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
한국 사이트에서 영어 글로벌 무디스 사이트로 리디렉트 됩니다. 계속하시겠습니까?
메시지를 다시 보이지 않기
아니오
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 Georgia Power to Baa1, ratings on review; affirms Southern at Baa2, negative outlook; affirms Alabama Power at A1, negative outlook; upgrades Mississippi Power to Baa3, positive outlook

08 Aug 2018

Over $30 billion of debt and credit facilities affected

New York, August 08, 2018 -- Moody's Investors Service, (Moody's) downgraded the ratings of Georgia Power Company (Georgia Power) including its senior unsecured rating to Baa1 from A3 and placed the ratings on review for downgrade. Moody's affirmed the ratings of The Southern Company (Southern) including its Baa2 senior unsecured rating and Prime-2 commercial paper rating. The rating outlook for Southern remains negative. Moody's also affirmed the ratings of Alabama Power Company (Alabama Power) including its A1 Issuer and senior unsecured ratings and its Prime-1 commercial paper rating. Alabama Power's rating outlook remains negative. Moody's upgraded the ratings of Mississippi Power Company (Mississippi Power), including its senior unsecured rating to Baa3 from Ba1, and maintained a positive rating outlook.

In other rating actions, Moody's affirmed the ratings of Alabama Power Capital Trust V, including its A2 preferred stock rating, and the ratings of Southern Electric Generating Company's (jointly owned by Georgia Power and Alabama Power) including its A2 Issuer rating and backed senior unsecured rating. The rating outlook for both entities is negative.

Please refer to complete list of rating actions below.

RATINGS RATIONALE

"The downgrade of Georgia Power is prompted by the $1.1 billion additional increase in the utility's share of Vogtle new nuclear project costs, which has materialized only 8 months after a revised cost estimate and construction schedule was reviewed and approved by state regulators, demonstrating the ongoing challenges and execution risk with the continued construction of the Vogtle project," said Jeff Cassella, Senior Credit Officer. "Although the additional costs will be covered through new equity issuances at the Southern parent, the latest revised cost estimate risks damaging the ongoing support from regulators given it occurred so soon after they vetted and approved an earlier estimate", added Cassella.

In addition, the magnitude of the cost increase, $2.3 billion for the entire Vogtle project, gives the project's two major co-owners the right to opt-out under the amended ownership agreement and, primarily for that reason, Georgia Power's ratings remain on review for downgrade. The two co-owners, Oglethorpe Power Corporation and MEAG Power are expected to vote on whether to continue with the project by the end of September.

The affirmation of Southern's Baa2 rating reflects management's pro-active efforts to strengthen the company's balance sheet through equity issuances and asset sales, and the largely credit supportive actions taken by most of its state regulators in response to cash flow pressure at the utilities resulting from the passage of federal tax reform. We view these positive developments as largely offsetting the latest negative developments at Georgia Power and the Vogtle project and sufficient to affirm Southern's rating at Baa2. In addition, while Georgia Power is still a key driver of Southern's ratings and credit profile, its importance to the parent has steadily diminished following the acquisition of AGL Resources (now Southern Company Gas) in 2016 and the growth of subsidiary Southern Power Company (Baa1 stable) over the last few years. As a result, while a one notch downgrade of Georgia Power did not affect Southern's rating, the maintenance of the negative outlook considers the possibility of a further downgrade of Georgia Power.

The affirmation of Alabama Power's A1 rating reflects Alabama's credit supportive regulatory environment, including its timely cost recovery provisions and strong but somewhat variable cash flow coverage metrics that have been slightly weak for its credit quality in recent years. It also reflects the largely supportive response on the part of Alabama Power's regulators to mitigate the impact of federal tax reform legislation on the utility's financial metrics. The negative outlook now largely reflects the continued credit pressure and negative rating outlook on the Southern parent company, which could cause it to rely on Alabama Power for higher dividends going forward.

The upgrade of Mississippi Power's to Baa3 with a positive outlook reflects the relatively constructive outcome on its recent Performance Evaluation Plan (PEP) filing, the resolution of the cost recovery uncertainty with the Kemper Integrated Gasification Combined Cycle (IGCC) plant behind them, and our expectation that financial metrics will improve and be sustained at levels that are stronger than the current rating including a ratio of CFO pre-W/C to debt approaching 20%.

