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Rating Action:

Moody's downgrades $1 bn of Second Lien RMBS issued by RFMSII

21 Apr 2010

New York, April 21, 2010 -- Moody's Investors Service has downgraded the ratings of 77 tranches and confirmed the ratings of 11 tranches from 32 RMBS transactions issued by RFMSII Home Loan Trust. The collateral backing these deal primarily consists of high LTV closed end second lien (CES) mortgages.

The actions are a result of the continued performance deterioration in second lien pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on second lien pools. For details regarding Moody's approach to estimating losses on second lien pools, please refer to the methodology publication "Second Lien RMBS Loss Projection Methodology: April 2010" available on Moodys.com.

Certain tranches included in this action, noted below, are wrapped by Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009) . For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier.

RMBS securities wrapped by Ambac Assurance Corporation are rated at their underlying rating without consideration of Ambac's guaranty.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Rating Methodologies sub-directory. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

Complete rating actions are as follows:

Issuer: Home Loan Trust 2000-HI4

Expected Losses (as a % of Original Balance) 10%

Cl. A-I-7, Downgraded to Ba1; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2000-HI5

Expected Losses (as a % of Original Balance) 10%

Cl. A-I-7, Downgraded to Ba1; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2001-HI1

Expected Losses (as a % of Original Balance) 11%

A, Downgraded to Baa3; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2001-HI2

Expected Losses (as a % of Original Balance): 9%

A-I-7, Downgraded to Ba2; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2001-HI3

Expected Losses (as a % of Original Balance): 10%

A-I-7, Downgraded to Ba2; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2001-HI4

Expected Losses (as a % of Original Balance): 10%

A-7, Downgraded to Ba2; previously on Mar 18, 2010 Baa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2002-HI1

Expected Losses (as a % of Original Balance): 9%

Cl. A-7, Downgraded to B1; previously on Mar 18, 2010 Baa2 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: RFMSII Home Loan Trust 2002-HI3

Expected Losses (as a % of Original Balance): 9%

Cl. A-7, Downgraded to B2; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: RFMSII Home Loan Trust 2003-HI3

Expected Losses (as a % of Original Balance): 11%

A-II, Downgraded to B1; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

A-I-5, Downgraded to B2; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: RFMSII Home Loan Trust 2004-HI2

Expected Losses (as a % of Original Balance): 16%

Cl. A-5, Downgraded to Caa1; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa1; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2004-HI3

Expected Losses (as a % of Original Balance): 17%

Cl. A-5, Confirmed at B2; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Underlying Rating: Confirmed at B2; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2005-HI1

Expected Losses (as a % of Original Balance): 19%

Cl. A-4, Confirmed at Aaa; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Underlying Rating: Confirmed at Aaa; previously on Mar 18, 2010 Aaa Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-5, Downgraded to Caa1; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa1; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2006-HI2

Expected Losses (as a % of Original Balance): 35%

Cl. A-2, Downgraded to A1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to A1; previously on Mar 18, 2010 Aa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-3, Downgraded to Ba1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to Ba1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-4, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Underlying Rating: Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2006-HI3

Expected Losses (as a % of Original Balance): 38%

Cl. A-2, Downgraded to A1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to A1; previously on Mar 18, 2010 Aa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-3, Downgraded to Ba1; previously on Mar 18, 2010 Baa2 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to Ba1; previously on Mar 18, 2010 Baa2 Remained On Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-4, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2006-HI4

Expected Losses (as a % of Original Balance): 45%

Cl. A-2, Downgraded to A1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to A1; previously on Mar 18, 2010 Aa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-3, Downgraded to B1; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to B1; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2006-HI5

Expected Losses (as a % of Original Balance): 43%

Cl. A-1, Confirmed at Aaa; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Underlying Rating: Confirmed at Aaa; previously on Mar 18, 2010 Aaa Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-2, Downgraded to A2; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to A2; previously on Mar 18, 2010 Aa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-3, Downgraded to Ba3; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to Ba3; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII Home Loan Trust 2007-HI1

Expected Losses (as a % of Original Balance): 47%

Cl. A-1, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to A1; previously on Mar 18, 2010 Aaa Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-2, Downgraded to Baa1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to Baa1; previously on Mar 18, 2010 Aa1 Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-3, Downgraded to B2; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Underlying Rating: Downgraded to B2; previously on Mar 18, 2010 Ba2 Remained On Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RFMSII, Inc. Home Loan Trust 2002-HI2

