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Related Issuers
ACS Trust 2004-1
Ann Funding One
Ann Funding Three Co., Ltd.
Aplus Master Trust Series 2006-1
Aquarius Master Trust Series 2006-S/C-a Senior Beneficial Interests
C Beneficial Interests Series 2007-1
Card Loan Master Trust Series 2005 - VI 70 - 000004 - 143
CF Card Cashing Receivable Trust Series 1
CF Card Cashing Receivable Trust Series 2
Clare 12 Special Purpose Company
Clare 13 Special Purpose Company
Clare Eight Special Purpose Company
Clare Eleven Special Purpose Company
Clare Five Special Purpose Company
Clare Master Trust Series 2004-2 CC Senior Beneficial Interest B
Clare Nine Special Purpose Company
Clare Seven Special Purpose Company
Clare Six Special Purpose Company
Clare Ten Special Purpose Company
Consumer Loan Securitization Trust 2004
DIO Master Trust
Golden Gate One, LLC.
Golden Gate One, LLC. - Class A Bonds
Guardian Program
Hokkaisenmontenkai Asset Backed Syndicated Commitment Line
J Finance Corporation
KC Card Trust 1
KC Money Card Trust 1
KC Money Card Trust 2
KYTHO No.1
L Beneficial Interests 2007-2
LC Trust 1
LC Trust 2
LC Trust 3
Lena C 05-1 TMK
Life Trust 2003 Series I (Multi-asset)
Mix Trust Certificate 2007-1
Mix Trust Certificate 2007-2
Nippon Shinpan & Akita Nippon Shinpan's Credit Card Loan Receivables ABS (J-Cashing III)
OCC Card Loan Trust 5
OCC Master Trust Series 2003-1
Olympia Master Trust Series 2006-2
Olympia Master Trust Series 2007-1
OMC Card Trust 2006
OMC Card Trust 2007-I
OMC Card Trust 2007-II
ONE 2007-1 Beneficial Interests
Orangerie Investments Special Purpose Company
Orangerie Master Trust Series 2005-1
Orangerie No. 3
Orangerie No.4
Orchid Eight Special Purpose Company
Orchid Five Special Purpose Company
Orchid Seven Special Purpose Company
Orchid Six Special Purpose Company
Project Golden Gate One
Rainbow One Co., Ltd.
Rainbow One Co., Ltd. Class X Fixed Rate Bonds
Rainbow One Co., Ltd. JPY50billion Class A Floating Rate Bonds
Rakuten KC Card Trust 2
Rakuten KC Card Trust 3
Rakuten KC Card Trust 4
Rakuten KC Money Card Trust 4
Rakuten KC Money Card Trust 5
Trust Agreement No.00006506 Senior Beneficial Interest
Rating Action:

Moody's affirms the ratings of several credit card and consumer loan ABS in Japan

20 Nov 2007
Moody's affirms the ratings of several credit card and consumer loan ABS in Japan

Tokyo, November 20, 2007 -- Moody's Investors Service has affirmed the ratings of several Japanese ABS transactions backed by credit-card cash advance receivables or unsecured consumer loans. The affirmation follows our special report released on November 16, 2007, describing the recent expansion of overpaid interest risk. These transactions have limited exposure to this risk and, at this point, a review of the current ratings will not be necessary.

Moody's, however, will continue to pay utmost attention to the industry trends in the course of monitoring all ABS transactions in Japan backed by credit-card cash advance receivables or unsecured consumer loans.

Overpaid interest risk is described in detail in the special report "Japanese Consumer Finance Loan ABS: Expansion of Overpaid Interest Risk". (English version will be available shortly.)

The ratings on the following transactions have been affirmed:

Deal Name: Aquarius Master Trust Series 2006-C-a Senior Beneficial Interest

Issue Date: June 16, 2006

JPY 7,000,000,000 Senior Card Cashing Receivables Beneficial Interest, rated Aaa

Deal Name: Aplus Master Trust

Seller / Servicer: Aplus Co., Ltd.

