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 changes its review of SABMiller's A3 rating to review for downgrade, from direction uncertain

07 Jun 2016

Confirms P-2 short-term ratings

Milan, June 07, 2016 -- Moody's Investors Service has changed its review of SABMiller Plc's (SABMiller) A3 long-term senior unsecured ratings to a review for downgrade from direction uncertain. At the same time, Moody's has confirmed the Prime-2 short term ratings of SABMiller and certain subsidiaries, as well as the Prime-1.za short term national scale rating of SABSA Holdings Limited. The long-term national scale ratings of Aaa.za assigned to SABSA Holdings remain under review for downgrade, where they were placed on 11 May 2016 following the recalibration of the South African national ratings scale.

Today's rating review follows the downgrade of the senior unsecured long-term rating of Anheuser-Busch InBev SA/NV (ABI) and its guaranteed subsidiaries to A3 from A2 on 25 May 2016 (see "Moody's downgrades ABI ratings to A3/Prime-2; assigns definitive A3 to new bonds; outlook stable" https://www.moodys.com/research/--PR_349573 ).

Moody's downgraded ABI following the European Commission's approval of its acquisition of SABMiller on 24 May 2016. With ABI's senior unsecured rating at A3, SABMiller's rating no longer has the potential to be upgraded, even if its debt were guaranteed by ABI. Consequently, Moody's has changed the direction of its review to a review for downgrade. Moody's has confirmed SABMiller's Prime-2 short term rating, as well as the Prime-1.za rating of SABSA Holdings because Moody's does not foresee a scenario in which the senior unsecured rating of SABMiller would fall sufficiently to cause a downgrade of the short term ratings at this time.

"Putting SABMiller on review for downgrade reflects the remaining uncertainties about ABI's stated intention to guarantee SABMiller's debt. Following the acquisition by ABI, there is still a question mark over SABMiller's future business and financial profile, in the event that its debt is not guaranteed," says Paolo Leschiutta, a Moody's Vice President -- Senior Credit Officer and lead analyst for SABMiller.

In the event that the deal does not conclude, SABMIller's rating are likely to be confirmed at the current level. A full list of affected rating/entities is included at the end of this press release.

RATINGS RATIONALE

-- REVIEW OF SABMILLER'S A3 RATING FOR DOWNGRADE

The review for downgrade reflects uncertainty regarding whether ABI will provide a guarantee to SABMiller's debt, as well as the potential challenges facing the future business and financial profile of SABMiller following ABI's proposed acquisition in the event the debt is not guaranteed.

Following the acquisition, ABI intends to dispose of some of SABMiller's core assets, including its European, Chinese and US operations. As a result of these disposals, SABMiller's reported EBITDA, including its associates, could be reduced by around 30%, while about 85% of its remaining EBITDA will be generated in emerging markets, where financial results might be more volatile. Moody's understands that part of the proceeds from asset disposals will be up-streamed to ABI to repay acquisition debt, but it is not yet certain how much debt will remain at SABMiller's level. With a smaller and less stable earnings base, and uncertainty as to the ongoing debt burden at SABMiller's level, it is not yet clear if SABMiller's business and financial profile will continue to support the current A3 long-term rating on a stand-alone basis. Consequently, in the absence of a guarantee, the rating could be downgraded in the event of a lower creditworthiness.

In the event that there is no guarantee, Moody's acknowledges that SABMiller would benefit from a degree of indirect support from ABI, but that such indirect support might not be sufficient to warrant equalizing the ratings. Moreover, Moody's also notes that SABMiller's ratings could be withdrawn if there is no guarantee from ABI and if SABMiller's stand-alone financial results are no longer available.

As part of the rating review, Moody's will primarily focus on assessing whether ABI will provide guarantees to SABMiller's debt. In the event of no guarantee the review will assess (1) SABMiller's ongoing debt burden in relation to its future business profile and its reliance in particular on emerging markets; and (2) the future dividend policy and likely capital structure of SABMiller, in light of ABI's significant increase in financial debt, as the transaction will add more than $60 billion of debt to ABI's balance sheet.

