated Aaa

$32,813,000 Class B Floating Rate Asset Backed Certificates, Series 2008-7, rated A2

$650,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-8, rated Aaa

$40,625,000 Class B Floating Rate Asset Backed Certificates, Series 2008-8, rated A2

$550,000,000 Class A Floating Rate Asset Backed Certificates, Series 2008-9, rated Aaa

$34,375,000 Class B Floating Rate Asset Backed Certificates, Series 2008-9, rated A2

Issuer: American Express Credit Account Secured Note Trust 2004-C

$57,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-1

$72,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-2

$36,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-3

$48,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-4

$99,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2004-5

$90,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-1

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-2

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured note Trust 2005-4

$45,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-5

$99,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-7

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2005-8

$45,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-A

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-B

$63,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-1

$90,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-2

$35,000,000 Fixed Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2006-3

$54,000,000 Floating Rate Secured Notes, rated Baa1

Issuer: American Express Credit Account Secured Note Trust 2007-1

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-2

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-3

$39,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-4

$52,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-5

$32,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-6

$65,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-7

$58,500,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2007-8

$78,000,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-1

$186,875,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-2

$88,637,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-3

$110,796,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-4

$39,518,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-5

$59,091,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-6

$99,716,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-7

$38,779,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-8

$48,012,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Credit Account Secured Note Trust 2008-9

$40,625,000 Floating Rate Secured Notes, rated Baa2

Issuer: American Express Issuance Trust

$558,000,000 Class A Floating Rate Asset Backed Notes, Series 2005-1, rated Aaa

$12,000,000 Class B Floating Rate Asset Backed Notes, Series 2005-1, rated A2

$30,000,000 Class C Floating Rate Asset Backed Notes, Series 2005-1, rated Baa2

$558,000,000 Class A Floating Rate Asset Backed Notes, Series 2005-2, rated Aaa

$12,000,000 Class B Floating Rate Asset Backed Notes, Series 2005-2, rated A2

$30,000,000 Class C Floating Rate Asset Backed Notes, Series 2005-2, rated Baa2

$930,000,000 Class A Floating Rate Asset Backed Notes, Series 2007-1, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Notes, Series 2007-1, rated A2

$40,000,000 Class C Floating Rate Asset Backed Notes, Series 2007-1, rated, Baa2

$930,000,000 Class A Floating Rate Asset Backed Notes, Series 2007-2, rated Aaa

$30,000,000 Class B Floating Rate Asset Backed Notes, Series 2007-2, rated A2

$40,000,000 Class C Floating Rate Asset Backed Notes, Series 2007-2, rated Baa2

$850,000,000 Class Floating Rate Asset Backed Notes, Series 2008-1, rated Aaa

$27,420,000 Class B Floating Rate Asset Backed Notes, Series 2008-1, rated A2

$36,560,000 Class C Floating Rate Asset Backed Notes, Series 2008-1, rated Baa2

$1,000,000,000 Class A Fixed Rate Asset Backed Notes, Series 2008-2, rated Aaa

$26,526,000 Class B Floating Rate Asset Backed Notes, Series 2008-2, rated A2

$34,483,000 Class C Floating Rate Asset Backed Notes, Series 2008-2, rated Baa2

American Express Company is a New York-based holding company that is comprised of a group of operating and financing subsidiaries that operates in the global payment-services, charge card, credit card and travel services industries. As of September 30, 2008, American Express reported total managed assets of $157 billion and shareholders equity of $13 billion.

For more information, please visit http://www.moodys.com.

New York
Mark DiRienz
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gregory J. Gemson
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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 JPY100,000 to approximately JPY550,000,000.

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

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