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
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
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 concludes reviews on 10 Polish banks' ratings

21 May 2015

Actions follow conclusion of methodology-related reviews and revision of government support considerations

London, 21 May 2015 -- Moody's Investors Service has concluded its rating reviews on 10 banks in Poland. The reviews, initiated on 17 March 2015, followed the introduction of the rating agency's revised bank rating methodology published on 16 March 2015.

In light of the revised banking methodology, Moody's rating actions generally reflect the following considerations (1) the "Strong -" macro profile of Poland (A2 stable); (2) the banks' adequate core financial ratios; (3) the protection offered to senior creditors by substantial volumes of deposits, and in some cases also by the subordination of some bail-in-able securities, as captured by Moody's Advanced Loss Given Failure (LGF) liability analysis; and (4) Moody's view of a decline in the likelihood of government support for some institutions.

Among the rating actions that Moody's has taken on the Polish banks are the following:

- Seven long-term bank deposit ratings upgraded, one affirmed, one confirmed and one downgraded

- Four short-term bank deposit ratings upgraded, one affirmed and one downgraded

- One bank senior unsecured debt rating downgraded and one confirmed

- Three baseline credit assessments (BCAs) affirmed and two lowered

Moody's has assigned stable outlooks to the deposit and debt ratings of the affected banks, and changed to stable from negative the outlook on the deposit ratings of Powszechna Kasa Oszczednosci Bank Polski S.A.

Moody's has also assigned Counterparty Risk assessments (CR assessments) to 11 Polish banks, in line with its revised bank rating methodology. This includes Bank Polska Kasa Opieki S.A., whose ratings were not on review.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181308 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

Please refer to this link for the initial bank review:

https://www.moodys.com/research/Moodys-reviews-global-bank-ratings--PR_321005

Please refer to this link for the revised methodology: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662

RATINGS RATIONALE

The new methodology includes several elements that Moody's has developed to help accurately predict bank failures and determine how each creditor class is likely to be treated when a bank fails and enters resolution. These new elements capture insights gained from the crisis and the fundamental shift in the banking industry and its regulation.

(1) THE "STRONG -" MACRO PROFILE OF POLAND

Polish banks' operations are concentrated domestically, so they benefit from Poland's supportive macroeconomic environment, characterised by very high economic and institutional strength, as well as moderate susceptibility to event risk.

(2) THE BANKS' ADEQUATE CORE FINANCIAL RATIOS

The Polish banks' BCAs (average asset-weighted BCA is baa3) reflect their adequate core financial ratios, including a moderate level of problem loans in aggregate, good capital ratios, satisfactory profitability and good liquidity metrics. However, the banks' BCAs range widely from baa1 to b1, with the differences reflecting long-term execution of each bank's business plan, which has resulted in variations in their performance volatility and financial fundamentals, and in the strength of their market presence in Poland. In addition, the banks' BCAs also reflect the different size of foreign-currency mortgage portfolios, that carry high contingent credit risk. The latter factor also forces banks to rely on their foreign parent banks and/or derivative and wholesale markets for funding (see below for the analytical considerations for the individual banks covered in this press release).

(3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY MOODY'S ADVANCED LGF LIABILITY ANALYSIS

Under its new methodology, Moody's applies its Advanced LGF analysis to the liability structures of banks subject to operational resolution regimes. Moody's expects that Poland, as a member of the European Union, will introduce bank resolution legislation in line with the EU Bank Recovery and Resolution Directive (BRRD). Accordingly, Moody's applies its Advanced LGF analysis to these banks' liability structures. This analysis results generally in "very low" loss given failure for long-term deposits, taking into account the banks' substantial volume of deposit funding. For senior unsecured debt, Moody's has assessed a "low" loss given failure additionally taking into account the amount of senior debt and securities more subordinated to it.

(4) DECLINE IN THE LIKELIHOOD OF GOVERNMENT SUPPORT

Deposit and senior unsecured debt ratings now range from A2 to Ba2. The lowering of Moody's government support assumptions reflects the reduced likelihood of support being forthcoming within the context of the expected implementation of the new bank recovery and resolution legislation. The negative effect on the banks' ratings from a decline in the expectation of government support has in most cases been counterbalanced by the low loss assumptions under Moody's Advanced LGF framework.

--- BANK SPECIFIC ANALYTIC FACTORS

-- Powszechna Kasa Oszczednosci Bank Polski S.A.

The affirmation of the bank's deposit ratings at A2/Prime-1, with a change in outlook to stable from negative, reflects the affirmation of the bank's BCA at baa2 and the Advanced LGF analysis that provides two notches of uplift from the bank's BCA and offsets reduced government support assumptions. Powszechna Kasa Oszczednosci Bank Polski benefits from a large volume of deposits, and limited senior and subordinated debt, resulting in very low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "moderate", leading to one notch of uplift from support, from "very high" and three notches previously.