As part of the transaction, ABI has already agreed to the sale of SABMIller's 58% stake in the MillerCoors LLC joint venture to Molson Coors Brewing Company (Baa2 review for downgrade) for $12 billion, subject to the closing of the ABI-SABMiller merger. In February this year, ABI also received a binding offer from Japan's Asahi Group Holdings Ltd. (unrated) for the sale of SABMiller's Western European assets, mainly consisting of the Peroni and Grolsch brands, for about $2.9 billion in cash. In March, ABI announced the disposal of SABMiller's 49% stake in its Chinese joint-venture, Snow, to SABMiller's Chinese partners for $1.6 billion. In late April, ABI also announced its intention to sell SABMiller's operation in Eastern Europe. The disposals announced by ABI in Europe are a condition to the EU's antitrust approval. Moody's notes that EU clearance is a major milestone in the regulatory approval process, and brings the number of jurisdictions that have approved the transaction to 14. However, important regulatory approvals (including the US, China, and South Africa) have yet to be obtained.

ABI's one-notch downgrade to A3 reflected the significant debt and resulting high leverage that ABI will incur to fund the SABMiller deal. Moody's expects ABI's debt to EBITDA leverage (including Moody's standard adjustments) to peak at over 5.0x, at the closing of the SABMiller transaction. This should improve to closer to 4.0x over a one-to-two year period, which is still high for an investment-grade rating. Moody's does not expect leverage to reach 3.0x until 2020. The slow reduction in financial leverage is partly a factor of a relatively high dividend payout. However, the risk of this level of financial leverage is partly offset by the combined company's vast and diverse franchise. For further information on ABI's rating please refer to www.moodys.com.

-- CONFIRMATION OF SHORT-TERM RATINGS

Despite the ongoing review of the long-term ratings, SABMiller's short-term rating of Prime-2 has been confirmed, and the short-term national scale rating of Prime-1.za assigned to SABSA Holdings Limited has also been confirmed. At this time, Moody's does not foresee a scenario in which the senior unsecured rating of SABMiller would fall sufficiently to cause a downgrade of the short term ratings.

List of affected ratings:

On Review for Downgrade:

..Issuer: SABMiller Plc

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3 review direction uncertain

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

..Issuer: Foster's Group Pty Limited

.... Issuer Rating (Local Currency), Placed on Review for Downgrade, currently A3 review direction uncertain

..Issuer: FBG Finance Pty Ltd

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3 review direction uncertain

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

..Issuer: FBG Treasury (Aust.) Pty Ltd

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3 review direction uncertain

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

..Issuer: SABMiller Holdings Inc

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3 review direction uncertain

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

..Issuer: SABSA Holdings Limited

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3 review direction uncertain

....NSR Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)Aaa.za review for downgrade

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3 review direction uncertain

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Aaa.za review for downgrade

Confirmations:

..Issuer: SABMiller Plc

....Backed Senior Unsecured Commercial Paper, Confirmed at P-2

....Senior Unsecured Medium-Term Note Program, Confirmed at (P)P-2

..Issuer: SABMiller Holdings Inc

....Backed Senior Unsecured Commercial Paper, Confirmed at P-2

..Issuer: SABSA Holdings Limited

....Backed Senior Unsecured Medium-Term Note Program, Confirmed at (P)P-2

....NSR Backed Senior Unsecured Medium-Term Note Program, Confirmed at (P)P-1.za

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Alcoholic Beverage Industry published in October 2013. Please see the Ratings Methodologies 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 May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530.

SABMiller Plc is the world's second-largest brewer by volume, and the third largest by revenues, producing and distributing a large variety of beer brands in approximately 75 countries. During fiscal year ending March 2016 and including the share of joint ventures and associates, the company generated net total revenue of $24.1 billion (down 8% compared with the prior year due to adverse currency movements).

ABI, incorporated in Leuven, Belgium, is the world's largest brewing company. ABI has operations in 25 countries and sells its products in over 130 countries, with market leading positions in the United States, Brazil and Mexico, and a leadership position in premium beer in China. The company reported approximately $44 billion in revenue for the fiscal year ended December 31, 2015.

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 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.

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.

Paolo Leschiutta
VP - Senior Credit Officer
Corporate Finance Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Marina Albo
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Moody's changes its review of SABMiller's A3 rating to review for downgrade, from direction uncertain
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR  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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $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.

​​​​​​​​
Moodys.com