New York, April 19, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.
The review was conducted through a portfolio review discussion held on 12 April 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.
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This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.
Key Rating Considerations
The principal methodology used for these rated entities was Alcoholic Beverages published in December 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Alcoholic Beverages
Scale: Scale can indicate the overall depth of a company's business and its resilience to shocks, such as sudden shifts in demand or rapid cost increases. Scale also influences an alcoholic beverage company's market strength and the availability of capital. In addition, scale can indicate an alcoholic beverage company's capacity to sustain earnings and generate cash flow. Revenue can be used as an indicator of scale.
Business Profile: The business profile of an alcoholic beverage company is an indicator of its ability to generate sustainable earnings and operating cash flows. Core aspects of an alcoholic beverage company's business profile are its geographic diversification and exposure to riskier markets for alcoholic beverages, the strength and diversification of its product portfolio, its overall industry position, as well as the strength and depth of its product innovation, distribution networks and infrastructure, all of which can effect market, political and regulatory risks.
Profitability: Profitability is an indicator of an alcoholic beverage company's strength and durability, and it can reflect the competitiveness of its product portfolio. It provides indications of the ability to withstand economic downturns and service debt and other obligations. Market position, pricing flexibility or cost efficiencies can influence profitability. EBITA Margin can be used as an indicator of profitability.
Leverage and Coverage: Leverage and cash flow coverage measures provide indications of an alcoholic beverage company's financial flexibility and long-term viability. Leverage and coverage can be an indicator of a company's investment capabilities, and its ability to withstand fluctuations in the business cycle and respond to unexpected challenges. Leverage and coverage can be measured by ratios such as: Retained Cash Flow / Net Debt, Debt / EBITDA, and EBIT / Interest.
Financial Policy: Financial policy encompasses management and board tolerance for financial risk and commitment to a strong credit profile. It is considered because it can affect debt levels, credit quality, the future direction for the company and the risk of adverse changes in financing and capital structure. Financial risk tolerance serves as a guidepost for investment and capital allocation.
Other Considerations: Some other considerations may include: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends may also be considered.
• Thai Beverage Public Company Limited
The principal methodology used for these rated entities was Alcoholic Beverages (Japanese) published in January 2022. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Alcoholic Beverages (Japanese)
Scale: Scale can indicate the overall depth of a company's business and its resilience to shocks, such as sudden shifts in demand or rapid cost increases. Scale also influences an alcoholic beverage company's market strength and the availability of capital. In addition, scale can indicate an alcoholic beverage company's capacity to sustain earnings and generate cash flow. Revenue can be used as an indicator of scale.
Business Profile: The business profile of an alcoholic beverage company is an indicator of its ability to generate sustainable earnings and operating cash flows. Core aspects of an alcoholic beverage company's business profile are its geographic diversification and exposure to riskier markets for alcoholic beverages, the strength and diversification of its product portfolio, its overall industry position, as well as the strength and depth of its product innovation, distribution networks and infrastructure, all of which can effect market, political and regulatory risks.
Profitability: Profitability is an indicator of an alcoholic beverage company's strength and durability, and it can reflect the competitiveness of its product portfolio. It provides indications of the ability to withstand economic downturns and service debt and other obligations. Market position, pricing flexibility or cost efficiencies can influence profitability. EBITA Margin can be used as an indicator of profitability.
Leverage and Coverage: Leverage and cash flow coverage measures provide indications of an alcoholic beverage company's financial flexibility and long-term viability. Leverage and coverage can be an indicator of a company's investment capabilities, and its ability to withstand fluctuations in the business cycle and respond to unexpected challenges. Leverage and coverage can be measured by ratios such as: Retained Cash Flow / Net Debt, Debt / EBITDA, and EBIT / Interest.
Financial Policy: Financial policy encompasses management and board tolerance for financial risk and commitment to a strong credit profile. It is considered because it can affect debt levels, credit quality, the future direction for the company and the risk of adverse changes in financing and capital structure. Financial risk tolerance serves as a guidepost for investment and capital allocation.
Other Considerations: Some other considerations may include: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends may also be considered.
• Asahi Group Holdings, Ltd.
• Kirin Holdings Company, Limited
• Suntory Holdings Limited
The principal methodology used for these rated entities was Consumer Packaged Goods Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Consumer Packaged Goods Methodology
Scale: Scale is considered because it is an indicator of the overall depth of a company's business and its success in attracting a variety of customers, as well as its resilience to shocks, such as sudden shifts in demand or rapid cost increases. Large-scale companies generally have more flexibility to allocate capacity and absorb expenses under different demand and cost scenarios than small-scale companies. Larger companies are also typically in stronger positions to negotiate with distributors and retailers. Revenue is an indicator of scale.
