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Rating Action:

Moody's assigns positive outlooks to 12 Indian government-owned financial institutions; downgrades the ratings of 3 Indian private-sector banks to Baa3 from Baa2 and changes the outlooks to positive

09 Apr 2015

Singapore, April 09, 2015 -- Moody's Investors Service has affirmed the long-term ratings and changed the outlook to positive from stable for 12 Indian government-owned financial institutions. The rating actions are in line with Moody's affirmation of the Government of India's Baa3 issuer and senior unsecured ratings on 9 April 2015, and Moody's changing of the sovereign's ratings outlook to positive from stable on the same date.

Moody's has also downgraded the local currency bank deposit ratings and the senior unsecured ratings of three Indian private sector banks to Baa3/P-3 from Baa2/P-2. The outlook on all the long-term ratings of these banks has been changed to positive. The foreign currency deposit rating of these three banks has been affirmed at Baa3/P-3 and the outlook on their long-term ratings has been changed to positive from stable.

The 12 affected government-owned financial institutions are: (1) Bank of Baroda, (2) Bank of India, (3) Canara Bank, (4) Export-Import Bank of India, (5) Indian Railway Finance Corporation Limited, (6) Oriental Bank of Commerce, (7) Power Finance Corporation Limited, (8) Punjab National Bank, (9) Rural Electrification Corporation Ltd., (10) State Bank of India, (11) Syndicate Bank, and (12) Union Bank of India.

The three affected private sector banks are: (1) AXIS Bank Limited, (2) HDFC Bank Limited and (3) ICICI Bank Limited.

All of the banks' other ratings remain unaffected.

RATINGS RATIONALE

POSITIVE OUTLOOK FOR 12 INDIAN GOVERNMENT-OWNED FINANCIAL INSTITUTIONS

The rating actions are in line with Moody's revision of the outlook on the Government of India's Baa3 bond ratings to positive from stable. The sovereign action is discussed in greater detail in Moody's press release dated 9 April 2015 (https://www.moodys.com/research/Moodys-affirms-Indias-Baa3-rating-changes-outlook-to-positive--PR_320605).

The government's credit strength is an important input in Moody's deposit and debt ratings for financial institutions, because it impacts Moody's assessment of the government's capacity to provide support in times of stress.

As such, an improvement in the government's own creditworthiness, as measured by its sovereign rating, has the potential to lift the supported ratings for the financial institutions. The assignment of a positive outlook on the sovereign's and the financial institutions' ratings signals a higher probability of the sovereign providing support to the financial institutions in times of stress.

DOWNGRADE OF LOCAL CURRENCY DEPOSIT AND SENIOR UNSECURED RATINGS OF THREE PRIVATE-SECTOR BANKS; OUTLOOK POSITIVE

The downgrade of the local currency bank deposit and senior unsecured ratings of three Indian private-sector banks to Baa3/P-3 from Baa2/P-2 is driven by the change in Moody's view that the capacity for government support is limited to a government's bond rating, rather than Moody's previous expectation that banks in India could benefit from additional support through other policy tools. These rating actions follow the publication of Moody's updated bank rating methodology on 16 March 2015.

At the same time, the outlook on all the long-term ratings of the three banks has been changed to positive from stable, in line with Moody's revision of the outlook on the Government of India's Baa3 bond ratings to positive from stable.

The ratings and outlook of the affected financial institutions are listed below.

AXIS Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-2; outlook on long-term rating changed to positive from rating under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at baa3

AXIS Bank Limited, headquartered in Mumbai, reported total consolidated assets of INR 3,819.5 billion ($64 billion) as of 31 March 2014.

AXIS Bank Limited, DIFC Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Other short-term ratings downgraded to (P) P-3 from (P) P-2

AXIS Bank Limited, Hong Kong Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchaged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Other short-term ratings downgraded to (P) P-3 from (P) P-2

AXIS Bank Limited, Singapore Branch

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchaged at (P)Ba1

Foreign currency junior subordinate debt rating unchanged at Ba2(hyb); outlook stable

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Pref. stock (non cumulative) rating unchanged at Ba3(hyb)

Bank of Baroda

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at ba2

Bank of Baroda, headquartered in Mumbai, reported total consolidated assets of INR 6,571.0 billion ($110 billion) as of 31 March 2014.

Bank of Baroda, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated debt rating of unchanged at Ba2; outlook negative

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Pref. stock (non-cumulative) rating unchanged at B2(hyb); outlook negative

BCA and Adjusted BCA unchanged at ba2

Bank of India, headquartered in Mumbai, reported total consolidated assets of INR 5,712.1 billion ($96 billion) as of 31 March 2014.

Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated debt rating unchanged at Ba2; outlook negative

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Bank of India, Jersey Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

Pref. stock (non-cumulative) rating unchanged at B2(hyb); outlook negative

Canara Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged ba2

Canara Bank, headquartered in Bangalore, reported total consolidated assets of INR 4,902.1 billion ($82 billion) as of 31 March 2014.

Canara Bank, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinated debt rating unchanged at Ba3(hyb); outlook negative

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

Export- Import Bank of India

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Export-Import Bank of India, headquartered in Mumbai, reported total consolidated assets of INR 871.5 billion ($15 billion) as of 31 March 2014.

Export-Import Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

HDFC Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-2; outlook on long-term rating changed to positive from rating under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

BCA and Adjusted BCA unchanged at baa3

HDFC Bank Limited, headquartered in Mumbai, reported total consolidated assets of INR 4,903.4 billion ($82 billion) as of 31 March 2014.

