info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
.
ABOUT US
.
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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
Related Issuers
ABN AMRO Mortgage Corporation, Multi-Class Pass-Through Certificates, Series 2003-12
Banc of America Alternative Loan Trust 2004-1
Banc of America Alternative Loan Trust 2004-10
Banc of America Alternative Loan Trust 2004-2
Banc of America Alternative Loan Trust 2004-4
Banc of America Funding 2004-1 Trust
Bear Stearns ARM Trust 2004-10
Chase Mortgage Finance Trust Series 2007-A1
Chase Mortgage Finance Trust, Series 2005-S2
CHL Mortgage Pass-Through Trust 2004-12
Citicorp Mortgage Securities Trust 2006-4
Citicorp Mortgage Securities Trust, Series 2006-6
Citicorp Mortgage Securities, Inc. 2005-8
Citicorp Mortgage Securities, Inc. 2006-1
Citicorp Mortgage Securities, Inc. 2006-3
Citigroup Mortgage Loan Trust, Series 2004-NCM1
Citigroup Mortgage Loan Trust, Series 2004-NCM2
Citigroup Mortgage Loan Trust, Series 2005-2
CSFB Adjustable Rate Mortgage Trust 2005-1
CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-28
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-29
CSMC Resecuritization Trust 2006-1R
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-12CB
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1
First Horizon Alternative Mortgage Securities Trust 2004-FA1
GMACM Mortgage Loan Trust 2004-J5
GMACM Mortgage Loan Trust 2005-AR1
HarborView Mortgage Loan Trust 2004-11
HarborView Mortgage Loan Trust 2005-6
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2002-2
J.P. Morgan Mortgage Trust 2004-S1
MASTR Asset Securitization Trust 2004-P7
MASTR Asset Securitization Trust 2005-2
Merrill Lynch Mortgage Investors Trust 2005-A10
Merrill Lynch Mortgage Investors Trust MLCC 2003-F
Merrill Lynch Mortgage Investors Trust MLCC 2005-3
Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4
Morgan Stanley Mortgage Loan Trust 2004-8AR
Structured Adjustable Rate Mortgage Loan Trust 2004-2
Structured Asset Mortgage Investments II Trust 2004-AR2
Structured Asset Mortgage Investments Trust 2002-AR2
Structured Asset Securities Corp Trust 2003-31A
Structured Asset Securities Corp Trust 2003-33H
Structured Asset Securities Corp Trust 2003-35
Structured Asset Securities Corp Trust 2003-38
Structured Asset Securities Corp Trust 2003-40A
Structured Asset Securities Corp Trust 2004-13
Structured Asset Securities Corp Trust 2004-15
Structured Asset Securities Corporation, Series 2005-10
WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust
WaMu Mortgage Pass-Through Certificates, Series 2004-CB3
WaMu Mortgage Pass-Through Certificates, Series 2004-S3
WaMu Mortgage Pass-Through Certificates, Series 2005-AR9
Wells Fargo Mortgage Backed Securities 2003-N Trust
Wells Fargo Mortgage Backed Securities 2004-R Trust
Wells Fargo Mortgage Backed Securities 2005-14 Trust
Wells Fargo Mortgage Backed Securities 2005-18 Trust
Wells Fargo Mortgage Backed Securities 2005-AR1 Trust
Wells Fargo Mortgage Backed Securities 2005-AR12 Trust
Wells Fargo Mortgage Backed Securities 2005-AR13 Trust
Wells Fargo Mortgage Backed Securities 2005-AR2 Trust
Wells Fargo Mortgage Backed Securities 2005-AR4 Trust
Wells Fargo Mortgage Backed Securities 2005-AR9 Trust
Rating Action:

Moody's places on review $3.2 Billion of RMBS issued between 2001 to 2007

17 Jun 2016

New York, June 17, 2016 -- Moody's Investors Service has placed the ratings of 424 tranches from 66 transactions issued by various issuers on review with the direction uncertain. The collateral backing these transactions consists of Jumbo, Alt-A and Option ARM loans.

Complete list of affected tranches and transactions can be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF434004

RATINGS RATIONALE

Today's review actions relate to the calculation of the prepayment shift percentage input value which impacts the allocation of prepayments between senior and subordinate tranches in these shifting-interest transactions.

For 33 of the transactions, listed below, the review actions are due to discovery of an error in the prepayment shift percentage input to the cash-flow waterfalls used by Moody's to review these transactions since their last rating actions. As a result, the cash-flow waterfalls did not capture the correct prepayment shift percentages and were allocating an incorrect portion of principal prepayments to subordinate bonds. The tranches placed on review are those that show a potential sensitivity to the error, and their direct interest-only and resecuritization linked tranches.