Business Profile: The business profile of a consumer packaged goods company is considered because it greatly influences its ability to generate sustainable earnings and operating cash flows. Core aspects of a consumer packaged goods company's business profile is its geographic and segmental diversification, its market position and its category and product portfolio. Companies in the consumer packaged goods industry typically have experienced low revenue growth, and they rely on strong market positions and brand strength to increase profits through higher pricing, lower costs, and favorable margins.
Profitability: Profits are considered because they are needed to generate sustainable cash flow and maintain a competitive position. Profit margins are an important indicator of a consumer packaged goods company's overall brand strength, its efficiency in marketing products through distribution channels, and in particular its ability to control costs. A consumer packaged goods company with a strong competitive position and high relevance to consumers, based on its brands or the types of products it sells, often has high consumer loyalty, generally leading to more recurring sales and stronger profit margins than a company with a weaker competitive position and less relevance to consumers. EBITA Margin is an indicator of profitability.
Leverage and Coverage: Leverage and cash flow coverage measures provide important indications of a consumer packaged goods company's financial flexibility and long-term viability. Indicators of leverage and coverage include ratios such as: Debt/ EBITDA, EBITA/ Interest Expense, and Retained Cash Flow/ Net Debt.
Financial Policy: Financial policy encompasses management and board tolerance for financial risk and commitment to a strong credit profile. It is considered because it directly affects debt levels, credit quality, the future direction for the company and the risk of adverse changes in financing and capital structure. Liquidity management is an important aspect of overall risk management and can provide insight into risk tolerance.
Other Rating Considerations: Other considerations may include but are not limited to: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends are also considered.
• Bright Food International Ltd.
• China Mengniu Dairy Company Limited
• Health and Happiness (H&H) Int'l. Hldgs. Ltd.
• Indofood CBP Sukses Makmur Tbk PT
• Inner Mongolia Yili Industrial Group Co Ltd
• Tingyi (Cayman Islands) Holding Corp.
• Want Want China Holdings Limited
• WH Group Limited
The principal methodology used for these rated entities was Global Soft Beverage Industry (Japanese) published in February 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Global Soft Beverage Industry (Japanese)
Scale: Scale is considered because larger companies have more resources and tend to be more broadly diversified, which can reduce volatility and credit risk. Larger scale allows companies to leverage costs, including those associated with manufacturing, sales force and marketing, distribution, and R&D, and gives them more clout with purchasing organizations, customers, and suppliers. Scale can provide insight into a number of credit considerations including position with customers, global market presence and franchise strength. Scale provides more resources and could also reduce exposure to operational and regulatory risks including problems associated with one manufacturing facility. Revenue is a measure of scale.
Business Profile: The business profile factor examines the product and geographic diversity of a company, strength of the brands as well as global and local market positions, and considers both company-specific and sector-wide variables that can influence prospects for sales growth and market share shifts, including a company's execution capabilities and price elasticity of its products. This factor provides an indication for the likely stability and sustainability of the company's cash flows.
Profitability: The profitability factor considers the company's track record in maintaining and/or improving its operating margins year-on-year and its relative profitability, measured against other companies operating in the same segment of the industry. The EBITA margin is an indicator of profitability.
Leverage and Coverage: Leverage and coverage measures are indicators of a company's financial flexibility and long-term viability. Financial flexibility is critical to respond to changing consumer preferences, regulatory changes, competitive challenges, and unexpected costs. Soft beverage companies need resources to invest in innovation, product development, marketing, distribution efficiencies and customer service technologies as well as to make strategic acquisitions that diversify product lines or expand into developing geographic regions. Measures of leverage and coverage include Debt/ EBITDA, Retained Cash Flow/ Net Debt and EBIT/ Interest Expense.
Financial Policy: Our assessment of management and board tolerance for financial risk is a key rating determinant as it directly affects future debt levels, credit quality, and the risk of adverse changes in financing and capital structures. Considerations include a company's public commitments in this area, its track record for adhering to commitments, and our views on the company's ability to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation.
Bottler Support Overlay: For a bottling company, we consider whether to apply uplift to reflect the likelihood of support from the concentrate producer in the event of the bottler encountering significant challenges.
Other Rating Considerations: Other considerations may include but are not limited to our assessment of the quality of management, corporate governance, financial controls, liquidity management and event risk.
• Suntory Beverage & Food Limited
The principal methodology used for these rated entities was Medical Products and Devices (Japanese) published in October 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Medical Products and Devices (Japanese)
Scale: Scale is considered because it can be an indicator of a company's ability to influence business trends and pricing within its service segments and to support a stable or growing market position. Scale can make a company more resilient to changes in demand and better able to absorb changes in costs. Scale can also give a company greater geographic diversity, greater bargaining strength with customers, labor, and vendors, and stronger research and development (R&D) capabilities. Revenue is an indicator of scale.