The affirmation of the ratings of Southern Electric Generating Company, which is jointly-owned (50/50) by Georgia Power and Alabama Power, reflects the unconditional guaranty of its debt by Alabama Power. The affirmation of the Alabama Power Capital Trust's ratings also reflects the unconditional guarantee provided by Alabama Power.

Today, Georgia Power announced a pre-tax charge to income of $1.1 billion ($0.8 billion after tax), which represents the latest projected increase in Georgia Power's share of the cost to complete Vogtle new nuclear construction of Units 3 & 4. As a result, Georgia Power revised its base cost forecast and estimated contingency to complete construction and start-up of Vogtle Units 3 & 4 to a total project capital cost forecast of $8.4 billion (net of $1.7 billion received under the Guarantee Settlement Agreement and $188 million in Customer Refunds recognized as a regulatory liability in 2017). This is higher than the $7.3 billion revised estimate that was approved by the Georgia Public Service Commission (GPSC) in December 2017. For now, Georgia Power is maintaining the expected in-service dates of November 2021 for Unit 3 and November 2022 for Unit 4. Southern has committed to issue approximately $800 million of new equity by the end of 2018 to fund the after-tax projected cost increase and maintain Georgia Power's capital structure.

The projected cost increase is primarily the result of revised cost estimates for labor with the emphasis on improving craft personnel productivity and production in an attempt to adhere to the timing of the in-service dates of November 2021 (Unit 3) and November 2022 (Unit 4). This comes at a time when we estimate that construction of the project is just over 50% complete. The ability to attract and retain the appropriate craft labor is critical to the progression and ultimate completion of the Vogtle project.

The review for downgrade on Georgia Power reflects the near-term risk that one or both of the key co-owners will decide to opt-out of the project as allowed under the amended ownership agreement owing to the substantial revised cost increase as well as ongoing concerns associated with the continued construction of the Vogtle project. The review for downgrade is also driven by the utility's weaker financial metrics, which have steadily declined as the Vogtle project has proceeded and are not expected to improve over the near term.

Georgia Power's review will focus on the response by regulators and the project co-owners with regard to the projected cost increase and our assessment of the likelihood and potential for additional cost increases or delays that could further jeopardize the support from regulators and co-owners in the future. The review will also focus on the likelihood and ability of its parent, Southern, to continue to take credit supportive actions to insulate the credit quality of Georgia Power if credit negative events arise in the future.

Alabama Power's rating also considers the utility's comparatively low risk business profile as one of the few major vertically integrated electric utilities in the Southeast without the need for significant new baseload generation over the next several years, although it is adding some renewables. However, Alabama Power does have relatively high carbon transition risk because its fuel mix is heavily dependent on coal and natural gas while including some nuclear and hydro capacity. We expect that capital expenditures will remain high over the next few years, mostly due to environmental compliance and generation system maintenance.

Mississippi Power Company's Baa3 rating reflects the challenging but recovering Mississippi regulatory environment, where credit support had declined following several years of delays and cost overruns on the Kemper Integrated Gasification Combined Cycle (IGCC) plant. The outcome of the company's first post-Kemper regulatory filing this month was relatively credit supportive and we believe an indication of an improving regulatory relationship. The rating also considers the company's relatively small size and concentration risk improving financial metrics that should remain strong and supportive of credit quality going forward, including a ratio of cash flow from operations pre-working capital (CFO pre-W/C) to debt approaching 20%; and the continued support of capital contributions from its parent, The Southern Company.

Rating Outlook

The negative rating outlook on Southern reflects the heightened uncertainty surrounding the Vogtle project including the effect on state regulator support and the risk that one or both project co-owners could exit the project in response to the latest increase in estimated costs. The project co-owners are required to vote on continuing the project by the end of September.

Alabama Power's negative rating outlook reflects what the potential impact of a downgrade of Southern's ratings and degradation of its credit quality could have on Alabama's credit quality within the Southern corporate family.

Mississippi Power's positive rating outlook reflects our expectation that the Mississippi regulatory environment will continue to recover from the negative Kemper construction experience and that future rate proceeding outcomes will be reasonably credit supportive after the relatively constructive outcome on the company's recent PEP filing. The positive outlook also incorporates our expectation that the company's financial metrics will improve and be sustained at a level that is strong for the current rating including a ratio of CFO pre-W/C to debt approaching 20%.

