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Rating Action:

Moody's affirms six classes of UBS 2018-C15

11 May 2021

Approximately $481 million of structured securities affected

New York, May 11, 2021 -- Moody's Investors Service, ("Moody's") has affirmed the ratings on six classes in UBS Commercial Mortgage Trust 2018-C15, Commercial Mortgage Pass-Through Certificates, Series 2018-C15 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aaa (sf)

Cl. A-S, Affirmed Aa2 (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aa2 (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aaa (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 28, 2018 Definitive Rating Assigned Aaa (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on five principal and interest (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 rating on the interest-only (IO) class, Cl. X-A, was affirmed based on the credit quality of the referenced classes.

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 6.8% of the current pooled balance and Moody's base expected loss plus realized losses is 6.4% of the original pooled balance. 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 principal methodology used in rating all classes except interest-only classes was "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. 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 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 April 16, 2021 distribution date, the transaction's aggregate certificate balance has decreased by 5.5% to $611.0 million from $646.5 million at securitization. The certificates are collateralized by 40 mortgage loans ranging in size from less than 1% to 9.0% of the pool, with the top ten loans (excluding defeasance) constituting 54.4% of the pool. Four loans, constituting 19.8% of the pool, have investment-grade structured credit assessments. One loan, constituting 1% of the pool, has defeased and is 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 23, compared to 25 at securitization.

As of the April 2021 remittance report, loans representing 90% were current or within their grace period on their debt service payments, 1% were between 30 -- 59 days delinquent, and 4% were 90 days or more delinquent.

Twelve loans, constituting 33.2% of the pool, are on the master servicer's watchlist, of which five loans, representing 9.8% of the pool, indicate the borrower has requested relief/received loan modifications in relation to 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.

No loans have been liquidated from the pool and four loans, constituting 8.5% of the pool, are currently in special servicing. All of the specially serviced loans have transferred to special servicing since March 2020.

The largest specially serviced loan is the Princeton Marriott at Forrestal Loan ($24.0 million -- 3.9% of the pool), which is secured by a three-story, 302-room, full-service hotel located in Princeton, New Jersey. The property was built in 1982 and renovated in 2017 and 2018. The demand segmentation at securitization was 50% commercial, 35% meeting and group, and 15% leisure. The loan was transferred to special servicing in September 2020 for imminent monetary default. The borrower has submitted a request for relief and negotiations are ongoing. The special servicer is dual-tracking discussion and judicial foreclosure has been filed. The loan is interest-only through its entire term and is over 90 days delinquent.

The second largest specially serviced loan is the Nebraska Crossing Loan ($13.0 million -- 2.1% of the pool), which represents a pari-passu portion of a $71.5 million mortgage loan. The loan is secured by an approximately 367,000 square feet (SF), open-air regional outlet center located in Gretna, Nebraska, approximately 20 miles southwest of the Omaha central business district (CBD). The property is anchored by a non-collateral T.J. Maxx and HomeGoods. The largest collateral tenants include H&M (6.5% of net rentable area (NRA)), Under Armour (4.4% of NRA), and Old Navy (4.1% of NRA). As of March 2020, the property was 97% leased and 93% occupied. It was one of the first malls to re-open during the pandemic in May 2020. The loan was transferred to special servicing in May 2020 for imminent monetary default at the borrower's request as a result of the pandemic. The special servicer has since received approval for the request and draft consent documents have been sent to the borrower's counsel for review. The loan is within its initial five-year interest-only period and is over 90 days delinquent.

The third largest specially serviced loan is the Clevelander South Beach Loan ($10.0 million -- 1.6% of the pool), which represents a pari-passu portion of a $42.5 million mortgage loan. The loan is secured by a five-story, 59-room, full-service hotel located in the historic Art Deco District along Ocean Drive in Miami Beach, Florida. The property offers approximately 18,000 SF of entertainment and event space across food, beverage, and event outlets, was re-opened in October 2020. The loan was transferred to special servicing in May 2020 for imminent monetary default and relief request as a result of the pandemic. The borrower brought in a third-party consultant to represent them and all parties continue to assess the property performance while working toward potential reinstatement. The loan is within its initial five-year interest-only period and is over 90 days delinquent.

The remaining specially serviced loan is secured by a hotel property located in Derby, Kansas. Moody's has estimated an aggregate loss of $12.4 million (a 24% expected loss on average) for the specially serviced loans.

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 92% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit LTV is 116%, compared to 113% at securitization. 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 17.6% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 10.1%.

Moody's actual and stressed conduit DSCRs are 1.47X and 0.96X, respectively, compared to 1.55X and 1.01X at securitization. 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 largest loan with a structured credit assessment is the Great Value Storage Portfolio Loan ($55.0 million -- 9.0% of the pool), which represents a pari-passu portion of a $110.0 million mortgage loan. The property was also encumbered with a $166.0 million mezzanine debt at securitization. The loan is secured by 64 self-storage properties located across ten states with an aggregate of 30,811 units totaling approximately 4.1 million SF. The portfolio consists of 3,758 climate-controlled units, 25,560 non-climate controlled units, and 87 office/warehouse/retail storage units for approximately 99% of the NRA. The remaining area primarily consists of commercial units and campsites. There are also 1,380 covered and uncovered parking spaces, seven billboards, and two cell towers. As of March 2020, the portfolio was 71% occupied compared to 83% at year-end 2018, and 87% at securitization. The loan was initially placed on the watchlist in November 2019 for required repairs that have not been completed. Subsequently, the lockbox was activated due to financial statement delinquency and the loan sponsor is under FBI investigation. The loan is also being monitored for the defaulted subordinate mezzanine loan. The master servicer is reviewing applicable remedies and updates have been requested from the borrower. The loan is interest-only through its entire five-year term and is current through its April 2021 payment. Moody's structured credit assessment and stressed DSCR are baa2 (sca.pd) and 1.59X, respectively.

