Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's places ratings of three Italian corporates under review for downgrade; affirms rating on two issuers

30 May 2018

On June 01, 2018, the press release was corrected as follows: In the list of affected ratings, under Eni S.p.A, removed the affirmation on Eni USA Inc. Backed Commercial Paper . Revised release follows.

Milan, May 30, 2018 -- Moody's Investors Service has today placed on review for downgrade the ratings on three non-financial corporates domiciled in Italy: Eni S.p.A. (Eni), Poste Italiane S.p.A. (Poste) and RAI -- Radiotelevisione italiana S.p.A. (Rai).

At the same time, Moody's has affirmed the Baa2 rating (with a negative outlook) on Esselunga S.p.A. (Esselunga) and Baa3 rating on IGD SiiQ S.p.A. (IGD). Moody's changed the outlook on IGD's rating to negative from stable.

The decision to place the ratings on review for a possible downgrade was prompted by the corresponding action on Italy's Baa2 government bond rating. For further information on the sovereign rating action, please refer to Moody's press releases dated 25 May (https://www.moodys.com/research/--PR_384025) and 29 May 2018 (https://www.moodys.com/research/--PR_384385).

A full list of affected ratings is provided towards the end of this press release.

LIST OF AFFECTED ISSUERS

- Eni:

Moody's has placed on review for downgrade Eni's A3 senior unsecured debt ratings, the A3 senior unsecured debt ratings of its guaranteed subsidiary, Eni Finance International SA, and the Baa1 senior unsecured debentures of Eni's wholly owned subsidiary, Eni USA Inc. Concurrently, Moody's has affirmed Eni's Prime-2 commercial paper rating.

- Esselunga:

Moody's has affirmed the Baa2 long-term issuer rating and the Baa2 senior unsecured rating. The outlook on the ratings remains negative.

- IGD:

Moody's has affirmed the Baa3 long-term issuer rating and the Baa3 senior unsecured ratings. Moody's has changed the outlook on the ratings to negative from stable.

- Poste:

Moody's has placed on review for downgrade the Baa2 long-term issuer rating, its (P)Baa2 provisional senior unsecured rating on its EUR2 billion euro medium-term note (EMTN) programme, the Baa2 senior unsecured instrument rating on the EUR750 million 3.25% notes due 2018 and the Prime-2 short-term issuer rating. The baa2 BCA has been also placed on review for downgrade.

- Rai - Radiotelevisione italiana S.p.A.:

Moody's has placed on review for downgrade the Baa3 long-term issuer rating of Rai and the Baa3 senior unsecured rating on Rai's EUR350 million notes due in 2020.

Today's rating actions follow the rating action on the Italian government's Baa2 debt rating and reflect the pressure on the aforementioned issuers as a consequence of their linkages with the sovereign rating.

RATINGS RATIONALE

-- Eni --

Putting Eni's ratings on review for downgrade is in line with the rating action on the Italian sovereign rating and reflects Moody's view that despite the favourable prospects for the company and the expectation of continuous strong credit metrics, a lower Italy sovereign rating would likely result in a downgrade of Eni's ratings.

The company's A3 issuer rating/on review for downgrade is positioned above the Baa2/on review for downgrade of the Italian sovereign to reflect Eni's standalone credit strength combined with the global scope of its upstream operations.

However, the differential with the rating of the Italian sovereign is unlikely to widen beyond the two notches at present. This is driven by Eni's degree of linkage with Italy, through the government's 30.1% equity holding, through the downstream business, and through its ability to submit slates of candidates for the board of directors according to Article 17 of the Eni By-laws.

Eni S.p.A. (Eni) is a leading integrated energy company and is the largest corporation in Italy. In 2017, Eni reported €66.9 billion in revenue, €8.0 billion in EBIT and €115 billion in total assets. The company is listed in Italy and in the US, with a market capitalisation of around €55 billion.

-- Esselunga --

Esselunga's Baa2 rating reflects the company's (1) defensive business profile and low seasonality; (2) well-established position as Italy's fourth-largest grocery retailer; (3) exposure to some of the wealthiest parts of Italy; (4) strong track record in generating stable, above-average returns for the sector, with a 2017 pro-forma Moody's-adjusted EBIT margin of 6.0%; (5) relatively low level of adjusted debt and conservative financial policy; (6) expectation that free cash flow (FCF) generation (after capital spending and dividends) will remain marginally positive despite the material investment programme.

The rating also reflects the company's (1) lack of international diversification and hence reliance on the economic conditions in Italy, although Moody's notes the company's resilient performance during the financial crisis; (2) relatively smaller size and higher geographical concentration than other rated European retailers.

Liquidity is strong as a combination of (1) cash and equivalents of EUR500 million; (2) modest positive free cash flow generation; (3) EUR300 million committed revolving credit facility (fully undrawn at 31 December 2017) maturing in August 2022; and (4) absence of significant debt maturities until 2023 following the EUR1 billion bond issuance completed in October 2017.

Metrics are comfortable for the rating category so the negative outlook instead reflects the business concentration in Italy and the pressure exerted on Esselunga's rating by the rating of the Government of Italy. If the sovereign were downgraded, Moody's would not see Esselunga as being absolutely constrained by Italy's rating and might consider positioning the rating above the sovereign if justified by an expectation of sufficiently strong and resilient performance. However, in view of the domestic concentration Moody's would not expect the rating to be positioned more than one notch above Italy, even if performance and metrics are very strong.

The positioning one notch above Italy remains contingent on Esselunga continuing to deliver robust operational performance. Moody's may eliminate the gap if it appears that sovereign or macroeconomic stresses are starting to weigh more heavily on the company's credit profile.

For the time being, an upgrade to Baa1 is considered unlikely. However, upward rating pressure would reflect (1) continued improvement in the company's financial profile, resulting in Adjusted (gross) debt/EBITDA to trend below 2x and retained cash flow (RCF)/net debt above 30% on a sustained basis; and (2) simplification of the financial structure in particular with regard to the existence of debt at the supermarkets level. Any potential upgrade would also be considered in the context of the prevailing macroeconomic conditions and the Government of Italy's rating.

Conversely, negative pressure on the rating could materialize if (1) adjusted (gross) debt/EBITDA were to trend above 2.5x on a sustained basis; (2) RCF/net debt were to decline below 20% on a sustained basis; and (3) the sovereign were to be downgraded.

-- IGD --

The change in outlook to negative from stable on IGD's ratings follows the placement of Italy's Baa2 issuer and senior unsecured bond ratings rating on review for downgrade, in turn as a result of increasing uncertainty related to the fiscal plans of the new coalition government, which has led to increased capital markets volatility.

Whilst the company's fixed charges coverage and leverage, measured in terms of debt/assets, have slightly improved in the last 12 months, both ratios will need to continue strengthening to generate a buffer against potentially rising funding costs or capitalisation rates that could result from the recent increase in yields on Italy's government bonds.

IGD's leverage, measured as gross debt to total assets, stood at 47.7% as at 31 March 2018, in the middle of the range expected for the current Baa3 rating (45%-50%). The company's fixed charges coverage was 2.6x on a last 12 months basis (2.8x year-to-date), compared to Moody's expectations of between 2.25x-3x for the Baa3 rating. Moody's also expects both metrics to further slightly improve following a recent acquisition and a rights issue completed in April 2018.

Although these metrics position IGD solidly at the current rating level, IGD's debt metrics are exposed to potentially rising yields on Italian government bonds and reduced investors' appetite for Italian real estate, as the valuation of IGD's property portfolio depends on parameters that are sensitive to changes in benchmark interest rates and to changes in market prices for comparable properties.

Although IGD has currently limited near-term refinancing needs, any potential further deterioration of the quality of Italy's banking system could make it more expensive for the company to roll over its debt maturities. IGD has diversified its funding sources over time with bank lending representing 35.1% (of which 87% secured) and bonds 64.9% of total debt. Its main lenders include Intesa Sanpaolo S.p.A. (Baa1 stable), Unipol Banca S.p.A. (Ba3 negative), Banca IFIS S.p.A. (unrated), Unione di Banche Italiane S.p.A. (Baa3 negative), Banca Carige S.p.A. (Long Term Bank Deposits B3 negative) and Banca Monte dei Paschi di Siena S.p.A. (B3 negative). However, the fixed-charge coverage ratio is unlikely to significantly drop over three next 2-3 years because only 23% of total debt matures until 2021, including some legacy debt with a coupon already above the company's average cost of funding.