Factors that could lead to an upgrade

An upgrade of Southern's rating is unlikely while it faces financial and execution risk at the Vogtle project. Southern's rating outlook could be stabilized if regulators and project co-owners show continued support of the Vogtle new nuclear construction in light of the recently announced cost increase and if we expect the company will demonstrate sustained improvement in its financial metrics such that its ratio of CFO pre-W/C to debt remains around 15%.

An upgrade of Georgia Power is unlikely while the company continues to face challenges associated with the Vogtle project. The rating could be confirmed if its two key project co-owners vote to continue their participation in the project and Georgia regulatory support for the project remains strong.

Given the negative outlook, an upgrade of Alabama Power's ratings is unlikely, However, Alabama Power's rating outlook could be revised to stable if Southern's rating outlook is revised to stable; if the regulatory framework in Alabama remains credit supportive and Alabama Power's financial metrics are sustained at levels that support its current rating, including a ratio of CFO pre-W/C to debt in the mid-20% range.

Mississippi Power's rating could be upgraded if there is further evidence that the regulatory environment has become more credit supportive, as is our expectation; if future rate proceedings are constructive, including its next rate case filing expected in 2019; if the utility completes and files a reserve margin plan as requested by the MPSC; if the utility addresses its poor liquidity profile; and if financial metrics show sustained improvement, including a ratio of CFO pre-W/C to debt approaching 20%.

Factors that could lead to a downgrade

Southern's rating could be downgraded if there is weakening in regulatory support for the Vogtle project or if one of the co-owners decides to opt-out of the Vogtle project which will result in a deterioration in Georgia Power's credit quality. Southern's rating could also be downgraded if there is a material debt financed acquisition, further increasing parent company leverage; or if consolidated financial metrics are expected to show a sustained decline, including a ratio of CFO pre-W/C to debt below 15%.

A downgrade of Georgia Power could occur if there is a decline in regulatory support of the Vogtle project or if one of the co-owners opts-out of the Vogtle project which would have an immediate impact on Georgia Power's credit quality.

Alabama Power's ratings could be downgraded if there is an adverse change in the regulatory framework for utilities in Alabama; if there is a substantial increase in environmental or other costs that are not recoverable; if the parent Southern Company is downgraded; or if the company's financial metrics deteriorate for an extended period, including a ratio of CFO pre-W/C to debt below 23%.

A downgrade of Mississippi Power is unlikely given the positive outlook. However, the outlook could revert to stable or Mississippi Power's rating could be downgraded if the regulatory environment does not become more credit supportive; if the utility's liquidity position does not improve materially from its current high reliance on short-term debt; if Southern parent company support for Mississippi Power unexpectedly diminishes; or if financial metrics remain weak, including a ratio of CFO pre-W/C to debt below 13%.

Downgrades:

..Issuer: Appling County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Bartow County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Burke County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Coweta County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: EFFINGHAM COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Floyd County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Georgia Power Company

.... Issuer Rating, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Junior Subordinated Regular Bond/Debenture, Downgraded to Baa2 from Baa1; Placed Under Review for Downgrade

....Senior Unsecured Shelf, Downgraded to (P)Baa1 from (P)A3; Placed Under Review for Downgrade

....Junior Subordinated Shelf, Downgraded to (P)Baa2 from (P)Baa1; Placed Under Review for Downgrade

....Preferred Shelf, Downgraded to (P)Baa3 from (P)Baa2; Placed Under Review for Downgrade

....Preference Shelf, Downgraded to (P)Baa3 from (P)Baa2; Placed Under Review for Downgrade

....Senior Unsecured Bank Credit Facility, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Regular Bond/Debenture, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

..Issuer: Heard County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

..Issuer: Monroe County Development Authority, GA

....Senior Unsecured Revenue Bonds, Downgraded to Baa1 from A3; Placed Under Review for Downgrade

....Senior Unsecured Revenue Bonds, Downgraded to VMIG 3 from VMIG 2; Placed Under Review for Downgrade

Upgrades:

..Issuer: Eutaw (City of) AL, Industrial Dev. Board

....Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba1

....Senior Unsecured Revenue Bonds, Upgraded to P-3 from S.G.