Chase Mortgage Finance Trust Series 2007-A1

Chase Mortgage Finance Trust, Series 2005-S2

CHL Mortgage Pass-Through Trust 2004-12

Citicorp Mortgage Securities, Inc. 2006-3

Citicorp Mortgage Securities Trust 2006-4

Citicorp Mortgage Securities Trust, Series 2006-6

Citicorp Mortgage Securities, Inc. 2005-8

Citicorp Mortgage Securities, Inc. 2006-1

Citigroup Mortgage Loan Trust, Series 2004-NCM1

CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-28

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

CSMC Resecuritization Trust 2006-1R

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-12CB

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1

GMACM Mortgage Loan Trust 2005-AR1

HarborView Mortgage Loan Trust 2004-11

HarborView Mortgage Loan Trust 2005-6

Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2002-2

MASTR Asset Securitization Trust 2005-2

Merrill Lynch Mortgage Investors Trust 2005-A10

Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4

Structured Asset Securities Corporation, Series 2005-10

WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust

WaMu Mortgage Pass-Through Certificates, Series 2004-CB3

WaMu Mortgage Pass-Through Certificates, Series 2004-S3

WaMu Mortgage Pass-Through Certificates, Series 2005-AR9

Wells Fargo Mortgage Backed Securities 2005-14 Trust

Wells Fargo Mortgage Backed Securities 2005-18 Trust

Wells Fargo Mortgage Backed Securities 2005-AR1 Trust

Wells Fargo Mortgage Backed Securities 2005-AR13 Trust

Wells Fargo Mortgage Backed Securities 2005-AR2 Trust

Wells Fargo Mortgage Backed Securities 2005-AR4 Trust

Today's review actions on the following 28 transactions and a linked resecuritization transaction are based on an apparent inconsistency between the prepayment shift percentage value calculated per the transaction documents and the distributions being made by the administrators according to the remittance reports.

ABN AMRO Mortgage Corporation, Multi-Class Pass-Through Certificates, Series 2003-12

Banc of America Alternative Loan Trust 2004-1

Banc of America Alternative Loan Trust 2004-10

Banc of America Alternative Loan Trust 2004-2

Banc of America Funding 2004-1 Trust

Bear Stearns ARM Trust 2004-10

Citigroup Mortgage Loan Trust, Series 2004-NCM2

CSFB Adjustable Rate Mortgage Trust 2005-1

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-29

First Horizon Alternative Mortgage Securities Trust 2004-FA1

GMACM Mortgage Loan Trust 2004-J5

J.P. Morgan Mortgage Trust 2004-S1

MASTR Asset Securitization Trust 2004-P7

Merrill Lynch Mortgage Investors Trust MLCC 2003-F

Merrill Lynch Mortgage Investors Trust MLCC 2005-3

Morgan Stanley Mortgage Loan Trust 2004-8AR

Structured Adjustable Rate Mortgage Loan Trust 2004-2

Structured Asset Mortgage Investments II Trust 2004-AR2

Structured Asset Mortgage Investments Trust 2002-AR2

Structured Asset Securities Corp Trust 2003-31A

Structured Asset Securities Corp Trust 2003-35

Structured Asset Securities Corp Trust 2003-38

Structured Asset Securities Corp Trust 2004-13

Structured Asset Securities Corp Trust 2004-15

Wells Fargo Mortgage Backed Securities 2003-N Trust

Wells Fargo Mortgage Backed Securities 2004-R Trust

Wells Fargo Mortgage Backed Securities 2005-AR12 Trust

Wells Fargo Mortgage Backed Securities 2005-AR9 Trust

Today's review actions on the following four transactions are based on both the discovery of the error in the prepayment shift percentage input to the cash-flow waterfalls, and an inconsistency between the prepayment shift percentage value calculated per the transaction documents and the distributions being made by the administrators according to the remittance reports.

Banc of America Alternative Loan Trust 2004-4

Citigroup Mortgage Loan Trust, Series 2005-2

Structured Asset Securities Corp Trust 2003-33H

Structured Asset Securities Corp Trust 2003-40A

During the review period, Moody's will assess performance and cash flow analyses for all of the transactions, with corrected inputs where appropriate. For the relevant transactions noted above, we will consult with the securities administrators regarding their calculation of the prepayment shift percentage values.

The principal methodology used in rating CSMC Resecuritization Trust 2006-1R, Deutsche Mortgage Securities, Re-REMIC Trust, Series 2005-WF1 and MASTR Asset Securitization Trust 2004-P7 was "Moody's Approach to Rating Resecuritizations" published in February 2014. The principal methodology used in the other ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Factors that would lead to an upgrade or downgrade of the ratings:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.7% in May 2016 from 5.5% in May 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2016 year. Deviations from this central scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2016. Lower increases than Moody's expects or decreases could lead to negative rating actions.

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF434004

A list of updated estimated pool losses and bond recoveries is being posted on an ongoing basis for the duration of this review period and may be found at:

Jumbo:http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243269

Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

Option ARM: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF225686

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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.

Soumya Vasudevan
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Youriy Koudinov
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Ilana Fried
Analyst
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places on review $3.2 Billion of RMBS issued between 2001 to 2007
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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 $2,700,000. 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 JPY250,000,000.

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

​​​​​​​​
Moodys.com