Business Profile: The business profile is a consideration because a company's product diversity and market presence, as well as the characteristics of its products and the markets it serves, provide a meaningful indicator of the likely stability and sustainability of its future cash flows. Product line and end-user diversification help offset the constantly evolving dynamics of the health care delivery system, which influence demand and pricing. Market share can be an indicator of competitiveness, depth of customer relationships and likely prospects for future performance.
Profitability: Profits matter because they are needed to maintain a competitive position, including sufficient reinvestment in R&D, marketing, manufacturing facilities, and human capital. Sustained high profitability is generally a strong indicator of substantial competitive advantages, particularly if combined with evidence of stable or rising market share. Return on sales (i.e., net profit after tax before unusual items divided by net revenues) is an indicator of profitability.
Leverage and Coverage: Leverage and coverage measures are important indicators of a company's financial flexibility and long-term viability, including its ability to adapt to changes in the economic and business environments of the segments in which it operates. Leverage and coverage metrics include Debt/ EBITDA, Cash from Operations/ Debt, Free Cash Flow/ Debt and EBITA/ Interest Expense.
Financial Policy: Management and board tolerance for financial risk is an important rating determinant because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments and our views on the ability of the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation. Liquidity management is an important aspect of overall risk management and can provide insight into risk tolerance.
Other Rating Considerations: Other considerations include but are not limited to: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance, as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to healthcare reimbursement, consumer and provider spending patterns, competitor strategies and macroeconomic trends are also considered.
• Olympus Corporation
The principal methodology used for these rated entities was Pharmaceuticals published in November 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Pharmaceuticals
Scale: Scale is considered because it is an indicator of a company's ability to influence business trends and pricing and to support a stable or growing market position. Scale also can be an indicator for greater resilience to changes in demand and for geographic diversity. In addition, scale gives pharmaceutical companies leverage with the suppliers of active pharmaceutical ingredients, as well as customers, including drug wholesalers, pharmacy benefit managers and other healthcare payors. Large scale also provides companies with greater discretionary budgets for research and development (R&D) and capital expenditures, which are essential to maintaining the drug development pipeline. For generic drug companies, scale is especially critical due to ongoing pricing pressure on generic drugs and the obvious advantage of spreading fixed costs over a larger revenue base. Larger scale for generic companies is typically associated with strong relationships with drug store chains and good legal capabilities required to successfully challenge branded drug patents. Scale is measured using Total Reported Revenue.
Business Profile: The business profile factor provides an important indication of a pharmaceutical company's strength based on several measures of diversification, its exposure to patent expirations and other forms of competition, and its ability to replenish declining revenue with opportunities from its drug pipeline. Scoring for this factor is based Product and Therapeutic Diversity, Geographic Diversity, Patent Exposures, and Pipeline Quality.
Leverage and Coverage: Leverage and coverage measures are indicators for a company's financial flexibility and long-term viability, including its ability to adapt to changes in the economic and business environments in the segments in which it operates. Among others, ratios such as Debt/ EBITDA and Cash Flow from Operations/ Debt and Pharmaceutical Cash Coverage of Debt are indicators of leverage and coverage.
Financial Policy: Management and board tolerance for financial risk is an important rating determinant because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments and our views on the ability of the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation. Liquidity management is an important aspect of overall risk management and can provide insight into risk tolerance.
Other Factors: Other factors may include, but are not limited to: financial controls and the quality of financial reporting, corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends are also considered.
• CSL Limited
The principal methodology used for these rated entities was Pharmaceuticals (Japanese) published in November 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Pharmaceuticals (Japanese)
Scale: Scale is considered because it is an indicator of a company's ability to influence business trends and pricing and to support a stable or growing market position. Scale also can be an indicator for greater resilience to changes in demand and for geographic diversity. In addition, scale gives pharmaceutical companies leverage with the suppliers of active pharmaceutical ingredients, as well as customers, including drug wholesalers, pharmacy benefit managers and other healthcare payors. Large scale also provides companies with greater discretionary budgets for research and development (R&D) and capital expenditures, which are essential to maintaining the drug development pipeline. For generic drug companies, scale is especially critical due to ongoing pricing pressure on generic drugs and the obvious advantage of spreading fixed costs over a larger revenue base. Larger scale for generic companies is typically associated with strong relationships with drug store chains and good legal capabilities required to successfully challenge branded drug patents. Scale is measured using Total Reported Revenue.
