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
Enter the above code here:
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.
Rating Action:

Moody's downgrades five Spanish banks following Spain's downgrade to A1

Global Credit Research - 19 Oct 2011

Madrid, October 19, 2011 -- Moody's Investors Service has today downgraded the long-term senior debt and deposit ratings of five Spanish banks by one notch. These rating actions follow yesterday's downgrade of the Kingdom of Spain's government bond rating to A1 from Aa2. All of the banks' ratings carry a negative outlook. The affected banks are Banco Santander, BBVA, CaixaBank , La Caixa and Confederaci?n Espa?ola de Cajas de Ahorros (CECA).

The banks' standalone bank financial strength ratings (BFSRs) -- which were not part of the review initiated on 29 July 2011 -- have not been affected by the rating action on the Kingdom of Spain. However, over the coming weeks Moody's will be assessing any possible implications of revised economic projections for the Spanish economy on the performance of Spanish banks' assets and the potential negative impact on the ratings of the overall banking sector.

In addition, Moody's has also downgraded (i) the senior subordinated debt of these entities; (ii) all rated government-backed debt issuances from Spanish banks; and (iii) the rated long-term debt of Instituto de Credito Oficial (ICO), the ratings of which are based on the unconditional and irrevocable guarantee from the Spanish Government.

A full list of all the affected ratings can be found at the end of the press release.

These rating actions conclude the reviews for downgrade initiated on 29 July 2011, which followed the review for possible downgrade of the Spanish government ratings on 17 June 2011.

Please find the press release on the sovereign rating action including the key rating rationale here: http://www.moodys.com/research/Moodys-downgrades-Spains-government-bond-ratings-to-A1-negative-outlook--PR_228099

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE OF SENIOR DEBT RATINGS

Today's rating action has been prompted by the downgrade of the Kingdom of Spain to A1 from Aa2. The downgrade of the Spanish government has only affected the debt and deposit ratings of those banks that have high standalone ratings and that Moody's believes have a high probability of benefiting from systemic support. These banks are Banco Santander, BBVA, Caixabank (all of which have standalone ratings of B-/A1) and CECA (which has a standalone rating of C/A3). With the government rating now at A1, Moody's believes that the benefit of potential support from the government is less pronounced relative to the standalone strength of these banks, which is reflected in standalone ratings that are at or close to the sovereign's own rating at A1. Moody's nevertheless continues to factor in one notch of systemic support for these banks to reflect the high likelihood that support would be forthcoming.

The debt ratings of La Caixa, Caixabank's holding company, are notched off the long-term debt rating of Caixabank and have therefore also been downgraded by one notch to A2 from A1.

All banks' debt ratings carry a negative outlook reflecting the current negative outlook of the Spanish government's A1 bond rating and the negative outlook on the banks' standalone BFSRs.

RATINGS RATIONALE FOR SENIOR SUBORDINATED DEBT

Moody's has downgraded the senior subordinated debt ratings of four Spanish banks, in line with the downgrade of these banks' senior unsecured debt ratings. This rating approach implies that if a bank's senior debt rating benefits from an assumption of systemic support, its subordinated debt will benefit similarly. Moody's will continue, however, to reassess its systemic support assumptions for subordinated debt in Spain, alongside parallel reassessments in other European countries, over the remainder of this year in the light of prospective European banking legislation. This reassessment has not affected today's rating actions.

RATINGS RATIONALE FOR GOVERNMENT-GUARANTEED DEBT

As a direct consequence of the downgrade of the Spanish government's bond rating to A1 from Aa2, Moody's has also downgraded to A1 from Aa2 the backed senior debt of 18 institutions. The backed-A1 ratings assigned are based on the unconditional guarantee, which directly links them to the ratings of the Spanish government. (See "Moody's to assign backed Aaa ratings to new euro-denominated long-term debt securities covered by Spanish government's guarantee," published on 22 January 2009.)

RATINGS RATIONALE FOR THE DOWNGRADE OF ICO's RATINGS

Moody's has downgraded to A1 from Aa2 all the rated debt of Instituto de Credito Oficial (ICO). Since ICO's liabilities are explicitly, irrevocably, directly and unconditionally guaranteed by the government of Spain, the rating action on ICO is triggered by the two-notch downgrade of the sovereign's ratings.

WHAT COULD CHANGE THE RATINGS UP

An improvement in the banks' standalone BFSRs could exert upward pressure on the banks' debt and deposit ratings; please refer to www.moodys.com for a more detailed discussion of each individual bank's key rating drivers. However, in the current difficult operating environment, the opportunity for this appears very limited. An upgrade of the Spanish government bond rating could also exert upward pressure on the banks' debt and deposit ratings; however, this too is unlikely given the negative outlook on the ratings of the Spanish government.

WHAT COULD CHANGE THE RATINGS DOWN

The ratings of those banks that continue to benefit from systemic support remain somewhat linked both to the creditworthiness of the Spanish government and to any further reduction in Moody's systemic support assumptions. Any further developments relating to the legislation governing the resolution powers regarding banks -- i.e., developments that increase the likelihood of senior creditors incurring losses -- could exert downward pressure on the deposit and debt ratings of those banks that currently benefit from systemic support. Any downgrades of the BFSRs on the individual banks could also lead to additional negative rating pressures. In the following weeks, Moody?s will be assessing the wider implications of its revised economic projections for the Spanish economy for the performance of Spanish banks' assets and the potential impact on their ratings.