JPY 17,000,000,000 Series 2006-1 Senior Beneficial Interest due April 2014, rated Aaa

Deal Name: Ann Funding One Limited Recourse Secured Floating Rate Notes

Seller / Servicer: Nippon Shinpan Co., Ltd. (currently Mitsubishi UFJ NICOS Co., Ltd.)

Issue Date: June 9, 2004

JPY 3,790,000,000 Class D due April 2014, rated Aaa

Deal Name: Ann Funding Three Limited Recourse Secured Notes

Seller / Servicer: Nippon Shinpan Co., Ltd. (currently Mitsubishi UFJ NICOS Co., Ltd.)

Issue Date: January 13, 2005

JPY 69,820,000,000 Class A due March 2013, rated Aaa

JPY 7,480,000,000 Class B due March 2013, rated Aa2

JPY 5,620,000,000 Class C due March 2013, rated A2

JPY 7,260,000,000 Class D due March 2013, rated Baa2

Deal Name: ACS Trust 2004-1

Seller / Servicer: Aeon Credit Service Co., Ltd.

Issue Date: January 29, 2004

JPY 1,700,000,000 Class B Senior Beneficial Interest due January 2011, rated Aaa

JPY 1,700,000,000 Class C Senior Beneficial Interest due January 2011, rated Aaa

JPY 1,700,000,000 Class D Senior Beneficial Interest due January 2011, rated Aaa

JPY 1,700,000,000 Class E Senior Beneficial Interest due January 2011, rated Aaa

JPY 1,500,000,000 Class F Senior Beneficial Interest due January 2011, rated Aaa

Deal Name: LC Trust 1

Seller / Servicer: Life Co., Ltd.

Issue Date: November 29, 2002

JPY 7,000,000,000 Cashing Senior Trust Certificates due November 2009, rated Aaa

JPY 10,000,000,000 Playcard Senior Trust Certificates due November 2009, rated Aaa

Deal Name: LC Trust 2

Seller / Servicer: Life Co., Ltd.

Issue Date : April 30, 2003

JPY 6,000,000,000 Card Cashing Senior Trust Certificates due October 2010, rated Aaa

Deal Name: LC Trust 3

Seller / Servicer: Life Co., Ltd.

Issue Date: November 29, 2005

JPY 30,000,000,000 Beneficial Interest due May 2014, rated Aaa

Deal Name: L Beneficial Interests

Issue Date: September 28, 2007

JPY 8,100,000,000 Series 2007-2 Beneficial Interests A due September 2015, rated Aaa

JPY 3,900,000,000 Series 2007-2 Beneficial Interests B due September 2015, rated Baa2

Deal Name: OMC Card Trust 2006

Seller / Servicer: OMC Card, Inc.

Issue Date: December 13, 2006

JPY 10,000,000,000 Senior Trust Certificates due November 2014, rated Aaa

Deal Name: OMC Card Trust 2007-I

Seller / Servicer: OMC Card, Inc.

Issue Date: March 13, 2007

JPY 5,000,000,000 Senior Trust Certificates due March 2015, rated Aaa

JPY 5,000,000,000 Trust ABL due March 2015, rated Aaa

Deal Name: OMC Card Trust 2007-II

Seller / Servicer: OMC Card, Inc.

