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Rating Action:

Moody's affirms six and downgrades six classes of JPMCC 2012-CIBX

01 Apr 2021

Approximately $685 million of structured securities affected

New York, April 01, 2021 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on six classes and downgraded the ratings on six classes in J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX, Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX, as follows:

Cl. A-4, Affirmed Aaa (sf); previously on May 22, 2020 Affirmed Aaa (sf)

Cl. A-4FL, Affirmed Aaa (sf); previously on May 22, 2020 Affirmed Aaa (sf)

Cl. A-4FX, Affirmed Aaa (sf); previously on May 22, 2020 Affirmed Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 22, 2020 Affirmed Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on May 22, 2020 Affirmed Aa2 (sf)

Cl. C, Downgraded to Baa1 (sf); previously on May 22, 2020 Affirmed A2 (sf)

Cl. D, Downgraded to Ba2 (sf); previously on May 22, 2020 Downgraded to Baa3 (sf)

Cl. E, Downgraded to Caa1 (sf); previously on May 22, 2020 Downgraded to B1 (sf)

Cl. F, Downgraded to Ca (sf); previously on May 22, 2020 Downgraded to Caa1 (sf)

Cl. G, Downgraded to C (sf); previously on May 22, 2020 Downgraded to Ca (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on May 22, 2020 Affirmed Aaa (sf)

Cl. X-B*, Downgraded to Caa2 (sf); previously on May 22, 2020 Downgraded to Caa1 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on five P&I classes were affirmed because of their credit support and the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges.

The ratings on five P&I classes were downgraded due to a decline in pool performance, higher anticipated losses and interest shortfall concerns, driven primarily by the continued decline in performance of three of the five largest non-defeased loans. Two regional malls, Jefferson Mall (7.9% of the pool) and Southpark Mall (7.4%) are in special servicing and the largest loan, theWit Hotel (9.9%), has suffered from declining net operating income (NOI) since securitization. Furthermore, Plaza Centro (3.1%), a retail center in Puerto Rico, has transferred to special servicing after a significant decline in occupancy and is in the process of foreclosure.

The rating on the IO class X-A was affirmed based on the credit quality of its referenced classes.

The rating on the IO Class X-B was downgraded due to a decline in the credit quality of its referenced classes. The IO Class references P&I classes, Cl. B through Cl. NR (Cl. NR is not rated by Moody's).

The coronavirus pandemic has had a significant impact on economic activity. Although global economies have shown a remarkable degree of resilience to date and are returning to growth, the uneven effects on individual businesses, sectors and regions will continue throughout 2021 and will endure as a challenge to the world's economies well beyond the end of the year. While persistent virus fears remain the main risk for a recovery in demand, the economy will recover faster if vaccines and further fiscal and monetary policy responses bring forward a normalization of activity. As a result, there is a heightened degree of uncertainty around our forecasts. Our analysis has considered the effect on the performance of commercial real estate from a gradual and unbalanced recovery in US economic activity. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

Moody's rating action reflects a base expected loss of 15.1% of the current pooled balance, compared to 11.4% at Moody's last review. Moody's base expected loss plus realized losses is now 8.6% of the original pooled balance, compared to 7.1% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance.

Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778 and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1190579. The methodologies used in rating interest-only classes were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778, "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1190579 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

DEAL PERFORMANCE

As of the March 17, 2021 distribution date, the transaction's aggregate certificate balance has decreased by 43% to $730.1 million from $1.29 billion at securitization. The certificates are collateralized by 36 mortgage loans ranging in size from less than 1% to 10.4% of the pool, with the top ten loans (excluding defeasance) constituting 58% of the pool. Eight loans, constituting 23% of the pool, have defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 13, compared to 14 at Moody's last review.

As of the March 2021 remittance report, loans representing 95% were current or within their grace period on their debt service payments and 5% were in foreclosure.

Ten loans, constituting 28% of the pool, are on the master servicer's watchlist, of which one loan, representing 2.2% of the pool, indicate the borrower has requested relief in relation to the coronavirus impact on the property. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.

One loan has been liquidated from the pool, resulting in an aggregate realized loss of $157,592 (for a minimal loss severity of less than 1%). Five loans, constituting 28% of the pool, are currently in special servicing. All of the specially serviced loans, representing 28% of the pool, have transferred to special servicing since March 2020.

