Moodys.com
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
Related Issuers
Artesia Bank Luxembourg
Artesia Banking Corporation
Artesia Ireland
Assured Guaranty (Bermuda) Ltd.
Assured Guaranty (Europe) plc
Assured Guaranty Municipal Corp.
Assured Guaranty Municipal Holdings Inc.
BACOB Bank S.C.
BACOB Finance Nederland N.V.
BACOB Overseas Finance
Banque Artesia Nederland N.V.
Banque Internationale a Luxembourg
Belfius Bank SA/NV
Belfius Financing Company S.A
Belfius Funding NV.
BIL North America, Inc.
Crediop Credito per le Imprese e Opere Pubbl.
Crediop Finance plc
Crediop Overseas Bank Limited
Cregem International Bank S.A.
CRELAN FINANCE S.A.
Crelan Overseas Ltd.
Denizbank A.S.
Dexia Asset Management
Dexia Bank Belgium, New York Branch
Dexia CLF Finance Co.
Dexia Crediop S.p.A.
Dexia Credit Local
Dexia Credit Local, New York Branch
Dexia Credit Local, Stockholm Branch
Dexia Credit Local, Tokyo Branch
Dexia Delaware LLC
Dexia Financial Products
Dexia Funding Luxembourg S.A.
Dexia Group (The)
Dexia Kommunalbank Deutschland AG
Dexia Kommunalkredit Bank
Dexia Municipal Bank plc.
Dexia Project & Public Finance Int'l. Bank
Dexia Public Finance Norden
Dexia SA
Dexia Sabadell, S.A.
DVV-Les Assurances Populaires
Financement Local et Regional
Financial Security Assurance Intl., Inc.
Financial Security Assurance of Maryland Inc
Financial Security Assurance of Oklahoma, Inc
FSA Insurance Company
FSA Portfolio Management Inc.
FSA Seguros Mexico S.A. de C.V.
FSA Services (Australia) Pty Limited
Gemeentekrediet Van Belgie NV
Global Guaranty
Prismbond GMBH (Crediop)
Sutton Capital Trust I
Sutton Capital Trust II
Sutton Capital Trust III
Sutton Capital Trust IV
Rating Action:

Moody's downgrades Dexia's main operating units to A1 from Aa3

19 Jan 2009

Short-term ratings confirmed at P-1

Paris, January 19, 2009 -- Moody's Investors Service has today downgraded the long-term debt and deposit ratings of Dexia Group's main banking entities, Dexia Credit Local (DCL), Dexia Bank Belgium (DBB), Dexia Banque Internationale à Luxembourg (DBIL) to A1 from Aa3.

In addition, the Bank Financial Strength Ratings (BFSRs) of DCL, DBB and DBIL have been downgraded to D+ (mapping to a Baseline Credit Assessment of Ba1) from C- (which mapped to a Baseline Credit Assessment of Baa2). Ratings of subordinated and junior subordinated debts issued by those entities and/or Dexia SA are also downgraded as described in more detail below. All long-term ratings and BFSRs have been assigned a negative outlook. The short-term debt and deposit ratings have been confirmed at Prime-1. This rating action concludes a review for possible downgrade that was initiated on 1 October 2008. Subsequently, the backed short-term rating of Prime-1 assigned on 13 January 2009 has been withdrawn following the confirmation of the Prime-1 short-term rating of the Group's main entities. Indeed, Moody's does not assign backed Prime-1 rating for issuers that already have a Prime-1 rating.

Moody's acknowledges the support by the national governments of Belgium, France and Luxembourg, as well as by the Belgian local governments, evidenced by the capital increase and guarantee agreements that have been provided to Dexia Group and are described in more detail below. Public sector ownership within Dexia is now above 50% and support from those key shareholders will continue to be a major rating factor going forward. Moody's anticipates that systemic support for the Dexia group will continue and has incorporated this support by providing a six-notch uplift to the BFSR. At the same time, Moody's took into account the significant imbalances in Dexia's balance sheet and the challenging funding profile of the group, which are expected to impact the group's performance over the medium term.

The rating actions reflect the risks associated with significant imbalances in Dexia's balance sheet, which have been exacerbated during periods of liquidity stress, as well as the increasing credit losses and provisioning required over the past quarters. Dexia's over-reliance on short-term financing and its very limited access to both unsecured and secured funding in the interbank market since September 2008 have required strong State and central bank support in order to meet the group's funding needs. In addition, increasing writedowns have negatively weighed on profitability levels while the group also recorded significant negative reserves in its Available for Sale (AFS) portfolio. These factors remain a matter of concern that has led to today's rating action.

