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 to positive the outlooks of 16 French sub-sovereign issuers; ratings affirmed

09 May 2018

London, 09 May 2018 -- Moody's Public Sector Europe (MPSE or Moody's) has today changed to positive the outlooks of 11 French regional and local governments (RLGs) and five government-related issuers (GRIs). The ratings were affirmed. At the same time, Moody's affirmed the ratings and maintained the stable outlooks of Hospices Civils de Lyon (HCL) and Region de la Réunion as well as the short-term ratings of ACOSS and Néolia. The ratings of eight joint notes of RLGs and hospitals were also affirmed.

Today's rating actions on French sub-sovereigns were triggered by the strengthening of France's sovereign creditworthiness as captured by the change in outlook from stable to positive on 4 May 2018, Aa2 rating affirmed.

For full details, please refer to the sovereign press release:

https://www.moodys.com/research/--PR_383033

Please click on this link http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_199409 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

Please click on this link http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_199409 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Principal methodologies

RATIONALE FOR POSITIVE OUTLOOKS FOR RLGs

Moody's believes that the improvement in France's sovereign credit profile -- captured by the change to positive from stable in France's outlook, Aa2 rating affirmed-- is reflected at the regional and local level given RLGs' operating environment, the significant macroeconomic and financial linkages within France and as a consequence the strong correlation between RLGs and sovereign credit risks.

Moody's also notes that the strong operating performance of French RLGs will continue to be supported by 1/ good momentum in French economic activity -- after reaching 2.0% in 2017, Moody's expects GDP growth of 2.0% in 2018 and 1.8% in 2019 -- and stable transfers from the central government on the revenue side; and 2/ control of operating costs in line with the agreement with the central government to limit spending increases to 1.2% per year. Moreover, French RLGs' creditworthiness is supported by debt deleveraging or a slow increase in debt levels as well as by very low risk on liquidity. French RLGs benefit from predictable and regular cash flows, especially central government transfers and tax revenue collection. Issuers of commercial paper also benefit from negative interest rates. At the same time, supply for long-term funding, from banks and financial markets, still exceeds RLGs' declining demand.

RATIONALE FOR POSITIVE OUTLOOKS FOR CADES, CNA, RATP, SGP, UNEDIC AND FOR AFFIRMING ACOSS' RATING

The strengthening of France's credit profile has direct implications for the ratings of French public bodies -- Agence Centrale Organismes Securite Sociale (ACOSS), Caisse d'Amortissement de la Dette Sociale (CADES), Caisse Nationale des Autoroutes (CNA) , Regie Autonome des Transports Parisiens (RATP), Societe du Grand Paris (SGP) and Unédic -- as a result of their strong linkages with the central government. These entities operate under the authority of one or more ministries or under highly regulated frameworks. Their management, governance and organizational structures reflect the central government influence, very high standards of prudence, efficiency and disclosure. Their finances also benefit from a very high degree of central government supervision.

Additionally, Moody's underlines that all these entities play a critical public service role -- social security financing for ACOSS and CADES, unemployment insurance for Unédic, highways debt management for CNA, and public transportation and infrastructure in the Paris area for RATP and SGP.

RATIONALE FOR AFFIRMING RATINGS FOR HCL, REUNION REGION AND NEOLIA

Today's affirmation of HCL's A1/ P-1 ratings and stable outlook reflect the unchanged supportive regulatory framework for French public hospitals. While HCL benefits from high operational and financial linkages with the central government, Moody's believes that its limited liquidity reserves and relatively high debt levels are commensurate with an A1 rating. The current rating also reflects our expectation of further improvement in the hospital's financial position driven by consistent deleveraging efforts and cost-cutting measures in the next two to three years.

The Réunion Region's long-term issuer rating has been affirmed at A2, with the outlook remaining stable. The positive credit implications of improved prospects at the national level are offset by the region's growing direct debt levels driven by large capital expenditure. The A2 rating with a stable outlook also reflects the deterioration in the region's gross operating balance-to-operating revenue ratio in 2016 at 18.6% down from 29.4% in 2015.

Moody's decision to affirm Néolia's P-1 short-term rating reflects Néolia's stable cash flows from operations, robust liquidity and healthy financial performance. Today's affirmation also reflects the strength of the regulatory environment for French social housing providers and Moody's expectation that Néolia will be able to mitigate some of the challenges that accompany the housing sector reform. Moody's notes that Néolia successfully issued its first-time commercial paper under its €100 million NEU CP programme during the first quarter of 2018.

RATIONALE FOR AFFIRMING RATINGS ON THE RLGS' AND PUBLIC HOSPITALS' JOINT NOTES

The ratings on the joint notes do not carry any rating outlook. Moody's decision not to assign any outlook reflects the absence of outlooks on the pool participants' credit estimates. Because only two of the pool participants are publicly rated (Intermunicipality of Cergy-Pontoise, A1 positive and Hospices Civils de Lyon, A1 stable), Moody's assigns individual credit estimates to the other borrowers participating in these transactions. Credit estimates, unlike public monitored ratings, are private, point-in-time opinions of the approximate credit quality of individual pool borrowers.

