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
Vous êtes sur le point de quitter le site français pour être redirigé(e) vers notre site international (en anglais). Souhaitez-vous poursuivre ?
Ne plus afficher ce message.
Oui
Non
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 outlook to stable from negative on nine Mongolian banks; affirms ratings

17 Mar 2021

Hong Kong, March 17, 2021 -- Moody's Investors Service has today affirmed all ratings and assessments of nine banks it rates in Mongolia. At the same time, the outlook on all banks were changed to stable from negative.

The rating actions follow the outlook change to stable from negative on the Mongolian government's B3 issuer rating on 16 Mar 2021. For further information on the sovereign rating action, please refer to Moody's press release: https://www.moodys.com/research/Moodys-changes-Mongolias-outlook-to-stable-from-negative-affirms-B3--PR_441764.

The nine affected banks are: (1) Bogd Bank LLC, (2) Capitron Bank LLC, (3) Development Bank of Mongolia LLC, (4) Golomt Bank LLC, (5) Khan Bank LLC, (6) State Bank LLC, (7) Trade and Development Bank of Mongolia LLC, (8) Transport and Development Bank LLC, and (9) XacBank LLC.

A full list of the affected ratings can be found at the bottom of this press release.

RATINGS RATIONALE

The outlook change to stable for the nine Mongolian banks reflects the high correlation between the creditworthiness of the Mongolian banking system with that of the sovereign, given (1) the concentration of their operations in Mongolia; and (2) their significant direct and indirect exposures to domestic sovereign debt relative to their capital bases.

Moody's expects the operating environment of the Mongolian banks to improve in the next 12 to 18 months, supported by rising commodity demand driven by China's economic recovery. This will stabilize the performance of Mongolia's mining sector -- to which the Mongolian banking sector is heavily exposed -- supporting the banks' asset quality.

Moody's expectation of stable asset quality also reflects the banks' higher provisioning coverage in 2020 compared with that a year earlier. The higher provisions mitigate downside risks to asset quality once forbearance measures, such as maturity extensions and interest waivers, expire on 1 July 2021.

Capitalization will remain stable given loan growth in 2021 will be modest for most of the banks. While Moody's expects smaller banks to register above-system loan growth, this will be supported by their very high level of capitalization. Furthermore, regulatory reforms will require the banks to strengthen their capitalization. By the end of 2021, the banks are required to have minimum paid-in capital of MNT100 billion, and by 1 July 2022, regulatory tier 1 capital ratio of 11%, which includes a general buffer of 2%. The five largest banks that are designated as domestic systematically important banks will also be required to maintain a ratio of at least 13%, including an additional 2% of specific buffers by 1 July 2022.

The banks' profitability will remain stable at weak levels because their net interest margins will stay low due to low policy rates. The Bank of Mongolia reduced the policy rate cumulatively by 5 percentage points to a historical low level of 6% throughout 2020.

The banks' funding and liquidity will remain stable following the Bank of Mongolia's cut in the reserve requirement ratio on domestic currency liabilities by 4.5 percentage points to 6% in 2020. The Mongolian banking system's loans-to-deposits ratio decreased to 75.9% as of year-end 2020 from 96% as of year-end 2019.

OUTLOOK

The banks' stable outlook reflects Moody's expectation that rising commodity demand will support an economic recovery in Mongolia, which underpins the stable outlook on Mongolia's sovereign rating. The economic recovery will improve the operating environment of Mongolian banks. This will help offset the risk stemming from forbearance measures, such as maturity extensions and interest waivers, which will expire on 1 July 2021.

BANK SPECIFIC RATING DRIVERS

In addition to the aforementioned drivers that affect all nine banks, below are bank-specific rating drivers.

For the banks affected by this rating action, the affirmation of their B3 long-term ratings reflects the affirmation of the banks' b3 baseline credit assessments (BCA).

For Bogd Bank LLC and Transport and Development Bank LLC, the b3 BCAs reflect their strong capitalization that is partly tempered by their limited domestic deposit franchises.

For Capitron Bank LLC, the b3 BCA reflects its moderate capitalization supported by the bank's shareholders.

For Development Bank of Mongolia LLC, the b3 BCA reflects its strong capitalization and policy role to provide funds to strategically important sectors and large projects.

For Golomt Bank LLC, the b3 BCA reflects its strong funding and liquidity, offset by its high exposures to the corporate sector.

For Khan Bank LLC, the b3 BCA reflects its robust franchise as one of the largest banks in Mongolia, relatively higher profitability compared to its domestic bank peers and stable asset quality.

For State Bank LLC, the b3 BCA reflects its granular loan book and stable capitalization supported by the government given it is indirectly owned by the government.

For Trade and Development Bank of Mongolia LLC, the b3 BCA reflects its strong franchise as one of the largest banks in Mongolia, tempered by its high exposure to the corporate sector.

For XacBank LLC, the b3 BCA reflects its balanced asset portfolio and modest capitalization supported by diversified shareholders.

Moody's has not incorporated affiliate support for the nine Mongolian banks, and therefore, the adjusted BCAs are in line with the banks' BCAs of b3.

