info

Yes No
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
Rating Action:

Moody's places ratings of seven Vietnamese banks on review for upgrade

05 Sep 2016

Singapore, September 05, 2016 -- Moody's Investors Service, ("Moody's") has today placed on review for upgrade the long-term credit ratings of seven Vietnamese banks.

At the same time, Moody's has placed on review for upgrade the baseline credit assessments (BCAs) and long-term counterparty risk assessments (CRAs) of these seven banks and those of two more banks.

The institutions affected are: An Binh Commercial Joint Stock Bank (ABB), Asia Commercial Bank (ACB), JSC Bank for Foreign Trade of Vietnam (Vietcombank), Military Commercial Joint Stock Bank (Military Bank), Saigon - Hanoi Commercial Joint Stock Bank (SHB), Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam Bank for Industry and Trade (Vietinbank), Vietnam International Bank (VIB), and Vietnam Technological and Comm'l JSB (TCB).

The rating action reflects Moody's expectation that the more benign operating and economic environment for banks in Vietnam (B1 stable) will lead to improvements in the banks' credit profiles and notably their asset quality and profitability metrics, while also contributing to relative stability in their funding and liquidity.

The improvement in the operating and economic environment for banks has been reflected in Moody's change of Vietnam's Macro Profile to "Weak" from "Weak-". A Macro Profile captures the risks related to the banks' operating and economic environment.

Despite the improvement, Moody's considers that the Vietnamese banking system remains undercapitalized against the backdrop of rapid credit growth and a high share of legacy problem assets which are not always adequately disclosed on the banks' balance sheets. Moody's expects that these challenges will continue to persist in the medium-term, despite some improvements.

Moody's expects to conclude the review on the Vietnamese banks within the next 90 days.

The BCAs and long-term ratings of Bank for Investment & Development of Vietnam, Vietnam Maritime Commercial Joint Stock Bank, and Vietnam Prosperity Jt. Stk. Commercial Bank are not affected by this action.

RATINGS RATIONALE

IMPROVED OPERATING AND ECONOMIC CONDITIONS LEAD TO A HIGHER MACRO PROFILE

The rating action reflects Moody's expectation that the somewhat improved operating and economic environment for banks in Vietnam will support the banks' asset quality and profitability metrics, while also contributing to relative stability in their funding and liquidity profiles.

To capture the improved operating and economic conditions for Vietnamese banks, Moody's has increased Vietnam's Macro Profile to "Weak" from "Weak-".

According to Moody's, Vietnamese banks benefit from the country's robust economic growth, as well as from the enhanced—albeit still weak—institutional strength.

Moody's expects that Vietnam's GDP will expand by 6.0% in real terms in both 2016 and 2017, supported by the recovery of domestic demand and robust export performance. The robust economic performance is positive for Vietnamese banks because it supports their liquidity and funding profiles, and improves the recovery value of the banks' legacy problem assets.

Vietnam's institutional strength has improved for a third consecutive year, reflecting a longer track record of benign inflation, improved government effectiveness, rule of law and control of corruption as reflected in better scores on the World Bank's Worldwide Governance Indicators, as well as the recent progress on economic reform.

The robust economic growth and improved business confidence contribute to the rapid credit growth in Vietnam, raising concerns about the quality of new bank credit. Moody's generally views rapid credit growth as negative for the banks' future asset quality. According to the World Bank, Vietnam's domestic credit to the private sector has increased to 112% of GDP in 2015 -- a high level for a developing country -- from 100% in 2014.

WHAT COULD CHANGE THE RATINGS UP/DOWN

During the review process, Moody's will assess the materiality and sustainability that the improved operating conditions in Vietnam might have on the banks' standalone credit profiles, or BCAs.

In case improvements in solvency and liquidity metrics are viewed as tangible and sustainable, Moody's will consider upgrading the banks' BCAs, which in turn could lead to upgrades of their long-term credit ratings.

Moody's notes that the possible improvements in the banks' asset quality and profitability metrics will be considered in the context of the banks' capital buffers, which weakened in 2015 for most Moody's-rated banks in Vietnam because of rapid credit growth and weak internal capital generation.

The long-term CRAs of nine banks were placed on review for upgrade due to the upward pressure on their BCAs.

RATIONALE BEHIND THE AFFIRMATION OF RATINGS

Moody's has affirmed the long-term deposit and issuer ratings of Vietinbank and Vietcombank because their ratings are already positioned at the same level as the rating and ceilings of the government of Vietnam. The outlook on these bank ratings is stable.

Moreover, Moody's has affirmed the B2 foreign currency deposit ratings of ABB, ACB, VIB and TCB because these ratings are constrained by the B2 foreign currency deposit ceiling for Vietnam. The outlook's on VIB's B2 foreign currency deposit rating was revised to stable, in line with the outlook on the sovereign rating.

The principal methodology used in these ratings was Banks published in January 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Taking into account today's announcement, the affected ratings are as follows:

An Binh Commercial Joint Stock Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank reported total assets of VND 64,375 billion (USD 2.9 billion) at end-December 2015.

Asia Commercial Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank reported total assets of VND 201,457 billion (USD 9.0 billion) at end-December 2015.

JSC Bank for Foreign Trade of Vietnam

- The local currency long-term deposit rating was affirmed at B1, outlook remains stable

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were affirmed at B1; outlook remains stable

- The BCA and adjusted BCA were placed on review for upgrade, currently at b2

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B1(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 679,001 billion (USD 31.0 billion) at end-June 2016.

Military Commercial Joint Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment of B2(cr) was placed on review for upgrade

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from positive

Headquartered in Hanoi, the bank had total assets of VND 221,042 billion (USD 9.8 billion) at end-December 2015.

Saigon - Hanoi Commercial Joint Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Hanoi, the bank had total assets of VND 204,704 billion (USD 9.1 billion) at end-December 2015.

Saigon Thuong Tin Commercial Joint-Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank had total assets of VND 210,778 billion (USD 9.7 billion) at end-June 2015.

Vietnam Bank for Industry and Trade

- The local currency long-term deposit rating was affirmed at B1, outlook remains stable

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were affirmed at B1; outlook remains stable

- The foreign currency senior unsecured rating was affirmed at B1; outlook remains stable

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B1(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 779,483 billion (USD 34.7 billion) at end-December 2015.

Vietnam International Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook revised to stable from positive

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from positive

Headquartered in Hanoi, the bank had total assets of VND 84,309 billion (USD 3.8 billion) at end-December 2015.

Vietnam Technological and Comm'l JSB

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Hanoi, the bank had total assets of VND 191,994 billion (USD 8.5 billion) at end-December 2015.

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Eugene Tarzimanov
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

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.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  

Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomeResearch & RatingsProducts & SolutionsNews & EventsCareers
Help & SupportContact UsSubmit a Complaint
Terms of UsePrivacy PolicyProprietary Rights
© 2021 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.