Moodys.com
关闭
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
您即将离开穆迪中国的地区网站,并会转至穆迪全球网站(英文)。应否继续?
不要再显示此讯息
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 downgrades BremerLB's ratings; ratings remain on review for downgrade

07 Jun 2016

Frankfurt am Main, June 07, 2016 -- Moody's Investors Service has today downgraded the long-term debt and issuer ratings of Bremer Landesbank Kreditanstalt Oldenburg GZ (BremerLB) to Ba1 from Baa2 and the bank's long-term deposit ratings to Baa3 from Baa1.

Today's actions were prompted by BremerLB's 2 June announcement that expected sizable value adjustments in its shipping loan portfolio will likely result in an annual loss for 2016 in the amount of a "mid three-digit million figure" according to the bank's estimates and that capital strengthening measures are contemplated.

In light of this outsized loss expectation, which could exceed one third of the bank's common equity tier 1 capital, Moody's downgraded BremerLB's standalone baseline credit assessment (BCA) to caa2 from b1, thereby also reflecting the need for a recapitalisation of the bank to restore sufficient capital buffers above the regulatory minimum against its elevated risk profile as a dedicated lender to the global shipping industry.

The downgrade of BremerLB's adjusted BCA was less pronounced, to b1 from ba2, reflecting the rating agency's assessment of a very high likelihood of affiliate support from its majority owner Norddeutsche Landesbank GZ (NORD/LB deposits A2 review for downgrade/senior unsecured A3 review for downgrade, BCA ba2) and from the institutional protection scheme of Sparkassen-Finanzgruppe (S-Finanzgruppe; Corporate Family Rating Aa2 stable; BCA a2).

However, as assumedly no decision about the necessary recapitalization measures by all shareholders -- which includes the German federal state City of Bremen (unrated) -- was made prior to BremerLB's loss announcement, Moody's believes that downside risks for BremerLB's creditors are rising.

Concurrently, Moody's also downgraded BremerLB's short-term debt and deposit ratings to Prime-3 from Prime-2 and the bank's subordinated medium-term note (MTN) program rating to (P)B2 from (P)Ba3. Furthermore, BremerLB's Counterparty Risk (CR) Assessment was downgraded to Baa3(cr)/P-3(cr) from Baa1(cr)/P-2(cr).

All ratings and rating inputs of BremerLB that were placed on review for downgrade on 1 June 2016 remain on review for downgrade. This reflects both the yet unresolved recapitalisation steps for the bank following the announced loss expectation, as well as the ongoing rating review on NORD/LB. While Moody's expects to obtain more clarity on the progress of a timely recapitalisation agreement in due course, the final closure of the review on the bank's ratings is also contingent upon the closure of the ratings review of its parent NORD/LB.

BremerLB's grandfathered debt ratings are unaffected by today's rating action.

For a list of all affected ratings, please refer to the end of this press release.

RATINGS RATIONALE

DOWNGRADE OF BREMERLB'S BASELINE CREDIT ASSESSMENT

The downgrade of BremerLB's BCA to caa2 from b1 reflects Moody's assessment that the accelerated provisioning announced by BremerLB on 2 June 2016 for risks to the bank's shipping loan book, together with the large net loss expected for 2016, will require the bank to recur to its owners and support providers in order to restore adequate capitalisation levels.

BremerLB said on 2 June that, as of 30 June 2016, the bank will book approximately EUR400 million in unplanned value adjustments, which will rise to a high three-digit million number for the full year 2016. The bank estimates the full-year net loss to be a "mid three-digit million figure" and said it has initiated measures to strengthen its equity.

While a net loss of the magnitude announced by the bank could leave it with regulatory common equity tier 1 (CET1) and Tier 1 ratios above the current minimum requirements of 5.125% and 6.625%, respectively, Moody's expects the remaining capital cushion to be very low in comparison to the challenges and vulnerabilities BremerLB faces with respect to the risks arising from its EUR6.9 billion shipping loan book as of December 2015. BremerLB's Tier 1 and CET1 ratios as of December 2015 stood at 10.8%.

The caa2 BCA reflects the very high risk of BremerLB requiring extraordinary support to avoid regulatory intervention and resolution measures.

DOWNGRADE OF BREMERLB'S ADJUSTED BASELINE CREDIT ASSESSMENT

The downgrade of BremerLB's Adjusted BCA to b1 from ba2 incorporates the four-notch downgrade of the bank's BCA, but also the stronger emphasis on external support by affliates.

In Moody's opinion, BremerLB's owners and stakeholders, foremost its 54.8% shareholder NORD/LB in conjunction with the institutional protection scheme of S-Finanzgruppe -- which BremerLB is a standalone member of -- have the financial capacity as well as the incentives to recapitalise BremerLB and restore an adequate financial profile of BremerLB. This is reflected within the four notches of affiliate support now incorporated within BremerLB's adjusted BCA, up from two notches previously.

