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Related Issuers
Accuride Canada, Inc.
Accuride Corporation (Old)
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American Axle & Manufacturing Holdings, Inc.
American Axle & Manufacturing, Inc.
American Tire Distributors, Inc. (Old)
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Autocam Corporation (Old)
Autocam France SARL (Old)
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Commercial Vehicle Group, Inc.
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Rating Action:

Moody's changes ratings on 48 US Automotive and Equipment companies under LGD rating methodology

22 Sep 2006
Moody's changes ratings on 48 US Automotive and Equipment companies under LGD rating methodology

New York, September 22, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the US Automotive and Equipment sectors. The US Automotive and Equipment sectors included 48 companies subject to the LGD methodology with 112 ratings affected.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the US Automotive and Equipment sectors. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Accuride Corporation, B1

PDR: B1

secured revolving credit facility, B1 --> Ba3, LGD 3, 31%

secured term loan, B1 --> Ba3, LGD 3, 31%

8.5% senior subordinated notes, B3 --> B3, LGD 5, 83%

Accuride Canada Inc.

secured revolving credit facility, B1 --> Ba3, LGD 3, 31%

Affinia Group Inc., B3

PDR: B3

secured revolving credit facility, B2 --> B1, LGD 2, 27%

secured term loan, B2 --> B1, LGD 2, 27%

9% senior subordinated notes, Caa2 --> Caa1, LGD 5, 76%

AGCO Corporation, Ba2

PDR: Ba2

1.750% Conv. Sr. Sub. Notes due 2033, B1 --> B1, LGD5, 89%

6.875% Sr. Sub. Notes due 2014, B1 --> B1, LGD5, 89%

Sr. Unsec. Shelf, Ba3 --> Ba3, LGD5, 81%

American Axle & Manufacturing, Inc., Ba3

PDR: Ba3

unsecured term loan, Ba3 --> Ba3, LGD 4, 57%

senior unsecured notes , Ba3 --> Ba3, LGD 4, 57%

American Axle & Manufacturing Holdings, Inc.

