Moodys.com
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 Ethiopia's rating to B2; rating on review for further downgrade

07 May 2020

London, 07 May 2020 -- Moody's Investors Service ("Moody's") has today downgraded the long-term issuer and senior unsecured ratings of the Government of Ethiopia to B2 from B1 and placed the ratings on review for further downgrade.

The downgrade to B2 reflects heightened external and government liquidity risks further aggravated by the coronavirus outbreak which has severely hit the economy's foreign currency receipts, raised the government's spending needs and curtailed its financing options. Ethiopia is more exposed to these shocks than many peers due to its high ratio of external public sector debt to foreign exchange reserves.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and financial market turmoil are creating a severe and extensive economic and financial shock. Moody's regards the coronavirus outbreak as a social risk under its ESG framework. For Ethiopia, this shock manifests mainly in lower exports and foreign direct investment receipts and larger external financing needs.

The review for downgrade reflects Ethiopia's stated intention to seek official sector debt service relief under the recently announced G20 initiative. Suspension of debt service obligations to official creditors would be unlikely to have rating implications; indeed relief from official debt service obligations would allow fiscal resources to be devoted to essential health efforts and social spending, while also reducing external and government liquidity pressures. However, the G20 has called on private sector creditors to participate in that initiative on comparable terms. The review period will allow Moody's to understand how the apparent tension will be resolved between the government's stated desire to engage only with official sector creditors and the G20's call for private sector creditors to participate. It will assess whether Ethiopia's participation in that initiative will indeed be implemented without private sector participation and, if not, whether any losses expected to arise from that participation would be consistent with a lower rating.

The long-term local currency bonds and bank deposits ceilings remain unchanged at Ba3. The long-term foreign currency bonds ceiling has been lowered to B2 from B1, and the bank deposits ceiling has been lowered to B3 from B2.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO B2

CORONAVIRUS SHOCK HEIGHTENS EXTERNAL VULNERABILITY RISKS

The downgrade to B2 is prompted by the significantly negative effect of the coronavirus outbreak on Ethiopia's already fragile external position. The risks of severe balance of payments stress have increased.

With sectors essential to the country's generation of foreign currency revenue through exports, such as international travel and transport and horticulture very severely hit by the slump in international demand and restrictions to movement of people, Ethiopia's external financing needs have risen, at the same time at which FDI inflows have dwindled, privatization receipts will be delayed and emergency healthcare imports increased.

Moody's expects the current account deficit to widen to 6% of GDP in fiscal year 2020, from 5.3% in fiscal 2019, while FDI inflows will likely fall below 2% of GDP. As a result, Moody's estimates that Ethiopia's external financing requirements will rise to close to 8% of GDP in fiscal 2020 and 2021. Notwithstanding the country having already secured some financing with further likely to come from multilateral and bilateral organizations, there remains a sizeable external financing gap this year and next. These elevated requirements place pressure on foreign reserves that are already low at below two months of import cover; total external debt is more than 8 times the level of foreign exchange reserves at end-2019.

The coronavirus shock also adds downward pressure to Ethiopia's weak public finances. After years of very strong GDP growth around 8-10%, government revenue to GDP stands at less than 13% of GDP in fiscal 2019 and is likely to fall with the current sharp growth shock. Moody's forecasts GDP growth to slow to 4% in 2020. For the early part of fiscal 2020, expenditure was constrained, but with added health and social spending related to combating the coronavirus outbreak and its economic effects, current expenditure will increase. While ongoing government measures to raise revenue and improve tax administration showed some tentative positive results in the months leading up to the coronavirus shock, the effectiveness of these measures will be significantly delayed by the economic and social impact of the outbreak. The very narrow revenue base raises significant policy challenges to the government about how to maintain its debt service commitments while providing essential healthcare and social spending.

In general, the global shock poses significant hurdles to the government's reform implementation efforts aimed at arresting the decline in government revenue generation and the rise in state-owned enterprise external debt as it pursues its broader strategy to transform the economy from a state-centred and controlled economy to a market economy and fortify the country's fiscal strength and foreign-exchange generation capacity.