No government support uplift is reflected in the nine Mongolian banks' ratings because the banks' BCAs are at the same level as the Mongolian government's issuer rating of B3. Nevertheless, Moody's assumes government-backed level of support for Development Bank of Mongolia given its important policy role in supporting strategically important sectors. Moody's assumes a high level of government support for systemically important banks, including Khan Bank LLC, Trade and Development Bank of Mongolia LLC, Golomt Bank LLC, XacBank LLC and State Bank LLC. Moody's assumes a low level of government support for smaller banks, including Bogd Bank LLC, Capitron Bank LLC, and Transport and Development Bank LLC.

For all nine Mongolian banks, the long-term CR Assessment of B2(cr) and local-currency long-term CRRs of B2 take into consideration the b3 adjusted BCA and Moody's Basic Loss Given Default analysis, which positions the Preliminary Rating Assessment of the CR Assessment and local-currency CRRs one notch above the bank's adjusted BCA, prior to the incorporation of government support.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

WHAT COULD CHANGE THE RATING UP

The banks' b3 BCAs are at the same level as the sovereign rating, and a positive rating action is unlikely in the absence of an upgrade of the sovereign rating.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the ratings of the nine banks if their BCAs are downgraded, and/or the sovereign rating is downgraded. The banks' BCAs could be downgraded if their problem loans rise significantly without stronger capitalization. Material deterioration of the banks' funding and/or liquidity strength could also result in a downgrade of the banks' BCAs.

In addition, for Development Bank of Mongolia LLC, Moody's could downgrade the bank's BCA if the bank's asset quality deteriorates substantially with the problem loans/gross loans ratio exceeding 20%, and capitalization weakens with the tangible common equity/risk weighted assets ratio falling to below 12% on a sustained basis.

For Golomt Bank LLC, Moody's could downgrade the bank's BCA if the bank's profitability deteriorates substantially with the bank reporting annual net losses on a sustained basis.

For Capitron Bank LLC and Transport and Development Bank LLC, Moody's could downgrade their BCAs if there are signs of asset quality deterioration in their mining and construction loan book given their credit concentration risks to these two sectors.

The principal methodology used in these ratings was Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

All entities are headquartered in Ulaanbaatar. The banks reported the following assets as of 31 December 2019:

Bogd Bank LLC: MNT249 billion (USD91 million)

Capitron Bank LLC: MNT1.0 trillion (USD369 million)

Development Bank of Mongolia LLC: MNT4.27 trillion (USD1.56 billion)

Golomt Bank LLC: MNT6.64 trillion (USD2.43 billion)

Khan Bank LLC: MNT10.19 trillion (USD3.72 billion)

State Bank LLC: MNT3.30 trillion (USD1.20 billion)

Trade and Development Bank of Mongolia LLC: MNT7.80 trillion (USD2.85 billion)

Transport and Development Bank LLC: MNT524 billion (USD191 million)

XacBank LLC: MNT3.45 trillion (USD1.26 billion)

LIST OF AFFECTED RATINGS

Issuer: Bogd Bank LLC (Analyst: Se Hoon Sean Roh)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Outlook changed to stable from negative

Issuer: Capitron Bank LLC (Analyst: Se Hoon Sean Roh)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term issuer ratings of NP affirmed

- Outlook changed to stable from negative

Issuer: Development Bank of Mongolia LLC (Analyst: Tae Jong Ok)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Foreign currency long-term issuer rating of B3 affirmed, outlook changed to stable from negative

- Outlook changed to stable from negative

Issuer: Golomt Bank LLC (Analyst: Tae Jong Ok)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Outlook changed to stable from negative

Issuer: Khan Bank LLC (Analyst: Tae Jong Ok)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Outlook changed to stable from negative

Issuer: State Bank LLC (Analyst: Se Hoon Sean Roh)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Outlook changed to stable from negative

Issuer: Trade and Development Bank of Mongolia LLC (Analyst: Tae Jong Ok)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term issuer ratings of NP affirmed

- Foreign currency senior unsecured MTN rating of (P)B3 affirmed

- Outlook changed to stable from negative

Issuer: Transport and Development Bank LLC (Analyst: Se Hoon Sean Roh)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term issuer ratings of NP affirmed

- Outlook changed to stable from negative

Issuer: XacBank LLC (Analyst: Se Hoon Sean Roh)

- Baseline Credit Assessment (BCA) of b3 affirmed

- Adjusted BCA of b3 affirmed

- Long-term Counterparty Risk Assessment of B2(cr) affirmed

- Short-term Counterparty Risk Assessment affirmed at NP(cr)

- Local currency long-term Counterparty Risk Rating of B2 affirmed

- Foreign currency long-term Counterparty Risk Rating of B3 affirmed

- Local currency and foreign currency short-term Counterparty Risk Ratings of NP affirmed

- Local currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Foreign currency long-term deposit rating of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term deposit ratings of NP affirmed

- Local currency and foreign currency long-term issuer ratings of B3 affirmed, outlook changed to stable from negative

- Local currency and foreign currency short-term issuer ratings of NP affirmed

- Foreign currency senior unsecured MTN rating of (P)B3 affirmed

- Foreign currency other short-term rating of (P)NP affirmed

- Outlook changed to stable from negative

REGULATORY DISCLOSURES

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.

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.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entities are participating and the rated entities or their agent(s) generally provide Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

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

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_1243406.

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.

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 rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Se Hoon Sean Roh
Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Sophia Lee, CFA
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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 $5,000,000. 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 JPY550,000,000.

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