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Rating Action:

Moody's changes outlooks on ratings of seven Ukrainian banks to positive from stable

27 Nov 2019

Action follows the change of the outlook on Ukraine's Caa1 sovereign rating to positive from stable and the change in the country's Macro Profile to 'Very Weak+' from 'Very Weak'

London, 27 November 2019 -- Moody's Investors Service ("Moody's") has today affirmed the ratings, baseline credit assessments (BCAs), adjusted BCAs and counterparty risk assessments (CR Assessment) of seven Ukrainian banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank) and changed the outlook on the long term local (LC) and foreign-currency (FC) deposit ratings and where applicable senior unsecured debt ratings to positive from stable.

The rating action follows Moody's change of outlook on Ukraine's Caa1 sovereign debt rating to positive from stable on November 22, 2019 https://www.moodys.com/research/Moodys-changes-Ukraines-outlook-to-positive-from-stable-affirms-Caa1--PR_413591 and the following change in the country's Macro Profile to 'Very Weak+' from 'Very Weak'.

Specifically, Moody's has:

(1) Changed the outlook on the local and foreign-currency long term deposit and where applicable senior unsecured debt ratings to positive from stable on the ratings of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank).

(2) Affirmed the BCAs and adjusted BCAs of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank).

(3) Affirmed the long-term LC and FC deposit ratings of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank).

(4) Affirmed the long-term LC senior unsecured debt ratings of one bank (Savings Bank of Ukraine);

(5) Affirmed the long-term FC senior unsecured debt ratings of two banks (Savings Bank of Ukraine and Ukreximbank);

(6) Affirmed the FC subordinated debt rating of one bank (Ukreximbank);

(7) Upgraded the National Scale Ratings (NSRs) of four banks (Savings Bank of Ukraine, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank) and affirmed NSRs of one bank (Raiffeisen Bank Aval).

(8) Affirmed the long-term CR Assessments of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank).

(9) Affirmed the long-term counterparty risk ratings (CRRs) of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank);

(10) Affirmed the short-term ratings and assessments of seven banks (Privatbank, Savings Bank of Ukraine, Ukreximbank, Raiffeisen Bank Aval, Pivdennyi Bank, JSCB, Sberbank PJSC, Prominvestbank);

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

RATINGS RATIONALE

(1) POSITIVE OUTLOOK ON THE SOVEREIGN RATING AND THE CHANGE IN THE MACRO PROFILE TO ' VERY WEAK+' FROM 'VERY WEAK' REFLECT IMPROVING OPERATING ENVIRONMENT IN UKRAINE AND EXERT UPWARD PRESSURE ON BANKS' RATINGS

Moody's rating methodology for banks includes an assessment of each individual country's operating environment, expressed as a Macro Profile, which is designed to capture system-wide factors that are predictive of the propensity of banks to fail. The Macro Profile assigned to each bank informs the financial factors, which are key inputs into the determination of each bank's BCA. Moody's has changed Ukraine's Macro Profile to "Very Weak+" from "Very Weak" to reflect the improvements in the country's economic strength and banks' funding conditions. Ukrainian banks' funding conditions improved in recent years and will remain stable over the next 12-18 months, supported by growing deposits (84% of total liabilities as of 1 October 2019), ongoing gradual de-dollarization (the share of FC deposits moderated to 41% at 1 October 2019 from 58% at the end of 2014) and reduced reliance on market funding: Ukrainian banks' external debt declined to around $5 billion as of 30 June 2019, compared to $19 billion at the end of 2014.

(2) BANK-SPECIFIC FACTORS

-- PIVDENNYI BANK, JSCB

The affirmation of Pivdennyi Bank, JSCB's ratings and change in the outlooks on its deposit ratings to positive from stable follow the sovereign rating action on Ukraine and the improvement of the Ukrainian banking system's Macro Profile to "Very Weak+" from "Very Weak". The bank's BCA is now constrained by the sovereign rating level and reflects: (1) improving asset quality driven by repayments, write-offs and new lending with the level of problem loans decreasing to around 10% of gross loans at 30 June 2019 from 13% at year-end 2018; (2) a track record of profitability in recent years with further strengthening in the first half of 2019; and (3) limited reliance on market funding and ample liquidity cushion (around 30% of total assets at 30 June 2019).

