Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's assigns Counterparty Risk Assessments to ten Kazakhstan banks; affirms ratings of three banks

03 Jun 2015

NOTE: On September 3, 2015, the press release was corrected as follows: In the REGULATORY DISCLOSURES section, the disclosure language regarding participation in an unsolicited rating was amended to read: “The rated entity Bank CenterCredit or its agent(s) participated in the rating process. This rated entity or its agent(s) provided Moody's access to the books, records and other relevant internal documents of the rated entity.” The revised release follows.

NOTE: On September 1, 2015, the press release was corrected as follows: Colour-coding was removed from text regarding Kazkommertsbank and Bank CenterCredit. Disclosure language regarding participation in an unsolicited rating was also added to the press release in the REGULATORY DISCLOSURES section as follows “Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. On this basis, Bank CenterCredit or their agents are considered to be participating entities. These rated entities or their agents generally provide Moody’s with information for the purposes of their ratings process.” The revised release follows.

London, 03 June 2015 -- Moody's Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to 10 Kazakhstan banks. It has assigned CR Assessments of Ba1(cr) to Halyk Savings Bank of Kazakhstan, Ba2(cr) to SB Sberbank JSC; Ba3(cr) to Kaspi Bank JSC; B1(cr) to Kazkommertsbank, Bank CenterCredit and Eurasian Bank; B2(cr) to Kazinvestbank and BTA Bank; and B3(cr) to ATF Bank. Concurrently, Not-Prime(cr) short-term CR Assessments have been assigned to all above-mentioned banks and ForteBank JSC, where a long-term CR Assessment was assigned earlier this year. This announcement follows the publication of the rating agency's new bank rating methodology (see "Banks" published on 16 March 2015).

Moody's has also affirmed the ratings and assessments of Kazkommertsbank, Bank CenterCredit and ATF Bank. The outlooks on the long-term deposit and senior unsecured debt ratings remain stable for Bank CenterCredit and Kazkommertsbank and negative for ATF Bank. At the same time Moody's has withdrawn, for its own business reasons, the outlooks on these banks' subordinated debt ratings. Please refer to Moody's Investors Service's Policy for Withdrawal of Credit Ratings available on its website, www.moodys.com.

Please refer to the end of this press release for a list of all affected ratings.

RATINGS RATIONALE

---Kazkommertsbank

The affirmation of Kazkommertsbank's caa1 baseline credit assessment (BCA), Caa1 senior unsecured debt, Caa2 subordinated debt and Caa3(hyb) junior subordinated debt ratings reflects the bank's adequate reported capital adequacy (the bank reported a Tier 1 ratio of 11.96% at year-end 2014) and low reliance on market funding. At the same time, the ratings are constrained by the bank's very weak asset quality with: (1) a high level of problem loans; (2) high share of non-core assets, mainly illiquid land plots; (3) a high share of loans denominated in foreign currencies (51% at year-end 2013); and (4) high single-name loan concentrations.

Kazkommertsbank's local and foreign currency deposit ratings were also affirmed at B2/Not-Prime, two notches above the bank's BCA. Moody's incorporates a high level of government support into these ratings given the bank's systemic importance as reflected in its having the largest market share of assets and deposits.

---Bank CenterCredit

The affirmation of Bank CenterCredit's b3 BCA and Caa2 (hyb) junior subordinated debt ratings reflects the bank's gradually declining nonperforming loan ratio following problem loans work out, stabilising core recurring profitability benefitting from established position in the local SME and retail market segments, and moderate reliance on market funding. At the same time, the ratings remain constrained by (1) vulnerability of its asset quality to local currency devaluation and weakening creditworthiness of borrowers' amid the challenging economic environment, (2) modest capital buffer in the context of expected high provisioning needs, and (3) volatile deposit base prone to panic-driven customer behaviour.

Bank CenterCredit's local and foreign currency deposit ratings were also affirmed at B2/Not-Prime, one notch above the bank's BCA, incorporating Moody's assessment of a moderate probability that government support would be extended to the bank's depositors if a systemic crisis occurred. This is based on the material market share of the bank in total banking assets at 6% and retail customer deposits at 7.5% as of 1 January 2015. National scale deposit rating affirmed at B1.kz.

---ATF Bank

The affirmation of ATF Bank's caa2 BCA, Caa2 senior unsecured debt and Ca (hyb) junior subordinated debt ratings reflects the bank's adequate liquidity profile with low reliance on market funding and high share of liquid assets. At the same time, the ratings are constrained by the bank's weak profitability and, most importantly, very weak asset quality profile with the level of problem loans(impaired loans in corporate and SME segments and loans overdue by more than 90 days in the retail segment) at 43% of gross loans as of year-end 2014. In Moody's view, there is a high risk that these problem loans require additional loan loss reserves beyond the 23% the bank reported as of year-end 2014. Moody's also notes a high share of loans denominated in foreign currencies - at above 50% - as of year-end 2014.

