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
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
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
Related Issuers
AIA International Limited
AIG Edison Life Insurance Company
AIG Europe Limited
AIG Financial Products Corp.
AIG Life and Retirement
AIG Life Holdings, Inc.
AIG Liquidity Corp.
AIG Management France S.A.
AIG Matched Funding Corp.
AIG Property Casualty Company
AIG Property Casualty Inc.
AIG Specialty Insurance Company
AIG SunAmerica Global Financing II
AIG SunAmerica Global Financing II
AIG SunAmerica Global Financing III
AIG SunAmerica Global Financing IV
AIG SunAmerica Global Financing V
AIG SunAmerica Global Financing VI
AIG SunAmerica Global Financing VII
AIG SunAmerica Global Financing X
AIG SunAmerica Global Financing XI
AIG SunAmerica Global Financing XIII
AIG SunAmerica Global Financing XIV
AIG SunAmerica Institutional Funding Note Issuance Program
AIG Taiwan Insurance Co Ltd
AIG-FP Capital Funding Corp.
AIG-FP Matched Funding (Ireland) P.L.C.
AIG-FP Matched Funding Corp.
AIU Insurance Company
American General Capital II
American General Institutional Capital A
American General Institutional Capital B
American General Life & Accident Insurance Co
American General Life Ins. Co of Delaware
American General Life Insurance Company
American Home Assurance Company
American International Group, Inc.
American Intl. Life Assurance Co. of N.Y.
American Life Insurance Company
ASIF Global Financing XIX
ASIF Global Financing XV
ASIF Global Financing XVI
ASIF Global Financing XVIII
ASIF Global Financing XX
ASIF I
ASIF II
ASIF III (Jersey) Limited
Commerce and Industry Insurance Company
First SunAmerica Life Insurance Company
Insurance Co. of the State of Pennsylvania
International Lease Finance Corporation
Minneapolis (City of) MN
National Union Fire Ins Co of Pittsburgh, Pa.
New Hampshire Insurance Company
SAFG Retirement Services, Inc.
Springleaf Finance Corporation
Springleaf Finance, Inc.
SunAmerica Annuity and Life Assurance Company
SunAmerica Life Insurance Company
Transatlantic Holdings, Inc.
Transatlantic Reinsurance Company
United Guaranty Corporation
United Guaranty Mortgage Indemnity Company
United Guaranty Residential Insurance Co.
United States Life Ins. Co. in The City of NY
Variable Annuity Life Insurance Company
Western National Life Insurance Company
Rating Action:

Moody's confirms AIG's senior debt at A3; outlook negative

02 Mar 2009
Moody's confirms AIG's senior debt at A3; outlook negative

Downgrades AIG's subordinated debt to Ba2 from Baa1; takes various rating actions on subsidiaries

New York, March 02, 2009 -- Moody's Investors Service has confirmed the A3 senior unsecured debt and Prime-1 short-term debt ratings of American International Group, Inc. (NYSE: AIG). AIG's subordinated debt rating has been downgraded to Ba2 from Baa1. The rating outlook for AIG is negative. This rating action follows AIG's announcement of net losses of $62 billion for the fourth quarter and $99 billion for the full year of 2008, along with a revised restructuring plan supported by the US Treasury and the Federal Reserve. This concludes a review for possible downgrade that was initiated on September 15, 2008.

In addition, Moody's has confirmed the insurance financial strength (IFS) ratings of AIG's core property & casualty (P&C) operations, including AIG Commercial Insurance (AIGCI -- Aa3, negative), AIG UK Limited (AIG UK -- A1, negative) and AIG General Insurance (Taiwan) Co., Ltd. (AIGGI Taiwan -- A3, negative). Also confirmed were the IFS ratings of American International Assurance Company (Bermuda) Limited (AIAB -- Aa3, negative), Transatlantic Reinsurance Company (Transatlantic -- Aa3, developing), and United Guaranty Residential Insurance Company (UGRIC -- A3, negative). The rating agency downgraded the IFS ratings of AIG's Domestic Life Insurance & Retirement Services (DLIRS) companies, American Life Insurance Company (ALICO) and AIG Edison Life Insurance Company (AIG Edison) to A1 (developing) from Aa3.

"The rating confirmation for AIG and its core P&C operations reflects the benefits to policyholders and senior creditors from the restructuring steps announced today," said Bruce Ballentine, Moody's lead analyst for AIG, "as well as our expectation that the government will provide incremental support as needed to ensure that AIG can meet its obligations through this period of severe economic recession and market turmoil." The expectation of systemic support is based on the substantial size and global scope of AIG's insurance and financial operations, and is consistent with actions taken to date by the US government and related statements made by the US Treasury and Federal Reserve. The IFS ratings of the core P&C subsidiaries and the senior debt rating of AIG incorporate Moody's view that AIG will emerge from the government intervention as a leading global P&C insurer with a sound credit profile.

