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Rating Action:

Moody's announces multiple rating actions on Portuguese banks

06 Apr 2009

Ratings downgraded for two, reviewed for further downgrade along with those of six other Portuguese banks

Madrid, April 06, 2009 -- Moody's Investors Service today took the following rating actions on Portuguese banks:

(i) downgraded Banif SA's ratings to Baa1/P-2/D+ from A2/P-1/C- and placed them on review for possible further downgrade;

(ii) downgraded the issuer rating of the holding company Espirito Santo Financial Group (ESFG) to A2 from A1 and placed it on review for possible further downgrade

(iii) placed on review for possible downgrade the bank financial strength ratings (BFSR) and long-term debt and deposit ratings of six Portuguese banks: Caixa Geral de Depositos (rated Aa1/P-1/C), Banco Comercial Portugues (Aa3/P-1/C+), Banco Espírito Santo (Aa3/P-1/C+), Banco Santander Totta SA (Aa3/P-1/C+), Banco BPI (A1/P-1/C) and Caixa Económica Montepio Geral ((A2/P-1/C-); the review for downgrade also includes the short-term ratings); and

(iv) changed the outlook on Banco Itau Europa SA's C-/Baa1/P-2 ratings to negative.

The rating actions are prompted by the weakening of the Portuguese economic environment, as reflected by Moody's negative credit outlook on the Portuguese banking system, and pressure on the banks' current capitalisation levels as a result of relatively poor performances in 2008, anticipated lower revenue over the next few years and higher credit-related write-down requirements.

REVIEWS FOR POSSIBLE DOWNGRADE

Moody's review of the BFSRs of these institutions reflects that the intrinsic creditworthiness of all the rated banks has weakened and is likely to continue to weaken during the ongoing crisis as a result of one or a combination of several of the following factors: (i) low capital levels; (ii) difficulties in generating new capital either internally through earnings or externally; (iii) high credit risk concentrations, in particular to corporates that may experience distress; (iv) growth in lending above the average for the system; (v) corporate governance issues ranging from overly complex organisational structures, to a lack of independent board members and/or related-party lending; (vi) exposure to market risk, which can further depress capital levels and/or contribute to volatility in revenues; (vii) slower growth in international operations and, in some cases, greater volatility of contributions from Eastern European or Spanish operations; and (viii) ongoing reliance on short-term market funding.

The banks that are likely to be more adversely affected by the outcome of the review of the BFSRs are those with lower capitalisation levels and higher expected losses on their risk assets. This reflects the fact that Moody's will place a greater emphasis on particular rating considerations such as capital and future earnings prospects as a result of the ongoing financial crisis.

In reviewing the deposit and senior debt ratings, Moody's will consider (i) the high probability of support that is available to Portuguese banks and the probability of support once stability returns to the markets, (ii) the systemic importance of the rated institutions, (iii) the intrinsic financial strength of the rated institutions and (iv) other sources of external support, in particular parental support.

Moody's expects the downgrades of the senior debt and deposit ratings to be limited in most cases to one or possibly two notches, while the downgrades of the BFSRs would likely be of a greater magnitude.

BANIF

The downgrade of Banif's ratings to Baa1/P-2/D+ (on review for possible further downgrade) from A2/P-1/C- reflects Moody's view that the majority of factors listed in the third paragraph (above) are present at this institution and that the expected credit losses and weak capitalisation levels are no longer commensurate with A2/P-1/C- ratings.

Moody's also downgraded Banif's dated and undated subordinated debt ratings to Baa2 and Baa3, respectively, from A3, and its preferred securities rating to Ba1 from Baa1 as a result of the downgrade of the bank's senior debt rating and the increased credit risk of hybrid instruments for those institutions that are more likely to need external support. As with the other financial institutions listed above (aside from Banco Itau Europa), Banif's ratings are on review for possible further downgrade, with the review focusing on the same key issues.