Issue Date : July 10, 2007

JPY 20,000,000,000 Senior Trust Certificates due August 2014, rated Aaa

Deal Name: Orchid Five Special Purpose Company

Issue Date: March 22, 2005

JPY 42,200,000,000 Class S due March 2010, rated Aaa

JPY 8,800,000,000 Class M due March 2010, rated Aaa

Deal Name: Orchid Six Special Purpose Company

Issue Date: October 21, 2005

JPY 28,200,000,000 Class A due October 2011, rated Aaa

JPY 3,400,000,000 Class B due October 2011, rated Aa3

JPY 1,400,000,000 Class C due October 2011, rated A3

Deal Name: Orchid Seven Special Purpose Company

Issue Date: July 10, 2006

JPY 13,200,000,000 Series 1 Class A1 Specified Bonds due April 2012, rated Aaa

JPY 17,000,000,000 Series 1 Class A2 Specified Bonds due April 2012, rated Aaa

JPY 4,000,000,000 Series 1 Class B Specified Bonds due April 2012, rated A2

JPY 1,600,000,000 Series 1 Class C Specified Bonds due April 2012, rated Baa2

Deal Name: Orchid Eight Special Purpose Company

Issue Date: October 31, 2006

JPY 4,600,000,000 Series 1 Class A1 Specified Bonds due October 2012, rated Aaa

JPY 9,600,000,000 Series 1 Class A2 Specified Bonds due October 2012, rated Aaa

JPY 2,000,000,000 Series 1 Class B Specified Bonds due October 2012, rated A2

JPY 800,000,000 Series 1 Class C Specified Bonds due October 2012, rated Baa2

Deal Name: OCC Card Loan Trust 5

Seller / Servicer: ORIX Credit Corporation

Issue Date: August 24, 2007

JPY 43,600,000,000 Senior Beneficial Interest due August 2014, rated Aaa

Deal Name: OCC Master Trust

Seller / Servicer: ORIX Credit Corporation

Issue Date: March 27, 2003

JPY 30,000,000,000 Series 2003-1 Senior Beneficial Interest due March 2011, rated Aaa

Deal Name: Orangerie No. 3

Seller / Servicer: OMC Card, Inc.

Issue Date: April 30, 2004

JPY 20,000,000,000 Fixed Rate Senior Beneficial Interest due April 2012, rated Aaa

Deal Name: Orangerie No. 4 Senior Beneficial Interests

Seller / Servicer: OMC Card, Inc.

Issue Date: November 30, 2004

JPY 14,000,000,000 Class A Senior Beneficial Interest due May 2014, rated Aaa

JPY 10,000,000,000 Class B Senior Beneficial Interest due May 2014, rated Aaa

Deal Name: Orangerie Investments Special Purpose Company Floating Rate ABS

Seller / Servicer: OMC Card, Inc.

Issue Date: January 23, 2003

JPY 1,000,000,000 Class A-12 due February 2011, rated Aaa

JPY 1,000,000,000 Class A-13 due February 2011, rated Aaa

JPY 1,000,000,000 Class A-14 due February 2011, rated Aaa

JPY 1,000,000,000 Class A-15 due February 2011, rated Aaa

Deal Name: Orangerie Master Trust Series 2005-1

Seller / Servicer: OMC Card, Inc.

Issue Date: October 31, 2005

JPY 20,000,000,000 Class 3-A Beneficial Interest, rated Aaa

Deal Name: Olympia Master Trust 2006-2

Issue Date: September 15, 2006

JPY 4,000,000,000 Beneficial Interest due September 2013, rated Aaa

Deal Name: Olympia Master Trust 2007-1

Issue Date: June 26, 2007

JPY 13,000,000,000 Beneficial Interest due June 2014, rated Aaa

Deal Name: Guardian Program

Issue Date: July 14, 2006

JPY 50,000,000,000 Commitment Facility Program, rated Aaa

Deal Name: Card Loan Master Trust Series 2005-VI 70-000004-143

JPY 4,000,000,000 Class A Senior Beneficial Interest due October 2012, rated Aaa

JPY 3,500,000,000 Class B Senior Beneficial Interest due October 2012, rated Aaa

Deal Name: Hokkaisenmontenkai Asset-Backed Syndicated Commitment Line

Seller / Servicer: Hokkaisenmontenkai Common Facility Cooperatives (currently Hokusen)

Issue Date: June 3, 2005

JPY 4,000,000,000 Revolving Commitment Facility, rated Aaa

JPY 1,000,000,000 Commitment Term Loan, rated Aaa

Deal Name: Clare Five Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: September 28, 2004

JPY 37,900,000,000 Series 1 Class A Specified Bonds due September 2010, rated Aaa

JPY 7,100,000,000 Series 1 Class B Specified Bonds due September 2010, rated Aaa

Deal Name: Clare Six Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: December 27, 2004

JPY 15,4,00,000,000 Series 1 Class A Specified Bonds due December 2010, rated Aaa

