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Rating Action:

Moody's places UBS Group AG's ratings on review for upgrade, maintains stable outlook on Credit Suisse Group AG

05 Apr 2018

Credit Suisse's ratings affirmed

Frankfurt am Main, April 05, 2018 -- Moody's Investors Service has placed on review for upgrade UBS Group AG's long-term ratings as well as the long-term senior unsecured debt and deposit ratings of its subsidiaries, including its principal bank subsidiary, UBS AG. The rating agency further placed under review for upgrade all of UBS entities' long-term ratings, including UBS Group AG's Ba1(hyb) preferred stock ratings as well as UBS AG's Aa3 long-term deposit ratings and its A1 long-term issuer and senior unsecured debt ratings. UBS AG's baa1 Baseline Credit Assessment (BCA), its baa1 Adjusted BCA and its Aa3(cr) Counterparty Risk (CR) Assessment have also been placed under review for upgrade.

Moody's today also affirmed the Baa2 senior unsecured debt ratings of Credit Suisse Group AG and the A1 long term senior unsecured debt and deposit ratings of its principal bank subsidiary, Credit Suisse AG, with a stable outlook. The rating agency further affirmed Credit Suisse AG's baa2 BCA, its baa2 Adjusted BCA and its A1(cr)/P-1(cr) Counterparty Risk (CR) Assessment as well as all of its other long- and short-term ratings. The senior unsecured debt, issuer as well as deposit ratings of all of Credit Suisse's subsidiaries have also been affirmed.

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

RATINGS RATIONALE

---UBS

The review for upgrade on UBS's long-term ratings takes account of UBS's reduction in capital intensive capital market activities and the curtailment of a large number of inherently more volatile fixed income product lines. In Moody's view, this has resulted in a less complex investment banking operation, more aligned with its wealth and asset management businesses and more focused on less capital-intensive and flow-based capital markets segments such as Equities, Foreign Exchange (FX) and Advisory. As a result of the 'right sizing and refocusing' of the investment bank and meaningful restructuring that has taken place, Moody's believes that the volatility in earnings from UBS's inherently more volatile revenue streams is now more likely to be mitigated by its solid 'shock absorbers' provided by the group's more stable earnings generated within its wealth and asset management as well as Swiss universal banking businesses going forward.

In addition, the rating agency has observed further maturation and greater embedding of the group's revised risk governance framework over this period which, if sustained, would continue to support an improving risk profile and earnings stability, and thereby support the group's credit profile. Importantly, the firm's business planning and capital allocation as well as distribution processes are constrained by the outputs of its board-approved capital management and stress testing framework, which incorporates guidance to maintain a common equity Tier 1 (CET1) capital ratio of around 13%. Any loosening of the underlying framework, however, in particular stepping back on the combined stress testing approach and its influence on limit setting and risk appetite or inconsistent application of UBS's risk governance throughout the various group segments would be regarded as credit negative.

During the review, Moody's will assess the degree to which UBS will be able to further improve its profitability levels or to sustain these even under less favorable market conditions. The rating agency will examine the stability of the group's expected earnings profile and volatility as well as analyze the resilience of the group's profitability and capital position to adverse market conditions. In doing so, Moody's will focus on the stability and earnings potential of the group's key earnings drivers, i.e. its global wealth management and asset management businesses as well as its Swiss domestic universal banking businesses and investigate whether these would sustainably provide sufficient loss absorption capacity to mitigate the risks and greater earnings volatility inherent in the group's remaining capital markets businesses.

Any ratings upgrade would also be contingent on UBS maintaining firm control on risks taken within the group, in particular within its Investment Bank, as well as the group's success in controlling costs and reducing the drag on earnings from its Non-core and Legacy Portfolio (NCL), over and above the levels achieved in 2017.

