New York, June 02, 2021 -- Moody's Investors Service (Moody's) has assigned provisional ratings
to the class A, class B and class C notes (the notes) to be issued
by MAPS 2021-1 Trust (MAPS), a Delaware statutory trust.
The ultimate assets backing the rated notes will consist primarily of
a portfolio of aircraft and their related initial and future leases.
Apollo Navigator Holdings US LLC and Apollo Navigator Holdings (Ireland)
Designated Activity Company (together, Navigator), affiliated
with and managed by Apollo Global Management (Apollo), will be the
sellers of the assets and the sponsors of the transaction. Merx
Aviation Servicing Limited (Merx), an affiliate of Merx Aviation
Finance, LLC (together with their affiliates, Merx Group),
will be the servicer of the underlying assets and related leases.
MAPS will be the third aircraft lease securitization serviced by Merx
The aircraft lease asset-backed securities (ABS) will be primarily
repaid by cash flows from payments on initial and subsequent leases attached
to the portfolio of aircraft to be securitized and proceeds from aircraft
dispositions. As of the cut-off date, the initial
assets will primarily consist of 20 aircraft subject to initial leases
to 12 lessees domiciled in 10 countries.
The complete rating actions are as follows:
Issuer: MAPS 2021-1 Trust
Class A Notes, Assigned (P)A1 (sf)
Class B Notes, Assigned (P)Baa1 (sf)
Class C Notes, Assigned (P)Ba1 (sf)
MAPS will use the proceeds from the issuance of the notes to acquire the
series A, series B and series C AOE notes (the AOE notes) to be
issued by each of MAPS 2021-1 Aviation (Ireland) Designated Activity
Company (MAPS Ireland) and MAPS 2021-1 Aviation (US) LLC (MAPS
US), the underlying asset-owning entity (AOE) issuers,
incorporated under Irish law and Delaware law, respectively.
Upon satisfaction of certain conditions within 270 days after the transaction
closing date (the purchase period), each of the AOE issuers expects
to use the proceeds from the issuance of the AOE notes to acquire from
the sellers beneficial interests in asset owning entities (AOEs) that
directly or indirectly own in the aggregate 20 aircraft and their related
leases. In exchange for the sale of their ownership interests in
the AOEs, the sellers will receive a portion of the AOE note issuance
proceeds and the E notes from the AOE issuers.
The provisional ratings of the notes are based on (1) the results of Moody's
quantitative modeling analyses, including sensitivity analyses with
respect to certain model assumptions, (2) the initial and expected
Moody's assumed cumulative loan-to-value (Moody's
CLTV) ratios for each class of notes, using Moody's assumed
value (MAV) of the aircraft portfolio to be securitized, (3) the
credit quality of the underlying aircraft portfolio, their related
initial and subsequent leases and their expected performance, (4)
the transaction structure and priority of payments, (5) the ability,
experience and expertise of Merx as the servicer of the assets to be securitized,
and (6) qualitative considerations for risks related to asset diversity
as well as legal, operational, jurisdiction, data quality,
bankruptcy remoteness, and ESG (environmental, social and
governance) risks, among others. The provisional ratings
also consider the heightened risk and continued global economic disruption
resulting from the COVID-19 pandemic.
The class A, B, and C notes have a Moody's initial CLTV ratio
of around 72.7%, 85.3% and 94.0%,
respectively, using the MAV of the aircraft portfolio to be securitized.
The MAV reflects the minimum of several third-party appraisers'
initial half-life current market values, adjusted by the
appraised maintenance adjustment from Alton Aviation Consultancy Ireland
Limited (Alton). Moody's CLTV ratio reflects the loan-to-value
ratio of the combined amounts of each class of notes and the classes that
are senior to it. Moody's CLTV ratios do not reflect Alton's
projected end of lease (EOL) payments due from most of the airlines when
their leases expire. Moody's initial CLTV ratios of each
class of notes would be five to seven percentage points lower after reflecting
the credit that it ascribed to the aggregate projected EOL payments,
assuming no EOL payments leak to the E notes.
Unless otherwise noted, all percentages below represent a percentage
of the portfolio MAV.
Key credit strengths of the transaction include (1) mostly strong leasing
assets, (2) strong initial contractual cash flows from lessees of
relatively strong credit quality, (3) limited lease maturities through
2023, and 65% after the anticipated repayment date (ARD)
in 2028, reducing exposure to near-term COVID-19-related
re-leasing risks, and (4) large EOL payments that will bolster
transaction cash flows.