-- PRIVATBANK

The affirmation of Privatbank's ratings and change in the outlooks on the bank's deposit ratings to positive from stable follow the sovereign rating action on Ukraine and the improvement of Ukrainian banking system's Macro Profile to "Very Weak+" from "Very Weak". The bank's BCA is constrained by the sovereign rating and reflects (1) the high inter-linkage between the bank's standalone credit fundamentals and sovereign creditworthiness, given the bank's high direct exposure to sovereign debt (in total, around 60% of total assets or over 400% of the bank's equity at 30 June 2019); (2) material improvement in profitability metrics in 2019, driven by strengthened recurring revenues and reduced credit cost; and (3) the bank's low reliance on market funding and high level of liquid assets (over 70% of total assets at 30 June 2019).

-- PROMINVESTBANK

The affirmation of Prominvestbank's ratings and the change of outlook on the bank's deposit ratings to positive from stable is driven by the recent strengthening of the bank's capital position and its return to profitability, which improve the recovery prospects for the bank's creditors. Prominvestbank has significantly reduced both its loan book and deposit base, and as a result the bank's standalone TCE/RWA reached a very high 26.9% and its liquid assets (cash and due from banks) more than covered the customer deposits as of 30 September 2019. The bank turned profitable in the first half of 2019, with annualized recurring pre-provision income in the first half of 2019 at 0.6% of tangible assets and earnings additionally supported by write-backs of reserves and one-off gains.

At the same time, Prominvestbank's BCA remains constrained by the bank's high level of problem loans (96% of gross loans as of 30 September 2019, effectively making problem loans workout the only focus of the bank's business model), its dramatically reduced customer franchise and limited opportunities for business development, due to sanctions imposed on the bank by the government of Ukraine.

Prominvestbank's long-term local-currency deposit rating benefits from one notch of uplift, due to Moody's assessment of a moderate probability of affiliate support from the bank's parent, Russia's VEB.RF (Baa3 stable). This assessment is constrained by VEB.RF's intention to sell the subsidiary and the track record of support, which has not always been timely and sufficient, yet it is underpinned by VEB.RF's full control and ownership of Prominvestbank and the Ukrainian government's sanctions effectively precluding the sale of Prominvestbank.

-- RAIFFEISEN BANK AVAL

The affirmation of Raiffeisen Bank Aval's ratings and the change of outlook on the bank's deposit ratings to positive from stable follows the sovereign rating action on Ukraine and the improvement of the Ukrainian banking system's Macro Profile.

Raiffeisen Bank Aval's BCA remains constrained by the sovereign rating level, while it is underpinned by the bank's sound financial fundamentals. In particular, the bank has demonstrated: (1) a good capital buffer, with its total regulatory capital adequacy ratio amounting to a high 15.6% as of 30 June 2019, (2) improving asset quality (problem loans declined to 10% of gross loans as of 30 June 2019 from 21% as of year-end 2017), (3) strong recurring and bottom-line profitability on the back of a high net interest margin (9.4% annualized for the first half of 2019) and reduced credit costs; and (4) solid funding profile, with limited reliance on market funding.

Moody's continues to incorporate a moderate probability of affiliate support for Raiffeisen Bank Aval from the bank's parent, Raiffeisen Bank International AG (long-term bank deposits A3 / senior unsecured A3 Stable, BCA baa3), resulting in a one-notch uplift to the bank's long-term local-currency deposit rating.

-- SAVINGS BANK OF UKRAINE

The affirmation of Savings Bank of Ukraine's ratings and the change of outlook on the bank's deposit ratings to positive from stable follows the sovereign rating action on Ukraine and the improvement of the Ukrainian banking system's Macro Profile. The positive outlook is aligned with that on the sovereign rating, which reflects Moody's assessment of a very high probability of government support for the bank's deposits.

