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Rating Action:

Moody's lowers ratings of 95 Notes issued by 56 structured finance CDO transactions

28 Oct 2010

New York, October 28, 2010 -- Moody's Investors Service announced today that it has downgraded its ratings of 95 Notes issued by 56 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. Today's rating actions are as follows:

888 Tactical Fund, Ltd.

U.S. $39,200,000 Class S Floating Rate Notes due 2015, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

AArdvark ABS CDO 2007-1

U.S. $1,305,140,296 Class A1 Extended Notes due 2047, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

ACA ABS 2006-1 Ltd.

Class A-1LA Notes, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

ACA ABS 2007-1, Ltd.

U.S. $930,000,000 Class A1S Variable Funding Senior Secured Floating Rate Notes Due 2047, Downgraded to C (sf); previously on June 2, 2008 Downgraded to Ca (sf).

ACA ABS 2007-3, Limited

U.S. $7,000,000 Class X Floating Rate Notes Due August 2013, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Acacia Option ARM 1 CDO, Ltd.

U.S.$380,000,000 Class A1S First Priority Senior Secured Floating Rate Notes Due 2052, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Adrastea SHG 2007-1, Ltd.

U.S. $1,600,000,000 Class A-1M Variable Funding Floating Rate Notes Due 2052, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Broderick CDO III Ltd.

U.S. $750,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Brookville CDO I, Ltd.

U.S. $200,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2050, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

CETUS ABS CDO 2006-1, LTD.

U.S.$100,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2046, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Cairn Mezz ABS CDO II Limited

U.S.$450,000,000 Class A1-VF Senior Secured Floating Rate Notes Due 2047, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Camber 7 plc

U.S.$485,000,000 Class A-1 Floating Rate Secured Notes Due 2042, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Cetus ABS CDO 2006-2, Ltd.

U.S.$100,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2046, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Cetus ABS CDO 2006-4, Ltd.

U.S.$75,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2047, Downgraded to C (sf); previously on May 23, 2008 Downgraded to Ca (sf).

U.S.$82,500,000 Class B Floating Rate Deferrable Subordinate Secured Notes Due 2047, Downgraded to C (sf); previously on November 12, 2007 Downgraded to Ca (sf).

Class V Funding III, Ltd.

U.S.$39,200,000 Class S Notes due 2015, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

Up to U.S.$500,000,000 Class A1 Floating Rate Notes due 2052, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

Diogenes CDO I

Class A-1, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Duke Funding High Grade V, Ltd.

Class A-1 Senior Secured Floating Rate Notes Due 2050, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Duke Funding XI, Ltd.

€33,000,000 Class X Floating Rate Notes Due 2013, Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf).

€704,000,000 Senior Swap, Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf).

Duke IX

Senior Swap, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Combo Notes, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Fourth Street Funding, Ltd.

U.S. $200,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2050, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

GSC ABS CDO 2006-1c, Ltd.

Class A-1, Downgraded to C (sf); previously on October 17, 2008 Downgraded to Ca (sf).

Class A-2, Downgraded to C (sf); previously on October 17, 2008 Downgraded to Ca (sf).

GSC ABS CDO 2006-4u, Ltd.

Up to U.S.$502,000,000 Class A-S1VF Senior Secured Floating Rate Notes due 2046, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

GSC CDO 2007-1r, Ltd.

U.S. $375,000,000 Class A-1LA VFN Senior Secured Floating Rate Notes due 2039, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Glacier Funding CDO IV Ltd.

U.S.$296,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2045, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Highridge ABS CDO I, Ltd.

U.S.$321,500,000 Class A-1AD First Priority Senior Secured Floating Rate Delayed Draw Notes due 2048, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

U.S.$976,000,000 Class A-1AT First Priority Senior Secured Floating Rate Notes due 2048, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Independence VII CDO, Ltd.

U.S.$360,000,000 Class A-1A First Priority Senior Secured Floating Rate Delayed Draw Notes due 2045, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

U.S.$60,000,000 Class A-1B First Priority Senior Secured Floating Rate Notes due 2045-2, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Ischus Mezzanine CDO III, Ltd.

U.S. $396,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Ivy Lane CDO Ltd.

U.S.$350,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2046-1, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Jupiter High-Grade CDO V, Ltd.

U.S.$1,290,000,000 Class A-1 Senior Secured Floating Rate Notes Due March 2052, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Knollwood CDO II Ltd.

Class A-1VF First Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Laguna Seca Funding I, Ltd.

U.S. $250,000,000 Class A-1 VFN Senior Secured Floating Rate Notes due 2047, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Libertas Preferred Funding II, Ltd.

U.S.$6,000,000 Class X Senior Secured Floating Rate Notes Due 2012, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

U.S.$325,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2047, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Longstreet CDO I, Ltd.