RATIONALE FOR INITIATING A REVIEW FOR FURTHER DOWNGRADE ON ETHIOPIA'S B2 RATINGS

The review for downgrade reflects Ethiopia's stated intention to seek debt service relief under the recently announced G20 initiative. This initiative offers benefits for the world's poorest nations, many of which are highly externally indebted and exposed to outflows of capital and depreciating exchange rates during an unprecedented crisis. Additional financial support and liquidity relief will allow precious fiscal resources to be devoted to essential health efforts and towards minimising the economic impact of the crisis. However, the G20 has called on private sector creditors to participate in that initiative on comparable terms. That suggests that, for the countries that elect to seek official sector debt service relief, the initiative may also lead to the suspension of payments or renegotiation of private-sector debt service obligations.

Ethiopia has a financing plan over the next two fiscal years, which relies heavily on significant and urgent disbursements from the international community in order to meet increased government borrowing requirements and significantly higher external financing needs.

The review period will allow Moody's to understand how the apparent tension will be resolved between the government's stated desire to engage only with official sector creditors and the G20's call for private sector creditors to participate. It will assess whether Ethiopia's participation in that initiative will indeed be implemented without private sector participation -- an outcome which could lead to the rating being confirmed at its current level -- and, if not, whether any losses expected to arise from that participation would be consistent with a lower rating.

Beside the considerations about losses to private sector creditors in debt service relief measures, the risks to Ethiopia's credit profile are skewed to the downside, relating to the potentially severe implications of a persistent external financing gap, further downward pressure on foreign exchange reserves and the exchange rate and threats to macroeconomic stability.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are material to Ethiopia's economic strength and credit profile. Given the prominence of agriculture in the economy and reliance on rainfall for irrigation and hydroelectric plants, recurring droughts can have a significant negative impact on the agriculture and energy sectors.

Social considerations are also material to the rating. High income inequality and high levels of poverty have the potential to fuel social discontent. Moreover, Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety globally. For Ethiopia, the pandemic shock manifests in heightened external vulnerability.

Governance considerations are material to Ethiopia's credit profile. Weak governance in particular amongst some state owned enterprises (SOEs) has contributed to high SOE debt which, if left unchecked, could result in a further deterioration in the credit profile.

WHAT COULD LEAD TO CONFIRMATION OF THE RATING AT THE CURRENT LEVEL

The rating would likely be confirmed at its current level should Moody's conclude that participation in multilateral or bilateral debt service relief would be unlikely to entail default on private sector debt or, if it would, that any losses experienced would be likely to be minimal.

Beside the considerations about losses to private sector creditors in debt service relief measures, ongoing material pressure on Ethiopia's external position and fiscal metrics could be consistent with a negative outlook at B2, while prospects of a durable stabilisation in Ethiopia's external position would likely be consistent with a stable outlook at B2.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating would likely be downgraded should Moody's conclude that participation in the G20 debt service relief initiative would probably entail default on private sector debt and that losses experienced would be likely to exceed the threshold consistent with a B2 rating.

Moreover, an intensification of external pressure with materially wider current account deficits than Moody's currently expects and/or inability to secure sufficient external financing leading to a further marked erosion of foreign exchange reserves would also likely lead to a downgrade.

Given the significant increase in Ethiopia's external vulnerability associated with the coronavirus shock, this event prompted the publication of this credit rating action on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com.

GDP per capita (PPP basis, US$): 2,511 (2019 Estimate) (also known as Per Capita Income)

Real GDP growth (% change): 9.0% (2019 Estimate) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 14.5% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -2.6% (2019 Estimate) (also known as Fiscal Balance)

Current Account Balance/GDP: -4.8% (2019 Estimate) (also known as External Balance)

External debt/GDP: 28.1.2% (2019 Estimate)

Economic resiliency: ba3

Default history: At least one default event (on bonds and/or loans) has been recorded since 1983

On 4 May 2020, a rating committee was called to discuss the rating of the Government of Ethiopia. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially decreased. The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer's susceptibility to event risks has materially changed.

The principal methodology used in these ratings was Sovereign Ratings Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1158631. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

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.

Kelvin Dalrymple
VP - Senior Credit Officer
Sovereign Risk Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Marie Diron
MD - Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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