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

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

PLEASE READ AND SCROLL DOWN!

 

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

 

Terms of One-Time Website Use

 

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

 

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

 

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

 

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

 

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

I AGREE
Related Issuers
610 Funding CLO 3, Ltd.
Adams Mill CLO Ltd.
Allegro CLO II-S, Ltd.
Allegro CLO X, Ltd.
ALM XVII, LTD.
Apex Credit CLO 2017 LTD.
Apex Credit CLO 2017-II Ltd.
Apex Credit CLO 2018-II Ltd.
Apex Credit CLO 2019 Ltd.
Apidos CLO XI
Apidos CLO XXI
Ares LI CLO Ltd.
Ares XLI CLO Ltd.
Ares XLIV CLO Ltd.
Ares XLVI CLO Ltd.
Ares XXIX CLO Ltd.
Ares XXXIIR CLO Ltd.
Ares XXXVII CLO Ltd.
Ares XXXVR CLO Ltd.
Atlas Senior Loan Fund XIV, Ltd.
Avery Point V CLO, Limited
Barings CLO LTD. 2015-II
Barings CLO Ltd. 2016-I
Benefit Street Partners CLO XI, Ltd.
Black Diamond CLO 2017-1, Ltd.
Bristol Park CLO, Ltd.
Carlyle Global Market Strategies CLO 2015-2 (Combination Note), Ltd.
Carlyle Global Market Strategies CLO 2015-2, Ltd.
Carlyle US CLO 2017-1 Ltd.
Carlyle US CLO 2017-2, Ltd.
CIFC Funding 2013-III-R, Ltd.
CIFC Funding 2014-III, Ltd.
CIFC Funding 2014-V, Ltd.
CIFC Funding 2015-III, Ltd.
CIFC Funding 2015-IV, Ltd.
Crestline Denali CLO XIV, Ltd.
Crestline Denali CLO XV, Ltd.
Crestline Denali CLO XVII, Ltd.
Cumberland Park CLO, Ltd.
Denali Capital CLO XII, Ltd.
Dewolf Park CLO, Ltd.
Dorchester Park CLO DAC
Dryden 47 Senior Loan Fund
Ellington CLO III, Ltd.
Ellington CLO IV, Ltd.
Golub Capital Partners CLO 23(B)-R, Ltd.
Golub Capital Partners CLO 26(B)-R, Ltd.
Golub Capital Partners CLO 35(B), Ltd.
Halcyon Loan Advisors Funding 2013-2 Ltd.
Halcyon Loan Advisors Funding 2014-3 Ltd.
Halcyon Loan Advisors Funding 2015-1 Ltd.
Halcyon Loan Advisors Funding 2015-2 Ltd.
Jackson Mill CLO Ltd.
Jamestown CLO IV Ltd.
Jamestown CLO V Ltd.
Jamestown CLO VII Ltd.
JMP Credit Advisors CLO V Ltd.
KKR CLO 11 Ltd.
KKR CLO 12 Ltd.
KKR CLO 14 Ltd.
KKR CLO 15 Ltd.
KKR CLO 18 Ltd.
KKR CLO 19 Ltd.
KKR CLO 24 Ltd.
KKR CLO 25 Ltd.
KKR Financial CLO 2013-1, Ltd.
KVK CLO 2018-1 Ltd.
LCM XIV Limited Partnership
Limerock CLO III, Ltd.
Madison Park Funding XVII, Ltd.
Madison Park Funding XXV, Ltd.
Marathon CLO VIII Ltd.
Marathon CLO XI Ltd.
Marathon CLO XIII Ltd.
MidOcean Credit CLO V
MidOcean Credit CLO V (Secured Note), Ltd.
MidOcean Credit CLO VII
Mountain Hawk III CLO, LTD
Nassau 2017-II Ltd.
Nassau 2018-II Ltd.
Nassau 2019-I Ltd.
Neuberger Berman CLO XIX, Ltd.
Neuberger Berman CLO XVI-S, Ltd.
Neuberger Berman CLO XX, Ltd.
Newark BSL CLO 1, Ltd.
Newark BSL CLO 2, Ltd.
Northwoods Capital XII-B, Limited
Northwoods Capital XV, Limited
Northwoods Capital XVI, Limited
Northwoods Capital XVII, Limited
Northwoods Capital XVIII, Limited
Octagon Investment Partners XIX, Ltd.
OZLM IX, Ltd.
Pikes Peak CLO 1
Pikes Peak CLO 2
Saranac CLO III Limited
Saranac CLO VI Limited
Saranac CLO VII Limited
Seneca Park CLO, Ltd.
Shackleton 2015-VII-R CLO, Ltd.
Shackleton 2017-XI CLO, Ltd.
Silvermore CLO Ltd.
Sudbury Mill CLO Ltd.
TICP CLO II-2, Ltd.
TICP CLO III-2, Ltd.
Treman Park CLO, Ltd.
Trinitas CLO IX, Ltd.
Venture XVII CLO, Limited
Voya CLO 2014-2, Ltd.
Voya CLO 2016-2, Ltd.
Voya CLO 2017-1, LTD.
Wind River 2014-3K CLO Ltd.
ZAIS CLO 11, Limited
Zais CLO 13, Limited
ZAIS CLO 3, Limited
ZAIS CLO 6, Limited
ZAIS CLO 9, Limited
Rating Action:

Moody's places ratings on 241 securities from 115 US CLOs on review for possible downgrade; also places ratings on 2 linked securities on review for possible downgrade

03 Jun 2020

Approximately $5.7 billion of securities affected

NOTE: On August 12, 2020, the press release was corrected as follows: In the Ratings Rationale section, the 28th paragraph was revised to “ In addition, Moody's placed on review for possible downgrade its ratings on Combination Securities and secured notes if they were collateralized by a CLO Security whose rating Moody's placed on review for downgrade in this rating action.“ Revised release follows.

New York, June 03, 2020 -- Moody's Investors Service announced today that it has placed on review for possible downgrade its ratings on 241 securities ("CLO Securities") issued by 115 US broadly syndicated loan-backed (BSL) collateralized loan obligations (CLOs), plus another two linked CLO combination securities ("Combination Securities") and secured notes. The CLO Securities include 8 rated Aa2 (sf), 51 rated A1 (sf) - A3 (sf), 59 rated Baa1 (sf) - Baa3 (sf), 62 rated Ba1 (sf) - Ba3 (sf), and 61 rated B1 (sf) or below.

Moody's actions today follow the CLO actions Moody's took on 17 April 2020, and are primarily prompted by a continuing decline in the credit quality of CLO portfolios as a result of economic shocks stemming from the coronavirus pandemic. Since April, the decline in corporate credit has resulted in a significant number of downgrades among the assets underlying some CLOs. Consequently, the weighted average default risk of these CLO portfolios has increased substantially and the credit protection available to the CLO securities has eroded, prompting Moody's to place additional securities on review for possible downgrade.

Together with the 859 US CLO securities placed on review on 17 April, today's actions bring the total number of US CLO securities on review for possible downgrade to 1,100. These securities represent approximately 24% by count, or 7% by balance, of Moody's-rated US BSL CLO/CBO securities outstanding. Approximately 93% of the securities placed on review for possible downgrade today and in April are currently rated Baa1 (sf) or below.

Today's actions also affected some A (sf)-rated securities in addition to those placed on review in April, as well as a small number of Aa (sf)-rated securities. The 64 A (sf)-rated securities on review, which include 13 A (sf)-rated securities from the 17 April actions, represent 9% of the 730 A (sf)-rated securities outstanding, while the 8 Aa (sf)-rated securities on review represent 1% of the 791 Aa (sf)-rated securities outstanding. Most of the transactions with A (sf)-rated securities placed on review today, having experienced further deterioration in their credit quality, already had lower-rated securities placed on review in April. The transactions with Aa2 (sf)-rated tranches placed on review have experienced very significant deterioration in key portfolio credit metrics such as weighted average rating factor (WARF) and overcollateralization (OC) levels. As was the case with the 17 April actions, no Aaa (sf)-rated CLO securities are affected by today's actions due to their strong structural credit protections.