Key credit challenges of the transaction include (1) improving,
albeit still-challenging, commercial aviation industry that
heightens asset risks, (2) volatility in aircraft values and lease
rates, (3) potential adverse changes in portfolio composition and
concentration, (4) potential large maintenance expenses upon lessee
default, (5) unrated servicer, (6) novation and acquisition
risk, and (7) leakage of cash flows to the E notes. In assessing
the impact of the credit challenges on the transaction, Moody's
considered the various mitigants to the risks and performed sensitivity
analyses in its quantitative modeling.
CREDIT QUALITY OF UNDERLYING AIRCRAFT
The aircraft portfolio to be securitized is stronger than most aircraft
lease ABS pools with limited risk layering. The pool includes a
relatively homogeneous mix of relatively young, highly liquid narrowbody
aircraft (83%). The aircraft are leased to 12 lessees of
relatively strong credit quality, mostly domiciled in the US and
developed Europe. The WA remaining term of the leases is nine years,
longer than the seven-year ARD and that of pools backing most aircraft
lease ABS issued since 2017. The mostly long leases to relatively
strong lessees should support strong contractual cash flows through the
pandemic and beyond the ARD and decrease the deal's exposure to
Highly liquid, narrowbody aircraft less than nine years in age comprise
83% of the portfolio to be securitized, of which 48%
are new technology A220s, A320neos and a B737MAX less than three
years in age and 35% are current technology A320-200s and
B737-800s six to nine years in age. These narrowbody aircraft
are strong leasing assets owing to their large diversified installed or
expected operator bases. The portfolio contains no widebody passenger
aircraft. The remaining two aircraft are widebody freighters (17%),
which will benefit from continued strong demand for air cargo.
The high proportion of relatively young aircraft in the pool, with
a WA age of 5.8 years (4.2 years excluding the freighters),
that Moody's expects will be in service for at least 16 years on
average will provide a strong source of cash flows to repay the notes
and allow the transaction more time to recover from unexpected declines
in cash flows owing to temporary market disruptions.
The pool consists of 10% young-midlife aircraft.
Risks typically associated with mid-life aircraft include diminished
re-leasing prospects, higher volatility in values,
technological obsolescence and higher costs related to ongoing maintenance.
CREDIT QUALITY OF INITIAL LEASES AND LESSEES
Around 89% of the aircraft are subject to leases that will expire
after 2023, when Moody's expects a recovery in global air travel
demand to pre-pandemic (2019) levels, protecting the transaction
from COVID-19-related re-leasing risks unless lessees
The relatively long initial leases to initial lessees of relatively strong
credit quality will provide a strong and steady source of cashflow to
the transaction. Around 88% of the initial contractual lease
rent comes from airlines that are rated or have credit estimates (CE),
with a WA rating or CE of Ba3. Around 45% of the initial
contracted rent comes from four airlines that Moody's rates:
Delta Air Lines, Inc. (Baa3 negative), Wizz Air (Baa3
negative), Spirit Airlines, Inc. (B1 negative) and
Gol Linhas Aereas Inteligentes S.A. (B3 stable).
Around 64% of the aircraft are leased to initial lessees domiciled
in the US and developed Europe. As of 15 May 2021, only one
initial lessee had due but unpaid scheduled lease payments under its second
COVID-19-related deferral agreement.
Noteholders will benefit from EOL payments received from certain lessees
at the end of their leases, provided the lessee is performing,
which will accelerate the pay down of the notes. Alton projects
aggregate EOL payments of $125 million from the initial leases
at lease expiry, or 23% of the aggregate note balance.
In its analysis, Moody's reduced the projected EOL payments
to account for (1) the potential volatility in Alton's projected EOL amounts
owing to uncertainty around utilization of the aircraft during the lease
terms, (2) the projected costs required to ensure that the maintenance
condition of the plane is sufficient to attract a subsequent lessee at
reasonable terms, (3) the possibility that some aircraft may be
sold prior to the end of their leases and therefore the notes will not
receive the related EOL payments, and (4) the probability of lessee
defaults prior to lease expiry.
STRENGTH OF TRANSACTION STRUCTURE
The MAPS 2021-1 transaction structure is similar to pre-COVID
aircraft lease ABS transaction structures, except that it has DSCR
triggers for cash trap and cash sweep that have a shorter look back period
of three-months, which will allow the transaction to respond
faster to performance deterioration.
