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Rating Action:

Moody's lowers ratings of 122 Notes issued by 41 structured finance CDO transactions

24 Apr 2009

New York, April 24, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 122 Notes issued by 41 collateralized debt obligation transactions which consist of significant exposure to one or more of Alt-A, Option-ARM and subprime RMBS securities, CLOs, or CMBS. Moody's explained that the rating actions listed below reflect certain updates and projections and recent rating actions on underlying assets on these asset classes as described below. Some of the deals have also experienced an Event of Default.

Moody's revised loss projections for Alt-A RMBS securities which were described in a press release titled "Moody's Updated Loss Projections for '06 and '07 Alt-A RMBS," published on January 22, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of about 20% for 2006 securitizations and about 24% for 2007 securitizations. For more details on the revised loss projections and Moody's updated Alt-A surveillance methodology, please see "Alt-A RMBS Loss Projection Update: January 2009," available on Moodys.com. Moody's revised loss projections for Option ARMs RMBS securities issued in the US since 2004 which were described in a press release titled "Moody's updates loss projections for Option ARMs RMBS" published on February 5, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of 27% for 2006 and 30% for 2007 vintage Option ARM securitizations. For more details on the revised loss projections and Moody's updated Option ARMs surveillance methodology, please see "Option ARMs Loss Projection Update: February 2009" available on Moodys.com.

Moody's revised loss projections for subprime RMBS issued from 2005 to 2007 were described in a press release titled "2005-7 subprime RMBS on downgrade review" published on February 26, 2009. The revised loss projection for 2006 vintage subprime pools is expected to fall within the range of 28% to 32% of the original balance of such pools, whereas Moody's previous estimate was 22%. For 2005 and 2007 pools, such projections are expected to range from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities (CMBS) conduit and fusion transactions rated during the period from 2006 through 2008, and all large loan and single borrower transactions regardless of vintage was concluded recently. The review was announced in a Press Release titled "Moody's announces review of Certain U.S. CMBS Ratings " on February 5, 2009.

Moody's announced revisions and updates to certain key assumptions, including Default Probability and Diversity Score, that it uses to rate and monitor collateralized loan obligations (CLOs) in a Press Release titled "Moody's updates key assumptions for rating CLOs" published on February 4, 2009. The completion of the first stage of its two-stage review of U.S. and EMEA cash flow CLOs was announced on March 27, 2009. As of March 23, Moody's had downgraded approximately 2,071 tranches from 668 transactions.

In addition, Moody's explained that the rating actions taken today incorporate the application of revised and updated key modeling parameter assumptions that Moody's uses to rate and monitor ratings of SF CDOs. The revisions affect the three key parameters in Moody's model for rating SF CDOs: asset correlation, default probability and recovery rate. Moody's announced the changes to these assumptions in a press release titled "Moody's Updates its Key Assumptions for Rating Structured Finance CDOs," published on December 11, 2008.

Moody's initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for ABS CDOs as described in Moody's Special Report below:

- Moody's Approach to Rating SF CDOs (March 2009)

This report can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

Today's rating actions are as follows:

Abacus 2006-12, Inc.

U.S. $95,000,000 Class A-1 Floating Rate Notes, Due 2038, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $44,900,000 Class A-2 Floating Rate Notes, Due 2038, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S. $20,100,000 Class B Floating Rate Notes, Due 2038, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S. $37,500,000 Class C Floating Rate Notes, Due 2038, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S. $8,750,000 Class D Floating Rate Notes, Due 2038, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

ABSpoke 2006-IIC Segregated Portfolio

U.S.$15,000,000 Variable Floating Rate Notes Due 2037, Downgraded to C; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

ABSpoke 2006-IIIC Segregated Portfolio

U.S.$30,000,000 Variable Floating Rate Notes Due 2045, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

ART CDO 2006-1, Ltd.

U.S.$865,000,000 Class A1S Senior Floating Rate Notes Due August 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-II Segregated Portfolio

U.S.$25,500,000 Variable Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-III Segregated Portfolio

U.S.$18,000,000 Variable Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-IV Segregated Portfolio

U.S.$51,000,000 Variable Floating Rate Notes Due 2038, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-V Segregated Portfolio

U.S.$7,000,000 Variable Floating Rate Notes Due 2046, Downgraded to C; previously on 7/29/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-VI Segregated Portfolio

U.S.$15,000,000 Class A Variable Floating Rate Notes Due 2046, Downgraded to C; previously on 7/29/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Baldwin 2006-VII Segregated Portfolio

Class A-1 Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2 Notes, Downgraded to C; previously on 7/29/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Citius I Funding, Ltd.