The following ratings have been affected by the downgrade of the Spanish government:

Downgrades:

..Issuer: Banca March S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

..Issuer: Banco CAM

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Cooperativo Espanol, S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Financiero y de Ahorro

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Pastor, S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Popular Espanol, S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Sabadell, S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

..Issuer: Bankia

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Bankinter, S.A.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Caja Espana de Inversiones, Salamanca y Soria

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Cajamar Caja Rural, Soc. Coop. de Credito

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Catalunya Banc SA

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Ibercaja Banco SA

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Liberbank

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Lico Leasing, S.A.

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: NCG Banco S.A.

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Unicaja

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Banco Santander S.A. (Spain)

.... Issuer Rating, Downgraded to Aa3 from Aa2

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)Aa3, (P)A1 from (P)Aa2, (P)Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa2

..Issuer: Banco Santander, S.A., London Branch

....Senior Unsecured Deposit Program, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: Santander Central Hispano International Ltd

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Santander Central Hispano Issuances Ltd.

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Subordinate Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: Santander Int'l Debt, S.A. Unipersonal

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Santander Issuances S.A. Unipersonal

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa3

....Subordinate Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

..Issuer: Santander US Debt, S.A. Unipersonal

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Banco Bilbao Vizcaya Argentaria, S.A.

.... Issuer Rating, Downgraded to Aa3 from Aa2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of (P)A1 to (P)Aa3 from a range of (P)Aa3 to (P)Aa2

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa2

..Issuer: Banco Bilbao Vizcaya Argentaria, SA London Br

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa2

..Issuer: Banco de Credito Local de Espana, S.A.

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Subordinate Shelf, Downgraded to (P)A1 from (P)Aa3

..Issuer: BBVA Global Finance Ltd.

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Shelf, Downgraded to (P)Aa3 from (P)Aa2

..Issuer: BBVA Global Markets B.V.

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: BBVA Senior Finance, S.A. Unipersonal

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: BBVA Subordinated Capital, S.A. Unipersonal

....Multiple Seniority Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa3

....Subordinate Regular Bond/Debenture, Downgraded to A1 from Aa3

..Issuer: BBVA U.S. Senior, S.A. Unipersonal

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: BCL International Finance Limited

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Caixa Finance B.V.

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

..Issuer: Caixabank

.... Issuer Rating, Downgraded to Aa3 from Aa2

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of (P)A1 to (P)Aa3 from a range of (P)Aa3 to (P)Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)Aa3 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Aa3 from Aa2

....Senior Unsecured Deposit Rating, Downgraded to Aa3 from Aa2

..Issuer: Caja de Ahorros y Pensiones de Barcelona

.... Issuer Rating, Downgraded to A2 from A1

....Subordinate Regular Bond/Debenture, Downgraded to A3 from A2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

..Issuer: Confederacion Espanola de Cajas de Ahorro

....Senior Unsecured Deposit Rating, Downgraded to A2 from A1

..Issuer: Instituto de Credito Oficial

....Senior Unsecured Commercial Paper, Downgraded to A1 from Aa2

....Senior Unsecured Medium-Term Note Program, Downgraded to (P)A1 from (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Downgraded to A1 from Aa2

....Senior Unsecured Shelf, Downgraded to (P)A1 from (P)Aa2

Outlook Actions:

..Issuer: Banco Bilbao Vizcaya Argentaria, S.A.

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

..Issuer: Banco Bilbao Vizcaya Argentaria, SA London Br

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

..Issuer: Banco de Credito Local de Espana, S.A.

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

..Issuer: BBVA Capital Funding Limited

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

..Issuer: BBVA Global Finance Ltd.

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

..Issuer: BBVA Global Markets B.V.

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

..Issuer: BBVA Senior Finance, S.A. Unipersonal

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

..Issuer: BBVA Subordinated Capital, S.A. Unipersonal

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

..Issuer: BBVA U.S. Senior, S.A. Unipersonal

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

..Issuer: Caixa Finance B.V.

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

..Issuer: Caixabank

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

..Issuer: Caja de Ahorros y Pensiones de Barcelona

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

..Issuer: Confederacion Espanola de Cajas de Ahorro

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

..Issuer: Instituto de Credito Oficial

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

..Issuer: Banco Santander S.A. (Spain)

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

..Issuer: Banco Santander, S.A., London Branch

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

..Issuer: Santander Central Hispano International Ltd

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

..Issuer: Santander Central Hispano Issuances Ltd.

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

..Issuer: Santander Int'l Debt, S.A. Unipersonal

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

..Issuer: Santander Issuances S.A. Unipersonal

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

..Issuer: Santander US Debt, S.A. Unipersonal

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

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

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

Information sources used to prepare each of the ratings are the following : parties involved in the ratings, and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Moody's adopts all necessary measures so that the information it uses in assigning a 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Maria Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades five Spanish banks following Spain's downgrade to A1
No Related Data.

 

© 2014 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. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATION") 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. 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 FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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.

 


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 SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

 


MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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 "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

 


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 clients. It would be dangerous for "retail clients" to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.

© 2014 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
Regional Sites: