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Related Issuers
ABANCA Corporacion Bancaria, S.A.
Ahorro Corporacion Financiera S.V., S.A.
Banca March S.A.
Bancaja Capital, S.A. Unipersonal
Bancaja Emisiones, S.A. Unipersonal
Bancaja US Debt, S.A.U.
Banco Bilbao Vizcaya Argentaria, S.A.
Banco Bilbao Vizcaya Argentaria, SA London Br
Banco Bilbao Vizcaya Argentaria, SA Paris Br
Banco CAM
Banco CEISS
Banco Cooperativo Espanol, S.A.
Banco de Credito Local de Espana, S.A.
Banco De Valencia S.A.
Banco Espanol de Credito, S.A. (Banesto)
Banco Pastor, S.A.
Banco Popular Espanol, S.A.
Banco Sabadell S.A., London Branch
Banco Sabadell, S.A.
Banco Santander S.A. (Spain)
Banco Santander, S.A., London Branch
Banesto Finance Ltd.
Banesto Holdings, Ltd.
Banesto Issuances Ltd.
Bankia, S.A.
Bankinter Emisiones, S.A. Unipersonal
Bankinter, S.A.
Bankoa, S.A
BBVA Capital Finance, S.A Unipersonal
BBVA Capital Funding Limited
BBVA Global Finance Ltd.
BBVA Global Markets B.V.
BBVA International Limited
BBVA International Pref S.A. Unipersonal
BBVA Senior Finance, S.A. Unipersonal
BBVA Subordinated Capital, S.A. Unipersonal
BBVA U.S. Senior, S.A. Unipersonal
BCL International Finance Limited
BFA Tenedora de Acciones, S.A.U.
BPE Capital International Limited
BPE Finance International Limited
BPE Financiaciones, S.A.
BPE Preference International Limited
BVA Preferentes, S.A.
Caixa Catalunya International Finance Limited
Caixa Catalunya Preferential Issuance Ltd.
Caixa Catalunya, Tarragona i Manresa
Caixa d'Estalvis de Manresa (Caixa Manresa)
Caixa Finance B.V.
Caixa Galicia Preferentes, S.A.
Caixa Preference S.A.
CaixaBank, S.A.
Caixanova
Caja de Ahorros de Galicia, Vigo, O. y P.
Caja de Ahorros de La Rioja
Caja de Ahorros de Valencia, C y A. (Bancaja)
Caja de Ahorros y Monte de Piedad de Madrid
Caja Duero Capital, S.A.
Caja Espana de Inversiones
Caja Insular de Ahorros de Canarias
Caja Laboral Popular Coop. de Credito
Caja Madrid Finance Preferred, S.A.
Caja Rural de Granada
Caja Rural de Navarra
Caja Vital Finance B.V.
Cajamar Caja Rural, Soc. Coop. de Credito
CAM Global Finance
CAM Global Finance, S.A. Sociedad Unipersonal
CAM International Issues, SA Sociedad Unipers
Cantabria Preferentes, S.A.
Catalunya Banc SA
Caymadrid International Ltd.
Confederacion Espanola de Cajas de Ahorro
Dexia Sabadell, S.A.
Fundacion Bancaria, la Caixa
Ibercaja Banco SA
Instituto de Credito Oficial
Kutxabank, S.A.
Liberbank
Lico Leasing, S.A.
Pastor Particip. Preferent., S.A. Unipersonal
Popular Capital Europe B.V.
Popular Capital, S.A.
Popular Finance Europe B.V.
Santander Central Hispano Fin. Serv. Ltd
Santander Central Hispano International Ltd
Santander Central Hispano Issuances Ltd.
Santander Commercial Paper, S.A. Unipersonal
Santander Consumer Finance S.A.
Santander Finance Capital, S.A. Unipersonal
Santander Finance Preferred, S.A. Unipersonal
Santander International Preferred, S.A.U.
Santander International Products PLC
Santander Int'l Debt, S.A. Unipersonal
Santander Issuances S.A. Unipersonal
Santander Perpetual, S.A. Unipersonal
Santander US Debt, S.A. Unipersonal
Unicaja Banco
Rating Action:

