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
Está por salir del sitio local de España y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
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 two classes of CMBS notes issued by European Property Capital 3 plc

25 Sep 2009

EUR 63.4 million of CMBS affected

Frankfurt, September 25, 2009 -- Moody's Investors Service has today downgraded the following classes of notes issued by European Property Capital 3 plc (amounts reflect initial outstandings):

EUR32.1M Class C Commercial Mortgage Backed Floating Rate Notes Notes, Downgraded to Baa1; previously on Apr 8, 2009 A3 Placed Under Review for Possible Downgrade

EUR31.312M Class D Commercial Mortgage Backed Floating Rate Notes Notes, Downgraded to B1; previously on Apr 8, 2009 Baa3 Placed Under Review for Possible Downgrade

At the same time, Moody's has confirmed the ratings of the Class A Notes and the Class B Notes issued by European Property Capital 3 plc:

EUR311.5M Class A Commercial Mortgage Backed Floating Rate Notes Certificate, Confirmed at Aaa; previously on Apr 8, 2009 Aaa Placed Under Review for Possible Downgrade

EUR31.8M Class B Commercial Mortgage Backed Floating Rate Notes Certificate, Confirmed at Aa2; previously on Apr 8, 2009 Aa2 Placed Under Review for Possible Downgrade

Today's rating action concludes the review for possible downgrade that was initiated on 8 April 2009 and takes into account Moody's updated central scenarios, as described in Moody's Special Report "Moody's Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

European Property Capital 3 plc closed in December 2005 and represents the securitisation of initially five mortgage loans originated by JP Morgan Chase Bank, NA and secured by first-ranking legal mortgages over initially 62 commercial properties located across the Netherlands (58% of the initial pool), Italy (26%) and Portugal (16%). The properties were predominantly office (51.4%) and retail (42.4%) with the remaining collateral pool consisting of industrial assets.

Since closing, two of the five loans have prepaid, representing 47.3% of the original pool balance. The remaining loans are not contributing equally to the portfolio: the biggest loan (the Randstad Loan) represents 64.3% of the current portfolio balance, while the smallest loan (the CPFM Loan) represents 5.1%. The current loan Herfindahl index is 2.0. Following the prepayments, the remaining loans are secured by 22 properties, which are still predominantly office (55.3%) and retail use (30.6%). Of the properties, 69.4% are located in the Netherlands with one loan (the Algarve Portuguese Loan), comprising 30.6% of the current pool, secured by a shopping centre in Portugal. Initially, scheduled amortisation, principal prepayments and balloon payments were allocated on a modified pro-rata basis between the notes (50% sequential and 50% pro-rata) except for the loan secured by Italian properties (26.4% of the initial pool). The prepayment proceeds for this loan have been allocated 100% pro-rata between all the then outstanding classes of notes. The transaction switched to 100% sequential payment allocation after the CPFM Loan did not repay on its maturity in January 2009, which resulted in the breach of one of the sequential repayment triggers. The lease with the sole tenant in the property securing this loan expired shortly before loan maturity.

As of the last interest payment date in August 2009, the CPFM Loan was in default and special servicing. The two remaining loans, the Randstad Loan and the Algarve Portuguese Loan, paid their debt service in full. On 8 September 2009, the special servicer published a special notice announcing that the maturity of the CPFM Loan has been extended by 12 months until August 2010. The whole property securing the CPFM loan has been leased to Lidl until December 2009 with a further 12-month extension option until December 2010 at a similar level of rent as the previous tenant was paying. At the same time, the borrower agreed to a repayment schedule that should reduce the outstanding loan amount by 43.4% until the extended loan maturity.

2) Rating Rationale

Today's rating action follows a detailed re-assessment of the loan and property portfolio's credit risk. Moody's main focus was on property value declines, term default risk, refinancing risk and the anticipated work-out timing for potentially defaulting loans. In its review, Moody's assessed each loan in the transaction.