"The negative rating outlook on AIG and its core P&C operations signals the potential loss of customers, distributors and employees during the period of government intervention," added Mr. Ballentine, "along with the uncertainty regarding the ownership and capital structure following the intervention." Other areas of risk and uncertainty include: (i) potential erosion of values in operations to be divested; (ii) potential further declines in investment portfolio values, particularly in life insurance subsidiaries, which may require further capital infusions; (iii) the timing of divestitures and resulting proceeds, given the limited funding available to potential buyers; and (iv) the timing and costs associated with unwinding AIG Financial Products Corp. (AIGFP).

AIG's fourth-quarter loss was driven mainly by realized capital losses on investments (including other-than-temporary impairments), write-downs of intangible assets, unrealized market valuation losses on derivatives, and other charges related to the ongoing restructuring efforts. Major aspects of the revised restructuring plan include: (i) conversion of the existing $40 billion preferred stock provided by the US Treasury to a non-cumulative issue; (ii) commitment from the US Treasury for an additional $30 billion of preferred equity capital; (iii) debt-for-equity swaps whereby the Federal Reserve Bank of New York (the NY Fed) will exchange a portion of the senior secured loan under its $60 billion facility for preferred interests in certain operating units; and (iv) exchanges by the NY Fed of a portion of the senior secured loan for embedded value securitization notes from certain DLIRS companies. These actions were prompted by AIG's fourth-quarter loss and the deteriorating market conditions, and will give the company greater flexibility to pursue its restructuring and divestiture plans.

SUBORDINATED DEBT RATINGS

Moody's lowered AIG's subordinated debt ratings to Ba2 from Baa1. The rating agency noted that the cumulative nature of the interest on such instruments reduces the incentive to defer interest payments, especially in light of the enhancements to AIG's capital position announced today. Nevertheless, in the event of further liquidity strains and/or a need for additional government support, the risk of deferred payment on these instruments, as well as the risk of a potential restructuring, warrants additional notching on these ratings down from AIG's senior unsecured debt rating.

RATING ACTIONS ON CORE OPERATIONS

The confirmations of the IFS ratings of AIGCI, AIG UK and AIGGI Taiwan were based on Moody's expectation of a sound business and financial profile for the global P&C operations following the government intervention. "AIG holds one of the world's largest and most diversified P&C operations, with a leading market presence in global accounts along with solid positions in several local markets," commented Mr. Ballentine. These operations have suffered some loss of business, especially in the most credit sensitive lines, as a result of parent company turmoil and the weak economy, according to the rating agency. The negative outlook reflects the potential for further business erosion during the period of government intervention, whether through loss of customers, distributors and employees or through aggressive pricing which could hurt underwriting results over time.

RATING ACTIONS ON OPERATIONS TO BE DIVESTED

The downgrades of the IFS ratings of the DLIRS companies and of ALICO and AIG Edison reflect business disruptions related to turmoil at AIG as well as general deterioration in economic conditions and investment portfolio values. Moody's noted that business disruptions were most pronounced during the fall of 2008, when several business units experienced spikes in customer surrenders and steep declines in new business. Since that time, the business flows have recovered to varying degrees, with recent growth in some markets and a slower pace of decline in others. AIG has contributed large amounts of capital to its life insurance subsidiaries, particularly the DLIRS companies, to offset the effects of investment losses and equity market declines over the past year. "The current ratings incorporate Moody's expectation that the government will support these operations and maintain their capital levels throughout the divestiture process," said Laura Bazer, lead analyst for the DLIRS companies and ALICO. "The developing outlook reflects the possibility of business sales over time to buyers of higher, equal or lower credit quality, and the potential for further business erosion, in the event that divestitures are delayed."

The confirmation of the IFS rating of AIAB reflects its strong market presence and that of the broader American International Assurance (AIA) across Asia and Australia, along with an expectation that the group will eventually attract one or more buyers who will maintain capitalization at a level consistent with the current rating. AIA has suffered some of the same disruptions as AIG's other life operations, but the rating agency still sees the business and financial profile as consistent with a rating in the Aa range. The negative outlook reflects uncertainty about the future ownership structure as well as the challenging market conditions.

The confirmation of the IFS rating of Transatlantic reflects Moody's view that this unit maintains a strong presence in the broker reinsurance market and an appropriate capital structure to support the rating. Transatlantic, which is publicly traded with an approximate 59% stake held by AIG, generates about 13% of its business through AIG affiliates and the remainder through globally diversified sources. The developing outlook signals uncertainty regarding Transatlantic's future ownership structure.

UNWINDING AIGFP

Moody's said that AIGFP has developed a comprehensive plan to unwind its business, attempting to strike a balance between reducing exposures rapidly and limiting cash outflows. AIGFP has already eliminated some of its more challenging exposures, including substantially all of its credit default swaps (CDS) covering multi-sector credit default obligations. "Still, the ultimate costs and duration of the unwinding process are difficult to estimate and could be substantial," said Mr. Ballentine. For instance, remaining exposures include CDS written for regulatory capital or corporate arbitrage purposes, where further market deterioration and/or changes in valuation methods could lead to sizable losses and collateral requirements.