The largest specially serviced loan is the Jefferson Mall Loan ($60.9 million -- 8.3% of the pool), which is secured by a 281,000 square feet (SF) portion of a 957,000 SF regional mall located in Louisville, Kentucky. The mall's non-collateral anchors include a former Sears, Dillard's and J.C. Penney. Macy's (152,000 SF) closed their store at this location before the end of 2017 and the sponsor, CBL & Associates Properties (CBL), then purchased the Macy's parcel. A portion (46,000 SF) of the former Macy's space has been partially backfilled by Round One Entertainment which features bowling, billiards, arcade games, karaoke, darts, ping pong and a kid's zone. Additionally, CBL has purchased the Sears parcel and leased it back to Sears on a 10-year lease with termination options with a 6-month advance notice. The collateral portion of the mall was 88% leased as of December 2020 compared to 94% as of December 2019, 96% in 2018 and 2017. The sponsor reported 2019 mall store sales of $397 per square foot (PSF) compared to $382 PSF in 2018. The loan transferred to special servicing in February 2020 due to imminent default as the borrower indicated they would not be able to pay off the loan at its June 2022 maturity date. The mall faces competition within the Louisville area from two Brookfield-owned malls, Oxmoor Center and Mall St. Matthews, both located approximately eight miles northeast of the subject property. The loan has amortized by approximately 14.5% since securitization and remains current on debt service payments as of March 2021. The loan was modified during August 2020 (maturity and IO period extension) and was returned to the master servicer in November 2020. However, the loan transferred back to special servicing during January 2021 due to imminent non-monetary default. The sponsor, CBL, filed for chapter 11 bankruptcy during November 2020. Moody's analysis accounted for the higher cash flow volatility and loss severity associated with Class B malls.

The second largest specially serviced loan is the Southpark Mall Loan ($56.7 million -- 7.8% of the pool), which is secured by a 390,000 SF portion of a 590,000 SF regional mall located in Colonial Heights, Virginia. The mall is located approximately 22 miles south of Richmond, Virginia, along Interstate-95. The current anchors include a 16-screen Regal Cinema (collateral) and two non-collateral tenants, JC Penney and Macy's. A former Sears, one of the original anchors, closed its store at this location in 2018. As a result, total mall occupancy declined to 68% as of December 2018, compared to 99% in 2017 and 98% at securitization. As of September 2020, inline occupancy was 95%, unchanged from 2019 and compared to 84% in 2018 and 85% in 2017. The increase in occupancy in 2019 can be partly attributed to a new lease with H&M for approximately 21,000 SF. As of September 2020, the total occupancy included a temporary tenant, Spirit Halloween (in the former Sears space) and was reported at 96%, however, excluding Spirit Halloween the occupancy would be reduced to 79%. The sponsor reported 2019 mall store sales of $388 PSF compared to $387 PSF in 2018. The loan transferred to special servicing in March 2020 due to imminent default as the borrower initially requested a loan modification and extension, however, due to the coronavirus impact the borrower has withdrew its request. The property benefits from being the only mall situated in the southern portion of the Richmond, VA MSA and is the only enclosed regional mall within a 25-mile radius. The loan has amortized by approximately 15.4% since securitization and remains current on debt service payments as of March 2021. The loan was granted temporary payment relief during July 2020 and was returned to the master servicer in November 2020. However, the loan transferred back to special servicing during February 2021 due to imminent balloon/maturity default. The sponsor, CBL, filed for chapter 11 bankruptcy during November 2020. Moody's analysis accounted for the higher cash flow volatility and loss severity associated with Class B malls.

The third largest specially serviced loan is The Court at Oxford Valley Loan ($51.9 million -- 7.1% of the pool), which is secured by a shadow anchored retail center in Fairless Hills, Pennsylvania. It is located approximately 25 miles from downtown Philadelphia, and 2 miles southwest of Interstate-95. Shadow anchors include BJ's Wholesale Club, Best Buy, Home Depot and Barnes and Noble. There was a Babies R Us (10% of NRA) at the center which vacated in June 2018 and Spirit Halloween has temporarily leased the space during seasonal times. The property was 96% leased as of December 2020 compared to 90% in December 2019, 98% in 2015 and 89% at securitization. The borrower states that recent underperformance is due to coronavirus outbreak related store closures and tenant deferral payment plans that were agreed upon during and for the second quarter of 2020. The loan transferred to special servicing in March 2021 due to non-monetary default ahead of its scheduled maturity in July 2021. Due to its historical performance, Moody's has included this loan in the conduit statistics mentioned further below.

The fourth largest specially serviced loan is the Plaza Centro Loan ($23.9 million -- 3.3% of the pool) which is secured by a 283,000 SF anchored retail center located in Caguas, Puerto Rico that has suffered from declining revenue and DSCR since securitization. Furthermore, the largest tenant, K-Mart (32% of the NRA), had a lease which expired in February 2020 and the borrower indicated that the tenant would not be renewing. As of June 2020, the property was 51% leased. The NOI DSCR has been close to or below 1.0X since 2017 due to lower rental revenue and increased expenses. The loan transferred to special servicing in June 2020 due to payment default and is paid through its June 2020 payment date. It has amortized approximately 13.5% since securitization. The cash management period commenced as a result of the payment default and the lender is sweeping all lockbox funds. All reserves were swept as well. The borrower has agreed to an uncontested receivership and foreclosure.