UBS's current ratings take account of the group's still sizeable capital markets activities, the inherent volatility, risk opacity and confidence sensitivity within and of the capital markets-related client base, and moderate reliance on wholesale funding. All of these factors continue to constrain UBS's credit profile. Despite the evidenced reduction in capital markets-related risks, Moody's believes that potential additional litigation charges remain a key threat to the bank's trajectory of an improving profitability and, in a highly adverse scenario, its solid capitalization. Most notably, UBS remains exposed to litigation risk in connection with its activities in the US residential mortgage-backed securities (RMBS) market prior to the financial crisis, which could lead to sizeable incremental litigation charges. However, UBS has already established significant provisions for its US RMBS litigation exposures, which reduces the risk that any additional provisions required could have a significant negative impact on earnings or capital.

UBS's ratings remain further supported by the bank's superior global wealth management and well-positioned Swiss universal banking franchises, its strong liquidity profile, and its robust risk-based capital ratios and solid leverage ratios. Moody's anticipates UBS's risk-based capital ratios to remain among the strongest in comparison to its global peers; and Moody's expects UBS to continue growing its capital stock and maintain its solid capital ratios, despite expected regulatory pressures over the next three to five years.

---CREDIT SUISSE

The affirmation of Credit Suisse's (CS) ratings with an unchanged stable outlook reflects Moody's consideration that, despite CS's sound performance throughout its current restructuring program, the bank will have to carry a material burden from de-risking and business re-alignment in 2018, constraining its profitability prospects. While execution challenges are easing as CS approaches the final stages of its three-year restructuring plan outlined in 2015, its profitability will face continued pressure from the disposal of remaining non-core assets held in its Strategic Resolution Unit (SRU) and restructuring charges. At the same time, the rating agency believes that CS has made strong progress in reducing tail risks to earnings and capital from outstanding legacy litigation issues, in particular following the US RMBS settlement in 2017.

From 2019 onward, Moody's anticipates CS's profitability to increasingly benefit from the reduced costs of off-loading non-core assets, lower funding costs as more expensive legacy capital instruments are redeemed and the near absence of meaningful restructuring costs. In particular, CS expects the SRU to produce a USD500 million pre-tax loss in 2019, down significantly from CHF1.85 billion in 2017 and CHF1.4 billion forecasted for 2018. Nevertheless, and owing to the uncertain outlook on revenues, Moody's believes it will be difficult maintaining a sizeable positive absolute gap between revenue and cost developments going forward, despite the visible success of CS's large-scale restructuring and capital reallocation program.

Moreover, upward rating pressure would only arise from a combination of a significant and sustainable improvement in profitability coupled with a further meaningful reduction of risks arising from CS's significant exposures to capital market activities. Albeit partially de-risked over the past three years, the group's integrated business model will continue to rely on a higher share of capital markets businesses versus other global investment banks; Moody's estimates that CS's capital market divisions -- Investment Banking and Capital Markets, Global Markets and Asia Pacific Markets -- combined will continue to make up approximately 30% of the group's pre-tax profits and 40% of group risk-weighted assets over the next three years. The group's comparatively higher dependence on transaction-driven capital market revenues and particularly its relatively high risk appetite and exposure to underwriting of leveraged lending as well as high-yield debt transactions will continue to constrain its credit profile.

At the same time, CS's ratings remain supported by the stable earnings and lower risk profile of the bank's large global wealth management franchise and well-positioned domestic Swiss banking franchise producing a higher share of recurring revenues in the future, the bank's pro-active approach to risk management as well as its sound liquidity position. The rating agency also expects the bank to maintain its meanwhile strengthened capital position, despite ongoing regulatory pressures and higher payout plans that are likely to constrain a faster CET1 capital ratio build-up.

The stable outlook on Credit Suisse's ratings reflects its strong capital position, good risk management, and sound liquidity position. The outlook further takes account of progress made thus far in implementing the group's evolving strategy.

WHAT COULD CHANGE THE RATING UP/DOWN

UBS AG's BCA will be upgraded if Moody's were to conclude that (1) UBS will be able to improve, or sustain and defend, its earnings profile as well as profitability levels even under less benign market conditions; (2) the risks from UBS's capital markets franchise remain well controlled and managed and the group's capacity to absorb larger unexpected losses has achieved a level such that those losses no longer risk diluting UBS's strong capital position; and (3) UBS will be able to further build on its solid capital position while still balancing bondholders' and shareholders' interests.

