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

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

PLEASE READ AND SCROLL DOWN!

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

Terms of One-Time Website Use

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

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

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

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

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

I AGREE
Rating Action:

Moody's downgrades Deutsche Bank legacy senior debt to Baa3 following change in bank insolvency law and affirms A3 counterparty and deposit ratings

03 Aug 2018

NOTE: On August 23, 2018, the press release was corrected as follows: The following was added as the sixth paragraph of the Regulatory Disclosures section: “The person who approved Deutsche Bank AG, Deutsche Bank AG, London Branch, Deutsche Bank AG, New York Branch, Deutsche Bank AG, Paris Branch, Deutsche Bank AG, Singapore Branch, Deutsche Bank AG, Sydney Branch, Deutsche Bank Capital Finance Trust I, Deutsche Bank Contingent Capital Trust II, Deutsche Bank Contingent Capital Trust V, Deutsche Bank Financial LLC, and Deutsche Finance (Netherlands) B.V. credit ratings is Ana Arsov, MD - Financial Institutions, Financial Institutions Group, JOURNALISTS: 1 212 553 0376, Client Service: 1 212 553 1653. The person who approved Deutsche Siedlungs- und Landesrentenbank credit ratings is Carola Schuler, MD – Banking, Financial Institutions Group, JOURNALISTS: 1 212 553 0376, Client Service: 1 212 553 1653.” Revised release follows.

New York, August 03, 2018 -- Moody's Investors Service ("Moody's") downgraded Deutsche Bank AG's (DB) senior debt to Baa3 from Baa2 and reclassified the bonds as junior senior debt which do not carry outlooks. Moody's also affirmed DB's A3 deposit and A3 counterparty risk ratings with a negative outlook. These actions on DB and related actions detailed below, follows the introduction of a new senior unsecured debt class in Germany that ranks above outstanding (statutorily subordinated) senior unsecured debt instruments, which took effect on 21 July 2018.

The legal changes re-introduced an option for German banks to issue preferred senior unsecured liabilities, as well as to issue new contractually non-preferred, or junior senior, debt, which will rank alongside outstanding legacy plain vanilla senior unsecured debt. At the same time, Moody's believes that following the legal change, the likelihood of government support being available for most outstanding senior unsecured bank bonds has declined, as under the revised legislation those bonds issued prior to 21 July 2018 remain subordinated to future preferred senior unsecured bank debt. Following the change in law, the legal hierarchy of bank claims in Germany is now consistent with most other European Union (EU) countries, where statutes do not provide full preference to deposits over senior unsecured debt. Consequently, the application of Moody's Advanced Loss Given Failure (LGF) analysis reflects the revised hierarchy of claims. Further detail on the decline in government support and the revision of the rating agency's LGF approach and resulting actions on other German banks' can be found at https://www.moodys.com/research/--PR_386808.

With respect to Deutsche Bank, the following additional rating actions were taken after the change in German law.

Affirmation of DB's standalone baseline credit assessment at ba1.

- Affirmation of the A3 ratings on DB's long-term senior unsecured debt instruments with structural features. At the same time, Moody's reclassified these rated instruments as senior unsecured debt from senior senior unsecured debt previously. These instruments remain on negative outlook.

- Upgrade of DB's long-term issuer ratings to A3 from Baa2 reflecting that Moody's assigns issuer ratings at the level of the most senior unsecured debt class available in any jurisdiction. These ratings remain on negative outlook.

- Affirmation of DB's A3 long-term deposit and counterparty risk ratings, reflecting unchanged outcomes and rating uplift under Moody's Advanced LGF analysis, as well as unchanged government support assumptions. These deposits remain on negative outlook.

- Affirmation of DB's Prime-2 short-term debt and deposit ratings.

- Withdrawal of DB's (P)A3 senior senior unsecured program ratings and assignment of (P)Baa3 junior senior programme rating to DB's operative shelves, which contain the option to issue junior senior debt.

Furthermore, Moody's reclassified senior bonds issued by Deutsche Siedlungs- und Landesrentenbank (DSL) as backed junior senior unsecured debt and affirmed their ratings at Aaa with no outlook.

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

RATINGS RATIONALE

The downgrade of Deutsche Bank's existing senior debt to Baa3 and its reclassification as new junior senior instruments reflects the legal change explicitly designating these bonds as loss-absorbing in case a bank needs to be recapitalised. Legally, the new non-preferred instruments will rank pari passu with the majority of outstanding senior bonds issued up until 20 July 2018, to the extent the latter instruments were subject to Germany's statutory subordination under the previous insolvency ranking. This pari passu ranking makes it less likely that German authorities would selectively support statutorily subordinated senior unsecured bonds (today reclassified into junior senior), following clarification that the German authorities expect these liabilities to bear losses in a resolution. Furthermore, any selective support could give rise to claims by adversely selected creditors that the No Creditor Worse Off principle established in the BRRD had been breached.

