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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.

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Related Issuers
Apollo Series 2004-2 Trust
Apollo Series 2005-1E Trust
Apollo Series 2005-2 Trust
Apollo Series 2006-1E Trust
Apollo Series 2007-1E Trust
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI
Australian Residential Mortgage Securities (ARMS) II Fund XV
Australian Residential Mortgage Securities (ARMS) II Global Fund 2
Australian Residential Mortgage Securities (ARMS) II Global Fund 3
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I
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Challenger Millennium Series 2007-2L Trust
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Rating Action:

Moody's downgrades AUD600 million of Australian RMBS following PMI downgrade

15 Jul 2008
Moody's downgrades AUD600 million of Australian RMBS following PMI downgrade

AUD15.2 billion remain sensitive to mortgage insurer rating action

Sydney, July 15, 2008 -- Moody's Investors Service has today released the results of its review of Australian Residential Mortgage Backed Securities (RMBS) following its downgrade to Aa3 from Aa2 of the Insurance Financial Strength Rating of PMI Mortgage Insurance Ltd (PMI Australia), which remains on review for possible downgrade.

The review covered Australian term RMBS that are rated by Moody's and contain mortgage loans insured by PMI. It considered the proportion of loans insured by PMI, current subordination levels, seasoning and other structural features.

There were no senior notes downgraded. All notes downgraded were junior notes (15 notes totaling AUD0.6 billion) whose ratings are highly correlated to the ratings of mortgage insurers.

In total, 107 notes totaling AUD15.2 billion remain on review for possible downgrade.

Moody's review identified three groups of securities:

(1) Securities with ratings independent of PMI's rating. These are notes that were previously placed on review for possible downgrade but now exhibit subordination levels in excess of the current gross subordination required to maintain their ratings. Moody's has today confirmed the ratings of the 9 notes totaling AUD5.2 billion falling into this category.

(2) Securities with ratings that withstood the current downgrade of PMI but may be negatively affected in the event of a more severe rating action. These notes are characterized by a relatively high proportion of PMI insured mortgage loans within the underlying portfolios and insufficient note subordination to achieve a complete delinkage from PMI. 23 notes totaling AUD12.4 billion fell into this category. Moody's has classified them into groups according to the lowest rating of PMI the current rating of the notes may withstand. Moody's has retained these securities on review for possible downgrade pending outcome of the PMI review.

(3) Securities with ratings that will come under pressure in the event of any further PMI downgrade. These were junior notes whose ratings are highly correlated to the ratings of the mortgage insurers. Of the 84 notes totaling AUD2.8 billion that fell into this group 69 notes totaling AUD2.2 billion maintained their current Aa3 rating and 15 notes totaling AUD0.6 billion were downgraded to Aa3. Moody's has retained these securities on review for possible downgrade pending outcome of the PMI review.

Moody's will seek to provide further guidance to the market with regard to securities retained on review as soon as the review of PMI is concluded.

The complete rating action for group 1 is as follows:

HBS Trust 2006-1, Class A, currently rated Aaa, rating confirmed

Crusade Global Trust No. 1 of 2007, Class A-1, currently rated Aaa, rating confirmed

Crusade Global Trust No. 1 of 2007, Class A-2, currently rated Aaa, rating confirmed

Crusade Global Trust No. 1 of 2007, Class A-3, currently rated Aaa, rating confirmed

Crusade Global Trust No. 2 of 2006, Class A-1, currently rated Aaa, rating confirmed

Crusade Global Trust No. 2 of 2006, Class A-2, currently rated Aaa, rating confirmed

Crusade Global Trust No. 2 of 2006, Class A-3, currently rated Aaa, rating confirmed

WB Trust 2003-1, Class C, currently rated A1, rating confirmed

WB Trust 2004-1, Class D, currently rated Baa1, rating confirmed

The complete rating action for group 2 is as follows:

Securities able to withstand PMI downgrade to A1:

RAMS Mortgage Securities Trust Series UniCredit (1), Class A, currently rated Aaa, on review for possible downgrade

Securities able to withstand PMI downgrade to A2:

Lion Series 2007-1 Trust, Class A, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A1, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A2, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A3, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A4, currently rated Aaa, on review for possible downgrade

National RMBS Trust 2006-1, Class A, currently rated Aaa, on review for possible downgrade

Securities able to withstand PMI downgrade to A3:

RAMS Mortgage Securities Trust Series 2007-3, Class AB, currently rated Aa1, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa1:

Apollo Series 2007-1E Trust, Class 1A, currently rated Aaa, on review for possible downgrade

Apollo Series 2007-1E Trust, Class 2A, currently rated Aaa, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class A-1, currently rated Aaa, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class A-2, currently rated Aaa, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class B, currently rated Aa2, on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class AB, currently rated Aa1, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa2:

Puma Masterfund P-12 Series A, Class A, currently rated Aaa, on review for possible downgrade

PUMA Masterfund P-12 Series B, Class A, currently rated Aaa, on review for possible downgrade

Interstar Millennium Series 2006-4H, Class AB, currently rated Aa1, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa3:

PUMA Global Trust No.5, Class A-1, currently rated Aaa, on review for possible downgrade

PUMA Global Trust No.5, Class A-2, currently rated Aaa, on review for possible downgrade

PUMA Global Trust No.5, Class A-3, currently rated Aaa, on review for possible downgrade