U.S.$350,000,000 Class A-1 First Priority Senior Secured Delayed Draw Floating Rate Notes due November 2046, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

MKP CBO VI, Ltd.

Class A-1 First Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Maxim High Grade CDO I, Ltd.

U.S.$1,200,000,000 Class A-1 First Priority Senior Secured Delayed Draw Floating Rate Notes Due 2048, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Maxim High Grade CDO II, Ltd.

U.S. $1,200,000,000 Class A-1 First Priority Senior Secured Delayed Draw Floating Rate Notes Due 2053, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

McKinley Funding III, Ltd.

U.S.$1,230,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2046, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Neptune CDO V, Ltd.

U.S. $10,000,000 Class X Floating Rate Notes Due July 2014, Downgraded to C (sf); previously on May 16, 2008 Downgraded to Ca (sf).

U.S. $190,000,000 Class A-1LA-1 Floating Rate Notes Due January 2045, Downgraded to C (sf); previously on May 16, 2008 Downgraded to Ca (sf).

U.S. $35,000,000 Class A-1LA-2 Floating Rate Notes Due January 2045, Downgraded to C (sf); previously on May 16, 2008 Downgraded to Ca (sf).

U.S. $25,000,000 Class A-1LB Floating Rate Notes Due January 2045, Downgraded to C (sf); previously on May 16, 2008 Downgraded to Ca (sf).

U.S. $41,000,000 Class A-2L Floating Rate Notes Due January 2045, Downgraded to C (sf); previously on May 16, 2008 Downgraded to Ca (sf).

U.S. $9,000,000 Class A-3L Floating Rate Notes Due January 2045, Downgraded to C (sf); previously on November 13, 2007 Downgraded to Ca (sf).

Orion 2006-1 Ltd.

Class A, Downgraded to C (sf); previously on May 9, 2008 Downgraded to Ca (sf).

Class B, Downgraded to C (sf); previously on May 9, 2008 Downgraded to Ca (sf).

Class C, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

Class D, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

Senior Swap, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

Palmer ABS CDO 2007-1, Ltd.

U.S. $100,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2047, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

U.S. $50,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2047, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

U.S. $55,000,000 Class B Floating Rate Deferrable Subordinate Secured Notes Due 2047, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

U.S. $40,000,000 Class C Floating Rate Deferrable Junior Subordinate Secured Notes Due 2047, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

U.S. $22,500,000 Class D Floating Rate Deferrable Junior Subordinate Secured Notes Due 2047, Downgraded to C (sf); previously on November 5, 2007 Downgraded to Ca (sf).

Pine Mountain CDO II Ltd.

$392,750,000 Class A Floating Rate Notes Due November 30, 2046, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

$37,500,000 Class B Floating Rate Notes Due November 30, 2046, Downgraded to C (sf); previously on May 18, 2008 Downgraded to Ca (sf).

Pine Mountain CDO III Ltd.

Up to $230,000,000 Class A-1 Floating Rate Notes Due July 7, 2047, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Port Jackson CDO 2007-1, Ltd.

U.S.$112,500,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2052, Downgraded to C (sf); previously on May 30, 2008 Downgraded to Ca (sf).

U.S.$17,500,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2052, Downgraded to C (sf); previously on May 30, 2008 Downgraded to Ca (sf).

U.S.$60,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes due 2052, Downgraded to C (sf); previously on May 30, 2008 Downgraded to Ca (sf).

Pyxis ABS CDO 2006-1 Ltd.

Class A-1 Senior Secured Floating Rate Variable Funding Notes Due 2046-1, Downgraded to C (sf); previously on May 18, 2008 Downgraded to Ca (sf).

Class A-2 Senior Secured Floating Rate Notes Due 2046, Downgraded to C (sf); previously on May 18, 2008 Downgraded to Ca (sf).

Class B Secured Floating Rate Notes Due 2046, Downgraded to C (sf); previously on May 18, 2008 Downgraded to Ca (sf).

Class C Secured Deferrable Floating Rate Notes Due 2046, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

Class D Mezzanine Secured Deferrable Floating Rate Notes Due 2046, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

Class X Subordinated Notes Due 2046, Downgraded to C (sf); previously on March 26, 2008 Downgraded to Ca (sf).

Senior Swap, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

RFC CDO IV Ltd.

Super Senior Facility, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Ridgeway Court Funding II, Ltd.

Up to U.S. $840,000,000 Class A1A Floating Rate Notes Due June 2047, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

U.S. $660,000,000 Class A1B Floating Rate Notes Due June 2047, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

U.S. $450,000,000 Class A1C Floating Rate Notes Due June 2047, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

STAtic ResidenTial CDO 2005-C

Class A-1, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Class B, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

Class C, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

Class D, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

Class E, Downgraded to C (sf); previously on December 16, 2008 Downgraded to Ca (sf).

Sorin VI CDO Ltd.

