New York, June 30, 2020 -- Moody's Investors Service, ("Moody's") has
assigned definitive ratings to 55 classes of residential mortgage-backed
securities (RMBS) issued by J.P. Morgan Mortgage Trust (JPMMT)
2020-4. The ratings range from Aaa (sf) to B3 (sf).
The certificates are backed by 763 fully-amortizing fixed-rate
mortgage loans with a total balance of $534,399,556,
as of the June 1, 2020 cut-off date. The loans have
original terms to maturity of up to 30 years. Similar to prior
JPMMT transactions, JPMMT 2020-4 includes agency-eligible
mortgage loans (approximately 48.3% by loan balance) underwritten
to the government sponsored enterprises (GSE) guidelines, in addition
to prime jumbo non-agency eligible mortgages purchased by J.P.
Morgan Mortgage Acquisition Corp. (JPMMAC), the sponsor and
mortgage loan seller, from various originators. United Shore
Financial Services, LLC d/b/a United Wholesale Mortgage and Shore
Mortgage (United Shore), Quicken Loans, LLC (Quicken Loans),
and loanDepot.com, LLC (loanDepot) originated approximately
48.0%, 23.0%, and 15.8%
of the mortgage loans (by balance) in the pool, respectively.
All other originators accounted for less than 10% of the pool by
balance. With respect to the mortgage loans, each originator
made a representation and warranty that the mortgage loan constitutes
a qualified mortgage (QM) under the qualified mortgage rule.
United Shore will service about 48.0% of the mortgage loans(subserviced
by Cenlar, FSB), Quicken Loans will service about 23.0%
of the mortgage loans, loanDepot will service about 15.8%
(subserviced by Cenlar, FSB), and remaining servicers each
account for less than 10% of the aggregate principal balance.
The servicing fee for loans serviced by loanDepot and United Shore will
be based on a step-up incentive fee structure with additional fees
for servicing delinquent and defaulted loans. Quicken Loans,
AmeriHome Mortgage Company LLC (Amerihome) and USAA Federal Savings Bank
(USAA FSB) have a fixed fee servicing framework. Nationstar Mortgage
LLC (Nationstar) will be the master servicer and Citibank, N.A.
(Citibank) will be the securities administrator and Delaware trustee.
Pentalpha Surveillance LLC will be the representations and warranties
breach reviewer. Distributions of principal and interest and loss
allocations are based on a typical shifting interest structure that benefits
from senior and subordination floors.
The complete rating actions are as follows:
Issuer: J.P. Morgan Mortgage Trust 2020-4
Cl. A-1, Rating Assigned Aaa (sf)
Cl. A-2, Rating Assigned Aaa (sf)
Cl. A-3, Rating Assigned Aaa (sf)
Cl. A-3-A, Rating Assigned Aaa (sf)
Cl. A-3-X*, Rating Assigned Aaa (sf)
Cl. A-4, Rating Assigned Aaa (sf)
Cl. A-4-A, Rating Assigned Aaa (sf)
Cl. A-4-X*, Rating Assigned Aaa (sf)
Cl. A-5, Rating Assigned Aaa (sf)
Cl. A-5-A, Rating Assigned Aaa (sf)
Cl. A-5-X*, Rating Assigned Aaa (sf)
Cl. A-6, Rating Assigned Aaa (sf)
Cl. A-6-A, Rating Assigned Aaa (sf)
Cl. A-6-X*, Rating Assigned Aaa (sf)
Cl. A-7, Rating Assigned Aaa (sf)
Cl. A-7-A, Rating Assigned Aaa (sf)
Cl. A-7-X*, Rating Assigned Aaa (sf)
Cl. A-8, Rating Assigned Aaa (sf)
Cl. A-8-A, Rating Assigned Aaa (sf)
Cl. A-8-X*, Rating Assigned Aaa (sf)
Cl. A-9, Rating Assigned Aaa (sf)
Cl. A-9-A, Rating Assigned Aaa (sf)
Cl. A-9-X*, Rating Assigned Aaa (sf)
Cl. A-10, Rating Assigned Aaa (sf)