The downgrade of the bank's senior unsecured debt rating to A3 from A2 takes into account the Advanced LGF analysis and Moody's reduced assumption regarding the likelihood of government support. The Advanced LGF analysis, which also takes into account the bank's volume of senior debt and the volume of securities subordinated to it in Moody's creditor hierarchy, results in a low loss given failure and provides one notch of uplift from the bank's BCA of baa2. However, this does not fully offset the decrease in government support assumptions to one notch of uplift from three notches previously.

The affirmation of the bank's BCA at baa2 reflects the bank's improved capitalisation and asset quality, and its continued good profitability levels. The bank's problem loan ratio decreased to 6.8% at end-March 2015 from 8.1% at end-March 2014, which is below the Polish average of 7.5% at end-March 2015, and compares favorably to those of its rated peers. The bank's problem loan coverage also improved, to 62.8% at end-March 2015 from 52.5% at end-March 2014. In addition, the bank benefits from an improvement in capitalisation (Tangible Common Equity (TCE) at 12.3% of risk-weighted assets at end-2014). This capital ratio includes the expectation that the bank's shareholders will confirm in the coming weeks the full retention of the 2014 profit in line with the recommendation received from the Polish regulator for banks exposed to the risks of Swiss franc mortgage loans.

-- Bank Zachodni WBK S.A.

The upgrade of the bank's long-term deposit rating to A3 from Baa1 is due to the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of baa2 (BCA is baa3) and offsets reduced government support assumptions. Bank Zachodni WBK benefits from a large volume of deposits, and limited senior and subordinated debt, resulting in very low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "low", leading to no uplift from support, from "high" and one notch previously.

-- mBank S.A.

The upgrade of the bank's deposit ratings to Baa2/Prime-2 from Baa3/Prime-3 is due to the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of ba1 (BCA is ba2) and offsets reduced government support assumptions. mBank benefits from a large volume of deposits, and limited senior and subordinated debt, resulting in very low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "low", leading to no uplift from support, from "high" and one notch previously.

The bank's senior unsecured debt rating was confirmed at Baa3, with a stable outlook, and reflects the Advanced LGF analysis which provides one notch of uplift from the bank's adjusted BCA of ba1 and offsets the lower likelihood of government support to no uplift from one notch previously.

-- ING Bank Slaski S.A.

The upgrade of the bank's long-term deposit rating to A3 from Baa1 is due to the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of baa2 (BCA is baa3) and offsets reduced government support assumptions. ING Bank Slaski benefits from a large volume of deposits, resulting in very low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "low", leading to no uplift from support, from "high" and one notch previously.

-- Getin Noble Bank S.A.

The confirmation of the bank's long-term deposit rating of Ba2 incorporates the lowering of the BCA to b1 and the Advanced LGF analysis that provides two notches of uplift from the bank's BCA and offsets reduced government support assumptions. Getin Noble Bank benefits from a large volume of deposits, and limited senior and subordinated debt, resulting in very low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "low", leading to no uplift from support, from "moderate" and one notch previously.

The lowering of the bank's BCA to b1 from ba3 reflects the bank ongoing asset-quality and profitability challenges. In Moody's opinion, Getin Noble Bank continues to carry significant balance-sheet risk related to the amount of problem loans relative to reserves and capital, which reached an historical high of 77.7% at year-end 2014. In addition, following a recommendation from the Polish regulator, the bank included an additional category of loans with weak evidence of impairments in its overall non-performing loan ratio, which reached 16% at end-March 2015 from 13.1% at end- 2014.

-- Bank Millennium S.A.

The upgrade to the bank's long-term deposit rating to Ba1 from Ba2 is due to the Advanced LGF analysis that provides three notches of uplift from the bank's BCA of b1 and offsets reduced government support assumptions. Bank Millennium benefits from a large volume of deposits, some senior and subordinated debt, and Moody's assumption of higher residual Tangible Common Equity (TCE) at failure owing to the failure risks associated with a significantly weaker parent, Banco Comercial Portugues S.A. (deposits B1 under review for downgrade; BCA caa2), resulting in extremely low loss given failure. However, because of the expected implementation of resolution legislation, Moody's has lowered its government support assumptions for the bank to "low", leading to no uplift from support, from "high" and two notches previously.

-- Bank Handlowy w Warszawie S.A.

The upgrade of the bank's deposit ratings to A3/Prime-2 from Baa3/Prime-3 is due to a combination of the affirmation of the BCA at baa3, the higher adjusted BCA of baa2 from baa3 reflecting affiliate support, as well as the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA. Bank Handlowy w Warszawie benefits from a large volume of deposits, resulting in very low loss given failure.

