Moodys.com
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
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 places Royal Bank of Canada's long-term ratings on review for upgrade

07 Oct 2021

Toronto, October 07, 2021 -- Moody's Investors Service ("Moody's") has today placed on review for upgrade all long-term ratings and assessments of Royal Bank of Canada (RBC), including the a3 standalone baseline credit assessment (BCA), the Aa2 deposit rating and Counterparty Risk Rating, and the Aa2(cr) Counterparty Risk Assessments. The bank's Prime-1 short term ratings and Prime-1(cr) short-term Counterparty Risk Assessment were affirmed.

For a list of all affected ratings, please refer to the end of this press release.

RATINGS RATIONALE

The review for upgrade reflects RBC's robust and stable profitability, the strength of its franchise as well as management's consistent execution of the bank's strategic initiatives over an extensive period of time.

RBC's strong credit profile reflects its position as a diversified universal bank with leading market shares across many retail products and services in its home market and a growing presence in the US through its California-based private and commercial bank, City National Bank (LT deposits Aa3 stable, BCA a2), which RBC acquired in 2015. RBC's diversified business mix, which also includes a major commitment to capital markets, and wealth and asset management businesses, has extended the bank's competitive advantage over many of its peers. This business mix has also produced a sturdy buffer against the greater volatility of RBC's capital markets activity through various economic cycles. The steady profitability generated by RBC's businesses enables the bank to consistently reinvest to drive organic business growth as well as develop leading digital customer solutions and capabilities, further supporting its strong competitive position.

During the review, Moody's will assess the resiliency of the bank's earnings and capital base under various stress scenarios in order to evaluate if its business line diversification is sufficiently robust to offset the higher earnings volatility, opacity and complexity inherent in its capital markets business, which would warrant a higher rating.

Moody's assessment of RBC's support and structural analysis, including its government support assumptions remains unchanged.

City National Bank's ratings and assessments were unaffected by the placement of RBC's ratings under review for upgrade.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

RBC's a3 BCA could be upgraded if Moody's assesses that the bank will likely continue to demonstrate a resilient operating performance that reflects a superior diversity of business mix relative to many similarly rated global peers, and stability in its risk profile , while maintaining its capital level above 12% tangible common equity as a percentage of risk-weighted assets. A higher BCA would likely lead to a ratings upgrade. The ratings could be confirmed at their existing level should the bank's earnings and capital base not demonstrate the level of resilience expected by Moody's when stressed under various scenarios.

The review for upgrade indicates that rating downgrades are unlikely over the next 12-18 months. However, RBC's a3 BCA could be downgraded if the bank increases risk appetite leading to credit quality deterioration or the bank increased the size of its capital markets operations relative to its retail and commercial banking businesses. A significant further deterioration in the domestic operating environment or any material regulatory, compliance or risk management failures could also lead to a downgrade of the bank's BCA. A lower BCA would likely lead to a ratings downgrade.

On Review for Upgrade:

..Issuer: Royal Bank of Canada

.... Adjusted Baseline Credit Assessment, Placed on Review for Upgrade, currently a3

.... Baseline Credit Assessment, Placed on Review for Upgrade, currently a3

.... LT Counterparty Risk Assessment, Placed on Review for Upgrade, currently Aa2(cr)

.... LT Counterparty Risk Rating (Local Currency), Placed on Review for Upgrade, currently Aa2

.... LT Counterparty Risk Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2

.... LT Issuer Rating, Placed on Review for Upgrade, currently A2, Ratings Under Review from Stable

.... LT Deposit Note/Takedown (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... LT Deposit Note/Takedown (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... LT Deposit Rating (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... LT Deposit Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured MTN Program (Local Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Senior Unsecured MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Junior Senior Unsecured MTN Program (Local Currency), Placed on Review for Upgrade, currently (P)A2

.... Junior Senior Unsecured MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)A2

.... Subordinate MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Junior Subordinate MTN Program (Local Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Junior Subordinate MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Senior Unsec. Shelf (Local Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Senior Unsec. Shelf (Foreign Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Subordinate Shelf (Local Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Subordinate Shelf (Foreign Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Junior Subord. Shelf (Foreign Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Pref. shelf Non-cumulative (Local Currency), Placed on Review for Upgrade, currently (P)Baa3

.... Pref. Stock Non-cumulative (Local Currency), Placed on Review for Upgrade, currently Baa3 (hyb)

.... Pref. Stock Non-cumulative (Foreign Currency), Placed on Review for Upgrade, currently Baa3 (hyb)

.... Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Junior Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, currently A2, Ratings Under Review from Stable

.... Junior Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently A2, Ratings Under Review from Stable

.... Subordinate Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently Baa1

.... Junior Subordinated Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, currently Baa1 (hyb)

.... Junior Subordinated Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently Baa1 (hyb)

..Issuer: RBC (Barbados) Trading Bank Corporation

.... LT Issuer Rating (Foreign Currency), Placed on Review for Upgrade, currently A3, Ratings Under Review from Stable

.... ST Issuer Rating (Foreign Currency), Placed on Review for Upgrade, currently P-2