The fifth largest specially serviced loan is the Nittany Commons Loan ($9.5 million -- 1.3% of the pool), which is secured by a 120,391 SF retail center located in State College, Pennsylvania. The center was formerly anchored by a grocery store, Giant Foods (65,301 SF), which vacated during 2019 at its lease expiration. As a result, the center is now only 46% leased. The loan transferred to special servicing in March 2020 due to imminent monetary default. The borrower stated there is interest in the vacant space but a LOI has not been finalized. The loan is now fully cash managed with a cash trap in place. The loan has amortized by approximately 14.2% since securitization. The borrower has agreed to an uncontested receivership and foreclosure. The receiver was appointed during September 2020.

Moody's has also assumed a high default probability for two poorly performing loans, constituting 1.7% of the pool, and has estimated an aggregate loss of $76.2 million (a 46.7% expected loss on average) from these specially serviced and troubled loans.

As of the March 2021 remittance statement cumulative interest shortfalls were $685,874. Moody's anticipates interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), loan modifications and extraordinary trust expenses.

The credit risk of loans is determined primarily by two factors: 1) Moody's assessment of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessment of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan's amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.

Moody's received full year 2019 operating results for 100% of the pool, and full or partial year 2020 operating results for 95% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 110%, compared to 103% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 23% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 10.4%.

Moody's actual and stressed conduit DSCRs are 1.26X and 1.07X, respectively, compared to 1.33X and 1.12X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 23.8% of the pool balance. The largest loan is the theWit Hotel Loan ($76.0 million -- 10.4% of the pool), which is secured by a 310-room full-service hotel located in Chicago, Illinois. The property is a boutique hotel product in the Hilton Doubletree brand. The December 2019 trailing twelve month (TTM) occupancy and revenue per available room (RevPAR) figures were 80% and $178, respectively, compared to 84% and $193 for TTM December 2018. Property performance has declined significantly since securitization due to a decrease in room and F&B revenue as well as an increase in expenses. The decrease in revenues can be partially attributed to new inventory of rooms in the area and fewer citywide conventions in 2019 along with the roof patio being under renovation during the first half of 2019. The loan has amortized by approximately 13.2% since securitization, however, the 2019 reported NOI was more than 20% below its underwritten levels. The property was also impacted by civil unrest during May 2020 and insurance proceeds were received as a result. The loan remained current as of its March 2021 remittance statement. Moody's LTV and stressed DSCR are 140% and 0.93X, respectively, compared to 143% and 0.91X at the last review.

The second largest loan is the 100 West Putnam Loan ($67.9 million -- 9.3% of the pool), which is secured by a 156,000 SF class A suburban three building office complex located in Greenwich, Connecticut. The property is also encumbered by a $16 million B-Note. As of December 2020, the property was 68% leased, unchanged since the prior review and compared to 97% at securitization. The decrease in occupancy from securitization was driven partly by the departure of two tenants during the first half of 2016. Additionally, two other tenants downsized their spaces upon lease renewal. There is minimal lease rollover for the current tenants through 2022 and the loan has amortized by approximately 15.2% since securitization. Due to lower rental revenues and higher expenses, the property's NOI has been below underwritten levels since 2015. Moody's LTV and stressed DSCR are 128% and 0.82X, respectively, compared to 131% and 0.81X at the last review.

The third largest loan is the Residence Inn Palo Alto Loan ($29.9 million -- 4.1% of the pool), which is secured by a 156 key extended stay hotel located on the border of Palo Alto, California and Los Altos, California. The property has had strong historical occupancy, having been over 74.8% occupied every year since 2005. The property is located in close proximity to the headquarters of a number of high-technology companies who use the property to house employees during extended periods. Property performance has been strong since securitization, with the NCF consistently increasing due to strong demand and higher ADR. The loan has remained current throughout 2020 and has amortized approximately 14.5% since securitization. Moody's LTV and stressed DSCR are 97% and 1.25X, respectively, compared to 99% and 1.23X at the last review.

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.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's did not use any stress scenario simulations in its analysis.

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_1243406.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

Fred Kasimov
Associate Lead Analyst
Structured 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

Romina Padhi
VP - Senior Credit Officer
Structured Finance 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.
© 2021 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 JPY125,000 to approximately JPY550,000,000.

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

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