Similar to other aircraft lease ABS transactions, the pro-rata
payments among the classes of notes and the E notes limits de-leveraging
of the notes prior to the ARD, assuming no rapid amortization event
is occurring. In contrast, deals in most ABS asset classes
generally have stronger structures that preclude the erosion of credit
enhancement through maintaining credit enhancement levels without trigger
Prior to the ARD, assuming no rapid amortization event is occurring,
a disproportionate share of collections will be paid to the class C notes
owing to their faster scheduled amortization, compared with that
of the class A and class B notes, and collections in excess of the
scheduled note payments will be diverted to the E notes. Owing
to the pro-rata payment structure, EOL payments and aircraft
sales proceeds will accelerate debt amortization, and except for
(1) certain amounts earned on the disposition of aircraft, including
the greater of (a) 5% of the debt associated with an aircraft that
is sold or (b) 5% of the leverage-adjusted net sales proceeds
of an aircraft that is sold, and (2) 5% multiplied by the
pro-rata percentage of a series multiplied by the EOL payments
collected from an asset, will not result in any de-leveraging
of the notes. The immediate debt acceleration will be partially
offset by reduced future scheduled principal payments on the notes through
the ARD. Any aircraft sales proceeds or EOL payments received after
the ARD will be fully utilized to delever the notes. Around 75%
of the EOL payments are tied to leases expiring after the ARD.
The risks posed by the pro-rata structure are mitigated by (1)
the lower initial CLTVs of the notes, compared with most ABS backed
by young aircraft portfolios, (2) the strong contractual cash flows,
and (3) the likely decreasing CLTVs over time owing to the slower aircraft
portfolio value depreciation, compared with scheduled note amortization.
In addition, a strong recovery in the commercial aviation industry
would enhance the CLTVs if aircraft values were to recover meaningfully.
Also, if aircraft are sold, the noteholders can receive at
least 105% of the outstanding debt associated with that aircraft.
Moreover, performance triggers that result in a full cash sweep
reduce the negative impact of the pro-rata structure.
NOVATION AND ACQUISITION RISK
At transaction closing, the AOE issuers will not have an interest
in the AOEs that directly or indirectly own the aircraft collateral securing
the AOE notes, and therefore, the transaction will be exposed
to the risk that the AOE issuers do not acquire the ownership interests
in certain of the AOEs during the 270-day purchase period.
The relatively homogeneous, young, highly liquid aircraft
portfolio of relatively strong quality mitigates the risk of aircraft
not being delivered during the purchase period, resulting in a weaker
and more volatile asset mix with higher concentrations. In addition,
the conditions for the seller to substitute a replacement aircraft for
an undelivered aircraft during the purchase period mitigate the risk of
adverse changes in the portfolio.
On the closing date, the sellers will indirectly own or have interests
in the AOEs that directly or indirectly own 18 of the 20 aircraft in the
portfolio. The sellers will cause the AOEs to be transferred to
MAPS Ireland and MAPS US by beneficial interest transfers or membership
interest transfers, respectively, during the purchase period
in exchange for the AOE note issuance proceeds and the E notes,
which will be held by the sellers. Since the AOE issuers will acquire
the beneficial interest or membership interests of the AOEs rather than
title to the aircraft, the leases will not need to be novated,
and aircraft acquisition will be less complex. Lessee involvement
will likely be limited to executing a standard acknowledgment of assignment
and updating the insurance certificate. Lessee involvement will
likely be limited to executing a standard acknowledgment of assignment
and updating the insurance certificate.
As of 15 May 2021, two A320neos (16%) subject to existing
leases to S7 Airlines were not yet owned by the applicable seller or its
affiliates acquired by the applicable AOE. The sellers recently
entered into a purchase agreement to acquire, from a third-party,
the beneficial interest in these two aircraft. The airline must
enter into novation agreements and ancillary documents. The Issuer
Group expects to acquire the beneficial interest in the aircraft during
the purchase period. In its cash flow analyses, Moody's
considered scenarios in which it assumed certain AOEs and/or related planes,
including the two A320neos, were not acquired during the purchase
QUANTATIVE MODELING ASSUMPTIONS
Moody's initial assumed value: Moody's initial assumed maintenance-adjusted
current market value (MAV) of the aircraft portfolio is $574.6
million. The MAV of each asset is equal to (A) the minimum of (i)
the average of three half-life current market value (CMV) appraisals
for each asset provided by sponsor-selected third-party
appraisal firms (AVITAS, Inc., IBA Group Limited and
Morten, Beyer & Agnew, Inc.) and (ii) the minimum
of two half-life CMV appraisals for each asset from two independent
third-party appraisal firms that Moody's traditionally uses,
plus (B) Alton's maintenance adjustment for the asset as of May 2021.