During its review, Moody's will assess the impact of the ongoing credit weakening on the CLO ratings, taking into account (1) the changes in the credit quality of individual deals' portfolios, (2) manager trading strategies, (3) structural mechanisms such as OC test haircuts for "excess" Caa exposures and cash flow diversion due to the breaches of certain deal covenants, and (4) other credit impacts attributed to our forward-looking assessment of the length, breadth, and depth of the economic and policy response to the global pandemic. Moody's generally strives to conclude rating reviews within 90 days. However, due to the high degree of uncertainty in the current credit environment, the resolution of these watchlist actions may extend beyond the usual timeframe. Ratings that are placed on review for possible downgrade, or ultimately downgraded, are meant to signal increased risk of credit loss. They are generally not, however, declarations that losses are expected.

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL425618 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

The rating actions on the CLO Securities today are primarily a result of

(1) worsening portfolio WARFs, a measure of CLO asset default risk;

(2) decreasing overcollateralization protection to the securities as a result of asset value haircuts related to large Caa asset holdings, market value haircuts on discount assets, and par loss due to defaulted assets and trading.

(3) increasing shares of Caa-rated assets in the portfolios due to downgrades of the underlying assets;

Portfolio WARFs have worsened across CLOs as weakening corporate credit has led to downgrades or other negative actions relating to many issuers whose loans make up CLO asset pools. Among the transactions with securities affected by today's rating actions, portfolio WARFs have increased from 2996 to 3555, or a 19% increase on average since March.

The downgrades to the underlying assets have also increased the transactions' exposures to Caa-rated assets. Caa assets above a certain covenant threshold in a typical CLO lead to par value haircuts, attributed to such excess Caa assets, that address the increased risk in a CLO's portfolio, especially from loans that carry unusually low market prices. Among the transactions with securities affected by today's rating actions, the portfolios' shares of Caa assets have increased from 5.6% to 10.2% on average since March.

The rise in Caa exposures, along with declining market values of loans in CLO portfolios, has led to increasing par haircuts from excess Caa and other assets (for example, discount obligations) and has reduced Moody's estimates of overcollateralization in the deals. Par reduction from haircuts along with losses due to defaulted assets and trading has led more transactions to breach their OC tests, which causes cash flow to be diverted from payments on junior (and in some cases mezzanine) securities to payments on senior securities. Among the transactions with securities affected by today's rating actions, the junior-most OC levels have decreased from 107.4% to 104.6%, a loss of 2.8% on average since March.

Moody's notes that as of 27 May 2020, corporate credit weakening and the resulting rating actions have impacted over 30% of CLO-held obligors with approximately $187 billion of CLO-held par. In recent weeks, the pace of negative corporate rating actions has slowed as Moody's approach to reassessing ratings based on the shock of the coronavirus and low oil prices has progressed. As the current credit shock materialized in March 2020, the number of negative rating actions peaked in late March and early April. More recently, these have declined steadily. In addition, loan prices have also recently recovered substantially from their March lows.

Approximately 29% of the assets in US BSL CLO portfolios have been assigned negative outlooks and 7% have ratings on review for possible downgrade. The rated universe includes a small proportion of CBO transactions as well. As a result of negative rating actions, as of May 2020, the average portfolio WARF was 3416, in comparison with 3323 in April 2020 and 2918 in March 2020. Approximately 90% of deals are now failing WARF covenants. Concurrently, the average reported Caa asset percentage rose to 8.4%, up from 4.5% in March 2020. Meanwhile, as overcollateralization has deteriorated, 192 transactions are now failing at least one OC test and 18 transactions are failing the senior OC test. While the amount of defaults in CLO portfolios remains low at this point, Moody's forecasts that the rolling 12-month US speculative grade default rate will rise to about 13% by April 2021.