JPY 4,600,000,000 Series 1 Class B Specified Bonds due December 2010, rated Aa2

Deal Name: Clare Seven Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: April 25, 2005

JPY 21,100,000,000 Series 1 Class A Specified Bonds due April 2011, rated Aaa

JPY 3,900,000,000 Series 1 Class B Specified Bonds due April 2011, rated A2

Deal Name: Clare Eight Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: July 25, 2005

JPY 21,600,000,000 Series 1 Class A Specified Bonds due July 2011, rated Aaa

JPY 3,100,000,000 Series 1 Class B Specified Bonds due July 2011, rated A2

JPY 1,300,000,000 Series 1 Class C Specified Bonds due July 2011, rated Baa2

Deal Name: Clare Nine Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: December 22, 2005

JPY 16,600,000,000 Series 1 Class A Specified Bonds due December 2011, rated Aaa

JPY 2,500,000,000 Series 1 Class B Specified Bonds due December 2011, rated A2

JPY 900,000,000 Series 1 Class C Specified Bonds due December 2011, rated Baa2

Deal Name: Clare Ten Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: June 29, 2006

JPY 26,900,000,000 Series 1 Class A Specified Bonds due April 2012, rated Aaa

JPY 2,900,000,000 Series 1 Class B Specified Bonds due April 2012, rated A2

JPY 2,200,000,000 Series 1 Class C Specified Bonds due April 2012, rated Baa2

Deal Name: Clare Eleven Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: July 31, 2006

JPY 4,600,000,000 Series 1 Class A1 Specified Bonds due July 2012, rated Aaa

JPY 16,500,000,000 Series 1 Class A2 Specified Bonds due July 2012, rated Aaa

JPY 2,700,000,000 Series 1 Class B Specified Bonds due July 2012, rated A2

JPY 1,200,000,000 Series 1 Class C Specified Bonds due July 2012, rated Baa2

Deal Name: Clare 12 Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: October 30, 2006

JPY 9,800,000,000 Series 1 Class A1 Specified Bonds due October 2012, rated Aaa

JPY 33,100,000,000 Series 1 Class A2 Specified Bonds due October 2012, rated Aaa

JPY 4,200,000,000 Series 1 Class B Specified Bonds due October 2012, rated A2

JPY 2,900,000,000 Series 1 Class C Specified Bonds due October 2012, rated Baa2

Deal Name: Clare 13 Special Purpose Company

Seller / Servicer: Orient Corporation

Issue Date: July 31, 2007

JPY 9,200,000,000 Series 1 Class A1 Specified Bonds due March 2013 rated Aaa

JPY 34,000,000,000 Series 1 Class A2 Specified Bonds due March 2013, rated Aaa

JPY 4,900,000,000 Series 1 Class B Specified Bonds due March 2013, rated A2

JPY 3,900,000,000 Series 1 Class C Specified Bonds due March 2013, rated Baa2

Deal Name: Clare Master Trust Series 2004-2 CC Senior Beneficial Interest B

Seller / Servicer: Orient Corporation

Issue Date: December 27, 2004

JPY 10,000,000,000 CC Senior Beneficial Interest B due November 2010, rated Aaa

Deal Name: KYTHO No.1

Issue Date: September 30, 2004

JPY 5,000,000,000 Beneficial Interest due September 2014, rated Aaa

Deal Name: KC Card Trust 1

Seller / Servicer: Kokunai Shinpan Co., Ltd (currently Rakuten KC Co., Ltd.)

Issue Date: July 20, 2005

JPY 24,000,000,000 Class A Senior Trust Certificates due July 2013, rated Aaa

JPY 5,000,000,000 Class B Senior Trust Certificates due July 2013, rated Baa2

Deal Name: KC Money Card Trust 1

Seller / Servicer: Kokunai Shinpan Co., Ltd (currently Rakuten KC Co., Ltd.)

Issue Date: December 20, 2004

JPY 18,700,000,000 Class A Beneficiary Trust Certificates due December 2012, rated Aaa

JPY 6,300,000,000 Class B Beneficiary Trust Certificates due December 2012, rated Baa2

Deal Name: KC Money Card Trust 2

Seller / Servicer: Kokunai Shinpan Co., Ltd (currently Rakuten KC Co., Ltd.)