Cl. A-10-A, Rating Assigned Aaa (sf)
Cl. A-10-X*, Rating Assigned Aaa (sf)
Cl. A-11, Rating Assigned Aaa (sf)
Cl. A-11-A, Rating Assigned Aaa (sf)
Cl. A-11-AI*, Rating Assigned Aaa (sf)
Cl. A-11-B, Rating Assigned Aaa (sf)
Cl. A-11-BI*, Rating Assigned Aaa (sf)
Cl. A-11-X*, Rating Assigned Aaa (sf)
Cl. A-12, Rating Assigned Aaa (sf)
Cl. A-13, Rating Assigned Aaa (sf)
Cl. A-14, Rating Assigned Aa2 (sf)
Cl. A-15, Rating Assigned Aa2 (sf)
Cl. A-16, Rating Assigned Aaa (sf)
Cl. A-17, Rating Assigned Aaa (sf)
Cl. A-X-1*, Rating Assigned Aa1 (sf)
Cl. A-X-2*, Rating Assigned Aa1 (sf)
Cl. A-X-3*, Rating Assigned Aaa (sf)
Cl. A-X-4*, Rating Assigned Aa2 (sf)
Cl. B-1, Rating Assigned Aa3 (sf)
Cl. B-1-A, Rating Assigned Aa3 (sf)
Cl. B-1-X*, Rating Assigned Aa3 (sf)
Cl. B-2, Rating Assigned A3 (sf)
Cl. B-2-A, Rating Assigned A3 (sf)
Cl. B-2-X*, Rating Assigned A3 (sf)
Cl. B-3, Rating Assigned Baa3 (sf)
Cl. B-3-A, Rating Assigned Baa3 (sf)
Cl. B-3-X*, Rating Assigned Baa3 (sf)
Cl. B-4, Rating Assigned Ba3 (sf)
Cl. B-5, Rating Assigned B3 (sf)
Cl. B-5-Y, Rating Assigned B3 (sf)
Cl. B-X*, Rating Assigned Baa1 (sf)
*Reflects Interest-Only Classes
Summary Credit Analysis and Rating Rationale
Moody's expected loss for this pool in a baseline scenario-mean
is 0.49% and reaches 5.88% at a stress level
consistent with our Aaa ratings.
Our analysis has considered the effect of the COVID-19 outbreak
on the US economy as well as the effects that the announced government
measures, put in place to contain the virus, will have on
the performance of mortgage loans. Specifically, for US RMBS,
loan performance will weaken due to the unprecedented spike in the unemployment
rate, which may limit borrowers' income and their ability to service
debt. The softening of the housing market will reduce recoveries
on defaulted loans, also a credit negative. Furthermore,
borrower assistance programs, such as forbearance, may adversely
impact scheduled cash flows to bondholders.
The contraction in economic activity in the second quarter will be severe
and the overall recovery in the second half of the year will be gradual.
However, there are significant downside risks to our forecasts in
the event that the pandemic is not contained and lockdowns have to be
reinstated. As a result, the degree of uncertainty around
our forecasts is unusually high. Moody's expected loss for this
pool in a baseline scenario-mean is 0.49%,
in a baseline scenario-median is 0.27%, and
reaches 5.88% at a stress level consistent with our Aaa
ratings. These losses incorporate an additional stress of 10%,
15% and 5%, respectively, to account for the
increased likelihood of deterioration in the performance of the underlying
mortgage loans as a result of a slowdown in US economic activity in 2020
due to the coronavirus outbreak.
We regard the COVID-19 outbreak as a social risk under our ESG
framework, given the substantial implications for public health
Servicing practices, including tracking COVID-19-related
loss mitigation activities, may vary among servicers in the transaction.
These inconsistencies could impact reported collateral performance and
affect the timing of any breach of performance triggers, servicer
advance recoupment, the extent of servicer fees, and additional
expenses for R&W breach reviews when loans become seriously delinquent.