Business Profile: The business profile factor provides an important indication of a pharmaceutical company's strength based on several measures of diversification, its exposure to patent expirations and other forms of competition, and its ability to replenish declining revenue with opportunities from its drug pipeline. Scoring for this factor is based Product and Therapeutic Diversity, Geographic Diversity, Patent Exposures, and Pipeline Quality.
Leverage and Coverage: Leverage and coverage measures are indicators for a company's financial flexibility and long-term viability, including its ability to adapt to changes in the economic and business environments in the segments in which it operates. Among others, ratios such as Debt/ EBITDA and Cash Flow from Operations/ Debt and Pharmaceutical Cash Coverage of Debt are indicators of leverage and coverage.
Financial Policy: Management and board tolerance for financial risk is an important rating determinant because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments and our views on the ability of the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation. Liquidity management is an important aspect of overall risk management and can provide insight into risk tolerance.
Other Factors: Other factors may include, but are not limited to: financial controls and the quality of financial reporting, corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends are also considered.
• Astellas Pharma Inc.
• Daiichi Sankyo Company, Limited
• Takeda Pharmaceutical Company Limited
The principal methodology used for these rated entities was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts
Third-party credit support: The goal of third-party credit support is to substitute the credit risk of the support provider for the credit risk of the issuer. For credit substitution to be achieved, investors must be insulated from the risk of payment default by the underlying obligor. Generally, the long-term ratings on credit-supported transactions track the long-term rating assigned to the credit provider.
Additional Considerations: Credit substitution requires more than just the presence of a credit support instrument from a third-party credit provider. The transaction documentation provides clear instructions to ensure that payments under the credit support facility are made when due and that there are no impediments to the timely payment of debt service. The key elements evaluated include: mitigation of bankruptcy risk of issuer; sufficiency of credit support; structural provisions which provide for the timely payment of debt service; bondholders to be paid in full if credit support expiration or termination will result in a change.
• Lotte Property & Development Co., Ltd.
The principal methodology used for these rated entities was Retail published in November 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Retail
Scale: Scale for retailers carries many benefits, from buying power with vendors to potential price leadership, both of which can result in meaningful competitive advantages versus smaller companies. Scale is measured using total reported revenue.
Business Profile: In the retail industry, those companies that are characterized by selling products with relatively inelastic demand are viewed as less vulnerable to changes in consumer preferences or competitive threats than are companies that offer more discretionary products or products with more elastic demand. This business profile is based on two sub-factors: stability of product and execution & competitive position.
Leverage and Coverage: Financial leverage and coverage measures are indicators of a company's financial flexibility and long-term viability. Financial flexibility is critical to retailers as they adapt their businesses to almost constant changes in consumer behavior. Among others, ratios such as Debt/ EBITDA, EBIT/ Interest Expense, and Retained Cash Flow/ Net Debt are indicators of leverage and coverage.
Financial Policy: Management and board tolerance for financial risk is considered as it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments, and our views on the ability of the company to achieve its targets.
Other Factors: Other factors may include, but are not limited to: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends also affect ratings.
• Ampol Limited
• Coles Group Limited
• E Mart Inc.
• Golden Eagle Retail Group Ltd
• JD.com, Inc.
• Kalyan Jewellers India Limited
• Shandong Ruyi Technology Group Co., Ltd.
• Vipshop Holdings Limited
• Wesfarmers Limited
• Woolworths Group Limited
• Zhongsheng Group Holdings Limited
The principal methodology used for these rated entities was Retail (Japanese) published in January 2022. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.
Retail (Japanese)
Scale: Scale for retailers carries many benefits, from buying power with vendors to potential price leadership, both of which can result in meaningful competitive advantages versus smaller companies. Scale is measured using total reported revenue.
Business Profile: In the retail industry, those companies that are characterized by selling products with relatively inelastic demand are viewed as less vulnerable to changes in consumer preferences or competitive threats than are companies that offer more discretionary products or products with more elastic demand. This business profile is based on two sub-factors: stability of product and execution & competitive position.
Leverage and Coverage: Financial leverage and coverage measures are indicators of a company's financial flexibility and long-term viability. Financial flexibility is critical to retailers as they adapt their businesses to almost constant changes in consumer behavior. Among others, ratios such as Debt/ EBITDA, EBIT/ Interest Expense, and Retained Cash Flow/ Net Debt are indicators of leverage and coverage.
Financial Policy: Management and board tolerance for financial risk is considered as it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments, and our views on the ability of the company to achieve its targets.
Other Factors: Other factors may include, but are not limited to: financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends also affect ratings.
• Seven & i Holdings Co., Ltd.
This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.
Please see the Issuer page on www.moodys.com, for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
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