ESPIRITO SANTO FINANCIAL GROUP

The downgrade of Luxembourg-based ESFG's issuer rating to A2 (on review for possible further downgrade) from A1 reflects (i) the placing of the ratings of ESFG's subsidiary Banco Espírito Santo (BES, rated Aa3/P-1/C+) on review for downgrade and (ii) Moody's assessment that the very high probability of systemic support available to BES might not be extended to ESFG in case of need, given that, during the ongoing financial crisis, the Portuguese government has sometimes excluded holding companies from government support.

THE AFFECTED BANKS

The ratings of subsidiaries affected by these rating actions will be discussed in a separate press release.

The following entities were downgraded and placed on review for further possible downgrade:

Banif - Banco Internacional do Funchal SA

Espirito Santo Financial Group

The following entities were placed on review for possible downgrade:

Caixa Geral de Depositos

Banco Comercial Portugues

Banco Espírito Santo

Banco Santander Totta SA

Banco BPI

Caixa Económica Montepio Geral

The following entity's ratings were affirmed; the outlook on its ratings was changed to negative from stable:

Banco Itau Europa SA

Below is the full list of the banks and related funding vehicles affected by Moody's rating actions:

Downgrades:

..Issuer: BANIF -- Banco Internacional do Funchal, S.A.

.Bank Financial Strength Rating, Downgraded to D+, on review for possible downgrade, from C-.

.LT Bank Deposit, Downgraded to Baa1, on review for possible downgrade, from A2

.ST Bank Deposit, Downgraded to Prime-2, on review for possible downgrade, from Prime-1

.Senior Unsecured Debt Rating, Downgraded to Baa1, on review for possible downgrade, from A2

.Dated Subordinate Debt Rating, Downgraded to Baa2, on review for possible downgrade, from A3

.Undated Subordinate Debt Rating, Downgraded to Baa3, on review for possible downgrade, from A3

..Issuer: Banif Finance, Limited

.Senior Unsecured Debt Rating, Downgraded to Baa1, on review for possible downgrade, from A2

.Dated Subordinate Debt Rating, Downgraded to Baa2, on review for possible downgrade, from A3

.Undated Subordinate Debt Rating, Downgraded to Baa3, on review for possible downgrade, from A3

.Preferred Stock, Downgraded to Ba1, on review for possible downgrade, from Baa1

..Issuer: Banif Sucursal Financeira Exterior

.Senior Unsecured Debt Rating, Downgraded to Baa1, on review for possible downgrade, from A2

.Dated Subordinate Debt Rating, Downgraded to Baa2, on review for possible downgrade, from A3

.Undated Subordinate Debt Rating, Downgraded to Baa3, on review for possible downgrade, from A3

..Issuer: Espirito Santo Financial Group

.Issuer Rating, Downgraded to A2, on review for possible downgrade, from A1

..Issuer: ESFG International Limited

.Preferred Stock, Downgraded to Baa1, on review for possible downgrade, from A3

On Review for Possible Downgrade:

..Issuer: Caixa Geral de Depositos, SA

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently Aa1

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Caixa Geral de Depositos SA (Madeira)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Caixa Geral de Depositos SA (Paris)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Caixa Geral de Depositos Finance

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Caixa Geral de Depositos/New York

.LT Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Caixa Geral Finance Limited

.Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Issuer: Banco Comercial Portugues, SA

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently Aa3

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BCP Capital Finance Limited

.Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BCP International Bank Limited

.Backed Preferred Shelf, Placed on Review for Possible Downgrade, currently (P) A2

..Issuer: BCP Finance Company

.Backed Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P) A1

.Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: BCP Finance Bank Limited

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Comercial Portugues SA (Madeira)

. .Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Espirito Santo SA

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently Aa3

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: BES Finance Limited

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Espirito Santo Investment plc

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Espirito Santo SA London branch

.Senior Unsecured Debt and Deposit Ratings, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Espirito Santo SA Cayman branch

.Senior Unsecured Debt and Deposit Ratings, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Espirito Santo SA Madeira branch