We may infer and extrapolate from the information provided based on this
or other transactions or industry information, or make stressed
We base our ratings on the certificates on the credit quality of the mortgage
loans, the structural features of the transaction, our assessments
of the origination quality and servicing arrangement, the strength
of the third-party due diligence and the R&W framework of the
JPMMT 2020-4 is a securitization of a pool of 763 fully-amortizing
fixed-rate mortgage loans with a total balance of $534,399,556
as of the cut-off date, with a weighted average (WA) remaining
term to maturity of 360 months, and a WA seasoning of 4.2
months. The WA current FICO score is 767 and the WA original combined
loan-to-value ratio (CLTV) is 68.8%.
The characteristics of the loans underlying the pool are generally comparable
to those of other JPMMT transactions backed by prime mortgage loans that
we have rated.
We consider JPMMAC's aggregation platform to be adequate and we did not
apply a separate loss-level adjustment for aggregation quality.
In addition to reviewing JPMMAC as an aggregator, we have also reviewed
the originator(s) contributing a significant percentage of the collateral
pool (above 10%). Additionally, we increased our base
case and Aaa loss expectations for certain originators of non-conforming
loans where we do not have clear insight into the underwriting practices,
quality control and credit risk management. We did not make an
adjustment for GSE-eligible loans, since those loans were
underwritten in accordance with GSE guidelines. In addition,
we reviewed the loan performance for some of these originators.
We viewed the loan performance as comparable to the GSE loans due to consistently
low delinquencies, early payment defaults and repurchase requests.
United Shore and LoanDepot originated approximately 58.7%
and 26.5% of the non-conforming mortgage loans (by
balance) in the pool, respectively. All other originators
accounted for less than 10% of the non-conforming mortgage
loans by balance.
United Shore (originator): Loans originated by United Shore have
been included in several prime jumbo securitizations that we have rated.
United Shore originated approximately 48.0% of the mortgage
loans by pool balance (compared with about 86.9% by pool
balance in JPMMT 2019-9). The majority of these loans were
originated under United Shore's High Balance Nationwide program which
are processed using the Desktop Underwriter (DU) automated underwriting
system, and are therefore underwritten to Fannie Mae guidelines.
The loans receive a DU Approve Ineligible feedback due to the loan amount
only. We made a negative origination adjustment (i.e.
we increased our loss expectations) for United Shore's loans due mostly
to 1) the lack of statistically significant program specific loan performance
data and 2) the fact that United Shore's High Balance Nationwide program
is unique and fairly new and no performance history has been provided
to Moody's on these loans. Under this program, the origination
criteria rely on the use of GSE tools (DU/LP) for prime-jumbo non-conforming
loans, subject to Qualified Mortgage (QM) overlays. More
time is needed to assess United Shore's ability to consistently produce
high-quality prime jumbo residential mortgage loans under this
loanDepot (originator) contributed 15.8% by loan balance
to the pool. Founded in 2009 and launched in 2010, loanDepot
has funded approximately $180 billion residential mortgage loans
to date. After its initial launch, loanDepot's growth strategy
included acquiring independent retail platforms across the country and
using mobile, licensed lending officers to build a nationwide retail
presence. loanDepot is primarily engaged in the origination of
residential mortgages and home equity loans. In addition to its
core lending activities, loanDepot has also invested in several
strategic joint ventures whose services complement its core mortgage lending
business such as escrow, settlement, title, closing,
new home construction and investment management. We consider LoanDepot
an adequate originator of prime jumbo loans. As a result,
we did not make any adjustments to our loss levels for these loans.
Quicken Loans (originator, rated long-term senior unsecured
Ba1) contributed 22.9% by loan balance to the pool.
Quicken Loans is one of the largest US residential mortgage originators
and the largest retail originator. Quicken Loans' origination of
agency-eligible loans is designed to be executed in accordance
with underwriting guidelines established by the Fannie Mae Single Family
Selling Guide and the Freddie Mac Single Family Seller/Servicer Guide.
Quicken Loans generally requires that each agency-eligible mortgage
loan have valid findings and an approve or accept response from the requirements
of the automated underwriting systems (AUS) of the GSEs, and that
documentation requirements for income, employment and/or assets
are generally followed. All the loans in this transaction originated
by Quicken Loans are agency-eligible mortgage loans, underwritten
to the government sponsored enterprises (GSE) guidelines, therefore,
we did not apply any adjustment to our expected losses.