The affirmation of Savings Bank of Ukraine's BCA reflects: (1) the high inter-linkage between the bank's standalone credit fundamentals and sovereign creditworthiness, given the bank's high direct exposure to sovereign debt and bonds guaranteed by the state (over 60% of the bank's assets as at 30 June 2019); and (2) Savings Bank of Ukraine's high level of problem loans, modest capital buffer and profitability, counterbalanced by its high level of liquid assets.

-- SBERBANK PJSC

The affirmation of Sberbank PJSC's ratings and the change of outlook on the bank's deposit ratings to positive from stable is driven by the improvement of the Ukrainian banking system's Macro Profile, combined with the recent strengthening of the bank's capital position and its return to profitability. Sberbank PJSC has benefited from extensive capital support from its parent, Russia's Sberbank (long-term bank deposits Baa3 / Backed senior unsecured Baa3 / BCA ba1): the Ukrainian subsidiary received capital injections of UAH8.3 billion in 2018 and UAH3.3bn in 2019 (via conversion of parental funding into equity), following which the bank's TCE/RWA ratio reached a very high 35.9% as of 30 September 2019. The bank's return on assets turned positive and amounted to an annualized 0.5% for the first nine months of 2019, thanks to improved cost efficiency and reduced loan loss provisions.

At the same time, Sberbank PJSC's BCA remains constrained by the bank's high level of problem loans (77% of gross loans as of 30 September 2019) and its limited opportunities for business development, due to sanctions imposed on the bank by the government of Ukraine.

The bank's long-term local-currency deposit rating benefits from one notch of uplift, due to a moderate probability of affiliate support from Sberbank. This assessment is constrained by Sberbank's intention to sell the subsidiary, yet it is underpinned by the recent track record of support, the full control and ownership by Sberbank and reputational risks stemming from sharing Sberbank's brand in Ukraine.

-- UKREXIMBANK

The affirmation of Ukreximbank's ratings and the change of the outlook on the bank's deposit ratings to positive from stable follow the sovereign rating action on Ukraine and the improvement of the Ukrainian banking system's Macro Profile. The positive outlook is aligned with that on the sovereign rating, which reflects Moody's assessment of a very high probability of government support for the bank's deposits.

The affirmation of the bank's BCA reflects: (1) the high inter-linkage between the bank's standalone credit fundamentals and sovereign creditworthiness, given the bank's high direct exposure to sovereign debt and bonds guaranteed by the state (over 50% of the bank's assets or 9-10x of the bank's equity as at 30 June 2019); (2) strengthened recurring profitability; and (3) a high level of liquid assets (over 50% of total assets at 30 June 2019).

FOREIGN CURRENCY DEPOSIT RATINGS

Moody's affirmed Caa2 FC deposit ratings of seven banks with a positive outlook. The FC deposit ratings of seven banks continue to be constrained by the country's FC bank deposit ceiling.

WHAT COULD MOVE RATINGS UP OR DOWN

For the majority of the affected banks, their deposit or debt ratings are in line with the Ukrainian sovereign rating or constrained by the country ceiling. Therefore positive rating actions on these financial institution ratings would be driven by a higher sovereign rating and country ceiling. The rating outlooks could be changed to stable if the outlook on Ukraine's sovereign debt rating were to be revised to stable.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Moody's does not have any particular governance concerns for the Ukrainian banks affected by this rating action and does not apply a corporate behaviour adjustment to any of these banks. Nevertheless, governance is highly relevant to all banks and requires ongoing monitoring. The most relevant social risks for banks in Ukraine arise from the country's adverse demographics, which impact the banks' customer base and weigh on the growth prospects of both the banking system and the broader economy. Finally, in terms of environmental considerations, Ukrainian banks have a low exposure to environmental risks, in line with Moody's general view for the banking sector.