..Issuer: Harrison (County of) MS

....Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba1

....Senior Unsecured Revenue Bonds, Upgraded to P-3 from S.G

..Issuer: Mississippi Business Finance Corporation

....Senior Unsecured Revenue Bonds, Upgraded to Baa3 from Ba1

....Senior Unsecured Revenue Bonds, Upgraded to P-3 from S.G

..Issuer: Mississippi Power Company

....Pref. Stock Preferred Stock, Upgraded to Ba2 from Ba3

....Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1

Assignments:

..Issuer: Mississippi Power Company

.... Issuer Rating (Local Currency), Assigned Baa3

Outlook Actions:

..Issuer: Alabama Power Capital Trust V

....Outlook, Remains Negative

..Issuer: Alabama Power Company

....Outlook, Remains Negative

..Issuer: Georgia Power Company

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Mississippi Power Company

....Outlook, Remains Positive

..Issuer: Southern Company (The)

....Outlook, Remains Negative

..Issuer: Southern Elect Generating Co

....Outlook, Remains Negative

Affirmations:

..Issuer: Alabama Power Capital Trust V

....Pref. Stock Preferred Stock, Affirmed A2

..Issuer: Alabama Power Company

.... Commercial Paper, Affirmed P-1

.... Issuer Rating, Affirmed A1

....Senior Unsecured Shelf, Affirmed (P)A1

....Preferred Shelf, Affirmed (P)A3

....Preference Shelf, Affirmed (P)A3

....Pref. Stock Preferred Stock, Affirmed A3

....Senior Unsecured Bank Credit Facility, Affirmed A1

....Senior Unsecured Commercial Paper, Affirmed P-1

....Senior Unsecured Regular Bond/Debenture, Affirmed A1

..Issuer: Columbia (Town of) AL, Industrial Dev. Board

....Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

..Issuer: Eutaw (City of) AL, Industrial Dev. Board

....Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

..Issuer: Mobile (City of) AL, I.D.B.

....Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

..Issuer: Southern Company (The)

.... Commercial Paper, Affirmed P-2

....Junior Subordinated Regular Bond/Debenture, Affirmed Baa3

....Senior Unsecured Shelf, Affirmed (P)Baa2

....Junior Subordinate Shelf, Affirmed (P)Baa3

....Senior Unsecured Bank Credit Facility, Affirmed Baa2

....Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

..Issuer: Southern Elect Generating Co

.... Issuer Rating, Affirmed A2

....Senior Unsecured Regular Bond/Debenture, Affirmed A1

..Issuer: Walker County Econ & Ind Dev Authority

....Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

..Issuer: West Jefferson (Town of) AL, Ind. Devel. Bd.

....Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

..Issuer: Wilsonville (Town of) AL, I.D.B.

....Senior Unsecured Revenue Bonds, Affirmed A1

....Underlying Senior Unsecured Revenue Bonds, Affirmed A1

....Senior Unsecured Revenue Bonds, Affirmed VMIG 1

Withdrawals:

..Issuer: Eutaw (City of) AL, Industrial Dev. Board

....Senior Unsecured Revenue Bonds, Withdrawn , previously rated a range of LGD3

..Issuer: Harrison (County of) MS

....Senior Unsecured Revenue Bonds, Withdrawn , previously rated a range of LGD3

..Issuer: Mississippi Business Finance Corporation

....Senior Unsecured Revenue Bonds, Withdrawn , previously rated a range of LGD3

..Issuer: Mississippi Power Company

.... Probability of Default Rating, Withdrawn , previously rated Ba2-PD

.... Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-2

.... Corporate Family Rating, Withdrawn , previously rated Ba1

....Pref. Stock Preferred Stock, Withdrawn , previously rated a range of LGD5

....Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated a range of LGD3

Headquartered in Atlanta, GA, The Southern Company is a utility holding company that owns four vertically integrated regulated electric utilities: Georgia Power Company, Alabama Power Company, Mississippi Power Company and Gulf Power Company. Southern also owns several natural gas local distribution companies under its Southern Company Gas subsidiary and is engaged in competitive electricity generation through Southern Power Company.

The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. Please see the Rating 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.

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.

Jeffrey F. Cassella
VP - Sr Credit Officer
Infrastructure Finance 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

Jim Hempstead
MD - Utilities
Infrastructure Finance 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.
© 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.

​​​​​​​​