Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's confirms subordinated debt ratings of Japanese banks

 The document has been translated in other languages

30 Jul 2013

Tokyo, July 30, 2013 -- Moody's Japan K.K. has confirmed its ratings for the senior and junior subordinated debt issued by Japanese banks and their subsidiaries. The ratings outlook for the subordinated debt is stable.

At the same time, all the other ratings and outlooks for these issuers remain unaffected.

However, the subordinated debt ratings of the special purpose corporations of Mizuho Financial Group, Inc -- a holding company -- remain under review for downgrade. These entities are Mizuho Financial Group (Cayman) Limited and Mizuho Financial Group (Cayman) 2 Limited. They are not guaranteed by Mizuho Bank and therefore warrant further consideration.

In its latest rating action, Moody's has confirmed the subordinated debt ratings of the affected issuers, and thereby retained systemic support. This approach is in contrast to Moody's baseline assumption that subordinated debt will not benefit from systemic support, which has been removed from such ratings in a number of jurisdictions.

This confirmation concludes the review for downgrade of the subordinated debt of Japanese banks that was initiated on 11 June 2013.

The review followed Moody's publication of an update to its "Global Banks" rating methodology on 31 May 2013. This methodology update was preceded by a request for comment titled "Moody's Proposed Approach for Rating Certain Bank Contingent Capital Securities and Update to Approach for Rating Bank Subordinated Debt", which was published on 10 April 2013. This request for comment closed on 10 May 2013.

A complete list of the affected ratings is available at the bottom of this press release.

RATINGS RATIONALE

Moody's decision to confirm the subordinated debt ratings reflects its view that the government of Japan continues to demonstrate a strong ability and willingness to support this creditor class, despite initiatives elsewhere in the world explicitly designed to reduce or eliminate support for subordinated debt holders.

This situation in turn reflects the following three key factors. First, there is the presence of a recently updated resolution regime that would facilitate the preferred approach of maintaining banks as going concerns without bail-ins, through the use of government funds injected as equity, thereby protecting all classes of creditors. Second, there is the strong preference of the Japanese system to avoid public bond defaults that would increase the potential for systemic contagion across the banking system and corporates dependent on access to the domestic bond market, a potential occurrence if bail-ins of this type of subordinated debt occurred. In this context, we note the predominance of domestic pension funds and insurers as investors in such debt. Third, there is the importance of the domestic financial system as a source of funds for JGBs, which could be seriously impacted if contagion occurred.

Together, Moody's believes that these three factors represent a highly unusual -- if not unique -- set of circumstances, meriting the retention of current support assumptions for these classes of subordinated debt.

Moody's notes that Japan's bank resolution framework is designed in such a way that it is difficult to impose losses on subordinated creditors without triggering an insolvency event that would impact broader classes of debt. In addition, there is a clear track record in Japan of assistance to troubled financial institutions with preemptive capital injections -- under the rules of the country's resolution framework -- for the purposes of avoiding public default.

The government had amended the Deposit Insurance Law, a cornerstone of Japan's resolution framework, in June 2013 in order to incorporate the key attributes of effective resolution regimes promulgated by the Financial Stability Board (FSB). The new framework reiterates a clear policy preference for injecting capital on a preemptive basis into solvent financial institutions.

Moody's also notes the strong bias within the Japanese domestic market to avoid public bond defaults, which we believe further reinforces the prospect that a bail-in of rated legacy subordinated debt is unlikely to occur.

The imposition of a bail-in -- in seeming contradiction of Japan's resolution framework -- would risk creating both a shock to bond market confidence in the banking system and contagion to the Japanese Government Bond (JGB) market, since the banks are heavy buyers of JGBs. This represents a consequence that the government, with the highest ratio of sovereign debt to GDP in the world, is highly incentivized to avoid, and which would likely weigh far more heavily in considerations compared to the relatively small amount of subordinated debt outstanding.

Furthermore, as domestic insurance companies and, increasingly, retail investors are the predominant holders of legacy subordinated debt, Moody's believes that the government is unlikely to resort to extra-legal measures, such as distressed exchanges, to impose losses on such traditional buy-and-hold investors.

Moody's notes that future Basel III-compliant instruments must include PONV triggers and must be issued at the holding company level, in contrast to legacy subordinated debt which is issued at the operating bank level without such triggers. Japanese banks have not yet issued subordinated debt with PONV clauses, but Moody's expects such debt would be rated differently from existing subordinated debt. Accordingly, the baseline assumption is that Basel III subordinated debt ratings would be positioned at least one notch below adjusted baseline credit assessments (ABCAs) and would be unlikely to benefit from systemic support.

As indicated, the subordinated debt ratings of the special purpose corporations owned by Mizuho Financial Group remain under review for downgrade.

This latter review will assess whether there is any need to differentiate such debt guaranteed by Mizuho Financial Group from other subordinated debt issued or guaranteed by operating banks, in light of the fact that Basel III-compliant subordinated debt -- including PONV triggers -- will also be issued at the holding company level.

WHAT COULD MOVE THE RATINGS UP/DOWN

Given Moody's confirmation of the ratings and unchanged systemic support assumptions, there is currently no upward pressure on ratings.

Moody's bank deposit ratings (BDRs) and subordinated debt ratings for Japanese banks are closely linked to the ratings of JGBs. Therefore, a JGB downgrade would result in a downgrade of these ratings. A JGB downgrade would further prompt Moody's to reassess support assumptions for the subordinated debt of the affected banks.

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

LIST OF AFFECTED RATINGS

Moody's has confirmed the following ratings:

The Bank of Tokyo-Mitsubishi UFJ Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A1

BTMU (Curacao) Holdings N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

Mitsubishi UFJ Securities International plc (Lead analyst: Mutsuo Suzuki)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Senior subordinated Medium Term Note Program rating (domestic currency): (P)A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated shelf registration rating (domestic currency): (P)A3

- Junior subordinated Medium Term Note Program rating (domestic currency): (P)A3

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Aruba) A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated debt rating (foreign currency): A3(hyb)

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Curacao) N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Trust and Banking Co., Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Junior subordinated shelf registration rating (domestic currency): (P)A3

Norinchukin Finance (Cayman) Limited. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

Shinsei Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinated debt rating (foreign currency): Ba2

- Junior subordinated debt rating (foreign currency): Ba3(hyb)

Chiba Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Senior subordinated debt rating (domestic currency): A2

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (domestic currency): A2

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)A3

STB Finance Cayman Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (foreign currency): A2

- Senior subordinate Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (foreign currency): (P)A3

Sumitomo Mitsui Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A1

- Senior subordinate debt rating (domestic currency): A1

- Senior subordinate debt rating (foreign currency): A1

- Junior subordinate debt rating (foreign currency): A2 (hyb)

SMBC International Finance N.V. (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (Foreign currency): (P)A1

Kansai Urban Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): Baa1

- Junior subordinate debt rating (domestic currency): Baa2 (hyb)

Minato Bank, Ltd (The) (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): A3

Resona Holdings, Inc. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa2

Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate debt rating (domestic currency): A3

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

- Junior subordinate debt rating (foreign currency): Baa1 (hyb)

Saitama Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

The following ratings continues to remain under review for possible downgrade.

Mizuho Financial Group (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Financial Group (Cayman) 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

REGULATORY DISCLOSURE

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

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.

Mutsuo Suzuki
Senior Vice President
Financial Institutions Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's confirms subordinated debt ratings of Japanese banks
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.

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

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

CREDIT RATINGS AND MOODY’S 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 the Moody’s publications.

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

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

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

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

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

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.

​​​​​​
Moodys.com