The second largest loan with a structured credit assessment is the Saint Louis Galleria Loan ($45.0 million -- 7.4% of the pool), which represents a pari-passu portion of a $240.0 million mortgage loan. The property was also encumbered with a $25.0 million mezzanine debt at securitization. The loan is secured by an approximately 465,700 SF portion of a 1.2 million SF, three-story, super-regional mall located approximately eight miles from downtown Saint Louis, Missouri. The property is anchored by a non-collateral Dillard's, Macy's, and Nordstrom. None of the collateral tenants represent more than 4% of NRA and the largest tenants include Galleria 6 Cinemas (4% of NRA), H&M (3% of NRA), and Victoria's Secret (3% of NRA). For the trailing twelve-month (TTM) through August 2018 in-line tenant sales were $647 per SF and $520 per SF when excluding Apple. The loan is within its initial five-year interest-only period and is current through its April 2021 payment. Moody's structured credit assessment and stressed DSCR are baa3 (sca.pd) and 1.10X, respectively.

The third largest loan with a structured credit assessment is the Five Points Plaza Loan ($10.8 million -- 1.8% of the pool), which is secured by an approximately 123,400 SF, 17-story, office building located in Atlanta Georgia. The property is fully leased to the United States Department of Housing and Urban Development (HUD) who has been at the property since 1999. HUD operates fourteen individual agencies at the property and the location serves as one of their regional offices. The initial 20-year lease was signed in 1999 and a four-year extension was executed in 2018 with a lease expiration in March 2023. The loan has amortized 4.8% since securitization and is current through its April 2021 payment.

The fourth largest loan with a structured credit assessment is the Christiana Mall Loan ($10.0 million -- 1.6% of the pool), which represents a pari-passu portion of a $338.0 million mortgage loan with $212.0 million of subordinate debt. The loan is secured by the borrower's fee and leasehold interest in an approximately 779,000 SF portion of a 1.3 million SF super-regional mall in Newark, Delaware. The property is located approximately 8.7 miles southwest of the Wilmington CBD and immediately off Interstate 95, benefiting from its own dedicated exit (4A - Mall Rd). The mall is anchored by a Macy's, JCPenney and Nordstrom all of which are not part of the collateral. Additional collateral anchors include a Target, Cabela's (subject to a ground lease) and a Cinemark theatre. Major in-line tenants at the property include Apple, Anthropologie, Barnes & Noble, H&M, Microsoft, Victoria's Secret and XXI Forever, among others. As of September 2020, the total property was 98% occupied with the inline space 94% occupied. As of the March 2020 trailing twelve months (TTM) sales report, inline space below 10,000 SF excluding food, jewelry and Apple was $592 PSF compared to $622 PSF as of December 2019. The loan is interest-only through its entire term and is current through its April 2021 payment. Moody's structured credit assessment and stressed DSCR are baa1 (sca.pd) and 1.35X, respectively.

The top three conduit loans represent 19.9% of the pool balance. The largest loan is the Heartland Dental Medical Office Portfolio Loan ($53.3 million -- 8.7% of the pool), which represents a pari-passu portion of a $175.0 million mortgage loan. The loan is secured by 169 properties totaling approximately 962,500 SF across 24 states. Heartland Dental and its affiliates lease approximately 796,200 SF (83% of NRA) at 168 properties, of which 104 properties are structured with single-tenant leases. The remainder of the portfolio's NRA is leased by unaffiliated medical office tenants. As of September 2020, the portfolio was 97% occupied, unchanged from securitization. The loan has amortized 3.0% since securitization and is current through its April 2021 payment. Moody's LTV and stressed DSCR are 107% and 1.09X, respectively, compared to 110% and 1.06X at securitization.

The second largest loan is the Staples Strategic Industrial Loan ($35.0 million -- 5.7% of the pool), which represents a pari-passu portion of a $126.1 million mortgage loan. The loan is secured by eight, industrial facilities which includes five fulfillment centers and three distribution centers located across seven states totaling approximately 4.0 million SF. The portfolio is master-leased and guaranteed by two affiliate companies, USR Parent Inc. and Staples, Inc. Although each company is independently capitalized and separately owned with dedicated management teams and separate supply chains, the companies share back office functions. The leases are triple-net with lease expirations in September 2038. As of December 2020, the portfolio was 100% leased. The loan was placed on the watchlist in February 2021 for delinquent taxes for multiple properties and the servicer is working with the borrower to ensure payment. The loan is interest-only through its entire term and is current through its April 2021 payment. Moody's LTV and stressed DSCR are 119% and 0.91X, respectively, unchanged from securitization.

The third largest loan is the CBBC Industrial Portfolio Loan ($33.0 million -- 5.4% of the pool), which represents a pari-passu portion of a $53.0 million mortgage loan. The loan is secured by four industrial properties totaling approximately 951,700 SF located in Florida (2 properties) and Texas (2 properties). The total portfolio includes cooler/freezer space (79% of NRA), warehouse space (17% of NRA), and office space (4% of NRA). The tenant and lease guarantor, CBBS Opco, LLC, commenced a 20-year triple-net lease on all four properties with a lease expiration in October 2038. As of December 2020, the portfolio was 100% leased. The loan is interest-only through its entire term and is current through its April 2021 payment. Moody's LTV and stressed DSCR are 120% and 0.90X, respectively, unchanged from securitization.

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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1263068.

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.

Amy Wang
Associate 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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