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Rating Action:

Moody's reviews U.S. regional banks' supported ratings

27 Jul 2010

New York, July 27, 2010 -- Moody's Investors Service announced today that it is reviewing for possible downgrade the ratings of ten large U.S. regional banks (see list below) that currently benefit from systemic support. In addition, for the two of these banks whose holding company ratings benefit from support, these supported ratings are also being reviewed for possible downgrade. All of the ratings being reviewed have benefited from Moody's increased expectation of government support since 2009. None of the banks' unsupported ratings, such as their bank financial strength ratings, are on review. (Please see the list at the bottom of this release for detail on the ratings that were placed on review.)

During its review, Moody's will consider its government support assumptions for these ten large U.S. regional banks in light of the recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Moody's had incorporated extraordinary support into the banks' ratings in 2009 when the U.S. banking system was in turmoil and the government clearly stated that there would be extraordinary support for the larger regional banks. Now that the U.S. banking system has moved beyond the depths of the financial crisis, the probability of government support for these banks could be lower, in Moody's view.

Additionally, although government authorities had the power to resolve these institutions prior to the recent signing of Dodd-Frank Act into law, Moody's believes that the new law signals the potential that government support for these banks will be reduced. A reduction of Moody's government support assumptions could lead to downgrades of these banks' supported ratings.

Moody's will also incorporate in its review other elements that may influence its government support assumptions. These include each bank's deposit market share and importance to the national payment system. The rating agency notes that some of these regional banks have expanded during the crisis, primarily by acquiring troubled institutions, and in doing so may have become more systemically important in some cases.

Additionally, through its TARP investments, the U.S. government currently has a financial stake in six of the regional banks placed on review (Fifth Third Bancorp; KeyCorp; Popular, Inc.; Regions Financial Corporation; SunTrust Banks, Inc.; Zions Bancorporation). During its review Moody's will examine whether these sizable investments make the government less likely to resolve these banks to the detriment of senior and subordinated creditors that rank above the government in their priority of claim (and could therefore lead to a higher assumption of potential support as long as these TARP investments remain outstanding).

The banks under review are subsidiaries of the following ten holding companies, listed alphabetically:

BB&T Corporation

Capital One Financial Corporation

Fifth Third Bancorp

KeyCorp

PNC Financial Services Group, Inc.

Popular, Inc.

Regions Financial Corporation

SunTrust Banks, Inc.

U.S. Bancorp

Zions Bancorporation

For eight of these firms (all except SunTrust and Regions), only bank-level ratings had received ratings lift -- in each case of one notch from government support. Therefore, none of these eight banks is subject to more than a one notch downgrade of their supported ratings, specifically, deposit, senior and senior subordinated debt ratings.

For SunTrust and Regions, their bank-level ratings currently receive ratings lift of two notches from government support, and their holding company ratings receive ratings lift of one notch from government support. Therefore, their supported ratings could fall by up to two notches at the bank level and by up to one notch at the holding company level.

In a separate action, Moody's today affirmed the ratings of Bank of America, Citigroup, and Wells Fargo while at the same time changing the outlook to negative from stable on their ratings that currently receive ratings uplift as a result of Moody's assumption of systemic support (including their senior debt and deposit ratings). (See press release dated July 27, 2010).

The last rating action on BB&T Corporation, Capital One Financial Corporation, Fifth Third Bancorp, Keycorp, Regions Financial Corporation, SunTrust Banks, Inc. and U.S. Bancorp was on February 17, 2010 when Moody's downgraded the ratings on certain U.S. banks' hybrid securities, in line with its revised Guidelines for Rating Bank Hybrids and Subordinated Debt, published in November 2009.

The last rating action on PNC Financial Services Group, Inc., was on April 7, 2010 when Moody's changed the rating outlook on PNC and its subsidiaries to stable from negative.

The last rating action on Popular, Inc. was on September 24, 2009 when Moody's confirmed the ratings of Popular and its subsidiaries.