senior convertible notes, Ba3 --> Ba3, LGD 4, 57%

American Tire Distributors, Inc., B3

PDR: B3

senior notes, Caa2 --> Caa1, LGD 4, 69%

senior floating rate notes , Caa2 --> Caa1, LGD 4, 69%

ArvinMeritor, Inc., Ba2

PDR: Ba2

secured revolving credit facility, Ba1 --> Baa3, LGD 2, 18%

secured term loan , Ba1 --> Baa3, LGD 2, 18%

8 1/8% senior notes, Ba3 --> Ba3, LGD 4, 64%

8 3/4% senior notes, Ba3 --> Ba3, LGD 4, 64%

6 3/4% senior notes , Ba3 --> Ba3, LGD 4, 64%

6.8% senior notes, Ba3 --> Ba3, LGD 4, 64%

6 5/8% senior notes, Ba3 --> Ba3, LGD 4, 64%

7 1/8% senior notes, Ba3 --> Ba3, LGD 4, 64%

Shelf senior unsecured, (P)Ba3 --> (P)Ba3, LGD 4, 64%

Arvin Capital I

9.5% trust preferred, B1 --> B1, LGD 6, 96%

Arvin International (UK) plc

10.375% euronotes due 2018, Ba3 --> Ba3, LGD 4, 64%

Autocam Corporation, Caa1

PDR: Caa1

multi-currency secured revolving credit facility, B3 --> B1, LGD 2, 13%

US dollar secured term loan , B3 --> B1, LGD 2, 13%

10.875% senior subordinated notes, Ca --> Caa2, LGD 5, 79%

Autocam France SARL

Euro secured revolving credit facility, B3 --> B1, LGD 2, 13%

Euro secured term loan, B3 --> B1, LGD 2, 13%

AxleTech International Holdings, Inc., B2

PDR: B2

secured revolving credit facility, B2 --> Ba3, LGD 3, 32%

secured term loan , B2 --> Ba3, LGD 3, 32%

second lien secured term loan, Caa1 --> Caa1, LGD 5, 80%

Briggs & Stratton Corporation, Ba1

PDR: Ba1

8.875% Sr. Unsec. Notes due 2011, Ba1 --> Ba1, LGD4, 56%

7.25% Sr. Unsec. Notes due 2007, Ba1 --> Ba1, LGD4, 56%

Commercial Vehicle Group, Inc., Ba3

PDR: Ba3

8% senior notes, Ba3 --> B1, LGD 4, 68%

Cooper Standard Automotive Inc, B2

PDR: B2

senior secured revolving credit facility, B2 --> Ba3, LGD 2, 24%

senior secured term loan C, B2 --> Ba3, LGD 2, 24%

senior secured term loan D, B2 --> Ba3, LGD 2, 24%

7% senior notes, B3 --> B3, LGD 4, 62%

8.375% subordinated notes, Caa1 --> Caa1, LGD 5, 86%

Cooper Standard Automotive Canada Ltd

senior secured revolving credit facility, B2 --> Ba3, LGD 2, 24%

senior secured term loan A, B2 --> Ba3, LGD 2, 24%

senior secured term loan B, B2 --> Ba3, LGD 2, 24%

Cooper Tire & Rubber Company, B2

PDR: B2

7.75% unsecured notes , B2 --> B2, LGD 4, 57%

8.0% unsecured notes, B2 --> B2, LGD 4, 57%

7.625% unsecured notes, B2 --> B2, LGD 4, 57%

Shelf senior unsecured, (P)B2 --> (P)B2, LGD 4, 57%

Shelf preferred , (P)Caa2 --> (P)Caa1, LGD 6, 97%

Douglas Dynamics, L.L.C., B2

PDR: B2

secured revolving credit facility, B1 --> Ba2, LGD 2, 20%

secured term loan, B1 --> Ba2, LGD 2, 20%

7.75% senior notes, B3 --> B3, LGD 5, 75%

EaglePicher Corporation, B3

PDR: B3

senior secured revolving credit facility, B3 --> B1, LGD 2, 25%

senior secured term loan, B3 --> B1, LGD 2, 25%

second lien term loan, Caa1 --> Caa1, LGD 4, 63%

Exide Technologies, Caa1

PDR: Caa1

senior secured revolving credit facility, B3 --> B1, LGD 2, 17%

senior secured term loan, B3 --> B1, LGD 2, 17%

10.5% junior lien notes, Caa3 --> Caa1, LGD 3, 47%

Exide Global Holdings Netherlands, C.V.

US$ senior secured term loan, B3 --> B1, LGD 2, 17%

euro senior secured term loan, B3 --> B1, LGD 2, 17%

Fleetpride Corporation, B3

PDR: B3

secured revolving credit facility, B2 --> B1, LGD 2, 24%

secured term loan, B2 --> B1, LGD 2, 24%

senior unsecured bridge loan, Caa1 --> Caa1, LGD 5, 76%

senior unsecured notes, Caa1 --> Caa1, LGD 5, 76%

Fleetwood Enterprises Inc., B3

PDR: B3

Trust I - Convertible Sub Debentures, Caa3 --> Caa2, LGD5, 86%

Ford Motor Company, B3

PDR: B3

Sr. Unsec. Revolving Credit Facility, B3 --> B3, LGD3, 48%

Sr. Unsec. Notes, IRB's B3 --> B3, LGD3, 48%

Sr. Unsec. Shelf, (P)B3 --> (P)B3, LGD3, 48%

Ford Motor Company Capital Trust II

6.5%Trust Preferred, Caa2 --> Caa2, LGD6, 92%

Ford Motor Company Capital Trust III

Trust Preferred Shelf, (P)Caa2 --> (P)Caa2, LGD6, 92%

Ford Motor Company Capital Trust IV

Trust Preferred Shelf, (P)Caa2 --> (P)Caa2, LGD6, 92%

Ford Holdings, Inc.