The affirmation of the five RLGs' joint notes reflects unchanged credit conditions of the pool participants. The RLG sector's sound liquidity and good long-term financing conditions are already captured by the current ratings.

Today's affirmation of three public hospitals' joint notes reflects the stability of the hospitals' financial performance between FY2014 and FY2016 as well as adequate liquidity facilities available to the hospital sector. Moody's will reassess its credit estimates when the audited FY2017 accounts become available.

WHAT COULD MOVE THE RATING UP/DOWN

--Regional and local governments

Any change in the sovereign rating would most likely have implications on the ratings of the regional and local governments.

In addition, a consistent improvement of fiscal performance would exert upward pressure on the ratings.

Deteriorating gross operating margins and higher debt levels could trigger a downgrade of the ratings.

--Government-related issuers

For GRIs rated on par with the sovereign, any upgrade of the ratings would require an upgrade of France's sovereign rating. Conversely, a downgrade of France's sovereign rating would exert some downward pressure on these ratings.

Additionally, Moody's would consider downgrading Néolia's rating if a continued high level of growth, in the context of housing benefit cuts, resulted in a significant drop in interest coverage ratios beyond anticipated levels.

For HCL, a debt reduction exceeding the one envisaged in Moody's baseline scenario would put upward pressure on the rating. Conversely, a sustained deterioration in HCL's financial performance and/or a significant increase in debt burden would exert downward pressure on the rating.

--RLGS' and public hospitals' joint notes

The ratings of the joint notes could be upgraded if the French sub-sovereigns participating in these transactions record substantial improvements in their financial performances.

The downward revision of credit estimates assigned to individual borrowers could exert negative pressure on the joint notes' ratings.

The sovereign action required the publication of these credit rating actions on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com.

The specific economic indicators, as required by EU regulation, are not available for these entities. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action.

Sovereign Issuer: France, Government of

GDP per capita (PPP basis, US$): 42,367 (2016 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 1.2% (2016 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.6% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -3.4% (2016 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -0.9% (2016 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: Very High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

On 03 May 2018, a rating committee was called to discuss the rating of the Bas-Rhin, departement du; Cergy-Pontoise, Intermunicipality of; Communautes Urbaines de France No 1; Collectivites Territoriales de France No. 1; Communautes Urbaines de France No 2; Communautes Urbaines de France No 3; Communautes Urbaines de France No 4; Loiret, Departement du; Reunion, Region de la; Caen la Mer, Communaute Urbaine; Ile-de-France, Region; Meuse, Departement de la; Polynesie francaise; SYTRAL; Departement de L'Eure; Rennes Metropole; Rennes, Ville de. The main points raised during the discussion were: the systemic risk in which the issuers operate has materially decreased.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_199409 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Releasing Office

• Person Approving the Credit Rating

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.

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.

The person who approved Collectivites Territoriales de France No.1, Communautes Urbaines de France No 1, Communautes Urbaines de France No 2, Communautes Urbaines de France No 3, Communautes Urbaines de France No 4, Ile-de-France, Region, Meuse, Departement de la, Rennes, Ville de, Reunion, Region de la, Departement de L'Eure, Polynesie francaise, Rennes Metropole, Loiret, Departement du, Caen la Mer, Communaute Urbaine, Bas-Rhin, departement du, SYTRAL, Caisse Nationale des Autoroutes, UNEDIC, Societe du Grand Paris, Caisse d'Amortissement de la Dette Sociale, Agence Centrale Organismes Securite Sociale, Neolia, Hospices Civils de Lyon, CHU 2015, CHU Joint Issuance, Centres Hospitaliers Regionaux Universitaires, and Regie Autonome des Transports Parisiens credit ratings is David Rubinoff, MD - Sub Sovereigns, Sub-Sovereign Group, Journalists Tel: 44 20 7772 5456, Client Service Tel: 44 20 7772 5454.

The person who approved Cergy-Pontoise, Intermunicipality of credit ratings is Mauro Crisafulli, Associate, Managing Director, Sub-Sovereign Group, Journalists Tel: 44 20 7772 5456, Client Service Tel: 44 20 7772 5454.

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.

Elise Savoye
Asst Vice President - Analyst
Sub Sovereign Group
Moody's Investors Service EMEA Limited France Branch
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

David Rubinoff
MD - Sub Sovereigns
Sub Sovereign Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Matthieu Collette
VP-Senior Analyst
Sub Sovereign Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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

No Related Data.
© 2018 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 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. 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.

MOODY’S CREDIT RATINGS AND MOODY’S 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 OR MOODY’S 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.

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 the Moody’s 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 SUCH 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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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

Moody’s Public Sector Europe is the trading name of Moody’s Investors Service EMEA Limited, a company incorporated in England with registered number 8922701 that operates as part of the Moody’s Investors Service division of the Moody’s group of companies.