info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
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
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
Announcement:

Moody's reviews CPS subprime auto loan ABS for possible upgrade

03 Feb 2011

Approximately $393 million of asset-backed securities affected

New York, February 03, 2011 -- Moody's has placed on review for possible upgrade fifteen tranches from eleven transactions sponsored by Consumer Portfolio Services, Inc. from 2005 to 2008.

Issuer: CPS Auto Receivables Trust 2005-C

Cl. A-2, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: A3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 5, 2008 Upgraded to A3 (sf)

Issuer: CPS Auto Receivables Trust 2005-D

Cl. A-2, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: A3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 5, 2008 Upgraded to A3 (sf)

Issuer: CPS Auto Receivables Trust 2006-A

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 31, 2006 Assigned Baa3 (sf)

Issuer: CPS Auto Receivables Trust 2006-B

Cl. A-4, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 18, 2009 Downgraded to Baa2 (sf)

Financial Guarantor: MBIA Insurance Corporation (B3; previously on 2/18/2009 Downgraded to B3 from Baa1)

Underlying Rating: Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Jul 3, 2006 Assigned Baa2 (sf)

Issuer: CPS Auto Receivables Trust 2006-C/CPS Cayman Residual Trust 2006-C

Cl. A-4, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Aug 5, 2008 Downgraded to Baa2 (sf)

Financial Guarantor: Syncora Guarantee Inc., (Ca; previously on 3/9/2009 Downgraded to Ca from Caa1)

Underlying Rating: Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Oct 3, 2006 Assigned Baa2 (sf)

Cl. B, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 3, 2006 Assigned Ba3 (sf)

Issuer: CPS Auto Receivables Trust 2006-D/CPS Cayman Residual Trust 2006-D

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa3 (sf)

Cl. B, B1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to B1 (sf)

Issuer: CPS Auto Receivables Trust 2007-A/CPS Cayman Residual Trust 2007-A

Cl. A-4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa3 (sf)

Financial Guarantor: MBIA Insurance Corporation (B3; previously on 2/18/2009 Downgraded to B3 from Baa1)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa3 (sf)

Cl. B, B1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to B1 (sf)

Issuer: CPS Auto Receivables Trust 2007-B

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa3 (sf)

Issuer: CPS Auto Receivables Trust 2007-C

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 31, 2008 Downgraded to Baa3 (sf)

Issuer: CPS Auto Receivables Trust 2007-TFC

Cl. A-2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 5, 2008 Downgraded to Baa3 (sf)

Financial Guarantor: Syncora Guarantee Inc., (Ca; previously on 3/9/2009 Downgraded to Ca from Caa1)

Underlying Rating: Baa3 (sf) Placed Under Review for Possible Upgrade; previously on May 14, 2007 Assigned Baa3 (sf)

Issuer: CPS Auto Receivables Trust 2008-A

Cl. A-3, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa1 (sf)

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 12, 2009 Confirmed at Aa3 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp . (Aa3; previously Confirmed on 11/12/2009)

Underlying Rating: Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 7, 2009 Downgraded to Baa1 (sf)

RATINGS RATIONALE

The review was prompted by updated lower loss expectations relative to current levels of credit enhancement.

Moody's expects CPS Auto Receivables Trust 2005-C to incur lifetime cumulative net losses (CNL) in the range of 14.50% to 14.75% of the original pool balance, compared to previous expectation of 17%. Total hard credit enhancement (excluding excess spread of approximately 8.0% per annum) for class A-2 notes is approximately 100.00% of the outstanding collateral pool balance. This transaction has paid down significantly with a pool factor of 3.1 % of original pool balance.

Moody's expects CPS Auto Receivables Trust 2005-D to incur lifetime CNL in the range of 15.50% to 16.00% of the original pool balance, compared to previous expectation of 17%. Total hard credit enhancement (excluding excess spread of approximately 8.1% per annum) for class A-2 notes is approximately 80% of the outstanding collateral pool balance. This transaction has paid down significantly with a pool factor of 4.8% of original pool balance.

Moody's expects CPS Auto Receivables Trust 2006-A to incur lifetime CNL in the range of 16.50% to 17.00% of the original pool balance, compared to previous expectation of 17%. Total hard credit enhancement (excluding excess spread of approximately 7.7% per annum) for class A-4 notes is approximately 45% of the outstanding collateral pool balance. This transaction has paid down significantly with a pool factor of 7.2% of original pool balance.

Moody's expects CPS Auto Receivables Trust 2006-B to incur lifetime CNL in the range of 18.00% to 19.00% of the original pool balance, compared to previous expectation of 19%. Total hard credit enhancement (excluding excess spread of approximately 7.6% per annum) for class A-4 notes is approximately 55% of the outstanding collateral pool balance. This transaction has paid down significantly with a pool factor of 10.0% of original pool balance.

Moody's expects CPS Auto Receivables Trust 2006-C, 2006-D, 2007-A, 2007-B, 2007-C and 2008-A to incur lifetime CNL in the range of 19.50% to 21.00% of the original pool balance, compared to previous expectations of 21%, 22%, 21%, 22%, 22%, 23% respectively. For 2006-C transaction, total hard credit enhancement (excluding excess spread of approximately 8.0% per annum) for class A-4 and class B notes is approximately 41% and 31% of the outstanding collateral pool balance. For 2006-D transaction, total hard credit enhancement (excluding excess spread of approximately 8.5% per annum) for class A-4 and class B is approximately 31% and 25% respectively of the outstanding collateral pool balance. For 2007-A transaction, total hard credit enhancement (excluding excess spread of approximately 8.4% per annum) for class A-4 and class B is approximately 33% and 26% respectively of the outstanding collateral pool balance. For 2007-B transaction, total hard credit enhancement (excluding excess spread of approximately 8% per annum) for class A-4 is approximately 30% of the outstanding collateral pool balance. For 2007-C transaction, total hard credit enhancement (excluding excess spread of approximately 7.7% per annum) for class A-3 and A-4 is approximately 26% of outstanding collateral pool balance. For 2008-A transaction, total hard credit enhancement (excluding excess spread of approximately 5.9% per annum) for class A-3 and A-4 is approximately 38% of outstanding collateral pool balance. Pool factors for 2006-C, 2006-D, 2007-A, 2007-B, 2007-C and 2008-A are 12.6%, 17.0%, 21.0%, 25.4%, 29.3% and 36.3% respectively of original pool balance.

Moody's expects CPS Auto Receivables Trust 2007-TFC to incur lifetime CNL in the range of 16% to 17% of the original pool balance. Total hard credit enhancement for class A-2 is 45% of outstanding collateral pool balance. Pool factor for the transaction is 12.9% of original pool balance.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics. Primary sources of assumption uncertainty are the current macroeconomic environment, in which unemployment continues to rise, and weakness in the RV and marine market. Overall, Moody's central global scenario remains "Hook-shaped" for 2010 and 2011; we expect overall a sluggish recovery in most of the world largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in these notes was "Moody's Approach to Rating U.S. Auto Loan-Backed Securities" rating methodology published in June 2007. Other methodologies and factors that may have been considered in the process of rating these notes can also be found on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com.

The underlying ratings reflect the intrinsic credit quality of the securities in the absence of the transactions' guarantees from monoline bond insurers. The current ratings on the securities are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's FIS Domestic Sales Office - San Francisco CA
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Alda F. Sanchez
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's reviews CPS subprime auto loan ABS for possible upgrade
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