Class A LT, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A ST, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A-1, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A-2, Downgraded to C; previously on 4/23/2008 Downgraded to Ca

Class B, Downgraded to C; previously on 4/3/2008 Downgraded to Ca

Class C, Downgraded to C; previously on 4/3/2008 Downgraded to Ca

Class D, Downgraded to C; previously on 4/3/2008 Downgraded to Ca

Class E, Downgraded to C; previously on 4/3/2008 Downgraded to Ca

Coldwater CDO, Ltd.

U.S. $290,000,000 Class A-1 Floating Rate Senior Secured Notes due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. 32,000,000 Class A-2 Floating Rate Senior Secured Notes due 2046, Downgraded to C; previously on 5/8/2008 Downgraded to Ca

U.S. $29,000,000 Class A-3 Floating Rate Senior Secured Notes due 2046, Downgraded to C; previously on 5/8/2008 Downgraded to Ca

Diversey Harbor ABS CDO, Ltd.

U.S.$1,250,000,000 Class A-1M Floating Rate Senior Secured Notes due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$675,000,000 Class A-1Q Floating Rate Senior Senior Secured Notes due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

E*TRADE ABS CDO V, Ltd.

U.S.$30,000,000 Class A-1J Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

U.S.$201,000,000 Class A-1S Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$25,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Eirles Two Limited Series 242

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 243

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 244

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 245

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 247

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

FAB US 2006-1 PLC

U.S.$215,800,000 Class A1 Floating Rate Notes Due 2047, Downgraded to Ca; previously on 12/22/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S.$59,000,000 Class A2 Floating Rate Notes Due 2047, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$31,000,000 Class A3 Floating Rate Notes Due 2047, Downgraded to C; previously on 5/19/2008 Downgraded to Ca

U.S.$8,650,000 Class S Floating Rate Notes Due 2015, Downgraded to Ca; previously on 12/22/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Grand Avenue CDO II, Ltd.

U.S.$1,128,000,000 Class A-1A Floating Rate Notes Due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$150,000,000 Class A-1B Floating Rate Notes Due 2046, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$42,000,000 Class A-2 Floating Rate Notes Due 2046, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$61,500,000 Class A-3 Floating Rate Notes Due 2046, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$66,000,000 Class B Floating Rate Notes Due 2046, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

IMAC CDO 2006-1, Ltd.

U.S.$75,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes due 2051, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$110,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$16,000,000 Class B Third Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$35,000,000 Class C Fourth Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$5,500,000 Class D Fifth Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

IXIS ABS CDO 3 Ltd.

Class A-1LA Investor Swap, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S.$76,000,000 Class A-1LB Floating Rate Notes Due December 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$28,000,000 Class A-2L Floating Rate Notes Due December 2046, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$30,000,000 Class A-3L Floating Rate Notes Due December 2046, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$22,000,000 Class B-1L Floating Rate Notes Due December 2046, Downgraded to C; previously on 3/26/2008 Downgraded to Ca

U.S.$8,000,000 Class B-2L Floating Rate Notes Due December 2046, Downgraded to C; previously on 11/6/2007 Downgraded to Ca

U.S.$16,000,000 Class X Notes Due December 2013, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Jupiter High-Grade CDO IV, Ltd.

A-1A, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

A-1B, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

A-2, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

B, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

C, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

Klio III Funding, Ltd.

U.S.$205,000,000 Class A-1 Floating Rate Notes Due 2040, Downgraded to C; previously on 12/4/2008 Downgraded to Ca

U.S.$75,000,000 Class A-2 Floating Rate Subordinate Notes Due 2040, Downgraded to C; previously on 12/4/2008 Downgraded to Ca

US $3,583,142,000 Class F Float Rate Funded Note Due 11/1/2040, Downgraded to Ca; previously on 12/17/2008 Downgraded to B2 and remains on Review for Possible Downgrade

LOCHSONG, LTD.