UBS AG's long-term senior unsecured debt ratings could also be upgraded if the bank were to continue to issue and thereby maintain the current proportion of bail-in-able liabilities in relation to tangible banking assets, affording greater protection to the bank's senior creditors. This may lead to one additional notch of rating uplift as a result of Moody's Advanced Loss Given Failure (LGF) analysis. There is no upward pressure on Credit Suisse AG's debt and deposit ratings because they already benefit from three notches of rating uplift under Moody's Advanced LGF analysis, the maximum achievable.

Upward pressure on CS's ratings could arise if the group were to successfully achieve a substantial and sustainable improvement in profitability, coupled with a meaningful reduction of its risk profile and a significantly reduced reliance on earnings from its capital markets businesses. Any upgrade remains further contingent on the group reducing its wholesale funding dependence to a level commensurate with higher rated peers.

The two banks' ratings could face downward pressure if the banks were to suffer from any control or risk management failure, if there were a significant decline in the Swiss economy, if the banks were to materially increase their risk appetite - evidence of which could be a significant expansion of the investment banking franchise - or if there were a deterioration in the banks' capital or liquidity profiles. The ratings could also face downward pressure if the banks failed to successfully execute the planned changes to their business models and/or fail to achieve the targeted return levels.

The two banks' ratings could further be downgraded should there be a significant and larger-than-anticipated decrease in the banks' existing bail-in-able debt cushion leading to a higher loss severity for their different debt classes. Although regarded unlikely at present, this may lead to fewer notches of rating uplift as a result of Moody's Advanced LGF analysis.

LIST OF AFFECTED RATINGS

The following ratings and rating assessments were placed on review for upgrade:

Issuer: UBS Group AG

....Preferred Stock Non-cumulative, currently Ba1(hyb)

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS AG

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Long-term Bank Deposits, currently Aa3, outlook changed to Rating under Review from Stable

....Long-term Deposit Note/CD Program, currently (P)Aa3

....Subordinate Deposit Note/CD Program, currently (P)Baa2

....Long-term Issuer Rating, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Senior Unsecured Shelf, currently (P)A1

....Subordinate Medium-Term Note Program, currently (P)Baa2

....Adjusted Baseline Credit Assessment, currently baa1

....Baseline Credit Assessment, currently baa1

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: Swiss Bank Corporation

....Backed Subordinate Regular Bond/Debenture, currently Baa2

..No Outlook assigned

Issuer: Swiss Bank Corporation, New York Branch

....Backed Subordinate Regular Bond/Debenture, currently Baa2

..No Outlook assigned

Issuer: UBS AG, Australian Branch

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Subordinate Medium-Term Note Program, currently (P)Baa2

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS AG, Jersey Branch

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Senior Unsecured Shelf, currently (P)A1

....Subordinate Regular Bond/Debenture, currently Baa2

....Subordinate Medium-Term Note Program, currently (P)Baa2

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS AG, London Branch

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Subordinate Medium-Term Note Program, currently (P)Baa2

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS AG, New York Branch

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Long-term Deposit Note/CD Program, currently (P)Aa3

....Subordinate Deposit Note/CD Program, currently (P)Baa2

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Subordinate Medium-Term Note Program, currently (P)Baa2

..No Outlook assigned

Issuer: UBS AG, Stamford Branch

....Long-term Counterparty Risk Assessment, currently Aa3(cr)

....Long-term Deposit Note/CD Program, currently (P)Aa3

.... Subordinate Deposit Note/CD Program, currently (P)Baa2

....Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Senior Unsecured Medium-Term Note Program, currently (P)A1

....Subordinate Medium-Term Note Program, currently (P)Baa2

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS Americas, Inc.

....Backed Issuer Rating, currently A1, outlook changed to Rating under Review from Stable

....Backed Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

....Backed Senior Unsecured Shelf, currently (P)A1

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS Finance (Curacao) N.V.