To identify the CLO Securities subject to today's rating action, Moody's conducted an analysis that focused primarily on:

(1) the degree of worsening in key portfolio credit quality metrics, including WARF migration and par erosion, and how it impacts the rated securities;

(2) estimated expected losses ("estimated ELs") of rated securities based on quantitative analysis that incorporates key methodological components;

(3) sensitivity analyses to test and calibrate how changes in certain key model inputs impact, and correlate with, estimated ELs.

Based on these analyses, the securities affected by today's actions generally adhere to the following criteria:

(1) For a CLO Security rated Aa1 (sf) - Aa3 (sf),

a. the CLO's Moody's-calculated WARF as of 21 May 2020 (the "Updated WARF") is at least 25% worse than its reported WARF in March,

b. the CLO's OC ratio for the securities has decreased by more than 6% since Moody's last rating action before 17 April, and

c. the CLO Security's estimated EL materially exceeds the loss benchmarks for the current rating.

(2) For a CLO Security rated A1 (sf) - A3 (sf),

a. the CLO's Updated WARF is more than 20% worse than its reported WARF in March,

b. the CLO's OC ratio for the securities has decreased by more than 1% since Moody's last rating action before 17 April, and

c. the CLO Security's estimated EL materially exceeds the loss benchmarks for the current rating.

(3) For a CLO Security rated Baa1 (sf) or lower,

a. the CLO's Updated WARF is more than 15% worse than its reported WARF in March, or the CLO's Updated WARF is not more than 15% worse than its reported WARF in March but the CLO's OC ratio for the securities has decreased by more than 0.75% since Moody's last rating action; or

b. for the securities rated Baa1 (sf) or lower in the transaction, any CLO Security's estimated EL materially exceeds the loss benchmarks for the current rating;

c. Notwithstanding the criteria above, we exclude the CLO Security if none of the CLO's securities rated Baa1 (sf) and lower have estimated ELs that materially exceed the loss benchmarks for their current rating.

(4) Notwithstanding the foregoing, certain securities are not affected by today's actions after incorporating other qualitative considerations, such as the expected benefit that more-senior tranches will derive from deleveraging within a relatively short horizon or estimated ELs that are significantly lower than the loss benchmarks for the securities' current ratings.

In addition, Moody's placed on review for possible downgrade its ratings on Combination Securities and secured notes if they were collateralized by a CLO Security whose rating Moody's placed on review for downgrade in this rating action.

Moody's ratings of the Combination Securities address only the ultimate receipt of the Combination Securities Rated Balance by the holders of the Combination Securities. Moody's ratings of the Combination Securities do not address any other payments or additional amounts that a holder of the Combination Securities may receive pursuant to the underlying documents.

Moody's analysis has considered the effect of the coronavirus outbreak on the US economy as well as the effects that the announced government measures, put in place to contain the virus, will have on the performance of corporate assets. The contraction in economic activity in the second quarter will be severe and the overall recovery in the second half of the year will be gradual. However, there are significant downside risks to Moody's forecasts in the event that the pandemic is not contained, and lockdowns have to be reinstated. As a result, the degree of uncertainty around these forecasts is unusually high. Moody's regards the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

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

The performance of rated CLO Securities, and dependent Combination Securities and secured notes, is subject to, and is sensitive to, the performance of the related CLOs' underlying portfolios and related CLOs, respectively, which in turn depends on economic and credit conditions that may change. In particular, the length and severity of the economic and credit shock precipitated by the global coronavirus pandemic will have a significant impact on the performance of the securities. Additionally, to the extent that trading is permitted and feasible with respect to a CLO, the applicable CLO manager's investment decisions and management of such transaction will also affect the performance of the CLO's rated CLO Securities and any rated linked Combination Securities and secured notes.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in March 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111156. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL425618 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Rating Solicitation

• Issuer Participation

• Participation: Access to Management

• Participation: Access to Internal Documents

• Disclosure to Rated Entity

• Endorsement

• Lead Analyst

• Releasing Office

• Person Approving the Credit Rating

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

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the 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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

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.

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.

Aniket Deshpande
VP-Sr Credit Officer/Manager
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Leon Mogunov
Associate Managing Director
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Dev Chatterjee
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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