Sr. Unsec. Notes, B3 --> B3, LGD3, 48%

Sr. Unsec. Shelf, (P)B3--> (P)B3, LGD3, 48%

Ford Capital B.V.

Sr. Unsec. Notes, B3 --> B3, LGD3, 48%

Sr Unsec. Shelf, (P)B3--> (P)B3, LGD3, 48%

General Motors Corporation, B3

PDR: B3

Sr. Sec. Revolving Credit Facility (US), B2 --> Ba3, LGD1, 9%

Sr. Sec. Revolving Credit Facility (Canada), B2 --> Ba3, LGD1, 9%

Sr. Unsec. Credit Facility (remaining), Caa1 --> Caa1, LGD4, 59%

Sr. Unsec. Notes (fixed rate), Caa1 --> Caa1, LGD4, 59%

Sr. Unsec. Notes (variable rate), Caa1 --> Caa1, LGD4, 59%

Sr. Unsec. Notes, Caa1 --> Caa1, LGD4, 59%

Sr. Unsec Shelf, (P)Caa1 --> (P)Caa1, LGD4, 59%

Subordinate Shelf, (P)Caa3 --> (P)Caa2, LGD6, 97%

Preferred Shelf, (P)Ca --> (P)Caa2, LGD6, 97%

Vauxhall Motors (Finance) PLC

Sr. Unsec. Notes, Caa1 --> Caa1, LGD4, 59%

General Motors Nova Scotia Finance Company

Sr. Unsec. Notes, Caa1 --> Caa1, LGD4, 59%

Sr. Unsec. Shelf, (P)Caa1 --> (P)Caa1, LGD4, 59%

GM Corp. 1991-A2 Pass Through

Sr. Unsec. Notes, Caa1 --> Caa1, LGD4, 59%

The Goodyear Tire & Rubber Company, B1

PDR: B1

first lien credit facility, Ba3 --> Ba1, LGD 2, 10%

second lien term loan , B2 --> Ba3, LGD 3, 35%

third lien secured term loan, B3 --> B2, LGD 4, 63%

11% senior secured notes, B3 --> B2, LGD 4, 63%

floating rate senior secured notes, B3 --> B2, LGD 4, 63%

9% senior notes, B3 --> B2, LGD 4, 63%

6 5/8% senior notes, B3 --> B3, LGD 6, 94%

8 1/2% senior notes, B3 --> B3, LGD 6, 94%

6 3/8% senior notes, B3 --> B3, LGD 6, 94%

7 6/7% senior notes, B3 --> B3, LGD 6, 94%

7% senior notes, B3 --> B3, LGD 6, 94%

senior unsecured convertible notes, B3 --> B3, LGD 6, 94%

Goodyear Dunlop Tires Europe B.V.