The higher adjusted BCA reflects Moody's view of moderate likelihood of extraordinary affiliate support from Citibank N.A. (Citi; deposits A2 under review for upgrade; BCA baa2) in case of need, given the brand association and common client base. This results in one notch of uplift for the adjusted BCA of baa2 from the BCA of baa3. With its ownership of 75% of the bank, Citi considers that Poland is a growing market with a track record of good profitability and a well-established presence in the large corporate segment, which is in line with its business strategy.

The affirmation of the bank's BCA at baa3 reflects the bank's consistently high capital ratios, strong profitability, and good liquidity base. The BCA is constrained, however, by the bank's relatively specialised corporate business profile compared to higher rated universal peers, which presents intrinsically higher volatility on profitability and funding.

-- Bank Gospodarki Zywnosciowej S.A.

The upgrade of the bank's deposit ratings to Baa2/Prime-2 from Baa3/Prime-3 is due to the affirmation of the bank's BCA of ba2 and the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA of baa3. Moody's estimates that the bank, after the merger with BNP Paribas Bank Polska (not rated), benefits from a moderate volume of deposits, resulting in low loss given failure.

The affirmation of the bank's BCA at ba2 follows the merger of the bank with BNP Paribas Bank Polska on the 30 April 2015. The banks have complementary operations and market presence, and Moody's says that the new combined bank (named Bank BGZ BNP Paribas S.A.) is likely to benefit in terms of a stronger competitive position in the market, increased business diversification and an expanded branch network.

The affirmation of the BCA also reflects Moody's view of the new combined bank's relatively good capital and liquidity profile, as well as its low profitability and efficiency compared to the average of the Polish banking sector. Moody's believes the expected benefits from the merger, particularly in terms of cost synergies, will become more visible between 2016 and 2017.

-- Bank BPH S.A.

The downgrade of the bank's deposit ratings to Ba2/Not-Prime from Baa3/Prime-3 is driven by the lowering of the BCA to ba3 from ba2, a lower expectation of affiliate support further lowering the adjusted BCA to ba2 from baa3, and the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. Bank BPH has a modest volume of deposits, resulting in moderate loss given failure.

The lowering of the bank's BCA to ba3 from ba2 reflects the bank's high contingent asset and capital risk deriving from its large Swiss franc-denominated mortgage portfolio (over 55% of total loans at end-March 2015), and its very weak profitability and efficiency compared to the average of the Polish banking sector. The BCA is supported, however, by the current level of long-term funding commitment - until 2021 - from its parent General Electric Capital Corporation (GECC; A1 stable).

The lower adjusted BCA of the bank reflects the bank's lower BCA and Moody's lowered assumptions of extraordinary affiliate support to "moderate", leading to one notch of uplift from support, from "high" and two notches previously. This change reflects the GECC's only shareholder (General Electric Company) announcement, in April 2015, that it plans to dispose of most of the assets of GECC over the next three years, thus reinforcing its intention to dispose of Bank BPH, which was already announced in October 2014.

-- Credit Agricole Bank Polska S.A.

The upgrade of the bank's deposit ratings to Baa1/Prime-2 from Baa3/Prime-3 is due to the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of baa3 (BCA is ba2). Credit Agricole Bank Polska benefits from a large volume of deposits, and limited senior debt, resulting in very low loss given failure.

--- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS

Moody's has also assigned CR assessments to 11 Polish banks. CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than the likelihood of default and the expected financial loss suffered in the event of default; and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

The CR assessments for the 11 Polish banks are three notches above their adjusted BCAs, and reflect the seniority of the counterparty obligations and the volume of liabilities subordinated to them under Moody's Advanced LGF framework.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating momentum on the 10 banks' ratings could develop from (1) a sustained improvement in profitability; (2) materially stronger capital positions; and (3) a significant reduction in Swiss franc mortgage loans for the banks that are more exposed to this asset class.

Downward rating pressure could emerge if (1) credit underwriting standards deteriorate noticeably; (2) current revenue and profitability pressures intensify; (3) macroeconomic environment deteriorates such that unemployment rises and the Polish real-estate market weakens; and (4) the Polish zloty materially weakens against the Swiss franc for the banks that are more exposed to Swiss franc mortgage loans.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181308 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 used

• Unsolicited ratings

• Non participating issuers

• [EU only] participation in unsolicited ratings

• Person approving the credit rating

• Releasing office

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 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 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 rating action, and whose ratings may change as a result of this 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.

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.

Simone Zampa
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Yves Lemay
MD-Banking & Sovereign
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 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
SUBSCRIBERS: 44 20 7772 5454

Moody's concludes reviews on 10 Polish banks' ratings
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

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

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​