As outlined in more detail below, today's rating action is mainly driven by the most recent performance of the property and lending markets in Continental Europe, Moody's opinion about future property value performance as well as the refinancing risk profile of the loans in the portfolio.

In Moody's view, the default risk of the largest loan (Randstadt Loan) has increased substantially compared to closing as is also the main driver of the overall increased default risk assessment of the transaction portfolio. The Randstadt Loan is a fairly large loan and highly leveraged given the current market sentiment. In addition, the underlying property portfolio has shown increased vacancy rates and the in-place lease expiry profile is anfavourable in light of the loan maturity in August 2010. In contrast, the default risk of the second largest loan, the Algarve Portuguese Loan, remains very limited. The CPFM Loan is fairly small and accounts for only 5.1% of the current pool. It benefits from an expected moderate leverage at maturity date and should therefore have only a very limited impact on the overall risk profile of the current pool.

Given the negative impact of reduced property values in its base case scenario, Moody's expects only a small amount of losses on the securitised portfolio. Given the default risk profile and the anticipated work-out strategy for defaulted loans, these expected losses will only crystallise towards the end of the transaction's term.

Of the initial portfolio, 47.3% has prepaid since closing which has resulted in increased credit enhancement available to the Class A, B and C Notes. The current subordination levels are 28.1% for the Class A, 18.7% for the Class B and 9.2% for the Class C Notes. The current subordination levels of the Class A and Class B provide, in Moody's view, sufficient credit protection against the increased expected loss of the portfolio and any potential variability of losses, which resulted in today's confirmation of the ratings of Class A and Class B Notes.

Since Class C and Class D notes are subordinated in the capital structure and are therefore exposed to additional leverage, the higher portfolio risk assessment has a relatively bigger impact on the expected loss of the Class C and Class D Notes. Moody's also notes that the rating of the Class D Notes is sensitive to a potential default of the Randstad Loan at its maturity date. The variability of the expected loss of this class of notes is higher compared to Class C notes as Class D notes do not benefit from any credit subordination. Based on this relative risk assessment, the Class D Notes are more severely affected than Class C Notes by today's rating action and have been downgraded by four notches compared to one notch in respect of the Class C Notes.

3) Moody's Portfolio Analysis

Property Values. Property values across the Continental European markets had declined significantly by mid-2009 and are expected to continue this declining trend at least until 2010. Moody's estimates that compared to the underwriter's (U/W) values at closing, the values of the properties securing this transaction have on aggregate declined by 18.4% by mid-2009, ranging from an 8% value decline for the Algarve Portuguese Loan to a 32.1% decline for the CPFM (Moody's considers vacant position value (VPV) for the property securing this loan). Looking ahead, Moody's anticipates further declines until 2010, resulting in a 20.6% value decline compared to the U/W value at closing (ranging from a 10.8% decline for the Algarve Portuguese Loan Mortgage Loan to a 32.1% decline for the CPFM Loan).

Based on this property value assessment, Moody's estimates that the transaction's mid-2009 weighted-average (WA) securitised LTV ratio was 77.8% compared to the reported U/W LTV of 66.5%. Due to the further envisaged declines, in Moody's opinion, considering the scheduled amortisation of the two largest loans, the WA LTV will slightly increase to 77.9% by mid-2010 and will only gradually recover thereafter. Based on Moody's anticipated trough values, the LTVs for the securitised loans range between 64.7% (Portuguese Loan) and 87.3% (CPFM Loan). Taking into account the significant reduction of the outstanding loan amount expected for the CPFM Loan until August 2010, the WA LTV of the pool would decrease to 76% by mid-2010 with the CPFM Loan LTV of 49.1% based on Moody's VPV and the reduced loan balance. As the largest loan in the portfolio (Randstad Loan) has additional debt in the form of a B-loan (amounting to approximately EUR16 million), the overall whole loan leverage is on average 84.1%, based on estimated trough values and taking into the account one year of amortisation on all three loans.