Moody's concludes rating reviews on majority of Spanish banks after sovereign rating confirmation

24 Oct 2012

Madrid, October 24, 2012 -- Moody's Investors Service has today taken a range of actions on the ratings of 31 Spanish banking groups. These actions follow the confirmation of the Spanish government debt rating, which had previously been on review for downgrade (see Moody's press release of 16 October 2012 http://www.moodys.com/research/Moodys-confirms-Spains-government-bond-rating-at-Baa3PP-3-assigns--PR_257500). Some actions additionally reflect bank-specific drivers, namely (1) increased clarity about merger processes; and (2) heightened vulnerability to the stressed operating environment.

The Spanish bank ratings affected by today's actions fall into five groups:

- Rating reviews resolved following the confirmation of the Spanish government rating

- Rating reviews resolved reflecting the sovereign confirmation and enhanced clarity about planned mergers

- Ratings that remain on review reflecting continuing uncertainty related to planned mergers

- Ratings that remain on review for downgrade reflecting bank-specific factors

- Ratings directly tied to the Spanish government rating as a result of a guarantee or direct ownership

Separately, Moody's has today downgraded the ratings of Liberbank, following the break-up of its planned merger with Ibercaja (see today's press release "Moody's downgrades Liberbank to Ba3, maintains review for downgrade of Ibercaja Banco, following merger break-up").

Moody's has also today published a press release discussing the rating rationale for Spanish banks involved in merger processes ("Moody's confirms ratings of Caixabank, La Caixa, Banco Sabadell and Banco CAM, maintains other banks on review").

This press release discusses the key drivers of today's actions for all affected banks other than those involved in mergers and Liberbank and Ibercaja Banco, which are covered by the two separate press releases referenced above.

For a full list of all affected ratings, click here: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_146671 . This list is an integral part of this release.

For additional information on bank ratings, please refer to the webpage containing Moody's related announcements http://www.moodys.com/eusovereign

RATINGS RATIONALE

I RATING REVIEWS RESOLVED REFLECTING THE CONFIRMATION OF THE SPANISH GOVERNMENT RATING

The ratings of banks in this group had previously been on review for downgrade because of their potential sensitivity to a further sovereign downgrade. Moody's has confirmed these ratings following the confirmation of the Spanish government's rating. Banks in this group are (ordered by ratings):

- Banco Santander, SA (senior long-term rating Baa2, outlook negative; standalone bank financial strength rating C- / baseline credit assessment baa2, outlook negative)

o Santander Consumer Finance, SA (Baa2 negative, C-/baa2 negative)

o Banco Espanol de Credito (Baa3 negative, D/ba2 negative)

- Banco Bilbao Vizcaya Argentaria, SA (Baa3 negative, D+/baa3 negative)

- Caja Rural de Navarra, SCC (Baa3 negative, D+/baa3 negative)

- Bankinter, SA (Ba1 negative, D+/ba1 negative)

- Kutxabank, SA (Ba1 negative, D/ba2 negative)

- Bankoa, SA (Ba1 negative, D-/ba3 negative)

- Caja Rural de Granada, SCC (Ba2 negative, D/ba2 negative)

- Cajamar Caja Rural, SCC (Ba3 negative, D-/ba3 negative)

- Dexia Sabadell, SA (B2 negative, E/caa1 stable)

II RATING REVIEWS RESOLVED REFLECTING THE SOVEREIGN CONFIRMATION AND ENHANCED CLARITY ABOUT PLANNED MERGERS

The ratings of banks in this group had been on review because of sovereign risks and also because of uncertainties related to merger processes they are involved in. The confirmation of the Spanish government's rating and increased clarity about mergers allowed Moody's to resolve the rating reviews for these banks, as discussed in more detail in today's separate press release ("Moody's confirms ratings of Caixabank, La Caixa, Banco Sabadell and Banco CAM, maintains other banks on review"). The merger processes that these banks are involved in are far advanced, Moody's has received sufficient information about the credit profile of the combined entities and the status of the merger processes, and there is a degree of clarity about the impact of the government's bank restructuring and recapitalisation initiative for these banks.