JPY 5,300,000,000 Class A Beneficiary Trust Certificates due March 2013, rated Aaa

JPY 1,700,000,000 Class B Beneficiary Trust Certificates due March 2013, rated Baa2

Deal Name: Golden Gate One, LLC.

Issue Date: June 12, 2007

JPY 35,000,000,000 Class A Bonds due May 2014, rated Aaa

JPY 35,000,000,000 Class A Guaranteed Bonds due May 2014, rated Aaa

JPY 35,000,000,000 notional principal amount Class X Bonds due May 2014, rated Aaa

Deal Name: C Beneficial Interests

Issue Date: March 30, 2007

JPY 10,200,000,000 Series 2007-1 Beneficial Interests A due March 2013, rated Aaa

JPY 2,300,000,000 Series 2007-1 Beneficial Interests B due March 2013, rated Baa2

Deal Name: J-Cashing III Co., Ltd.

Seller / Servicer: Nippon Shinpan Co., Ltd. (currently Mitsubishi UFJ NICOS Co., Ltd.) and Akita Nippon Shinpan Co., Ltd. (currently Akita NICOS Co., Ltd.)

Issue Date: November 28, 2003

JPY 49,140,000,000 Class A Limited Recourse Secured Floating Rate Notes due October 2011, rated Aaa

JPY 1,910,000,000 Class B Limited Recourse Secured Floating Rate Notes due October 2011, rated Aa2

JPY 5,960,000,000 Class C Limited Recourse Secured Floating Rate Notes due October 2011, rated A2

Deal Name: J-Finance Corporation

Seller / Servicer: Nippon Shinpan Co., Ltd. (currently Mitsubishi UFJ NICOS Co., Ltd.)

Issue Date: November 21, 2002

JPY 2,500,000,000 Series 1 Tranche H Yen Bonds due December 2011, rated Aaa

JPY 2,000,000,000 Series 1 Tranche I Yen Bonds due December 2011, rated Aaa

JPY 10,900,000,000 Series 1 Tranche K Yen Bonds due December 2011, rated Aaa

Deal Name: Consumer Loan ABCL_200404

Issue Date: April 2004

JPY 30,000,000,000 Commitment Facility Program, rated Aaa

Deal Name: Trust Agreement No.00006506 Senior Beneficial Interest

Issue Date: April 27, 2007

JPY 20,000,000,000 Senior Beneficial Interest due March 2016, rated Aa2

Deal Name: CF Card Cashing Receivable Trust Series 1

Seller / Servicer: Central Finance Co., Ltd.

Issue Date: November 30, 2005

JPY 8,800,000,000 Senior Beneficial Interest due November 2012, rated Aaa

JPY 1,200,000,000 Mezzanine Beneficial Interest due November 2012, rated A2

Deal Name: CF Card Cashing Receivable Trust Series 2

Seller / Servicer: Central Finance Co., Ltd.

Issue Date: April 28, 2006

JPY 9,000,000,000 Senior Beneficial Interest due April 2013, rated Aaa

JPY 1,000,000,000 Mezzanine Beneficial Interest due April 2013, rated A2

Deal Name: DIO Master Trust

Issue Date: December 24, 2004

JPY 15,000,000,000 Series 2004-1 Loan due December 2011, rated Aaa

Deal Name: Project Golden Gate One.

Issue Date: April 6, 2007

JPY 25,000,000,000 Senior Card Cashing Receivables Beneficial Interests due April 2014, rated Aaa