On 30 September 2008, the Governments of Belgium and France announced a total capital injection of EUR6 billion in exchange for stakes in Dexia SA, and the Luxembourg Government announced it would invest a further EUR376 million in convertible bonds in DBIL. Effective 9 October 2008, the governments of Belgium, France and Luxembourg provided a temporary joint guarantee up to a maximum of EUR150 billion, to support Dexia Group's short-to medium-term refinancing on the wholesale markets. In addition, a guarantee by the Belgian and French States on the portfolio of Dexia's US subsidiary FSA Financial Products, in excess of a USD4.5 billion first-loss covered by Dexia, aims at facilitating the sale of FSA's financial guaranty business planned in the first half of 2009. Moody's notes that these strong statements of support from the public authorities, strengthening Dexia's capital protection and financial flexibility in the short term, represent a positive element factored in the long-term debt and deposit ratings and are mirrored in a six-notch uplift from Dexia's Baseline Credit Assessment of Ba1.

Moody's views positively the new management team's objective to address the balance sheet's mismatches in order to ensure the long-term viability of Dexia's franchises and business model, by, inter-alia, rebalancing the funding base from central banks and short-term wholesale markets to more steady long-term debt and retail deposits, and by re-focusing on two core activities -- public finance and retail banking -- in main geographical areas. Moody's notes in particular management's strong resolve to preserve the group's core public and project finance franchise, clearly embedded in its business model, in which Dexia exhibits leading positions in Belgium, France and Italy. Moody's expects that this strategic refocus, along with a more robust and long-term funding base that is less dependent on central banks, will result in a less volatile and more sustainable business model over the medium term. Moody's notes, however, that room for manoeuvre for de-risking will be constrained by the magnitude of Dexia's securities portfolio-- in absolute terms as well as relative to the group's total assets -- which is currently costly to downsize. This, along with higher funding costs, might result in an erosion of the group's overall market share over time.

Looking ahead, Moody's expects that potential losses in the EUR174 billion securities and banking portfolios -- especially structured finance, exposures to monolines and debt issued by financial institutions -- higher funding costs and the likely increase in provisioning, will continue to damage the group's profitability in the coming quarters. In addition, the completion of the sale of FSA's insurance activities and direct consolidation of FSA Financial Products are expected to erode Dexia's regulatory capital metrics, although Moody's anticipates these to remain at satisfactory levels given the headroom provided by the recent capital injection. Moody's also comments that the Tier 1 ratio of 14.5% as reported at end of September 2008, does not fully reflect the potential forthcoming pressure on the group's capital, as it does not incorporate the AFS reserve of minus EUR11 billion as of end-September 2008.

The negative outlook reflects Moody's expectations of weakening profitability metrics and reduced capital headroom going forward. It also incorporates the uncertainty related to the successful de-risking strategy while preserving the group's core public/project finance and retail banking franchises, as well as to Dexia Group's ability to achieve a more steady funding base that is less dependent on outside support.

Moody's acknowledges the very high level of integration and mutual support that prevail within the centrally managed Dexia Group. This high level of integration will continue to be reflected in Moody's approach of assigning BFSR and debt and deposit ratings at the same level for the three main Group companies (DCL, DBB and DBIL), unless significant changes in the group's structure motivate the need to adjust the current approach.

In respect of the Group's main operating units, the following ratings actions have been taken:

- Dexia Credit Local's BFSR downgraded to D+ from C-, deposit and senior unsecured debt ratings downgraded to A1 from Aa3, subordinated debt rating downgraded to A2 from A1, and preferred stock rating downgraded to Baa1 from A2; a three-notch differential below senior unsecured rating applies to preferred stock's rating due to Dexia Credit Local's BFSR being downgraded in the D category; all ratings have a negative outlook. The Prime-1 short-term rating is confirmed.

- Dexia Bank Belgium's BFSR downgraded to D+ from C-, deposit and senior unsecured debt ratings downgraded to A1 from Aa3, and subordinated debt and junior subordinated debt ratings downgraded to A2 and A3, respectively, from A1; a two-notch differential below senior unsecured rating applies to junior subordinated debt rating due to Dexia Banque Belgium's BFSR being downgraded in the D category; all ratings have a negative outlook. The Prime-1 short-term rating is confirmed.

- Dexia Banque Internationale à Luxembourg's BFSR downgraded to D+ from C-, deposit and senior unsecured debt ratings downgraded to A1 from Aa3, subordinated debt ratings and junior subordinated debt ratings downgraded to A2 and A3, respectively, from A1, and preferred stock rating downgraded to Baa1 from A2; a two-notch and three-notch differential, respectively, below senior unsecured rating applies to junior subordinated debt and preferred stock's ratings due to Dexia Banque Internationale à Luxembourg's BFSR being downgraded in the D category; all ratings have a negative outlook. The Prime-1 short-term rating is confirmed.