We consider the overall servicing arrangement for this pool to be adequate
given the strong servicing arrangement of the servicers, as well
as the presence of a strong master servicer to oversee the servicers.
The servicers are contractually obligated to the issuing entity to service
the related mortgage loans. However, the servicers may perform
their servicing obligations through sub-servicers. In this
transaction, Nationstar Mortgage LLC (Nationstar Mortgage Holdings
Inc. rated B2) will act as the master servicer. The servicers
are required to advance principal and interest on the mortgage loans.
To the extent that the servicers are unable to do so, the master
servicer will be obligated to make such advances. In the event
that the master servicer, Nationstar, is unable to make such
advances, the securities administrator, Citibank (rated Aa3)
will be obligated to do so to the extent such advance is determined by
the securities administrator to be recoverable.
COVID-19 Impacted Borrowers
Per our conversation with multiple servicers in the market, the
process related to borrower relief efforts for COVID-19 impacted
loans is generally similar across servicers. Typically, the
borrower must contact the servicer and attest they have been impacted
by a COVID-19 hardship and that they require payment assistance.
The servicer will offer an initial forbearance period to the borrower,
which can be extended if the borrower attests that they require additional
At the end of the forbearance period, if the borrower is unable
to make the forborne payments on such mortgage loan as a lump sum payment
or does not enter into a repayment plan, the servicer may defer
the missed payments, which could be added as a non-interest-bearing
payment due at the end of the loan term. If the borrower can no
longer afford to make payments in line with the original loan terms,
the servicer would typically work with the borrower to modify the loan
(although the servicer may utilize any other loss mitigation option permitted
under the pooling and servicing agreement with respect to such mortgage
loan at such time or any time thereafter).
Servicing Fee Framework
The servicing fee for loans serviced by United Shore and LoanDepot will
be based on a step-up incentive fee structure with a monthly base
fee of $40 per loan and additional fees for servicing delinquent
and defaulted loans. Quicken Loans, AmeriHome and USAA FSB
will be paid a monthly flat servicing fee equal to one-twelfth
of 0.25% of the remaining principal balance of the mortgage
loans. The servicing fee framework is comparable to other recent
JPMMT transactions backed by prime mortgage loans that we have rated.
By establishing a base servicing fee for performing loans that increases
when loans become delinquent, the fee-for-service
structure aligns monetary incentives to the servicer with the costs of
servicing. The servicer receives higher fees for labor-intensive
activities that are associated with servicing delinquent loans,
including loss mitigation, than they receive for servicing a performing
loan, which is less costly and labor-intensive. The
fee-for-service compensation is reasonable and adequate
for this transaction because it better aligns the servicer's costs with
the deal's performance. Furthermore, higher fees for the
more labor-intensive tasks make the transfer of these loans to
another servicer easier, should that become necessary.
The incentive structure includes an initial monthly base servicing fee
of $40 for all performing loans and increases according to a pre-determined
delinquent and incentive servicing fee schedule. The delinquent
and incentive servicing fees will be deducted from the available distribution
amount and Class B-6 net WAC. The transaction does not have
a servicing fee cap, so, in the event of a servicer replacement,
any increase in the base servicing fee beyond the current fee will be
paid out of the available distribution amount.
Four third party review firms, AMC Diligence, LLC (AMC),
Clayton Services LLC (Clayton), Digital Risk LLC (DR) and Opus Capital
Markets Consultants, LLC (Opus) (collectively, TPR firms)
verified the accuracy of the loan-level information that we received
from the sponsor. These firms conducted detailed credit,
valuation, regulatory compliance and data integrity reviews on 100%
of the mortgage pool. The TPR results indicated compliance with
the originators' underwriting guidelines for majority of loans,
no material compliance issues, and no appraisal defects.