In affirming DB's ba1 BCA, Moody's noted that DB's management has lowered DB's asset risk and strengthened its capitalization. Management has disposed of many non-core assets, settled litigations, scaled back DB's geographic perimeter and built up liquidity. Management also enhanced the bank's financial flexibility by raising €8 billion in common equity in 2017.

The negative outlook on Deutsche Bank's A3 debt and deposit ratings reflects the rising and extended execution challenges still facing Deutsche Bank, highlighted by recent management changes and strategic shifts.

There are still structural impediments blocking a quick path to restored profitability for DB in its German commercial banking activities, as well as potential revenue weakness associated with rationalizing the bank's capital markets activities. Furthermore, it is unclear how management will create an investment bank more focused on European clients that can compete effectively against more diversified peers with stronger US presences, while also earning acceptable returns over the cycle. The plan requires management to refocus DB's franchise, improve its profitability and strengthen its operating platform over the next two to three years -- particularly the plan to modernize the technology of the bank to generate efficiencies and enhance controls.

What could change the ratings up?

The negative outlook indicates there is no imminent upward pressure on DB ratings. In the longer term, substantial progress on DB's strategic transformation plan resulting in a more balanced and stable business mix and improved profitability could result in upward rating pressure.

What could change the ratings down?

A sharp decline in capitalization or liquidity or a material risk management failure could lead to a downgrade. Furthermore, Moody's expects DB to be modestly profitable (including restructuring costs) in a €26 billion revenue environment in 2018 and 2019. Persistent failure to achieve profitability during this period may lead to downward rating pressure.

RECLASSIFICATION AND AFFIRMATION OF LEGACY SENIOR DSL BONDS

In addition to the above rating actions on DB, Moody's reclassified plain vanilla senior bonds that were issued by DSL in the 1990s and which benefit from a guarantee by the Government of Germany (Aaa stable). Following the change in German law, these instruments now fall into the backed junior senior unsecured debt class, while previously they were considered backed senior unsecured debt. The instrument ratings were affirmed at Aaa and no longer carry outlooks, in line with Moody's general practice of not assigning outlooks to the junior senior debt class.

DSL is a subsidiary of DB Privat- und Firmenkundenbank AG, which in turn is wholly owned by DB. The legacy senior DSL bonds are subject to bail-in and are treated pari passu with all other junior senior unsecured debt contained within the DB resolution perimeter. However, the guarantee status ensures unchanged recourse in resolution to the Government of Germany, which determines the bonds' Aaa rating level.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Ratings Action:

..Issuer: Deutsche Bank AG

Assignments:

....Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

Downgrades and reclassification:

....Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Junior Senior Unsecured Regular Bond/Debentures with no outlook

Upgrades:

.... Issuer Rating, Upgraded to A3 from Baa2, Negative Outlook

....Senior Unsecured Shelf, Upgraded to (P)A3 from (P)Baa2

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

.... Adjusted Baseline Credit Assessment, Affirmed ba1

.... Baseline Credit Assessment, Affirmed ba1

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

....Commercial Paper, Affirmed P-2

....Subordinate Medium-Term Note Program, Affirmed (P)Ba2

....Other Short Term Medium-Term Note Program, Affirmed (P)P-2

....Pref. Stock Non-cumulative Preferred Stock, Affirmed B1 (hyb)

....Subordinate Regular Bond/Debentures, Affirmed Ba2

....Subordinate Shelf, Affirmed (P)Ba2

.... LT Deposit Rating, Affirmed A3, Negative outlook

.... ST Deposit Rating, Affirmed P-2

Affirmations and reclassification:

....Senior Senior Unsecured Regular Bond/Debentures, Affirmed A3, Negative outlook, reclassified to Senior Unsecured Regular Bond/Debentures

Withdrawals:

....Senior Senior Medium-Term Note Program, Withdrawn, previously rated (P)A3

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank AG, London Branch

Assignments:

....Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

....Backed Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

Downgrades and reclassification:

....Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Junior Senior Unsecured Regular Bond/Debentures with no outlook

Upgrades:

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

....Backed Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

....Subordinate Medium-Term Note Program, Affirmed (P)Ba2

....Subordinate Regular Bond/Debenture, Affirmed Ba2

....Other Short Term Medium-Term Note Program, Affirmed (P)P-2

Affirmations and reclassification:

....Senior Senior Unsecured Regular Bond/Debentures, Affirmed A3, Negative outlook, reclassified to Senior Unsecured Regular Bond/Debentures

Withdrawals:

....Senior Senior Medium-Term Note Program, Withdrawn, previously rated (P)A3

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank AG, New York Branch

Assignments:

....Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

Downgrades and reclassification:

....Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Junior Senior Unsecured Regular Bond/Debentures with no outlook

Upgrades:

....Senior Unsecured Shelf, Upgraded to (P)A3 from (P)Baa2

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

....Subordinate Shelf, Affirmed (P)Ba2

....Subordinate Regular Bond/Debenture, Affirmed Ba2

....Deposit Note/Takedown, Affirmed A3, Negative outlook

.... LT Deposit Rating, Affirmed A3, Negative outlook

.... ST Deposit Rating, Affirmed P-2

Withdrawals:

....Senior Senior Medium-Term Note Program, Withdrawn, previously rated (P)A3

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank AG, Paris Branch

Affirmations:

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

.... LT Deposit Rating, Affirmed A3, Negative outlook

.... ST Deposit Rating, Affirmed P-2

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank AG, Singapore Branch

Assignments:

....Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

Downgrades and reclassification:

....Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Junior Senior Unsecured Regular Bond/Debentures with no outlook

Upgrades:

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

....Other Short Term Medium-Term Note Program, Affirmed (P)P-2

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank AG, Sydney Branch

Assignments:

....Junior Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3

Downgrades and reclassification:

....Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Junior Senior Unsecured Regular Bond/Debentures with no outlook

Upgrades:

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

.... LT Counterparty Risk Assessment, Affirmed A3(cr)

.... ST Counterparty Risk Assessment, Affirmed P-2(cr)

.... LT Counterparty Risk Rating, Affirmed A3

.... ST Counterparty Risk Rating, Affirmed P-2

....Subordinate Medium-Term Note Program, Affirmed (P)Ba2

....Other Short Term Medium-Term Note Program, Affirmed (P)P-2

Outlook Actions:

....Outlook, Remains Negative

..Issuer: Deutsche Bank Capital Finance Trust I

Affirmations:

....Junior Subordinated Regular Bond/Debenture, Affirmed Ba3 (hyb)

..Issuer: Deutsche Bank Contingent Capital Trust II

Affirmations:

....Pref. Stock Preferred Stock, Affirmed B1 (hyb)

..Issuer: Deutsche Bank Contingent Capital Trust V

Affirmations:

....Pref. Stock Preferred Stock, Affirmed B1 (hyb)

..Issuer: Deutsche Bank Financial LLC

Upgrades:

....Senior Unsecured Medium-Term Note Program, Upgraded to (P)A3 from (P)Baa2

Affirmations:

....Backed Subordinate Medium-Term Note Program, Affirmed (P)Ba2

....Backed Commercial Paper, Affirmed P-2

..Issuer: Deutsche Finance (Netherlands) B.V.

Downgrades and reclassification:

....Backed Senior Unsecured Regular Bond/Debentures, Downgraded to Baa3 from Baa2, reclassified to Backed Junior Senior Unsecured Regular Bond/Debentures with no outlook

Affirmations and reclassification:

....Senior Senior Unsecured Regular Bond/Debentures, Affirmed A3, Negative Outlook, reclassified to Backed Senior Unsecured Regular Bond/Debentures

..Issuer: Deutsche Siedlungs- und Landesrentenbank

Affirmations and reclassification:

....Backed Senior Unsecured Regular Bond/Debentures, Affirmed Aaa, reclassified to Backed Junior Senior Unsecured Regular Bond/Debentures with no outlook

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.

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

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

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

The person who approved Deutsche Bank AG, Deutsche Bank AG, London Branch, Deutsche Bank AG, New York Branch, Deutsche Bank AG, Paris Branch, Deutsche Bank AG, Singapore Branch, Deutsche Bank AG, Sydney Branch, Deutsche Bank Capital Finance Trust I, Deutsche Bank Contingent Capital Trust II, Deutsche Bank Contingent Capital Trust V, Deutsche Bank Financial LLC, and Deutsche Finance (Netherlands) B.V. credit ratings is Ana Arsov, MD - Financial Institutions, Financial Institutions Group, JOURNALISTS: 1 212 553 0376, Client Service: 1 212 553 1653. The person who approved Deutsche Siedlungs- und Landesrentenbank credit ratings is Carola Schuler, MD – Banking, Financial Institutions Group, JOURNALISTS: 1 212 553 0376, Client Service: 1 212 553 1653.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

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.

Peter E. Nerby
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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.

​​​​
Global Footer | Moody's