Challenger Millennium Series 2007-1E Trust, Class AB, currently rated Aa1, on review for possible downgrade

Challenger Millennium Series 2007-2L Trust, Class AB, currently rated Aa1, on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class A, currently rated Aaa, on review for possible downgrade

The complete rating action for group 3 is as follows:

Securities that have maintained their current rating:

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI, Class B, currently rated Aa3, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XV, Class B, currently rated Aa3, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 2, Class B, currently rated Aa3, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(a), currently rated Aa3, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(b), currently rated Aa3, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I, Class B, currently rated Aa3, on review for possible downgrade

Challenger Millennium Series 2007-1E Trust, Class B, currently rated Aa3, on review for possible downgrade

Challenger Millennium Series 2007-2L Trust, Class B, currently rated Aa3, on review for possible downgrade

FirstMac Bond Series 1E-2006 Trust, Class B, currently rated Aa3, on review for possible downgrade

FirstMac Bond Series 3-2005 Trust, Class B, currently rated Aa3, on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1-2007, Class B, currently rated Aa3, on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1E-2007, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B1, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B2, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2004-1E Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2004-2G Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2004-4E Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2005-1G Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2005-2L Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2005-3E Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2006-2G Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2006-3L Trust, Class B, currently rated Aa3, on review for possible downgrade

Interstar Millennium Series 2006-4H, Class B, currently rated Aa3, on review for possible downgrade

Medallion Trust Series 2006-1G, Class B, currently rated Aa3, on review for possible downgrade

National RMBS Trust 2004-1, Class B, currently rated Aa3, on review for possible downgrade

National RMBS Trust 2006-1, Class B, currently rated Aa3, on review for possible downgrade

National RMBS Trust 2006-3, Class B, currently rated Aa3, on review for possible downgrade

Progress 2003 E-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2004 E-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2004-2 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2005-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2005-2 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2006-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Progress 2007-1G Trust, Class B, currently rated Aa3, on review for possible downgrade

PUMA Global Trust No.5, Class B, currently rated Aa3, on review for possible downgrade

Puma Global Trust S-1, Class B, currently rated Aa3, on review for possible downgrade

Puma Masterfund H-1, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund P-10 Series B, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund P-10 Series C, Class B, currently rated Aa3, on review for possible downgrade

Puma Masterfund P-10, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund P-11 Series A, Class B, currently rated Aa3, on review for possible downgrade

Puma Masterfund P-11 Series B, Class B, currently rated Aa3, on review for possible downgrade

Puma Masterfund P-12 Series A, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund P-12 Series B, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund P-13 Series A, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund S-2 Series A, Class B, currently rated Aa3, on review for possible downgrade

Puma Masterfund S-3, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund S-4, Class B, currently rated Aa3, on review for possible downgrade

PUMA Masterfund S-5, Class B, currently rated Aa3, on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class B, currently rated Aa3, on review for possible downgrade

RBS Trust 2003-1, Class B, currently rated Aa3, on review for possible downgrade

RBS Trust 2004-1, Class B, currently rated Aa3, on review for possible downgrade

RBS Trust 2005-1, Class B, currently rated Aa3, on review for possible downgrade

RBS Trust 2007-1, Class B, currently rated Aa3, on review for possible downgrade

Resimac Premier Euro 2003-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Resimac Premier Euro 2004-1E Trust, Class 1B, currently rated Aa3, on review for possible downgrade

Resimac Premier Euro 2004-2E Trust, Class B, currently rated Aa3, on review for possible downgrade

RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently rated Aa3, on review for possible downgrade

Resimac Premier Euro 2006-1E Trust, Class 2B, currently rated Aa3, on review for possible downgrade

RMS Trust 2003-1E, Class 1B, currently rated Aa3, on review for possible downgrade

Series 2005-1 Reds Trust, Class B, currently rated Aa3, on review for possible downgrade

Series 2005-2 Reds Trust, Class B, currently rated Aa3, on review for possible downgrade

Series 2005-2(S) TORRENS Trust, Class B, currently rated Aa3, on review for possible downgrade

Series 2006-1E REDS Trust, Class B, currently rated Aa3, on review for possible downgrade

Series 2007-1E REDS Trust, Class B, currently rated Aa3, on review for possible downgrade

Series 2007-2 REDS Trust, Class B, currently rated Aa3, on review for possible downgrade

TORRENS Series 2005-3(E) Trust, Class B, currently rated Aa3, on review for possible downgrade

TORRENS Series 2006-1(E) Trust, Class B, currently rated Aa3, on review for possible downgrade

Unity Series 2003-1 Trust, Class B, currently rated Aa3, on review for possible downgrade

Securities downgraded to Aa3:

Apollo Series 2004-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Apollo Series 2004-2 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Apollo Series 2005-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Apollo Series 2005-2 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Apollo Series 2006-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Apollo Series 2007-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

HBS Trust 2003-1E, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

HBS Trust 2004-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

HBS Trust 2005-1E, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

HBS Trust 2006-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Kingfisher Trust 2004-1G, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Lion Series 2007-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2006-1E SWAN Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2007-1E SWAN Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Torrens Series 2007-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

The ratings address the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have significant effect on yield to investors.

Moody's ratings are subject to revision, suspension or withdrawal at any time at our absolute discretion. The ratings are expressions of opinion and not recommendations to purchase, sell or hold securities.

Sydney
Arthur Karabatsos
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Henry Charpentier
Managing Director
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

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.

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