The outlooks on the debt and deposit ratings of these institutions are negative. The standalone credit assessments also carry negative outlooks, except for Banco CAM whose standalone credit assessment Moody's has placed on review for upgrade. The rationale for the ratings and outlooks of these banks is discussed in more detail in today's separate press release ("Moody's confirms ratings of Caixabank, La Caixa, Banco Sabadell and Banco CAM, maintains other banks on review").

A list of the banks in this group and their respective ratings follows:

- La Caixa (Ba2 negative)

o CaixaBank (Baa3 negative, D+/ba1 negative)

- Banco Sabadell, SA (Ba1 negative, D/ba2 negative)

- Banco CAM, SA (Ba1 negative, E+/b3 on review for upgrade)

III RATINGS THAT REMAIN ON REVIEW REFLECTING CONTINUING UNCERTAINTY RELATED TO PLANNED MERGERS

A number of banks remain on review for downgrade (and in one case direction uncertain) reflecting continued uncertainty associated with planned mergers and the credit profile of the merged entities, as well as (in the case of Banco Popular) execution risks associated with its planned capital raise. The rating rationale for these institutions is also discussed in today's separate press release ("Moody's confirms ratings of Caixabank, La Caixa, Banco Sabadell and Banco CAM, maintains other banks on review"). Those banks are:

- Caja Laboral (Baa3 on review for downgrade, D+/baa3 on review for downgrade)

- Banco Popular Español, SA (Ba1 on review for downgrade, D/ba2 on review for downgrade)

- Unicaja Banco, SA (Ba1 on review for downgrade, D/ba2 on review for downgrade)

- Banco CEISS (B1 on review, direction uncertain, E+/b2 on review, direction uncertain)

IV RATINGS THAT REMAIN ON REVIEW REFLECTING BANK-SPECIFIC FACTORS

The final group comprises banks that remain on review for idiosyncratic reasons and Moody's has not taken any actions on these ratings today. The confirmation of the Spanish government's rating has removed one aspect of the ongoing rating reviews for banks in this group. However, bank-specific concerns primarily relating to the highly-stressed operating environment have prompted Moody's to maintain the ratings for these banks on review for downgrade. This group comprises:

- Banca March, SA (Baa3 on review for downgrade, D+/baa3 on review for downgrade)

- Banco Cooperativo Español, SA (Ba1 on review for downgrade, D+/ba1 on review for downgrade)

- Confederación Española de Cajas de Ahorro (CECA) (Ba1 on review for downgrade, D/ba2 on review for downgrade)

- Ibercaja Banco (Ba2 on review for downgrade, D-/ba3 on review for downgrade)

- Ahorro Corporacion Financiera SV, SA (Ba3 on review for downgrade)

- Lico Leasing, SA, EFC (Ba3 on review for downgrade)

- Liberbank (Ba3 on review for downgrade, E/caa1 on review for downgrade)

- Catalunya Banc, SA (B1 on review for downgrade, E+/b2 on review for downgrade)

- NCG Banco, SA (B1 on review for downgrade, E+/b2 on review for downgrade)

- Banco Financiero y de Ahorros (BFA, B2 on review, direction uncertain)

o Bankia (Ba2 on review, direction uncertain, E+/b2 on review, direction uncertain)

The planned merger of Liberbank and Ibercaja has been terminated. The rating rationale for these institutions is discussed in today's separate press release.

V RATINGS DIRECTLY TIED TO THE SPANISH GOVERNMENT RATING AS A RESULT OF A GUARANTEE OR DIRECT OWNERSHIP

Following the confirmation of the Spanish government's bond rating, Moody's has also confirmed at Baa3, with a negative outlook, the backed senior debt of 18 institutions. The backed-Baa3 ratings assigned are based on the unconditional guarantee, which directly links these ratings to the Spanish government.

Furthermore, Moody's has today confirmed at Baa3, with a negative outlook, its ratings for all debt issued by government-owned Instituto de Credito Oficial. Its liabilities are explicitly, irrevocably, directly and unconditionally guaranteed by the government of Spain.