- Dexia Funding Luxembourg's backed preferred stock downgraded to Baa1 from A2 with negative outlook.

The covered bonds issued by Dexia Crédit Local, Dexia Municipal Agency and Dexia Sabadell SA are not covered by this press release.

In respect of the Group's other subsidiaries, the following ratings actions have been taken:

- Dexia Kommunalkredit Bank's BFSR is affirmed at C-, long-term deposit and senior unsecured debt ratings was downgraded to Baa2 from A2, and subordinated debt rating was downgraded to Baa3 from A3; the short-term Prime-1 rating was downgraded to Prime-2; all ratings, including Prime-2 short-term deposit rating, remain on review for possible downgrade. These rating actions are subsequent to the rating actions taken on Dexia Kommunalkredit Bank's parent company:

- Dexia Crediop S.p.A.'s Prime-1 short-term rating is confirmed.

- Crediop Overseas Bank Limited's short-term Prime-1 rating is confirmed.

- Dexia CLF Finance's backed long-term senior unsecured rating downgraded to A1 from Aa3; this rating carries a negative outlook.

- Dexia Delaware LLC's Prime-1 backed CP rating is confirmed.

- Dexia Public Finance Norden's backed long-term bank deposit rating downgraded to A1 from Aa3; this rating carries a negative outlook. The Prime-1 short-term deposit rating is confirmed.

- Dexia Credit Local, Stockholm Branch's Prime-1 short-term deposit rating is confirmed.

- Dexia Credit Local New York Branch's long-term bank deposit rating downgraded to A1 from Aa3 with a negative outlook; the Prime-1 short-term deposit rating is confirmed.

- Dexia Credit Local Tokyo Branch's long-term bank deposit rating downgraded to A1 from Aa3; this rating carries a negative outlook. The Prime-1 short-term deposit rating is confirmed.

- Dexia Funding Netherlands' backed long-term senior unsecured rating downgraded to A1 from Aa3 and backed subordinated debt rating downgraded to A2 from A1; all ratings carry a negative outlook. The Prime-1 short-term deposit rating is confirmed.

- Dexia Overseas Limited's long-term backed senior unsecured rating downgraded to A1 from Aa3, backed subordinated debt rating and backed junior subordinated debt ratings downgraded to, respectively, A2 and A3, from A1; all ratings carry a negative outlook.

- Dexia Financial Products' Prime-1 backed CP rating is confirmed.

No ratings action has been taken on the following ratings of the Group's other subsidiaries:

- Dexia Crediop S.p.A.'s BFSR at C, long-term deposit and senior unsecured debt ratings at A1, and subordinated debt rating at A2 remain on review for possible downgrade;

- Crediop Overseas Bank Limited's backed long-term senior unsecured rating at A1, and backed subordinated debt rating at A2 remain on review for possible downgrade.

- Dexia Sabadell S.A.'s BFSR at C+, long-term deposit rating at A2 and Prime-1 short-term deposit rating remain on review for possible downgrade.

- The ratings of the group's Turkish subsidiary DenizBank remain unchanged as it also benefits from systemic support within Turkey: DenizBank's local currency long-term deposit and senior unsecured debt ratings of Baa1; the foreign currency long-term deposit rating of B1; the BFSR of C- mapping to a Baseline Credit Assessment of Baa2; all ratings carry a stable outlook; the local currency and foreign currency short-term deposit ratings of Prime-2 and Non-Prime, respectively.

The last rating action on Dexia Group's main banking entities was on 1 October 2008, when Moody's downgraded the BFSRs of Dexia Credit Local, Dexia Bank Belgium and Dexia Banque Internationale à Luxembourg to C- from B+, C- from B- and C- from B-, respectively. In addition, the three entities' long-term debt and deposit ratings were downgraded to Aa3 from Aa1. All ratings, including BFSRs, long-term debt and deposit ratings and short-term ratings, were placed on review for possible further downgrade.

The principal methodologies used in rating the issuers affected by this press release are "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Credit Policy & Methodologies directory.

Headquartered in Brussels, Dexia SA had total assets of EUR636.9 billion at end September 2008. For the first nine months of 2008, the group reported a net loss, group share, of EUR723 million, down from a net income of EUR1.9 billion during the same period in 2007.

Paris
Helene Sere
Vice President - Senior Analyst
Financial Institutions Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Reynold R. Leegerstee
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades Dexia's main operating units to A1 from Aa3
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.

​​​​
Moodys.com