All half-life CMV appraisals are as of as of first-quarter
2021. Alton's aggregate maintenance adjustment was only $7.7
million as of May 2021, or 1.3% of the portfolio MAV.
The MAV is 9% lower than the average of the three maintenance-adjusted
half-life base values provided by the sponsor.
Lessee defaults: Moody's inferred the probability of default of
each initial airline using either its (1) actual credit rating where available
(45% of the initial contracted lease rent with a WA rating of around
Ba1), (2) credit estimate where available (43% of the initial
contracted lease rent with a WA credit estimate of around B2), after
applying required notching downward in accordance with Moody's Approach
to Using Credit Estimates in Its Rating Analysis, March 2020,
or (3) Caa1 (12% of the initial contracted rent), which reflects
the weakened credit quality of the global airline industry owing to COVID-19.
Moody's assumed default risk consistent with a B3 rating for subsequent
lessees. When a lessee renews an existing lease, Moody's
assumes no change in the credit quality of the lessee.
Out-of-production adjustment: 12 years for the new
technology A220s, A320neos and B737MAX; 24 months for the current
technology A320-200 and B737-800; 10 years for the
B777F; and 0 years for the B747-400F.
EOL payments: Moody's assumed a 40% haircut to Alton's
projected EOL payments at lease expiry, prior to further reductions
related to the probability of lessee default prior to lease expiry.
Payment deferrals: Moody's assumed that 25% of the
lease rent under leases to airlines in Southeast Asia and Latin America
(21%) was deferred until the end of 2022, reflecting current
market conditions in those regions, and 75% of the deferred
rent was recovered in 2023. Additionally, Moody's cash
flow modeling analyses reflects the current reduced rent that one lessee
is paying under a deferral agreement.
Recession timing: Moody's typically assumes a downturn occurs once
every 10 years and lasts for three years, roughly consistent with
historical experience. Consequently, in Moody's analysis,
a typical aircraft lease securitization will experience two or three downturns
prior to legal maturity.
Remarketing and repossession periods: For the return of an aircraft
at lease expiry, Moody's assumes aircraft downtime of five months
outside of a recession and eight months during a recession. For
a lease default and aircraft repossession, Moody's assumes
aircraft downtime of eight months outside of a recession and 11 months
during a recession.
Please see "Moody's Global Approach to Rating Securities Backed
by Aircraft and Associated Leases," July 2020, for the
indicative model assumptions that are not mentioned above.
The environmental risk for this transaction is moderate, though
lower than most aircraft lease ABS transactions. Current and future
carbon and air emission regulations for aircraft could make older and
fuel inefficient aircraft more expensive to operate or require retrofits
that may make them even less attractive to airlines, reducing demand
for these aircraft. The lower demand could negatively affect both
the values and lease rates of aged aircraft and relegate older aircraft
to airlines with lower credit quality or those operating in jurisdictions
where regulations have not been implemented. The transaction has
a long legal final maturity and is therefore likely to be exposed to regulatory
changes. However, the relatively young pool of mostly highly
liquid narrowbody aircraft (83%), of which 48% are
new technology models that are the most fuel-efficient, mitigates
these environmental risks.
The social risk for this transaction is moderate. Aircraft lease
ABS are exposed to social risks that could decrease demand for aircraft,
reducing the revenue available to repay the notes. Demographic
shifts can affect air travel demand, and in turn aircraft values
and lease rates. Health pandemics, such as the current COVID-19
pandemic, could result in a sharp decline in air travel demand growth,
reducing the demand for aircraft or weakening the credit profiles of the
airlines that are lessees in the securitization.
The coronavirus pandemic has had a significant impact on economic activity.
Although global economies have shown a remarkable degree of resilience
to date and are returning to growth, the uneven effects on individual
businesses, sectors and regions will continue throughout 2021 and
will endure as a challenge to the world's economies well beyond the end
of the year. While persistent virus fears remain the main risk
for a recovery in demand, the economy will recover faster if vaccines
and further fiscal and monetary policy responses bring forward a normalization
of activity. As a result, there is a heightened degree of
uncertainty around our forecasts. Our analysis has considered the
effect on the performance of corporate assets from a gradual and unbalanced
recovery in U.S. economic activity.