ATF Bank's local and foreign currency deposit ratings were also affirmed at Caa1/Not-Prime, one notch above the bank's BCA. Moody's incorporates a low level of government support into these ratings given the bank's systemic importance as reflected in its market share of assets and deposits.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating momentum on the ratings of Kazkommertsbank, Bank CenterCredit and ATF Bank could develop from (1) a material improvement of these banks' asset quality profiles, including a significant reduction in problem loans; (2) a sustained improvement in profitability; and/or (3) improved loan loss reserve coverage of problem loans.

Downward rating pressure could emerge if (1) the macroeconomic environment deteriorates such that banks are required to create additional loan loss reserves beyond the level currently anticipated by Moody's; (2) there is significant deterioration in the banks' revenue and profitability; and/or (3) the Kazakhstan tenge materially weakens against the US dollar, leading to a deterioration in capital adequacy ratios and asset quality given the high proportion of the banks' loans denominated in foreign currencies.

---CR ASSESSMENTS

CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than the likelihood of default and the expected financial loss suffered in the event of default and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

In most cases, the starting point for the CR Assessment -- which is an assessment of the ability to avoid defaulting on its operating obligations -- is one notch above the bank's adjusted baseline credit assessment (BCA), which represents the rating agency's view of the probability of a bank failing on its obligations without considering government support. Moody's then adds the same support assumptions as applied to deposit ratings. As a result, the CR Assessment of all above mentioned banks are one notch higher than their deposit ratings.

Assignments:

..Issuer: ATF Bank

.... Counterparty Risk Assessment, Assigned B3(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Bank CenterCredit

.... Counterparty Risk Assessment, Assigned B1(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: BTA Bank

.... Counterparty Risk Assessment, Assigned B2(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Eurasian Bank

.... Counterparty Risk Assessment, Assigned B1(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: ForteBank JSC

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Halyk Savings Bank of Kazakhstan

.... Counterparty Risk Assessment, Assigned NP(cr)

.... Counterparty Risk Assessment, Assigned Ba1(cr)

..Issuer: Kaspi Bank JSC

.... Counterparty Risk Assessment, Assigned NP(cr)

.... Counterparty Risk Assessment, Assigned Ba3(cr)

..Issuer: Kazinvestbank

.... Counterparty Risk Assessment, Assigned B2(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: Kazkommertsbank

.... Counterparty Risk Assessment, Assigned B1(cr)

.... Counterparty Risk Assessment, Assigned NP(cr)

..Issuer: SB Sberbank JSC

.... Counterparty Risk Assessment, Assigned NP(cr)

.... Counterparty Risk Assessment, Assigned Ba2(cr)

Affirmations:

..Issuer: ATF Bank

.... Adjusted Baseline Credit Assessment, Affirmed caa2

.... Baseline Credit Assessment, Affirmed caa2

.... Deposit Rating, Affirmed NP

....Junior Subordinated Regular Bond/Debenture, Affirmed Ca (hyb)

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 NEG

....Senior Unsecured Deposit Rating, Affirmed Caa1 NEG

..Issuer: Bank CenterCredit

.... Adjusted Baseline Credit Assessment, Affirmed b3

.... Baseline Credit Assessment, Affirmed b3

.... Deposit Rating, Affirmed NP

....Junior Subordinated Regular Bond/Debenture, Affirmed Caa2 (hyb)

....Senior Unsecured Deposit Rating, Affirmed B2 STA

....Senior Unsecured Deposit Rating, Affirmed B1.kz

..Issuer: Kazkommertsbank

.... Adjusted Baseline Credit Assessment, Affirmed caa1

.... Baseline Credit Assessment, Affirmed caa1

.... Deposit Rating, Affirmed NP

.... Backed Junior Subordinated Regular Bond/Debenture, Affirmed Caa3 (hyb)

....Subordinate Regular Bond/Debenture, Affirmed Caa2

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Caa1

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 STA

....Senior Unsecured Deposit Rating, Affirmed B2 STA

Outlook Actions:

..Issuer: ATF Bank

....Outlook, Remains Negative

..Issuer: Bank CenterCredit

....Outlook, Remains Stable

..Issuer: Kazkommertsbank

....Outlook, Remains Stable

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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 of rated entity Bank CenterCredit were initiated by Moody's and were not requested by the rated entity.

The rated entity Bank CenterCredit or its agent(s) participated in the rating process. This rated entity or its agent(s) provided Moody's access to the books, records and other relevant internal documents of the rated entity.

Rated entity Kazkommertsbank or related third parties did not participate in the rating process. Moody's was not provided, for purposes of the rating, access to books, records and other relevant internal documents of the rated entity or related third party.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Maria Malyukova
Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Yves Lemay
MD-Banking & Sovereign
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's assigns Counterparty Risk Assessments to ten Kazakhstan banks; affirms ratings of three banks
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

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.

​​​​
Moodys.com