Expected Losses (as a % of Original Balance): 9%

Cl. A-I-7, Downgraded to Caa1; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-II, Downgraded to Caa1; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Secuirities II, Inc. Home Loan-Backed Notes, Series 1999-HI1

Expected Losses (as a % of Original Balance): 10%

A-6, Downgraded to Baa1; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc. , Series 1999-HI4

Expected Losses (as a % of Original Balance): 9%

A-7, Downgraded to A3; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc. Home Loan-Backed Notes, Series 1999-HI8

Expected Losses (as a % of Original Balance): 10%

Cl. A-I-7, Downgraded to Baa1; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

CL. A-I-8, Downgraded to Baa1; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc. Series 2000-HI1

Expected Losses (as a % of Original Balance): 10%

Cl. A-I-7, Downgraded to Baa2; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc. Series 2000-HI2

Expected Losses (as a % of Original Balance): 10%

Cl. A-I-5, Downgraded to Baa2; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc., Series 1999-HI6

Expected Losses (as a % of Original Balance): 10%

Cl. A-I-7, Downgraded to Baa1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

CL. A-I-8, Downgraded to Baa1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Residential Funding Mortgage Securities II, Inc., Series 2000-HI3

Expected Losses (as a % of Original Balance): 10%

Cl. A-I-7, Downgraded to Ba1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Home Loan Trust 2002-HI5

Expected Losses (as a % of Original Balance): 9%

A-7, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

M-1, Downgraded to Baa1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

M-2, Downgraded to Baa2; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

M-3, Confirmed at B3; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

B, Confirmed at Caa2; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2002-HI4

Expected Losses (as a % of Original Balance): 10%

Cl. A-6, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aa2 Remained On Review for Possible Downgrade

Cl. M-2, Downgraded to Baa3; previously on Mar 18, 2010 A2 Remained On Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on Mar 18, 2010 Baa2 Remained On Review for Possible Downgrade

Certificate (Component B), Downgraded to B2; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2003-HI1

Expected Losses (as a % of Original Balance): 11%

A-7, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

M-2, Downgraded to Baa3; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

M-3, Confirmed at B3; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

B, Confirmed at Caa2; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2003-HI2

Expected Losses (as a % of Original Balance): 12%

Cl. A-6, Downgraded to A2; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aa2 Remained On Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on Mar 18, 2010 A2 Remained On Review for Possible Downgrade

Cl. M-3, Confirmed at B2; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Cl B, Confirmed at Caa2; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2004-HI1

Expected Losses (as a % of Original Balance): 13%

A-5, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aa2 Remained On Review for Possible Downgrade

M-2, Downgraded to Ba1; previously on Mar 18, 2010 A2 Remained On Review for Possible Downgrade

M-3, Downgraded to Ba2; previously on Mar 18, 2010 Baa2 Remained On Review for Possible Downgrade

M-4, Downgraded to B1; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

M-5, Confirmed at B2; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

B, Downgraded to C; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2005-HI2

Expected Losses (as a % of Original Balance): 21%

Cl. A-4, Downgraded to Aa1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. A-5, Downgraded to A3; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Cl. M-2, Downgraded to Baa2; previously on Mar 18, 2010 Aa2 Remained On Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3; previously on Mar 18, 2010 Aa3 Remained On Review for Possible Downgrade

Cl. M-4, Downgraded to Ba1; previously on Mar 18, 2010 A1 Remained On Review for Possible Downgrade

Cl. M-5, Downgraded to Ba3; previously on Mar 18, 2010 A2 Remained On Review for Possible Downgrade

Cl. M-6, Downgraded to B1; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

Cl. M-7, Downgraded to B2; previously on Mar 18, 2010 Baa3 Remained On Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Issuer: RFMSII Home Loan Trust 2006-HI1

Expected Losses (as a % of Original Balance): 31%

Cl. A-3, Downgraded to A1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. A-4, Downgraded to Baa1; previously on Mar 18, 2010 Aaa Remained On Review for Possible Downgrade

Cl. M-1, Downgraded to Ba1; previously on Mar 18, 2010 Aa1 Remained On Review for Possible Downgrade

Cl. M-2, Downgraded to B1; previously on Mar 18, 2010 A2 Remained On Review for Possible Downgrade

Cl. M-3, Downgraded to B2; previously on Mar 18, 2010 A3 Remained On Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on Mar 18, 2010 Baa1 Remained On Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Mar 18, 2010 Baa3 Remained On Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Mar 18, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF202363

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Peter Genis
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades $1 bn of Second Lien RMBS issued by RFMSII
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.

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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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