We regard the coronavirus outbreak as a social risk under our ESG framework,
given the substantial implications for public health and safety.
This securitization's governance risk is moderate and typical of
other aircraft lease transactions in the market. As described in
our publication "Governance considerations are a key determinant
of credit quality for all issuers," September 2019,
we examine five governance considerations in our analysis as described
1) Financial strategy and risk management -- this transaction limits
the ability of MAPS, and the AOE issuers and their respective subsidiary
AOEs to engage in activities other than the ones related to the underlying
assets and this transaction, including in respect of the issuance
of additional notes and other actions.
2) Management credibility and track record -- while Moody's
does not rate the sponsor and servicer, the legal structure and
documentation of the transaction mitigates the governance risk.
3) The organizational/transaction structure -- MAPS is structured
as a bankruptcy remote statutory trust and the AOE Issuer Group Members
are structured as bankruptcy remote special purpose entities that could
have misalignment of interests among the transaction parties, and
specifically between the holders of the E notes and the note holders.
The AOE issuers' Boards initially will have a majority of directors affiliated
with the Merx Group. The majority of each Board (including the
independent director) could approve certain actions, such as aircraft
sales, that could be disadvantageous to noteholders in order to
unlock the equity.
4) The board structure -- includes a Board for each AOE issuer,
each with one independent director that makes decisions that will maximize
the value of the collateral, such as engaging a successor servicer
upon termination of the servicer and selling aircraft, as well as
an independent managing agent, trustee and paying agent.
However, the requirement for the independent director is somewhat
weaker than those of most transactions in other asset classes that we
5) Compliance and reporting -- Moody's considered the sufficiency
and frequency of this securitization's reporting in the form of servicing
reports and other reports.
In addition, the servicer may have potential conflicts of interest
in servicing the aircraft portfolio to be securitized because it also
services the Merx Group's aircraft portfolio and the aircraft portfolios
backing MAPS 2018-1 and MAPS 2019-1. However,
the servicer covenants not to discriminate among the securitization assets
and the other assets it owns or manages, partially mitigating this
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Securities Backed by Aircraft and Associated
Leases" published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1232482.
Alternatively, please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings on the notes are
(1) collateral cash flows that are significantly greater than Moody's
initial expectations and (2) a significant improvement in the credit quality
of the airlines leasing the aircraft. Moody's updated expectations
of collateral cash flows may be better than its original expectations
because of a lower frequency of lessee defaults, a recovery in aircraft
values and lease rates owing to stronger global air travel demand,
lower than expected depreciation in the value of the aircraft that secure
the lessees' promise of payment under the leases, higher than
expected aircraft disposition proceeds, and higher than expected
EOL payments at lease expiry that are used to prepay the notes.
As the primary drivers of performance, positive changes in the condition
of the global commercial aviation industry could also affect the ratings.
Factors that could lead to a downgrade of the ratings on the notes are
(1) collateral cash flows that are materially below Moody's initial
expectations and (2) a significant decline in the credit quality of the
airlines leasing the aircraft. Other reasons for worse-than-expected
transaction performance could include poor servicing of the assets,
for example aircraft sales disadvantageous to noteholders, or error
on the part of transaction parties. Moody's updated expectations
of collateral cash flows may be worse than its original expectations because
of a higher frequency of lessee defaults, greater than expected
depreciation in the value of the aircraft that secure the lessees'
promise of payment under the leases, owing to weak global air travel
demand, lower than expected aircraft disposition proceeds,
and lower than expected EOL payments received at lease expiry.
Transaction performance also depends greatly on the strength of the global
commercial aviation industry.
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_1285932.
The analysis relies on a Monte Carlo simulation that generates a large
number of collateral loss or cash flow scenarios, which on average
meet key metrics Moody's determines based on its assessment of the
collateral characteristics. Moody's then evaluates each simulated
scenario using model that replicates the relevant structural features
and payment allocation rules of the transaction, to derive losses
or payments for each rated instrument. The average loss a rated
instrument incurs in all of the simulated collateral loss or cash flow
scenarios, which Moody's weights based on its assumptions
about the likelihood of events in such scenarios actually 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.
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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1263068.
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.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the UK and is endorsed
by Moody's Investors Service Limited, One Canada Square,
Canary Wharf, London E14 5FA under the law applicable to credit
rating agencies in the UK. Further information on the UK 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.
VP - Senior Credit Officer
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
Senior Vice President/Manager
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