Senior Unsecured Debt and Deposit Ratings, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Santander Totta SA

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently Aa3

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Banco Santander Totta SA, London

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently Aa3

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: Totta & Acores Financing Limited

.Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Issuer: Banco BPI SA

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently A1

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: BPI Capital Finance Limited

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

.Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Banco BPI SA (Cayman)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Banco BPI SA (Santa Maria)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Banco BPI SA (Madeira)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Banco BPI SA (Macau Offshore)

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Banco BPI Cayman Limited

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Caixa Económica Montepio Geral

.Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.LT Bank Deposit, Placed on Review for Possible Downgrade, currently A2

.ST Bank Deposit, Placed on Review for Possible Downgrade, currently Prime-1

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A2/P-1

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A3

..Issuer: Caixa Económica Montepio Geral, Cayman Islands Branch

.Senior Unsecured Debt Rating, Placed on Review for Possible Downgrade, currently A2

.Subordinate Debt Rating, Placed on Review for Possible Downgrade, currently A3

Outlook actions :

..Issuer: Banif --Banco Internacional do Funchal, S.A.

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banif Finance, Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banif Sucursal Financeira Exterior

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Espirito Santo Financial Group

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: ESFG International Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral de Depositos, SA

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral de Depositos SA (Madeira)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral de Depositos SA (Paris)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral de Depositos SA Finance

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral de Depositos/New York

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Geral Finance Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Comercial Portugues, SA

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BCP Capital Finance Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BCP International Bank Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BCP Finance Company

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BCP Finance Portugal

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Comercial Portugues SA (Madeira)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Espirito Santo SA

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BES Finance Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Espirito Santo Investment plc

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Espirito Santo SA London branch

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Espirito Santo SA Cayman branch

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Espirito Santo SA Madeira branch

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Santander Totta SA

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Santander Totta SA, London

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Totta & Acores Financing Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI SA

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: BPI Capital Finance Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI SA (Cayman)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI SA (Santa Maria)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI SA (Madeira)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI SA (Macau Offshore)

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco BPI Cayman Limited

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Económica Montepio Geral

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Caixa Económica Montepio Geral, Cayman Islands Branch

.Outlook, Placed on Review for Possible Downgrade from Stable

..Issuer: Banco Itau Europa SA,

.Outlook , Changed to Negative from Stable

Moody's last rating action on Banif -- Banco Internacional do Funchal SA was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Espirito Santo Financial Group was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caixa Geral de Depositos was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Comercial Portugues was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Espirito Santo was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Santander Totta was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco BPI was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caixa Economica Montepio Geral was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Itau Europa was on 27 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

The principal methodologies used in rating these issuers were the "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Credit Policy & Methodologies directory.

Headquartered in Lisbon, Caixa Geral de Depositos had total assets of EUR111.1 billion at the end of December 2008.

Headquartered in Oporto, Banco Comercial Portugues had total assets of EUR 94.4 billion at the end of December 2008.

Headquartered in Lisbon, Banco Espirito Santo had total assets of EUR 75.2 billion at the end of December 2008.

Headquartered in Lisbon, Banco Santander Totta had (unaudited) total assets of EUR 40.6 billion at the end of December 2008.

Headquartered in Lisbon, Banco BPI had (unaudited) total assets of EUR 43.0 billion at the end of December 2008.

Headquartered in Lisbon, Caixa Economica Montepio Geral had total assets of EUR 16.9 billion at the end of December 2008.

Headquartered in Funchal, Banif SA had (unaudited) total assets of EUR7.8 billion at the end of December 2008.

Headquartered in Lisbon, Banco Itau Europa had (unaudited) total assets of EUR 5.0 billion at the end of December 2008.

Headquartered in Luxembourg, Espirito Santo Financial Group had (unaudited) total assets of EUR 78.1 billion at the end of December 2008.

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Olga Cerqueira
Analyst
Financial Institutions Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's announces multiple rating actions on Portuguese banks
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 CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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, ASSESSMENT, 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 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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