SENIOR LONG-TERM RATINGS -- SUPPORT ASSUMPTIONS UNCHANGED

Moody's support assumptions for Spanish banks remain unchanged (again with the exception of Liberbank, as discussed in today's separate press release). This reflects the rating agency's assessment that the capacity and willingness of the Spanish government to support banks, if needed, is unchanged.

RATING OUTLOOKS NEGATIVE -- RISKS REMAIN WEIGHED TOWARDS DOWNSIDE

For those banks whose rating reviews Moody's has resolved today, the agency has assigned a negative outlook on both their standalone credit assessments and their long-term ratings. The negative outlooks on the standalone credit assessments reflect the above-mentioned challenges that Spanish banks still face. The negative outlooks on the long-term ratings reflect those same challenges, and additionally the diminished, but still-present downside risks to the Spanish sovereign's creditworthiness. Those downside risks are reflected in the negative outlook on the Baa3 government bond rating.

WHAT COULD MOVE THE RATINGS UP/DOWN

Downwards pressure on the banks' ratings might develop if operating conditions worsen beyond Moody's current expectations, i.e. a broader economic recession beyond our current GDP decline forecasts of -1.7% for 2012 and -1% for 2013; especially given that this is likely to result in asset-quality deterioration exceeding Moody's current expectations; and/or if pressures on market-funding intensify.

Upwards pressure on the ratings may arise upon the successful implementation of the government's plan to stabilise the banking system, to the extent that banks' resilience to the challenging prevailing conditions improve. Likewise, any improvement in the standalone strength of banks arising from stronger earnings, improved funding conditions or the work-out of asset-quality challenges could result in rating upgrades.

RESEARCH REFERENCES

- Moody's confirms Spain's government bond rating at Baa3/(P)P-3, assigns negative outlook (http://www.moodys.com/research/Moodys-confirms-Spains-government-bond-rating-at-Baa3PP-3-assigns--PR_257500), 16 Oct 2012

- Moody's takes actions on 4 Spanish banking groups due to restructuring framework (http://www.moodys.com/research/Moodys-takes-actions-on-4-Spanish-banking-groups-due-to--PR_255526), 5 Oct 2012

- Sector Comment: Spanish Banks' Upcoming Recapitalization Is Credit Positive, but May Be Insufficient (http://www.moodys.com/research/Spanish-Banks-Upcoming-Recapitalization-Is-Credit-Positive-but-May-Be--PBC_145834), 1 Oct 2012

- Banking System Outlook: Spain (http://www.moodys.com/research/Banking-System-Outlook-Spain--PBC_144617), 17 Aug 2012

- Moody's downgrades Spanish banks (http://www.moodys.com/research/Moodys-downgrades-Spanish-banks--PR_249316), 25 Jun 2012

- How Sovereign Credit Quality May Affect Other Ratings (http://www.moodys.com/research/How-Sovereign-Credit-Quality-May-Affect-Other-Ratings--PBC_139495), 13 Feb 2012

- Moody's to assign backed Aaa ratings to new euro-denominated long-term debt securities covered by Spanish government's guarantee (http://www.moodys.com/research/Moodys-to-assign-backed-Aaa-ratings-to-new-euro-denominated--PR_171216), 22 January 2009

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings, except Ahorro Corporacion Financiera was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The principal methodologies used in rating Instituto de Credito Oficial were Moody's Consolidated Global Bank Rating Methodology published in June 2012, and Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The principal methodologies used in rating Lico Leasing were Moody's Consolidated Global Bank Rating Methodology published in June 2012, and Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The principal methodology used in rating Ahorro Corporacion Financiera was Global Securities Industry Methodology published in December 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

Ratings for the Medium-Term Note Program issued by Banca March S.A. were initiated by Moody's and were not requested by this rated entity.

Rated entity Banca March S.A or its agent(s) participated in the rating process. This rated entity or its agent(s), if any, provided Moody's access to the books, records and other relevant internal documents of the rated entity.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Maria?Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's concludes rating reviews on majority of Spanish banks after sovereign rating confirmation
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.

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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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.

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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.

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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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