Moody's has factored in the anticipated property value development, including a gradual recovery from 2011 onwards when analysing the default risk at loan maturity and the loss given default for each securitised loan.

Refinancing Risk. The transaction's exposure to loans maturing in the short-term (2010) is considerable. Taking into account extension options, 69.4% of the current portfolio matures in 2010 and 30.6% in 2012. However, as Moody's expects property values in the Continental European markets to only slowly recover from 2011 onwards, in Moody's view, the largest loan in the pool, the Randstad Loan, will be still highly leveraged (84.1%) at its maturity date, taking into account the B-loan. Furthermore, the refinancing risk of this loan is negatively impacted by increased vacancy in the property portfolio (20% compared to 5% at closing) as well as its relatively large size, making its more difficult to refinance. Consequently, in Moody's view, the default risk at maturity of the Randstad Loan has increased substantially compared to the closing analysis. In Moody's view, the refinancing risk of the CPFM Loan did not change meaningful since the last transaction review in July 2008. Taking into account the anticipated amortisation of this loan within the next 12 months as well as its small size this loan has only a very limited impact on the overall risk assessment of the transaction portfolio. Considering the moderate leverage of the Algarve Portuguese Loan and the two one-year extension options available, the refinancing risk on the second largest loan in the portfolio is viewed by Moody's as very limited.

Term Default Risk. The occupational markets in Continental Europe are currently characterised by falling rents, increasing vacancy rates and higher than average tenant default rates. However, in Moody's view, taking into account the maturity profile of the portfolio, the impact of the term default risk on the transaction is limited compared to the refinancing risk of the securitised loans. Based on the current lease profile and the short remaining term until the maturity dates of the loans, Moody's has not changed its term default risk assumptions for any of the loans in the portfolio.

Loans in Default and/or Special Servicing. One loan of the portfolio (CPFM Loan, 5.1%) was transferred to special servicing due to the failure to repay at its maturity. As mentioned above, the special servicer extended the loan maturity by further 12 months. At the same time the borrower agreed to significantly deleverage the loan during the extended term.

Overall Default Risk. Based on its revised maturity default risk assessment for the securitised loans, Moody's anticipates that a substantial portion of the portfolio may default over the course of the transaction term. The default risk of all loans in the portfolio is driven by refinancing risk. In Moody's view, the largest loan in the portfolio (Randstad Loan) currently has the highest default risk, while the Algarve Portuguese Loan has the lowest risk of defaulting.

Concentration Risk. The portfolio securitised in European Property Capital 3 plc exhibits an average concentration in terms of property types (55.3% office) and property location (69.4% the Netherlands).

Work-Out Strategy. In scenarios where a loan defaults, Moody's current expectation is that the servicer will most likely not pursue an immediate sale of the property in today's depressed market conditions. Therefore, Moody's has assumed that in most cases, upon default, a sale of the mortgaged properties and ultimate work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure. Taking into account the increased default risk of the loans, the most recent performance of the commercial property markets in Continental Europe, Moody's opinion about future property value performance and the most likely work-out strategies for defaulted loans, Moody's anticipates a low amount of losses on the securitised portfolio, which given the default risk profile and the anticipated work-out strategy for defaulted loans, will crystallise towards the end of the transaction term.

4) Rating Methodology

The principal methodologies used in rating and monitoring the transaction are "Update on Moody's Real Estate Analysis for CMBS Transaction in EMEA" June 2005 and "Moody's Updates on its Surveillance Approach for EMEA CMBS" March 2009, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. The last Performance Overview for this transaction was published on 28 August 2009.

Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

For updated monitoring information, please contact monitor.cmbs@moodys.com. To obtain a copy of Moody's Pre-Sale Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

end

London
Daniel Kolter
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Magdalena Umsonst-Suminska
Asst Vice President - Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades two classes of CMBS notes issued by European Property Capital 3 plc
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​