OTHER OPERATIONS

In confirming UGRIC's IFS rating with a negative outlook, Moody's noted that the rating is based mainly on the benefits of a net worth maintenance agreement provided by AIG and a fixed-dollar-limit reinsurance agreement provided by an AIGCI member.

The long-term ratings of International Lease Finance Corporation (ILFC) and American General Finance Corporation (AGFC) remain on review (ILFC on review with direction uncertain, AGFC on review for possible downgrade) and will be addressed in separate rating announcements over the next week or two.

Moody's will host a teleconference to discuss these actions on Tuesday, March 3, at 11:00 AM EST. Please visit www.moodys.com/events for further information.

AIG, based in New York City, is an international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. The company is engaged through subsidiaries in General Insurance, Life Insurance & Retirement Services, Financial Services and Asset Management. AIG reported a net loss of $61.7 billion for the fourth quarter of 2008. Shareholders' equity was approximately $52.7 billion as of December 31, 2008.

The last rating action took place on December 18, 2008, when Moody's commented on AIG's restructuring efforts, while continuing the review for possible downgrade.

The principal methodologies used in rating this issuer were Moody's Global Rating Methodology for Property and Casualty Insurers and Moody's Global Rating Methodology for Life Insurers, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Rating Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Moody's has announced the following rating actions:

RATINGS CONFIRMED WITH A NEGATIVE OUTLOOK

American International Group, Inc. -- long-term issuer rating at A3, senior unsecured debt at A3, short-term issuer rating at Prime-1;

AIG Funding, Inc. -- backed short-term debt at Prime-1;

AIG General Insurance (Taiwan) Co., Ltd. -- insurance financial strength at A3;

AIG Life Holdings (US), Inc. -- backed senior unsecured debt at A3;

AIG Liquidity Corp. -- backed short-term debt at Prime-1;

AIG Retirement Services, Inc. -- backed senior unsecured debt at A3;

AIG UK Limited -- insurance financial strength at A1;

American International Assurance Company (Bermuda) Limited -- insurance financial strength at Aa3;

Capital Markets subsidiaries -- AIG Financial Products Corp., AIG Matched Funding Corp., AIG-FP Capital Funding Corp., AIG-FP Matched Funding Corp., AIG-FP Matched Funding (Ireland) P.L.C., Banque AIG -- backed senior unsecured debt at A3;

Capital Markets subsidiaries -- AIG Financial Products Corp., AIG Matched Funding Corp. -- backed short-term debt at Prime-1;

Commercial Insurance subsidiaries -- AIG Casualty Company; AIU Insurance Company; American Home Assurance Company; American International Specialty Lines Insurance Company; Commerce and Industry Insurance Company; National Union Fire Insurance Company of Pittsburgh, Pennsylvania; New Hampshire Insurance Company; The Insurance Company of the State of Pennsylvania -- insurance financial strength at Aa3;

Mortgage Guaranty subsidiaries -- United Guaranty Mortgage Indemnity Company, United Guaranty Residential Insurance Company -- backed insurance financial strength at A3.

RATINGS CONFIRMED WITH A DEVELOPING OUTLOOK

AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, SunAmerica Life Insurance Company -- short-term insurance financial strength at Prime-1;

Transatlantic Holdings, Inc. -- senior unsecured debt at A3;

Transatlantic Reinsurance Company -- insurance financial strength at Aa3.

RATINGS ASSIGNED TO REPLACEMENT SHELF WITH A DEVELOPING OUTLOOK

Transatlantic Holdings, Inc. -- senior unsecured debt shelf at (P)A3, subordinated debt shelf at (P)Baa1.

RATINGS DOWNGRADED WITH A DEVELOPING OUTLOOK

AIG Edison Life Insurance Company -- insurance financial strength to A1 from Aa3;

AIG SunAmerica funding agreement-backed note programs -- AIG SunAmerica Global Financing Trusts, ASIF I & II, ASIF III (Jersey) Limited, ASIF Global Financing Trusts -- senior secured debt to A1 from at Aa3;

AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance Company, First SunAmerica Life Insurance Company, SunAmerica Life Insurance Company -- insurance financial strength to A1 from Aa3;

American Life Insurance Company -- insurance financial strength to A1 from Aa3;

Domestic Life Insurance & Retirement Services subsidiaries -- AIG Annuity Insurance Company, AIG Life Insurance Company, American General Life and Accident Insurance Company, American General Life Insurance Company, American International Life Assurance Company of New York, The United States Life Insurance Company in the City of New York, The Variable Annuity Life Insurance Company -- insurance financial strength to A1 from Aa3.

RATINGS DOWNGRADED WITH A NEGATIVE OUTLOOK

American International Group, Inc. -- subordinated debt at to Ba2 from Baa1;

American General Capital II -- backed trust preferred stock to Ba2 from Baa1;

American General Institutional Capital A & B -- backed trust preferred stock to Ba2 from Baa1.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to punctually pay senior policyholder claims and obligations. For more information, please visit our website at www.moodys.com/insurance.

New York
Bruce Ballentine
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Riegel
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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.

​​​​​​​​