However, the downgrade of the Adjusted BCA to b1 from ba2 also reflects the possibility that the shareholders involved fail to reach an agreement for an extraordinary support provision from NORD/LB and the institutional protection scheme of S-Finanzgruppe, which will likely be considered a private sector solution by the relevant European authorities. The bank's second important shareholder is the City of Bremen, which owns 41.2% of BremerLB. Should the stakeholders agree on a solution that also involves public-sector money, this could trigger, in Moody's view, a state aid case against BremerLB and would therefore heighten the risk of the bank entering resolution.

DOWNGRADE OF BREMERLB'S DEBT, ISSUER AND DEPOSIT RATINGS

The two-notch downgrade of BremerLB's debt, issuer and deposit ratings mirrors the downgrade of BremerLB's Adjusted BCA.

The notching applied to BremerLB's rated liabilities under Moody's Advanced Loss Given Failure (LGF) analysis has remained unchanged following today's rating action. The rating agency continues to consider BremerLB part of a joint resolution perimeter with its domestic parent NORD/LB.

BremerLB's Baa3 deposit ratings are one notch higher than the bank's Ba1 senior unsecured and issuer ratings, reflecting the future subordination of long-term senior bonds below other senior unsecured obligations, including institutional deposits and short-term debt instruments, under the revised German bank insolvency hierarchy that becomes effective on 1 January 2017.

BREMERLB'S RATINGS REMAIN UNDER REVIEW FOR DOWNGRADE

The continued review for downgrade of BremerLB's ratings is driven by the uncertainties related to the gradual crystallisation of solvency risks resulting from BremerLB's exposures to the global shipping industry.

In particular, during the review period, Moody's will monitor BremerLB's progress in reaching a timely agreement with its stakeholders to receive extraordinary support and the implications of an eventual agreement or regulatory resolution for BremerLB's creditors.

The rating positioning of BremerLB's Adjusted BCA and rated debt instruments upon the closure of the ratings review will also take into account Moody's assessment of the financial strength and the liability structure of BremerLB's parent NORD/LB, since both are currently under review for downgrade.

WHAT COULD CHANGE THE RATING - UP

There is currently no upward pressure on the ratings of BremerLB, as indicated by the direction of the rating review.

Moody's may, however, ultimately upgrade or confirm the ratings at their current levels when closing the rating review if NORD/LB and/or the institutional protection scheme BremerLB adheres to significantly recapitalise the bank without exposing BremerLB to state aid proceedings.

WHAT COULD CHANGE THE RATING -- DOWN

Moody's may downgrade the BCA of BremerLB if the bank's capitalisation declines more strongly than currently anticipated -- towards the level of immediate regulatory intervention.

In addition to a BCA downgrade, BremerLB's Adjusted BCA and its ratings could be downgraded as a consequence of: (1) Lack of a near-term agreement between stakeholders on the recapitalisation of BremerLB; or (2) the triggering of European Commission state-aid proceedings by a solution agreed on by BremerLB's owners.

In addition, BremerLB's senior debt ratings may be downgraded if NORD/LB's senior unsecured debt layer provided less loss absorption capacity following last year's maturities of grandfathered debt than Moody's previously expected.

LIST OF AFFECTED RATINGS

The following ratings of BremerLB were downgraded and remain under review for downgrade:

.... Adjusted Baseline Credit Assessment, to b1 from ba2

.... Baseline Credit Assessment, to caa2 from b1

.... Short-term Counterparty Risk Assessment, to P-3(cr) from P-2(cr)

.... Long-term Counterparty Risk Assessment, to Baa3(cr) from Baa1(cr)

.... Long-term Issuer Rating, to Ba1 Rating under Review from Baa2 Rating under Review

.... Short-term Deposit Ratings, to P-3 from P-2

.... Subordinate Medium-Term Note Program, to (P)B2 from (P)Ba3

.... Other Short Term, to (P)P-3 from (P)P-2

.... Senior Unsecured Medium-Term Note Program, to (P)Ba1 from (P)Baa2

.... Commercial Paper, to P-3 from P-2

.... Senior Unsecured Regular Bond/Debenture, to Ba1 Rating Under Review from Baa2 Rating Under Review

.... Long-term Deposit Ratings, to Baa3 Rating Under Review from Baa1 Rating Under Review

BremerLB's issuer outlook remains Rating under Review

The following ratings of BremerLB were unaffected:

.... Backed Senior Unsecured Rating, currently Aa1 Stable

.... Backed Subordinate Rating, currently Aa1

.... Backed Senior Unsecured Medium-Term Note Program, currently (P)Aa1

.... Backed Subordinate Medium-Term Note Program, currently (P)Aa1

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. On this basis, the rated entity or its agent(s) is considered to be a participating entity. The rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Bernhard Held
Vice President - Senior Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades BremerLB's ratings; ratings remain on review for downgrade
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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 $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

​​​​​​​​
Moodys.com