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Related Issuers
Challenger Millennium Series 2007-1E Trust
Challenger Millennium Series 2007-2L Trust
Crusade Euro Trust No. 1E of 2007
FirstMac Bond Series 1E-2006 Trust
FirstMac Bond Series 3-2005 Trust
FirstMac Mortgage Funding Trust Series 1-2007
FirstMac Mortgage Funding Trust Series 1E-2007
Interstar Millennium Series 2004-1E Trust
Interstar Millennium Series 2004-2G Trust
Interstar Millennium Series 2004-4E Trust
Interstar Millennium Series 2005-1G Trust
Interstar Millennium Series 2005-2L Trust
Interstar Millennium Series 2005-3E Trust
Interstar Millennium Series 2006-2G Trust
Interstar Millennium Series 2006-3L Trust
Interstar Millennium Series 2006-4H Trust
Maxis Loans Securitisation Fund 2005-1
Medallion Trust Series 2006-1G
Medallion Trust Series 2007-1G
Mezzanine Investment Trust No.1
National RMBS Trust 2004-1
National RMBS Trust 2006-1
National RMBS Trust 2006-3
Progress 2005-1 Trust
Progress 2005-2 Trust
Progress 2006-1 Trust
Progress 2007-1G Trust
PUMA Global Trust No.5
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PUMA Masterfund P-10 Series C
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PUMA Masterfund P-12 Series B
PUMA Masterfund P-13 Series A
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Resimac Premier Euro 2006-1E Trust
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RHG Mortgage Securities Trust Series 2006-1
RHG Mortgage Securities Trust Series 2007-1HE
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Securitised Australian Mortgage Trust 2007-1
Series 2005-1 Reds Trust
Series 2005-1G WST Trust
Series 2005-2 Reds Trust
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SMHL Global Fund No. 7
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Rating Action:

Moody's confirms Australian RMBS ratings after Genworth Australia confirmation

16 May 2011

67 tranches confirmed

Sydney, May 16, 2011 -- Moody's Investors Service has today confirmed the ratings of 67 tranches from 65 Australian RMBS transactions.

The confirmation follows the confirmation of the A1 insurance financial strength rating of Genworth Financial Mortgage Insurance Pty Ltd (Genworth) on 12 May 2011.

The affected tranches were placed on review for possible downgrade in February 2011, when the rating of Genworth was placed on review for possible downgrade.

At the same time, 12 tranches remain on review due to insufficient liquidity in light of Moody's operational risk criteria. For further details of the latter, refer to press release 'Moody's reviews Australian RMBS following new operational risk criteria' issued on 24 March 2011.

RATINGS RATIONALE

The ratings confirmation affects Australian RMBS transactions containing mortgage loans insured by Genworth. The ratings of certain tranches of these transactions, mostly junior, are highly correlated with the rating of Genworth.

Details of confirmed tranches are listed below:

Issuer: Challenger Millennium Series 2007-1E Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Challenger Millennium Series 2007-2L Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Crusade Euro Trust No. 1E of 2007

....Class C, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2005-1G Trust

....Class B, Confirmed at A2 (sf); previously on Feb 10, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2005-2L Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2006-3L Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2004-1E Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2004-2G

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2004-4E Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Remained On Review for Possible Downgrade

Issuer: Interstar Millennium Series 2005-3E Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2006-2G Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Interstar Millennium Series 2006-4H

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Maxis Loans Securitisation Fund 2005-1

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Medallion Trust Series 2006-1G

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Medallion Trust Series 2007-1G

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Mezzanine Investment Trust No.1

....Class A2 Notes, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: National RMBS Trust 2004-1

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: National RMBS Trust 2006-1

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: National RMBS Trust 2006-3

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Progress 2005-1 Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Progress 2005-2 Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Progress 2006-1 Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Progress 2007-1G Trust

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Global Trust No.5

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Puma Masterfund H-1

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Puma Masterfund P-10

....Class B Notes, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund P-10 Series B

....Class B Notes, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund P-10 Series C

....Class B Notes, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund P-11 Series A

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Puma Masterfund P-11 Series B

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Puma Masterfund P-12 Series A

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund P-12 Series B

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund P-13 Series A

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund S-2 Series A

....Class B Notes, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Puma Masterfund S-3

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund S-4

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: PUMA Masterfund S-5

....Class B, Confirmed at A1 (sf); previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RBS Trust 2005-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RBS Trust 2007-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RESIMAC Triomphe Trust Warehouse Series No.1

....Class AB, Confirmed at Aa1 (sf); previously on Feb 9, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Securitised Australian Mortgage Trust 2006-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Securitised Australian Mortgage Trust 2007-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2005-1 Reds Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2005-1G WST Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2005-2 Reds Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2005-2(S) TORRENS Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2006-1E REDS Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2007-1E REDS Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2007-1G WST Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Series 2007-2 REDS Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: SMHL Global Fund 2007-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: SMHL Global Fund No. 7

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: SMHL Global Fund No.8

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: SMHL Global Fund No.9

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-2

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: SMHL Securitisation Fund 2006-1

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2005-3(E) Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2006-1(E) Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2007-1 Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2008-2(W) Trust

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2009-2(W) trust

....Class B, Confirmed at A2 (sf); previously on Feb 9, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Trilogy Asset Securities Trust Series 1

....Deferrable Interest Principal A Note, Confirmed at A1 (sf); previously on Feb 9, 2011 Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Superannuation Members' Home Loans (SMHL) Warehousing Trust 2004-1

....Class A, Confirmed at Aaa; previously on Feb 9, 2011 Aaa Placed Under Review for Possible Downgrade

....Class B, Confirmed at A1 (sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: TORRENS Series 2010-3 Trust

....Class AB, Confirmed at Aaa (sf); previously on Feb 9, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

The following ratings remain on review in the context of Moody's operational risk criteria:

Issuer: FirstMac Bond Series 3-2005 Trust

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: FirstMac Bond Series 1E-2006 Trust

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: FirstMac Mortgage Funding Trust Series 1-2007

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: FirstMac Mortgage Funding Trust Series 1E-2007

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RMS Trust 2003-1E

....Class 1B, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RHG Mortgage Securities Trust in respect of Series 2007-1HE

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RHG Mortgage Securities Trust in respect of the Series 2007-2H

....Class B Notes, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RHG Mortgage Securities Trust Series 2007-3

....Class B, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: RESIMAC Premier Euro 2005-1E Trust

....Class 2B, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: Resimac Premier Euro 2006-1E Trust

....Class 2B, A1 (sf) Remains Under Review for Possible Downgrade

Issuer: Trilogy 2008-1LD Trust

....Class B Note, A1 (sf) Remains Under Review for Possible Downgrade

The principal methodology used in this rating was Moody's Approach to Rating Australian RMBS using MILAN, published in November 2009.

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

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.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Sydney
Irene Kleyman
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Pty. Ltd.
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Tokyo
Koji Kumamaru
MD - Structured Finance
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Investors Service Pty. Ltd.
Level 10
1 O'Connell Street
Sydney NSW 2000
Australia
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Moody's confirms Australian RMBS ratings after Genworth Australia confirmation
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.

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

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