Euro revolving credit facilities, B1 --> Ba1, LGD 2, 10%

Euro secured term loan, B1 --> Ba1, LGD 2, 10%

GSI Group, Inc. (The), B2

PDR: B2

12.0% Gtd. Sr. Unsec. Nts due 2013, B3 --> B3, LGD 5, 71%

Hawk Corporation, B2

PDR: B2

8.750% senior notes, B2 --> B3, LGD 4, 62%

HLI Operating Company Inc. (gtd by Hayes Lemmerz International, Inc.), B3

PDR: B3

senior secured revolving credit facility, B3 --> Ba3, LGD 2, 23%

senior secured term loan B, B3 --> Ba3, LGD 2, 23%

second lien term loan C, Caa1 --> B3, LGD 4, 53%

10.5% senior notes, Caa3 --> Caa2, LGD 5, 82%

J.B. Poindexter & Co., Inc., B2

PDR: B2

8.750% senior notes, B3 --> B3, LGD 4, 62%

JLG Industries, Inc., Ba3

PDR: Ba3

8.25% Gtd. Sr. Unsec. Nts due 2008, B1 --> Ba3, LGD 4, 56%

8.375% Gtd. Sr. Sub. Nts due 2012, B2 --> B2, LGD 5, 86%

Keystone Automotive Operations, Inc., B2

PDR: B2

senior secured revolving credit facility, B2 --> Ba3, LGD 2, 23%

senior secured term loan, B2 --> Ba3, LGD 2, 23%

senior secured term loan C, B2 --> Ba3, LGD 2, 23%

9.750% subordinated notes, Caa1 --> Caa1, LGD 5, 83%

Lear Corporation, B2

PDR: B2

secured term loan, B2 --> B2, LGD 4, 50%

5.75% senior notes, B3 --> B3, LGD 4, 61%

zero-coupon convertible senior notes, B3 --> B3, LGD 4, 61%

8.125% senior notes, B3 --> B3, LGD 4, 61%

8.11% senior notes, B3 --> B3, LGD 4, 61%

Shelf senior unsecured, (P)B3 --> (P)B3, LGD 4, 61%

Shelf subordinated, (P)Caa2 --> (P)Caa1, LGD 6, 97%

Shelf preferred, (P)Caa3 --> (P)Caa1, LGD 6, 97%

Manitowoc Company, Inc. (The), Ba3

PDR: Ba3

7.125% Gtd. Sr. Unsec. Nts due 2013, B1 --> Ba3, LGD 3, 49%

10.5% Gtd. Sr. Sub. Nts due 2012, B2 --> B2, LGD 5, 87%

Mark IV Industries, Inc., B1

PDR: B1

Dayco Products, LLC

senior secured revolving credit facility, B1 --> Ba3, LGD 3, 31%

senior secured term loan B, B1 --> Ba3, LGD 3, 31%

senior secured second lien term loan, B3 --> B2, LGD 5, 71%

Dayco Europe SrL

euro senior secured term loan A, B1 --> Ba3, LGD 3, 31%

Metaldyne Corporation*, Caa1

PDR: Caa1

10% senior notes, Caa2 --> Caa2, LGD 4, 69%

11% subordinated notes, Caa3 --> Caa3, LGD 6, 92%

Metaldyne Company LLC*

senior secured revolving credit facility, B3 --> B2, LGD 2, 25%

senior secured synthetic L/C facility, B3 --> B2, LGD 2, 25%

senior secured term loan D, B3 --> B2, LGD 2, 25%

MetoKote Corporation, B2

PDR: B3

senior secured revolving credit facility, B2 --> B2, LGD 3, 33%

senior secured term loan B, B2 --> B2, LGD 3, 33%

Milacron Inc., Caa1

PDR: Caa1

11.5% senior notes, Caa1 --> Caa1, LGD 3, 44%

Motor Coach Industries International, Inc., Caa2

PDR: Caa2

11.25% Sr. Subordinated Notes, Ca --> Ca, LGD 6, 92%

Neenah Foundry Company, B2

PDR: B2

11% senior secured notes, B2 --> B2, LGD 3, 46%

13% subordinated notes, Caa1 --> Caa1, LGD 5, 85%

NMHG Holding Co., B2

PDR: B2

Sr. Sec. Term Loan due 2013, B2 --> B1, LGD 3, 40%

Park-Ohio Industries Incorporated, B2

PDR: B2

8.375% subordinated notes, Caa1 --> B3, LGD 5, 76%

Plastech Engineered Products, Inc.*, B3

PDR: B3

senior secured revolving credit facility, B3 --> B2, LGD 3, 40%

senior secured term loan A, B3 --> B2, LGD 3, 40%

senior secured term loan B, B3 --> B2, LGD 3, 40%

second lien term loan, Caa1 --> Caa2, LGD 5, 82%

Polypore International, Inc., B3

PDR: B3

unguaranteed senior discount notes, Ca --> Caa2, LGD 6, 90%

Polypore, Inc.