U.S.$ 1,032,000,000 Notional Outstanding Amount Senior Swap, Downgraded to C; previously on 9/3/2008 Downgraded to Ca

U.S.$ 18,000,000 Class A Floating Rate Notes Due 2046, Downgraded to C; previously on 9/3/2008 Downgraded to Ca

U.S.$ 12,100,000 Class S Floating Rate Notes Due 2010, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Madaket Funding I Ltd

US$500,000,000 Class A1M Floating Rate Notes Due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

US$300,000,000 Class A1Q Floating Rate Notes Due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

US$50,000,000 Class A2 Floating Rate Notes Due 2046, Downgraded to C; previously on 10/17/2008 Downgraded to Ca

US$80,000,000 Class A3 Floating Rate Notes Due 2046, Downgraded to C; previously on 10/17/2008 Downgraded to Ca

US$28,000,000 Class A4 Floating Rate Notes Due 2046, Downgraded to C; previously on 10/17/2008 Downgraded to Ca

Magnolia Finance II Series 2006-8B

USD 17,500,000 ABS Portfolio Variable Rate Notes due November 2044, Downgraded to C; previously on 4/24/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Mercury CDO III, Ltd.

U.S.$900,000,000 Class A-1 First Priority Delayed Draw Senior Secured Floating Rate Notes Due 2048, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$30,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2048, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

U.S.$40,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2048, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Millstone III CDO, Ltd.

U.S.$2,000,000,000 Class A-1A Floating Rate Term Notes Due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S.$71,500,000 Class A-1B Floating Rate Delayed Draw Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$70,000,000 Class A-2 Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

U.S$20,000,000 Class B Floating Rate Notes Due 2046, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Montauk Point CDO II, Ltd

Class A-1J, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A-1S, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

Class A-3, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

Monterey CDO, Ltd.

U.S.$240,000,000 Class A-1A First Priority Senior Secured Floating Rate Delayed Draw Notes Due September 2042, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$560,000,000 Class A-1B First Priority Senior Secured Floating Rate Notes Due September 2042, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$80,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due September 2042, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

U.S.$51,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes Due September 2042, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

U.S.$34,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes Due September 2042, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

U.S.$7,000,000 Class C Fifth Priority Senior Secured Floating Rate Notes Due September 2042, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Mount Skylight CDO Ltd.

$890,000,000 Class A-1 Floating Rate Notes Due Nov, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

$51,500,000 Class A-2 Floating Rate Notes Due Nove, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

$30,000,000 Class B Floating Rate Notes Due Novemb, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Nassau CDO I, Ltd.

U.S.$600,000,000 Class A-1A First Priority Senior Secured Delayed Draw Floating Rate Notes Due 2051, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$600,000,000 Class A-1B First Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$120,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$111,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$36,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

Neptune CDO III, Ltd.

Class A-1, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Class A-2, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Class A-3, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Class S, Downgraded to C; previously on 12/16/2008 Downgraded to B1 and remains on Review for Possible Downgrade

NORTH COVE CDO III, LTD.

Unfunded supersenior tranche, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Pacific Pinnacle CDO Ltd

Class X Interest Only Notes Due January 2019, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$800,000,000 Class A-1LA Floating Rate Notes Due January 2052, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Static Residential CDO 2006-B Ltd.

Class A-1(a) Floating Rate Notes, due 2037, Downgraded to C; previously on 6/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-1(b) Floating Rate Notes, due 2037, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Class A-2 Floating Rate Notes, due 2037, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Class B-1 Floating Rate Notes, due 2037, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Class B-2 Deferrable Interest Floating Rate Notes, due 2037, Downgraded to C; previously on 4/9/2008 Downgraded to Ca

Tierra Alta Funding I, Ltd.

US $90,000,000 Class A1 Floating Rate Notes Due 2046, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

US $155,000,000 Class A2 Floating Rate Notes Due 2046, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

US $47,600,000 Class A3A Floating Rate Notes Due 2046, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

US $2,400,000 Class A3B Floating Rate Notes Due 2046, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

US $6,000,000 Class Q Combination Notes Due 2046, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

Class F Notes, Downgraded to Ca; previously on 12/16/2008 Downgraded to B2 and remains on Review for Possible Downgrade

UBS CDS Ref. #37395430

First Loss Tranche, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Vertical ABS CDO 2006-2, Ltd.

Class A1, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A2, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A3, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Class A-S1VF, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

New York
Stephen Lioce
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Sindhu Veluri
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's lowers ratings of 122 Notes issued by 41 structured finance CDO transactions
No Related Data.
© 2022 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 CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

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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 $5,000,000. 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 JPY100,000 to approximately JPY550,000,000.

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

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