LIST OF AFFECTED RATINGS

THE SPECIFIC RATING ACTIONS IMPLEMENTED TODAY ARE AS FOLLOWS:

Issuer: Pivdennyi Bank, JSCB

..Upgrades:

.... Long-term NSR Counterparty Risk Rating, Upgraded to A3.ua from Baa1.ua

.... Long-term NSR Bank Deposit Rating, Upgraded to Ba1.ua from Ba2.ua

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa1

.... Baseline Credit Assessment, Affirmed caa1

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed Caa1, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

..Outlook Actions:

.... Outlook, Changed To Positive From Stable

Issuer: Privatbank

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa1

.... Baseline Credit Assessment, Affirmed caa1

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed Caa1, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

..Outlook Actions:

.... Outlook, Changed To Positive From Stable

Issuer: Prominvestbank

..Upgrades:

.... Long-term NSR Counterparty Risk Rating, Upgraded to Baa3.ua from Ba2.ua

.... Long-term NSR Bank Deposit Rating, Upgraded to B1.ua from B2.ua

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa2

.... Baseline Credit Assessment, Affirmed caa3

.... Long-term Counterparty Risk Assessment, Affirmed Caa1(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed Caa1

.... Short-term Counterparty Risk Ratings, Affirmed NP

... .Long-term Bank Deposit Ratings, Affirmed Caa2, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

..Outlook Actions:

.... Outlook, Changed To Positive From Stable

Issuer: Raiffeisen Bank Aval

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed b3

.... Baseline Credit Assessment, Affirmed caa1

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term NSR Counterparty Risk Rating, Affirmed A3.ua

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed B3, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

.... Long-term NSR Bank Deposit Rating, Affirmed A3.ua

..Outlook Actions:

.... Outlook, Changed To Positive From Stable

Issuer: Savings Bank of Ukraine

..Upgrades:

.... Long-term NSR Counterparty Risk Rating, Upgraded to A3.ua from Baa1.ua

.... Long-term NSR Bank Deposit Rating, Upgraded to Baa3.ua from Ba1.ua

.... Long-term NSR Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3.ua from Ba1.ua

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa1

.... Baseline Credit Assessment, Affirmed caa1

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed Caa1, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

.... Long-term Senior Unsecured Regular Bond/Debenture, Affirmed Caa1, Changed to Positive from Stable

..Outlook Actions:

....Outlook, Changed To Positive From Stable

Issuer: Sberbank PJSC

..Upgrades:

.... Long-term NSR Counterparty Risk Rating, Upgraded to A3.ua from Baa1.ua

.... Long-term NSR Bank Deposit Rating, Upgraded to Ba1.ua from Ba2.ua

..Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed caa1

.... Baseline Credit Assessment, Affirmed caa2

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed Caa1, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

..Outlook Actions:

....Outlook, Changed To Positive From Stable

Issuer: Ukreximbank

..Affirmations:

.... Adjusted Baseline Credit Assessment , Affirmed caa1

.... Baseline Credit Assessment , Affirmed caa1

.... Long-term Counterparty Risk Assessment, Affirmed B3(cr)

.... Short-term Counterparty Risk Assessment, Affirmed NP(cr)

.... Long-term Counterparty Risk Ratings, Affirmed B3

.... Short-term Counterparty Risk Ratings, Affirmed NP

.... Long-term Bank Deposit Rating (Foreign Currency), Affirmed Caa2, Changed to Positive from Stable

... .Long-term Bank Deposit Rating (Local Currency), Affirmed Caa1, Changed to Positive from Stable

.... Short-term Bank Deposit Ratings, Affirmed NP

.... Long-term Senior Unsecured Regular Bond/Debenture, Affirmed Caa1, Changed to Positive from Stable

.... Long-term Subordinate Regular Bond/Debenture, Affirmed Caa2

..Outlook Actions:

....Outlook, Changed To Positive From Stable

The principal methodology used in these ratings was Banks Methodology published in November 2019. Please see the Rating 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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1174796.

REGULATORY DISCLOSURES

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.

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

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.

Svetlana Pavlova, CFA
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR 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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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