HDFC Bank Limited, Bahrain Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

HDFC Bank Limited, Hong Kong Branch

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

ICICI Bank Limited

Local currency deposit rating downgraded to Baa3/P-3 from Baa2/P-2; outlook on long-term rating changed to positive from rating under review

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

BCA and Adjusted BCA unchanged at baa3

ICICI Bank Limited, headquartered in Mumbai, reported total consolidated assets of INR 7,475 billion ($123 billion) as of 31 March 2014.

ICICI Bank Limited, New York Branch

Local currency senior unsecured debt rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Local currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Local currency subordinated MTN program rating unchanged at (P)Ba1

Local currency junior subordinate MTN program rating unchanged at (P)Ba2

ICICI Bank Limited, Bahrain Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate debt rating unchanged at Ba2(hyb); outlook stable

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Pref. stock (non cumulative) rating unchanged at Ba3(hyb)

ICICI Bank Limited, Dubai Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

ICICI Bank Limited, Hong Kong Branch

Deposit Note/CD Program rating affirmed at (P)Baa3/(P)P-3

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

ICICI Bank Limited, Singapore Branch

Foreign currency senior unsecured rating downgraded to Baa3 from Baa2; outlook changed to positive from rating under review

Foreign currency senior unsecured MTN Program rating downgraded to (P)Baa3 from (P)Baa2

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Indian Railway Finance Corporation Limited

Foreign currency issuer rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Indian Railway Finance Corporation Limited, headquartered in Mumbai, reported total consolidated assets of INR 707.6 billion ($13 billion) as of 31 March 2014.

Oriental Bank of Commerce

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

BCA and Adjusted BCA unchanged at ba2

Oriental Bank of Commerce, headquartered in New Delhi, reported total consolidated assets of INR 2,194.5 billion ($37 billion) as of 31 March 2014.

Power Finance Corporation Limited

Foreign currency issuer rating affirmed at Baa3; outlook changed to positive from stable

Power Finance Corporation, headquartered in Mumbai, reported total consolidated assets of INR 1,698.2 billion ($31 billion) as of 31 March 2014.

Punjab National Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed to positive from stable

BCA and Adjusted BCA unchanged at ba3

Punjab National Bank, headquartered in New Delhi, reported total consolidated assets of INR 5,480.4 billion ($92 billion) as of 31 March 2014.

Rural Electrification Corporation Ltd.

Local currency issuer rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency issuer rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Rural Electrification Corporation Ltd, headquartered in Mumbai, reported total consolidated assets of INR 1,305.1 billion ($24 billion) as of 31 March 2014.

State Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Other short-term program rating affirmed at (P)P-3

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Pref. stock (non-cumulative) rating unchanged at B1(hyb); outlook negative

Baseline credit assessment (BCA) and Adjusted BCA unchanged at ba1

State Bank of India, headquartered in Mumbai, reported total consolidated assets of INR 17,856.6 billion ($299 billion) as of 31 March 2014.

State Bank of India, Hong Kong Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Other short-term program rating affirmed at (P)P-3

State Bank of India, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Other short-term program rating affirmed at (P)P-3

State Bank of India, Nassau Branch

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba1

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba2

Pref. stock (non-cumulative) rating unchanged at B1(hyb); outlook negative

Other short-term program rating affirmed at (P)P-3

Syndicate Bank

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

BCA and Adjusted BCA unchanged at ba2

Syndicate Bank, headquartered in Bangalore, reported total consolidated assets of INR 2,509.3 billion ($42 billion) as of 31 March 2014.

Syndicate Bank, London Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

Union Bank of India

Local currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency deposit rating affirmed at Baa3/P-3; outlook on long-term rating changed to positive from stable

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

BCA and Adjusted BCA unchanged at ba2

Union Bank of India, headquartered in Mumbai, reported total consolidated assets of INR 3,523.5 billion ($59 billion) as of 31 March 2014.

Union Bank of India, Hong Kong Branch

Foreign currency senior unsecured debt rating affirmed at Baa3; outlook changed to positive from stable

Foreign currency senior unsecured MTN program rating affirmed at (P)Baa3

Foreign currency subordinated MTN program rating unchanged at (P)Ba2

Foreign currency junior subordinate MTN program rating unchanged at (P)Ba3

The principal methodology used in rating State Bank of India, State Bank of India, Hong Kong Branch, State Bank of India, London Branch, State Bank of India, Nassau Branch, Bank of Baroda, Bank of Baroda, London Branch, Syndicate Bank, Syndicate, London Branch, Bank of India, Bank of India, London Branch, Bank of India, Jersey Branch, Canara Bank, Canara Bank, London Branch, Oriental Bank of Commerce, Union Bank of India, Union Bank of India, Hong Kong Branch, Punjab National Bank, Export-Import Bank of India, Export-Import Bank of India, London Branch, AXIS Bank Limited, AXIS Bank Limited, DIFC Branch, AXIS Bank Limited, Hong Kong Branch, AXIS Bank Limited, Singapore Branch, ICICI Bank Limited, ICICI Bank Limited, New York Branch, ICICI Bank Limited, Bahrain Branch, ICICI Bank Limited, Dubai Branch, ICICI Bank Limited, Hong Kong Branch, ICICI Bank Limited, Singapore Branch, HDFC Bank Limited, HDFC Bank Limited, HDFC Bank Limited, Bahrain Branch, and HDFC Bank Limited Hong Kong Branch was Banks published in March 2015. The principal methodologies used in rating Indian Railway Finance Corporation Limited, Power Finance Corporation Limited and Rural Electrification Corporation Ltd. were Finance Company Global Rating Methodology published in March 2012, and Government-Related Issuers published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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 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.

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

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.

Alka Anbarasu
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's assigns positive outlooks to 12 Indian government-owned financial institutions; downgrades the ratings of 3 Indian private-sector banks to Baa3 from Baa2 and changes the outlooks to positive
No Related Data.
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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.

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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 $2,700,000. 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 JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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