..Issuer: Royal Bank of Canada (London Branch)

.... LT Counterparty Risk Assessment, Placed on Review for Upgrade, currently Aa2(cr)

.... LT Counterparty Risk Rating (Local Currency), Placed on Review for Upgrade, currently Aa2

.... LT Counterparty Risk Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2

.... LT Deposit Note/Takedown (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Junior Senior Unsecured MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)A2

.... Subordinate MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Baa1

.... Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Junior Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, currently A2, Ratings Under Review from Stable

..Issuer: Royal Bank of Canada (New York)

.... LT Counterparty Risk Assessment, Placed on Review for Upgrade, currently Aa2(cr)

.... LT Counterparty Risk Rating (Local Currency), Placed on Review for Upgrade, currently Aa2

.... LT Counterparty Risk Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2

.... LT Deposit Rating (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured MTN Program (Local Currency), Placed on Review for Upgrade, currently (P)Aa2

..Issuer: Royal Bank of Canada (Sydney Branch)

.... LT Counterparty Risk Assessment, Placed on Review for Upgrade, currently Aa2(cr)

.... LT Counterparty Risk Rating (Local Currency), Placed on Review for Upgrade, currently Aa2

.... LT Counterparty Risk Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2

.... Senior Unsecured MTN Program (Local Currency), Placed on Review for Upgrade, currently (P)Aa2

.... Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

..Issuer: Royal Trust Corporation of Canada

.... Adjusted Baseline Credit Assessment, Placed on Review for Upgrade, currently a3

.... Baseline Credit Assessment, Placed on Review for Upgrade, currently a3

.... LT Deposit Rating (Local Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... LT Deposit Rating (Foreign Currency), Placed on Review for Upgrade, currently Aa2, Ratings Under Review from Stable

.... Senior Unsecured MTN Program (Foreign Currency), Placed on Review for Upgrade, currently (P)Aa2

Affirmations:

..Issuer: Royal Bank of Canada

.... Commercial Paper (Local Currency), Affirmed P-1

.... Commercial Paper (Foreign Currency), Affirmed P-1

.... ST Counterparty Risk Assessment, Affirmed P-1(cr)

.... ST Counterparty Risk Rating (Local Currency), Affirmed P-1

.... ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

.... ST Deposit Rating (Local Currency), Affirmed P-1

.... ST Deposit Rating (Foreign Currency), Affirmed P-1

.... Other Short Term (Foreign Currency), Affirmed (P)P-1

..Issuer: Royal Bank of Canada (London Branch)

.... ST Counterparty Risk Assessment, Affirmed P-1(cr)

.... ST Counterparty Risk Rating (Local Currency), Affirmed P-1

.... ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

.... Other Short Term (Foreign Currency), Affirmed (P)P-1

..Issuer: Royal Bank of Canada (New York)

.... Commercial Paper (Local Currency), Affirmed (P)P-1

.... ST Counterparty Risk Assessment, Affirmed P-1(cr)

.... ST Counterparty Risk Rating (Local Currency), Affirmed P-1

.... ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

.... ST Deposit Rating (Local Currency), Affirmed P-1

.... Other Short Term (Local Currency), Affirmed (P)P-1

..Issuer: Royal Bank of Canada (Sydney Branch)

.... Commercial Paper, Affirmed P-1

.... ST Counterparty Risk Assessment, Affirmed P-1(cr)

.... ST Counterparty Risk Rating (Local Currency), Affirmed P-1

.... ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

.... Other Short Term (Local Currency), Affirmed (P)P-1

..Issuer: Royal Trust Corporation of Canada

.... ST Deposit Rating (Local Currency), Affirmed P-1

.... ST Deposit Rating (Foreign Currency), Affirmed P-1

Outlook Actions:

..Issuer: Royal Bank of Canada

....Outlook, Changed To Ratings Under Review From Stable

..Issuer: RBC (Barbados) Trading Bank Corporation

....Outlook, Changed To Ratings Under Review From Stable

..Issuer: Royal Bank of Canada (London Branch)

....Outlook, Changed To Ratings Under Review From Stable

..Issuer: Royal Bank of Canada (New York)

....Outlook, Changed To Ratings Under Review From Stable

..Issuer: Royal Bank of Canada (Sydney Branch)

....Outlook, Changed To Ratings Under Review From Stable

..Issuer: Royal Trust Corporation of Canada

....Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in rating Royal Bank of Canada, Royal Bank of Canada (London Branch), Royal Bank of Canada (New York), Royal Bank of Canada (Sydney Branch), and Royal Trust Corporation of Canada was Banks Methodology published in July 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1269625. The principal methodologies used in rating RBC (Barbados) Trading Bank Corporation were Banks Methodology published in July 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1269625, and Securities Industry Market Makers Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187332. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Robert Colangelo
VP - Senior Credit Officer
Financial Institutions Group
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Andrea Usai
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 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.

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

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

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

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

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

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

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $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 JPY125,000 to approximately JPY550,000,000.

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

Moodys.com