....Backed Senior Unsecured Regular Bond/Debenture, currently A1, outlook changed to Rating under Review from Stable

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS Limited

....Long-term Issuer Ratings, currently A1, outlook changed to Rating under Review from Stable

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS Preferred Funding Company LLC IV

....Backed Preferred Stock Non-cumulative Shelf, currently (P)Ba1

..No Outlook assigned

Issuer: UBS Group Funding (Jersey) Limited

....Backed Senior Unsecured Medium-Term Note Program, currently (P)Baa1

..Outlook Action:

....Outlook changed to Rating under Review from Stable

Issuer: UBS Group Funding (Switzerland) AG

....Backed Preferred Stock Non-cumulative, currently Ba1(hyb)

....Backed Senior Unsecured Regular Bond/Debenture, currently Baa1, outlook changed to Rating under Review from Stable

..Outlook Action:

....Outlook changed to Rating under Review from Stable

The following ratings and rating assessments were affirmed:

Issuer: Credit Suisse Group AG

..Affirmations:

....Senior Unsecured Regular Bond/Debenture, affirmed Baa2 Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

....Senior Unsecured Shelf, affirmed (P)Baa2

....Subordinate Medium-Term Note Program, affirmed (P)Baa3

....Subordinate Shelf, affirmed (P)Baa3

....Preferred Stock Non-cumulative, affirmed Ba2(hyb)

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Bank Deposits, affirmed A1 Stable

....Short-term Bank Deposits, affirmed P-1

....Long-term Deposit Note/CD Program, affirmed (P)A1

....Long-term Issuer Rating, affirmed A1 Stable

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Senior Unsecured Shelf, affirmed (P)A1

....Subordinate Regular Bond/Debenture, affirmed Baa3

....Subordinate Medium-Term Note Program, affirmed (P)Baa3

....Subordinate Shelf, affirmed (P)Baa3

....Other Short Term, affirmed (P)P-1

....Commercial Paper, affirmed P-1

....Adjusted Baseline Credit Assessment, affirmed baa2

....Baseline Credit Assessment, affirmed baa2

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (Guernsey) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Preferred Stock Non-cumulative, affirmed Ba2(hyb)

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (London) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Bank Deposit, affirmed A1 Stable

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable/(P)A1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Subordinate Regular Bond/Debenture, affirmed Baa3

....Subordinate Medium-Term Note Program, affirmed (P)Baa3

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (Nassau) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Subordinate Medium-Term Note Program, affirmed (P)Baa3

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (New York) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Long-term Bank Deposit, affirmed A1 Stable

....Short-term Bank Deposit, affirmed P-1

....Long-term Deposit Note/CD Program Takedown, affirmed A1 Stable

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Senior Unsecured Shelf, affirmed (P)A1

....Subordinate Regular Bond/Debenture, affirmed Baa3

....Subordinate Medium-Term Note Program, affirmed (P)Baa3

....Commercial Paper, affirmed P-1

....Other Short Term, affirmed (P)P-1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (Sydney) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Short-term Deposit Note/CD Program, affirmed P-1

....Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Commercial Paper, affirmed P-1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse AG (Tokyo) Branch

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse (USA) Inc.

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)A1

....Backed Senior Unsecured Shelf, affirmed (P)A1

..Outlook Action:

....Outlook remains Stable

Issuer: DLJ Cayman Islands LDC

..Affirmation:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed A1 Stable

..No Outlook assigned

Issuer: Credit Suisse International

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A1(cr)

....Short-term Counterparty Risk Assessment, affirmed P-1(cr)

....Backed Long-term Bank Deposit, affirmed A1 Stable

....Backed Short-term Bank Deposit, affirmed P-1

....Long-term Issuer Rating, affirmed A1 Stable

....Backed Senior Unsecured Shelf, affirmed (P)A1

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse Group Finance (Guernsey) Ltd.

..Affirmation:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa2 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: Credit Suisse Group Finance (US) Inc.

..Affirmation:

....Backed Subordinate Regular Bond/Debenture, affirmed Baa3

..No Outlook assigned

Issuer: Credit Suisse Group Funding (Guernsey) Ltd

..Affirmation:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa2 Stable

..Outlook Action:

....Outlook remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in September 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides 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.

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

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.

Michael Rohr
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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.

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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.

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