In addition, the credit standing of its two largest tenants representing 29% (or 26% pro-forma for the acquisition completed in April 2018 and ongoing investments) of rental income (Coop Alleanza 3.0 (unrated) and Coop Tirreno (unrated)) could suffer from the widening of yields on Italian sovereign bonds because they hold such securities as a way of reinvesting members' deposits. IGD's rating and Italy's sovereign rating are partly linked also due to the financial activities of its two largest tenants and shareholders. The two largest shareholders are Italian cooperative retailers Coop Alleanza 3.0 and Coop Tirreno, which own a combined 53% of IGD's share capital as of 30 September 2017.

More positively, IGD has reported positive rental income growth (+1.8% yoy in Q1 2018) with high and stable occupancy in Italy (96.8% in Q1 2018), with positive underlying retail sales and stable footfall. Italy's economic performance has improved during the last 18 months and the trajectory of GDP growth remains positive, although still at a low level. At this stage, Moody's has not changed its forecasts for Italy's GDP growth of 1.5% in 2018 and 1.2% in 2019, which remain low but shows an improving trend.

The Baa3 rating on the company's senior unsecured notes is in line with the issuer rating, reflecting the relatively high level of unencumbered assets (65%), the concentration of group debt at the holding company and the investment grade level of the rating.

Downward pressure on IGD's ratings could develop if: (1) Italy's macroeconomic environment deteriorates or if Italy's sovereign rating is lowered below IGD's current rating; (2) the company experiences a decline in occupancy levels and negative rental growth; (3) its debt/assets ratio increases above 50%; (4) its fixed-charge cover falls below 2.25x; (5) the company fails to address early refinancing of debt maturing within a year or if the level of unencumbered assets significantly reduces; or (6) the credit quality of Coop Alleanza 3.0, IGD's main tenant and shareholder, fails to improve.

Moody's could change the outlook back to stable if the risks associated with heightened capital markets volatility reduce or if the company improved its debt metrics and liquidity thus increasing the buffer against potentially rising funding costs or capitalization rates. An upgrade is unlikely at this stage.

-- Poste --

The rating was placed on review for downgrade reflecting the close correlation between Poste's credit quality and that of the Italian government. In line with Moody's Government-Related Issuers (GRI) methodology, Poste's long-term issuer rating reflects the combination of a baseline credit assessment (BCA) of baa2 (on review for downgrade), the Baa2 domestic-currency rating (on review for downgrade) of the Italian government, the very high dependence between Poste and the Italian government, and Moody's expectation of moderate support from the government.

The baa2 BCA had been also placed on review for downgrade, as it is constrained by the Italian sovereign owing to Poste's direct exposure to the macroeconomic situation in Italy; its dual corporate and social role in fulfilling its universal service obligation (USO); the fact that the Italian government is the company's largest customer and shareholder; and given Poste's significant exposure to the Italian government as a result of its large portfolio of Italian government bonds.

The BCA takes into account Poste's success in maintaining a stable operating performance, on the back of rising contributions from its financial services and insurance business. These segments offset the weakening revenue of the traditional postal business, owing to volume declines, and its operating losses due to its high fixed-cost structure.

Poste's credit metrics are solid for its current rating. Moody's expects free cash flow to remain positive, despite high dividends and capex, and leverage to remain comfortably below 2.0x in the next 18 months. However, some M&A risk exists.

Upside potential on Poste's rating is currently limited by the sovereign rating. As such, an upgrade of Poste's issuer rating could follow an upgrade of the Italian government rating, if the company's leverage (measured as Moody's adjusted gross debt/EBITDA) remains below 3.0x and its profitability remains sound, with EBITA margin at or above 15%. However, these improvements would also need to be accompanied by an established track record of positive results at Poste's mail division and positive free cash flow generation.

Moody's could downgrade Poste's issuer rating and lower its BCA following a downgrade of the sovereign rating. Poste's BCA could also move lower in the event of a significant deterioration in the company's operating profitability, with EBITA margin moving towards low double-digit in percentage terms and Moody's adjusted gross debt/EBITDA towards 4.0x. In addition, downward pressure could arise on Poste's BCA if the company's free cash flow were to remain negative for a prolonged period of time.

-- Rai --

The review for downgrade reflects Moody's opinion that Rai's credit quality is highly correlated to that of the Government of Italy given that Rai (1) is almost fully owned (99.56%) by the Government of Italy; (2) originates all its revenues within the Italian territory; (3) receives approximately 70% of its revenues from the Government of Italy (which collects the licence fees from citizens through the intermediation of electricity suppliers); and (4) is exposed to the Italian advertising market for 25% its revenues.

The rating review will assess the impact of any change in the rating of the Government of Italy and also assess Rai's BCA of ba2 in light of the company's operating performance in 2017 and its prospects for the next two years.

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating Eni S.p.A, Eni USA Inc., Eni Finance USA Inc. and Eni Finance International SA were Global Integrated Oil & Gas Industry published in October 2016 and Government-Related Issuers published in August 2017. The principal methodology used in rating Esselunga S.p.A. was Retail Industry published in May 2018. The principal methodology used in rating IGD SiiQ S.p.A. was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. The principal methodologies used in rating Poste Italiane S.p.A. were Business and Consumer Service Industry published in October 2016 and Government-Related Issuers published in August 2017. The principal methodologies used in rating RAI - Radiotelevisione italiana S.p.A. were Media Industry published in June 2017 and Government-Related Issuers published in August 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

LIST OF AFFECTED RATINGS

-- Poste Italiane S.p.A. --

On Review for Possible Downgrade:

..Issuer: Poste Italiane S.p.A.

.... ST Issuer Rating, Placed on Review for Possible Downgrade, currently P-2

.... LT Issuer Rating, Placed on Review for Possible Downgrade, currently Baa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Baa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa2

Outlook Actions:

..Issuer: Poste Italiane S.p.A.

....Outlook, Changed To Rating Under Review From Negative

-- RAI - Radiotelevisione italiana S.p.A. --

On Review for Possible Downgrade:

..Issuer: RAI - Radiotelevisione italiana S.p.A.

.... LT Issuer Rating, Placed on Review for Possible Downgrade, currently Baa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa3

Outlook Actions:

..Issuer: RAI - Radiotelevisione italiana S.p.A.

....Outlook, Changed To Rating Under Review From Negative

-- Eni S.p.A. --

On Review for Possible Downgrade:

..Issuer: Eni Finance International SA

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)A3

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

..Issuer: Eni S.p.A.

.... LT Issuer Rating, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

..Issuer: Eni USA Inc.

....Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

Affirmations:

..Issuer: Eni Finance International SA

....Backed Commercial Paper, Affirmed P-2

..Issuer: Eni Finance USA Inc.

....Backed Commercial Paper, Affirmed P-2

..Issuer: Eni S.p.A.

....Commercial Paper, Affirmed P-2

Outlook Actions:

..Issuer: Eni Finance International SA

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Eni S.p.A.

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Eni USA Inc.

....Outlook, Changed To Rating Under Review From Negative

-- IGD SiiQ S.p.A.--

Affirmations:

..Issuer: IGD SiiQ S.p.A.

.... LT Issuer Rating, Affirmed Baa3

....Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Outlook Actions:

..Issuer: IGD SiiQ S.p.A.

....Outlook, Changed To Negative From Stable

-- Esselunga S.p.A. --

Affirmations:

..Issuer: Esselunga S.p.A.

.... LT Issuer Rating, Affirmed Baa2

....Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

Outlook Actions:

..Issuer: Esselunga S.p.A.

....Outlook, Remains Negative

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.

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 rating analyst and the Moody's legal entity that has issued the ratings.

The person who approved Poste Italiane S.p.A. credit ratings is Yasmina Serghini, Associate Managing Director, Corporate Finance Group, 44 20 7772 5456, 44 20 7772 5454. The person who approved Eni S.p.A. credit ratings is Anke N. Richter, Associate Managing Director, Corporate Finance Group, 44 20 7772 5456, 44 20 7772 5454. The person who approved Esselunga S.p.A. credit ratings is Marina Albo, MD-Corporate Finance, Corporate Finance Group, 44 20 7772 5456, 44 20 7772 5454. The person who approved IGD SiiQ S.p.A. credit ratings is Mario Santangelo, Associate Managing Director, Corporate Finance Group, 44 20 7772 5456, 44 20 7772 5454. The person who approved RAI - Radiotelevisione italiana S.p.A. credit ratings is Ivan Palacios, Associate Managing Director, Corporate Finance Group, 44 20 7772 5456, 44 20 7772 5454.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

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.

Lorenzo Re
Vice President - Senior Analyst
Corporate Finance Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Yasmina Serghini
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
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.

MOODY’S CREDIT RATINGS AND MOODY’S 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 OR MOODY’S 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.

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.

​​​​​​
Moodys.com