Deal Name: Mix Trust Certificate 2007-1

Issue Date: March 14, 2007

JPY 17,200,000,000 2007-1 Mix Trust Certificate 1 due February 2013, rated Aaa

JPY 5,600,000,000 2007-1 Mix Trust Certificate 2 due February 2013, rated Aaa

JPY 1,800,000,000 2007-1 Mix Trust Certificate 3 due February 2013, rated A2

JPY 1,000,000,000 2007-1 Mix Trust Certificate 4 due February 2013, rated A2

JPY 1,000,000,000 2007-1 Mix Trust Certificate 5 due February 2013, rated Baa2

JPY 400,000,000 2007-1 Mix Trust Certificate 6 due February 2013, rated Baa2

Deal Name: Mix Trust Certificate 2007-2

Issue Date: June 29, 2007

JPY 17,600,000,000 2007-2 Mix Trust Certificate 1 due February 2013, rated Aaa

JPY 3,200,000,000 2007-2 Mix Trust Certificate 2 due February 2013, rated Aaa

JPY 1,800,000,000 2007-2 Mix Trust Certificate 3 due February 2013, rated A2

JPY 500,000,000 2007-2 Mix Trust Certificate 4 due February 2013, rated A2

JPY 1,600,000,000 2007-2 Mix Trust Certificate 5 due February 2013, rated Baa2

JPY 300,000,000 2007-2 Mix Trust Certificate 6 due February 2013, rated Baa2

Deal Name: Life Trust 2003 Series I

Seller / Servicer: Life Co., Ltd.

Issue Date: February 27, 2003

JPY 3,000,000,000 Card Cashing Receivables Class B Senior Trust Certificates due August 2011, rated Aa2

JPY 1,300,000,000 Playcard Receivables Class B Senior Trust Certificates due August 2011, rated Aa2.

Deal Name: Rakuten KC Card Trust 2

Seller / Servicer: Rakuten KC Co., Ltd.

Issue Date: December 22, 2005

JPY 17,000,000,000 Class A Senior Trust Certificates due December 2013, rated Aaa

JPY 3,500,000,000 Class B Senior Trust Certificates due December 2013, rated Baa2

Deal Name: Rakuten KC Card Trust 3

Seller / Servicer: Rakuten KC Co., Ltd.

Issue Date: March 20, 2006

JPY 13,200,000,000 Class A Senior Trust Certificates due March 2014, rated Aaa

JPY 2,800,000,000 Class B Senior Trust Certificates due March 2014, rated Baa2

Deal Name: Rakuten KC Card Trust 4

Seller / Servicer: Rakuten KC Co., Ltd.

Issue Date: June 26, 2006

JPY 8,800,000,000 Class A Senior Trust Certificates due June 2014, rated Aaa

JPY 2,200,000,000 Class B Senior Trust Certificates due June 2014, rated Baa2

Deal Name: Rakuten KC Money Card Trust 4

Seller / Servicer: Rakuten KC Co., Ltd.

Issue Date: June 26, 2006

JPY 4,800,000,000 Class A Senior Trust Certificates due June 2014, rated Aaa

JPY 1,200,000,000 Class B Senior Trust Certificates due June 2014, rated Baa2

Deal Name: Rakuten KC Money Card Trust 5

Seller / Servicer: Rakuten KC Co., Ltd.

Issue Date: March 26, 2007

JPY 500,000,000 Class A-1 Senior Trust Certificates due March 2015, rated Aaa

JPY 5,000,000,000 ABL due March 2015, rated Aaa

JPY 1,500,000,000 Class B Senior Trust Certificates due March 2015, rated Baa2

Deal Name: Rainbow One

Issue Date: December 22, 2006 (Class A, Class A Guaranteed)

JPY 50,000,000,000 Class A due January 2014, rated Aaa

JPY 50,000,000,000 Class A Guaranteed due January 2014, rated Aaa

JPY 50,000,000,000 (Notional Amount) Class X due January 2014, rated Aaa

Deal Name: Lena C 05-1 TMK

Issue Date: July 14, 2005

JPY 30,000,000,000 Specified Bonds, rated Aaa

Deal Name: ONE 2007-1 Beneficial Interests

Issue Date: September 28, 2007

JPY 27,600,000,000 Series 2007-1 Beneficial Interests A due September 2013, rated Aaa

JPY 2,400,000,000 Series 2007-1 Beneficial Interests B due September 2013, rated A2

Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities.

Tokyo
Mitsuteru Masuoka
VP - Senior Credit Officer
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Shunsuke Ishihara
Managing Director
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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.

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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.

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