senior secured revolving credit facility, B2 --> Ba3, LGD 2, 16%

US$ senior secured term loan, B2 --> Ba3, LGD 2, 16%

euro senior secured term loan, B2 --> Ba3, LGD 2, 16%

8.750% subordinated notes, Caa2 --> Caa1, LGD 4, 61%

8.750% subordinated notes, Caa2 --> Caa1, LGD 4, 61%

Remy International, Inc., Caa1

PDR: B3

senior secured floating rate notes, Caa2 --> B3, LGD 4, 53%

8.625% senior notes, Ca --> Caa1, LGD 5, 72%

9.375% subordinated notes, Ca --> Caa2, LGD 6, 92%

11% subordinated notes, Ca --> Caa2, LGD 6, 92%

Shiloh Industries, Inc., Ba3

PDR: B1

senior secured revolving credit facility, Ba3 --> Ba2, LGD 2, 23%

senior secured term loan, Ba3 --> Ba2, LGD 2, 23%

Stanadyne Holdings, Inc., B3

PDR: B3

12% unguaranteed senior discount notes, Caa3 --> Caa2, LGD 6, 92%

Stanadyne Corporation

senior secured revolving credit facility, B1 --> Ba3, LGD 1, 9%

senior secured term loan, B1 --> Ba3, LGD 1, 9%

10% subordinated notes, Caa2 --> Caa1, LGD 4, 61%

Standard Motor Products, Inc., B3

PDR: B3

6.750% convertible subordinated debentures, Caa2 --> Caa2, LGD 6, 91%

Stoneridge Inc., B1

PDR: B1

senior secured revolving credit facility, Ba3 --> Ba1, LGD 2, 14%

11.5% senior notes, B2 --> B2, LGD 4, 67%

Tenneco Inc., B1

PDR: B1

senior secured revolving credit facility, Ba3 --> Ba1, LGD 2, 15%

senior secured term loan B, Ba3 --> Ba1, LGD 2, 15%

senior secured revolver B-1, Ba3 --> Ba1, LGD 2, 15%

10.25% senior notes, B2 --> Ba3, LGD 3, 42%

8.625% subordinated notes, B3 --> B3, LGD 6, 92%

Terex Corporation, Ba3

PDR: Ba3

Sr. Sec. Revolving Credit Facility due 2012, Ba3 --> Ba1, LGD 2, 22%

Sr. Sec. Term Loan due 2013, Ba3 --> Ba1, LGD 2, 22%

9.25% Sr. Sub. Nts due 2011, B2 --> B1, LGD 5, 76%

7.375% Sr. Sub. Nts due 2014, B2 --> B1, LGD 5, 76%

TRW Automotive Inc., Ba2

PDR: Ba2

senior secured revolving credit facility, Ba2 --> Ba1, LGD2, 24%

senior secured term loan A, Ba2 --> Ba1, LGD2, 24%

senior secured term loan B, Ba2 --> Ba1, LGD2, 24%

senior secured term loan E, Ba2 --> Ba1, LGD2, 24%

9.375% senior notes, Ba3 --> Ba3, LGD 5, 70%

10.125% senior notes, Ba3 --> Ba3, LGD 5, 70%

11.75% subordinated notes, B1 --> B1, LGD 6, 94%

11% subordinated notes, B1 --> B1, LGD 6, 94%

United Components, Inc., B2

PDR: B2

senior secured revolving credit facilities, B2 --> Ba3, LGD 2, 25%

senior secured term loan D, B2 --> Ba3, LGD 2, 25%

9.375% subordinated notes, Caa1 --> Caa1, LGD 5, 80%

Visteon Corporation, B2

PDR: B2

secured term loan, B1 --> Ba2, LGD 2, 22%

8.25% senior unsecured notes, B3 --> Caa1, LGD 6, 91%

7.00% senior unsecured notes, B3 --> Caa1, LGD 6, 91%

Shelf senior unsecured, (P)B3 --> (P)Caa1, LGD 6, 91%

Shelf subordinated, (P)Caa2 --> (P)Caa1, LGD 6, 97%

Shelf preferred, (P)Caa3 --> (P)Caa1, LGD 6, 97%

Visteon Capital Trust I

Shelf trust preferred, (P)Caa2 --> (P)Caa1, LGD 6, 97%

* Denotes certain ratings may be under review

New York
Michael J. Mulvaney
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Timothy L. Harrod
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any 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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