info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether 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 downgrades $728.1 million of FHA-VA RMBS issued by Countrywide from 2002 to 2005

25 Aug 2011

New York, August 25, 2011 -- Moody's Investors Service has downgraded the ratings of 43 tranches from eight deals issued by CWMBS Re-Performing Loan REMIC Trust. The collateral consists of fixed and adjustable rate mortgage loans insured by the Federal Housing Administration (FHA) an agency of the U.S. Department of Urban Development (HUD) or guaranteed by the Veterans Administration (VA).

Complete rating actions are as follows:

Issuer: CWMBS Re-Performing Loan REMIC Trust Certificates, Series 2002-1

Cl. M, Downgraded to Baa1 (sf); previously on Jul 27, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba2 (sf); previously on Jul 27, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B3 (sf); previously on Jul 27, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R1

Cl. 1A-F, Downgraded to Ba3 (sf); previously on Jul 27, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Ba3 (sf); previously on Jul 27, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1M, Downgraded to Caa2 (sf); previously on Jul 27, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 1B-1, Downgraded to Ca (sf); previously on Jul 27, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to B1 (sf); previously on Jul 27, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2M, Downgraded to Ca (sf); previously on Jul 27, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 2B-1, Downgraded to Ca (sf); previously on Jul 27, 2011 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 3A, Downgraded to B1 (sf); previously on Jul 27, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. PT, Downgraded to B1 (sf); previously on Jul 27, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R2

Cl. 1A-F1, Downgraded to B2 (sf); previously on Jul 27, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B2 (sf); previously on Jul 27, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to B2 (sf); previously on Jul 27, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca (sf); previously on Jul 27, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Jul 24, 2009 Downgraded to Ca (sf)

Cl. B-2, Downgraded to C (sf); previously on Jul 24, 2009 Downgraded to Ca (sf)

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R2

Cl. 1A-F1, Downgraded to Ba1 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to Caa2 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Caa1 (sf); previously on Jul 24, 2009 Downgraded to B1 (sf)

Cl. 2A-1, Downgraded to Caa1 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to Caa1 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to Caa1 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to Caa1 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to Caa1 (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R3

Cl. A-F, Downgraded to B1 (sf); previously on Jul 27, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to B1 (sf); previously on Jul 27, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca (sf); previously on Jul 27, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: CWMBS, Inc. Structured Pass-Through Certificates Series 2003-R3

Cl. M, Downgraded to B1 (sf); previously on Jul 27, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: Reperforming Loan REMIC Trust 2003-R2

Cl. M, Downgraded to B3 (sf); previously on Jul 27, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Jul 27, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Jul 24, 2009 Downgraded to Ca (sf)

Issuer: Reperforming Loan REMIC Trust 2003-R4

Cl. 1A-4, Downgraded to Baa3 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-PO, Downgraded to Baa3 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-IO, Downgraded to Baa3 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Baa3 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to Baa3 (sf); previously on Jul 27, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B2 (sf); previously on Jul 27, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Jul 27, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Jul 24, 2009 Downgraded to Ca (sf)

RATINGS RATIONALE

The actions are a result of Moody's updated loss projection for the RMBS FHA-VA portfolio. The updated projection accounts for higher potential pool losses due to self-curtailment of claims by servicers whereby they pass expenses as deemed reasonable to the trusts instead of submitting them to HUD, and continued weaknesses in the macro economy and the housing market.

A FHA guarantee covers 100% of a loan's outstanding principal and a large portion of its outstanding interest and foreclosure-related expenses in the event that the loan defaults. A VA guarantee covers only a portion of the principal based on the lesser of either the sum of the current loan amount, accrued and unpaid interest, and foreclosure expenses, or the original loan amount. HUD usually pays claims on defaulted FHA loans when servicers submit the claims, but can impose significant penalties on servicers if it finds irregularities in the claim process later during the servicer audits. This can prompt servicers to push more expenses to the trust that they deem reasonably incurred than submit them to HUD and face significant penalty. The rating actions consider the portion of a defaulted loan normally not covered by the FHA or VA guarantee and other servicer expenses they deemed reasonably incurred and passed on to the trust.

FHA/VA borrowers, in Moody's-rated transactions, are typically low income borrowers with poor credit history who have been affected by the weak economy and housing market. Moody's expects delinquencies to remain high for this sector at 40%, 35%, and 30% for the 2004, 2005, and 2006 vintages, respectively as house prices continue to decline and unemployment rates remain high. FHA/VA RMBS transactions have had very low losses to date (less than 1%) despite high delinquency levels due to the FHA and VA guarantees. However, Moody's expects this trend to change due to the higher level of self-curtailments by the servicers.

Moody's final rating actions are based on current levels of credit enhancement, collateral performance and updated pool-level loss expectations. Moody's took into account credit enhancement provided by seniority, and other structural features within the senior note waterfalls.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Moody's now projects house price index to reach a bottom in the first quarter of 2012, with a 2% remaining decline between the first quarter of 2011 and 2012, and unemployment rate to start declining by fourth quarter of 2011.

The principal methodology used in these ratings is described in the Monitoring and Performance Review section in "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008. Other methodology and factors used in this rating are described in "FHA VA US RMBS Surveillance Methodology" published in July 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF259228

A list of updated estimated pool losses and sensitivity analysis may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF256626

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in this transaction and the assessments had a neutral impact on the rating.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

New York
Max Sauray
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades $728.1 million of FHA-VA RMBS issued by Countrywide from 2002 to 2005
No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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 $5,000,000. 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 JPY100,000 to approximately JPY550,000,000.

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

​
Moodys.com