Overall, the loans that had exceptions to the originators' underwriting
guidelines had strong documented compensating factors such as low DTIs,
low LTVs, high reserves, high FICOs, or clean payment
histories. The TPR firms also identified minor compliance exceptions
for reasons such as inadequate RESPA disclosures (which do not have assignee
liability) and TILA/RESPA Integrated Disclosure (TRID) violations related
to fees that were out of variance but then were cured and disclosed.
JPMMT 2020-4's R&W framework is in line with that of other
JPMMT transactions where an independent reviewer is named at closing,
and costs and manner of review are clearly outlined at issuance.
Our review of the R&W framework considers the financial strength of
the R&W providers, scope of R&Ws (including qualifiers and
sunsets) and enforcement mechanisms. The R&W providers vary
in financial strength. The creditworthiness of the R&W provider
determines the probability that the R&W provider will be available
and have the financial strength to repurchase defective loans upon identifying
a breach. An investment grade rated R&W provider lends substantial
strength to its R&Ws. We analyze the impact of less creditworthy
R&W providers case by case, in conjunction with other aspects
of the transaction.
The R&W providers are unrated and/or financially weaker entities.
We applied an adjustment to the loans for which these entities provided
No other party will backstop or be responsible for backstopping any R&W
providers who may become financially incapable of repurchasing mortgage
loans. With respect to the mortgage loan R&Ws made by such
originators or the aggregator, as applicable, as of a date
prior to the closing date, JPMMAC will make a "gap" representation
covering the period from the date as of which such R&W is made by
such originator or the aggregator, as applicable, to the cut-off
date or closing date, as applicable. Additionally,
no party will be required to repurchase or substitute any mortgage loan
until such loan has gone through the review process.
Trustee and Master Servicer
The transaction Delaware trustee is Citibank. The custodian's functions
will be performed by Wells Fargo Bank, N.A. The paying
agent and cash management functions will be performed by Citibank.
Nationstar, as master servicer, is responsible for servicer
oversight, servicer termination and for the appointment of any successor
servicer. In addition, Nationstar is committed to act as
successor if no other successor servicer can be found. The master
servicer is required to advance principal and interest if the servicer
fails to do so. If the master servicer fails to make the required
advance, the securities administrator is obligated to make such
Tail Risk & Subordination Floor
This deal has a standard shifting interest structure, with a subordination
floor to protect against losses that occur late in the life of the pool
when relatively few loans remain (tail risk). When the total senior
subordination is less than 0.75% of the original pool balance,
the subordinate bonds do not receive any principal and all principal is
then paid to the senior bonds. The subordinate bonds benefit from
a floor as well. When the total current balance of a given subordinate
tranche plus the aggregate balance of the subordinate tranches that are
junior to it amount to less than 0.65% of the original pool
balance, those tranches that are junior to it do not receive principal
distributions. The principal those tranches would have received
is directed to pay more senior subordinate bonds pro-rata.
In addition, until the aggregate class principal amount of the senior
certificates (other than the interest only certificates) is reduced to
zero, if on any distribution date, the aggregate subordinate
percentage for such distribution date drops below 6.00%
of current pool balance, the senior distribution amount will include
all principal collections and the subordinate principal distribution amount
will be zero.
We calculate the credit neutral floors for a given target rating as shown
in our principal methodology. The senior subordination floor is
equal to an amount which is the sum of the balance of the six largest
loans at closing multiplied by the higher of their corresponding MILAN
Aaa severity or a 35% severity. The credit neutral floor
for Aaa rating is $4,007,997. The senior subordination
floor of 0.75% and subordinate floor of 0.65%
are consistent with the credit neutral floors for the assigned ratings.
The transaction has a shifting interest structure in which the senior
bonds benefit from a number of protections. Funds collected,
including principal, are first used to make interest payments to
the senior bonds. Next, principal payments are made to the
senior bonds. Next, available distribution amounts are used
to reimburse realized losses and certificate write-down amounts
for the senior bonds (after subordinate bond have been reduced to zero
i.e. the credit support depletion date). Finally,
interest and then principal payments are paid to the subordinate bonds
in sequential order.
Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balance of the subordinate
bonds is written off, losses from the pool begin to write off the
principal balance of the senior support bond, and finally losses
are allocated to the super senior bonds.
In addition, the pass-through rate on the bonds (other than
the Class A-R Certificates) is based on the net WAC as reduced
by the sum of (i) the reviewer annual fee rate and (ii) the capped trust
expense rate. In the event that there is a small number of loans
remaining, the last outstanding bonds' rate can be reduced to zero.
The Class A-11 Certificates will have a pass-through rate
that will vary directly with the rate of one-month LIBOR and the
Class A-11-X Certificates will have a pass-through
rate that will vary inversely with the rate of one-month LIBOR.
If the securities administrator notifies the depositor that it cannot
determine one-month LIBOR in accordance with the methods prescribed
in the sale and servicing agreement and a benchmark transition event has
not yet occurred, one-month LIBOR for such accrual period
will be one-month LIBOR as calculated for the immediately preceding
accrual period. Following the occurrence of a benchmark transition
event, a benchmark other than one-month LIBOR will be selected
for purposes of calculating the pass-through rate on the class
Factors that would lead to an upgrade or downgrade of the ratings:
Levels of credit protection that are insufficient to protect investors
against current expectations of loss could drive the ratings down.
Losses could rise above Moody's original expectations as a result of a
higher number of obligor defaults or deterioration in the value of the
mortgaged property securing an obligor's promise of payment. Transaction
performance also depends greatly on the US macro economy and housing market.
Other reasons for worse-than-expected performance include
poor servicing, error on the part of transaction parties,
inadequate transaction governance and fraud.
Levels of credit protection that are higher than necessary to protect
investors against current expectations of loss could drive the ratings
of the subordinate bonds up. Losses could decline from Moody's
original expectations as a result of a lower number of obligor defaults
or appreciation in the value of the mortgaged property securing an obligor's
promise of payment. Transaction performance also depends greatly
on the US macro economy and housing market.
The principal methodology used in rating all classes except interest-only
classes was "Moody's Approach to Rating US RMBS Using the MILAN Framework"
published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303
. The methodologies used in rating interest-only classes
were "Moody's Approach to Rating US RMBS Using the MILAN Framework" published
in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303
and "Moody's Approach to Rating Structured Finance Interest-Only
(IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179.
Please see the list of ratings at the top of this announcement to identify
which classes are interest-only (indicated by the *).
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
For further specification of Moody's key rating assumptions and
sensitivity analysis, see the sections Methodology Assumptions and
Sensitivity to Assumptions in the disclosure form. Moody's
Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
Further information on the representations and warranties and enforcement
mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1235114
The analysis relies on an assessment of collateral characteristics to
determine the collateral loss distribution, that is, the function
that correlates to an assumption about the likelihood of occurrence to
each level of possible losses in the collateral. As a second step,
Moody's evaluates each possible collateral loss scenario using a
model that replicates the relevant structural features to derive payments
and therefore the ultimate potential losses for each rated instrument.
The loss a rated instrument incurs in each collateral loss scenario,
weighted by assumptions about the likelihood of events in that scenario
occurring, results in the expected loss of the rated instrument.
Moody's quantitative analysis entails an evaluation of scenarios
that stress factors contributing to sensitivity of ratings and take into
account the likelihood of severe collateral losses or impaired cash flows.
Moody's weights the impact on the rated instruments based on its
assumptions of the likelihood of the events in such scenarios occurring.
For ratings issued on a program, series, category/class of
debt or security this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note of the
same series, category/class of debt, security or pursuant
to a program for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the credit rating action on the
support provider and in relation to each particular credit rating action
for securities that derive their credit ratings from the support provider's
credit rating. For provisional ratings, this announcement
provides certain regulatory disclosures in relation to the provisional
rating assigned, and in relation to a definitive rating that may
be assigned subsequent to the final issuance of the debt, in each
case where the transaction structure and terms have not changed prior
to the assignment of the definitive rating in a manner that would have
affected the rating. For further information please see the ratings
tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.
At least one ESG consideration was material to the credit rating action(s)
announced and described above.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
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
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653