Class A-1LA Floating Rate Notes Due 2052, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Soter 2007-CRN3, Ltd.

U.S. $100,000,000 A1 Variable Notes Due 2047, Downgraded to C (sf); previously on December 11, 2008 Downgraded to Ca (sf).

Stockton CDO Ltd.

U.S. $495,000,000 Class A-1 Variable Funding Senior Secured Floating Rate Notes Due 2052, Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf).

Tahoma CDO II, Ltd.

Class A-1 Senior Secured Floating Rate Notes due 2047-1, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

Class A-2 Senior Secured Floating Rate Notes due 2047, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

Class B Senior Secured Floating Rate Notes due 2047, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

Tahoma CDO III, Ltd.

U.S. $192,500,000 Class A-1 Senior Secured Floating Rate Notes due 2047, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

U.S. $97,000,000 Class A-2 Senior Secured Floating Rate Notes due 2047, Downgraded to C (sf); previously on May 29, 2008 Downgraded to Ca (sf).

VOLANS FUNDING 2007-1, LTD.

U.S. $770,000,000 Class A-1 Senior Secured Floating Rate Variable Funding Notes Due 2052, Downgraded to C (sf); previously on August 26, 2008 Downgraded to Ca (sf).

Vertical ABS CDO 2005-1

Class A-1 SENIOR SECURED FLOATING RATE TERM NOTES-1, Downgraded to C (sf); previously on February4, 2009 Downgraded to Ca (sf).

Vertical ABS CDO 2006-1

A-S1VF, Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf).

Vertical CDO 2004-1 Ltd.

Class A Floating Rate Notes, Downgraded to C (sf); previously on April 2, 2009 Downgraded to Ca (sf).

RATINGS RATIONALE

According to Moody's, the rating downgrade actions today are the result of deterioration in the credit quality of the underlying portfolios. Such credit deterioration is observed through numerous factors, including a decline in the average credit rating of the portfolio (as measured by an increase in the weighted average rating factor), an increase in the dollar amount of defaulted securities, or failure of the coverage tests and further significant loss of overcollateralization. Based on trustee reports, the transactions affected today either have all of their underlying assets defaulted or have extremely low coverage on the particular tranches.

Moody's notes that in arriving at its ratings of Structured Finance CDOs, there exist a number of sources of uncertainty, operating both on a macro level and on a transaction-specific level. Among the general macro uncertainties are those surrounding future housing prices, pace of residential mortgage foreclosures, loan modification and refinancing, unemployment rate and interest rates. However, in light of the performance indicators noted above, Moody's believes that it is unlikely that the ratings announced today are sensitive to further change.

In addition to the quantitative factors that are explicitly modeled, qualitative factors are part of rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision.

In deriving its ratings, Moody's uses the collateral instrument's current rating-based expected loss, Moody's recovery rate table, and the original rating of the instrument along with its average life to infer an unadjusted default probability.

The approach Moody's takes to defining the default distribution for the SF CDO collateral depends on the structure of the CDO itself.

Moody's applied the Monte Carlo simulation framework within CDOROMv2.6 to model the loss distribution for SF CDOs. Within this framework, defaults are generated so that they occur with the frequency indicated by the adjusted default probability pool (the default probability associated with the current rating multiplied by the Resecuritization Stress) for each credit in the reference. Specifically, correlated defaults are simulated using a normal (or "Gaussian") copula model that applies the asset correlation framework. Recovery rates for defaulted credits are generated by applying within the simulation the distributional assumptions, including the correlation between recovery values. Together, the simulated defaults and recoveries across each of the Monte Carlo scenarios define the loss distribution for the reference pool.

Once the loss distribution for the collateral has been calculated, each collateral loss scenario derived through the CDOROM loss distribution is associated with the interest and principal received by the rated liability classes via the CDOEdge cash-flow model . The cash flow model takes into account of: collateral cash flows, the transaction covenants, the priority of payments (waterfall) for interest and principal proceeds received from portfolio assets, reinvestment assumptions, the timing of defaults, interest-rate scenarios and foreign exchange risk (if present). The Expected Loss (EL) for each tranche is the weighted average of losses to each tranche across all the scenarios, where the weight is the likelihood of the scenario occurring. Moody's defines the loss as the shortfall in the present value of cash flows to the tranche relative to the present value of the promised cash flows. The present values are calculated using the promised tranche coupon rate as the discount rate. For floating rate tranches, the discount rate is based on the promised spread over Libor and the assumed Libor scenario.

The principal methodology used in rating these transactions was "Moody's Approach to Rating SF CDOs" rating methodology published in August 2009. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: Public information, Confidential and proprietary Moody's Investors Service's information, Confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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.

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.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Gong Cai
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's lowers ratings of 95 Notes issued by 56 structured finance CDO transactions
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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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.

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 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 “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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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