The last rating action on Zions Bancorporation was on April 20, 2009, when Moody's downgraded Zions and its subsidiaries.

The principal methodologies used in rating these issuers were Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007, and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007, and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

On Review for Possible Downgrade:

..Issuer: Banco Popular de Puerto Rico

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

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

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

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Baa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Baa2

..Issuer: Branch Banking and Trust Company

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Aa3 to Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: BB&T Financial, FSB

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Issuer: Capital One Bank

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently A3, P-1

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

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Capital One, N.A.

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: Fifth Third Bank, Ohio

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

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

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: KeyBank National Association

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3, P-1

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

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently a range of A2 to P-1

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: PNC Bank, N.A.

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently A2, A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Bank Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: National City Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: National City Bank of Indiana

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: National City Bank of Kentucky

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: National City Bank of Pennsylvania

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Provident Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Regions Bank

....Issuer Rating, Placed on Review for Possible Downgrade, currently Baa1

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

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

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Baa1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of Baa2 to P-2

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

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Baa1

..Issuer: Regions Financial Corporation

....Issuer Rating, Placed on Review for Possible Downgrade, currently Baa3, P-3

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently a range of (P)Ba2 to (P)Baa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Ba1

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

..Issuer: Regions Financing Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Ba2

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Ba2

..Issuer: Regions Financing Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Ba2

..Issuer: AmSouth Bancorporation

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1

..Issuer: AmSouth Bank

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

..Issuer: Union Planters Bank, National Association

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

..Issuer: Union Planters Corporation

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba1

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

..Issuer: SunTrust Bank

....Issuer Rating, Placed on Review for Possible Downgrade, currently A2

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently a range of A3 to P-1

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

....Senior Unsecured Deposit Note/Takedown, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2, P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Issuer: SunTrust Banks, Inc.

....Issuer Rating, Placed on Review for Possible Downgrade, currently Baa1

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3, (P)Baa1

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

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

..Issuer: SunTrust Capital I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: SunTrust Capital IX

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: SunTrust Capital VIII

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: SunTrust Capital X

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XIII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XIV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XV

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XVI

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: SunTrust Capital XVII

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Baa3

..Issuer: National Commerce Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa3

..Issuer: U.S. Bank National Association

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently Aa2, Aa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: U.S. Bank National Association ND

....Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Issuer: Zions First National Bank

....Issuer Rating, Placed on Review for Possible Downgrade, currently Ba3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Ba3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Ba2

..Issuer: Amegy Bank National Association

....Issuer Rating, Placed on Review for Possible Downgrade, currently Ba3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Ba3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Ba2

..Issuer: California Bank & Trust

....Issuer Rating, Placed on Review for Possible Downgrade, currently Ba3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Ba3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Ba2

..Issuer: Nevada State Bank

....Issuer Rating, Placed on Review for Possible Downgrade, currently Ba3

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently Ba3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Ba2

Outlook Actions:

..Issuer: Banco Popular de Puerto Rico

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

..Issuer: BB&T Financial, FSB

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

..Issuer: Branch Banking and Trust Company

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

..Issuer: Capital One Bank

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

..Issuer: Capital One, N.A.

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

..Issuer: Fifth Third Bank, Ohio

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

..Issuer: KeyBank National Association

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

..Issuer: PNC Bank, N.A.

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

..Issuer: National City Bank

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

..Issuer: National City Bank of Indiana

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

..Issuer: National City Bank of Kentucky

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

..Issuer: National City Bank of Pennsylvania

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

..Issuer: Provident Bank

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

..Issuer: Regions Bank

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

..Issuer: Regions Financial Corporation

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

..Issuer: Regions Financing Trust II

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

..Issuer: Regions Financing Trust III

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

..Issuer: AmSouth Bancorporation

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

..Issuer: AmSouth Bank

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

..Issuer: Union Planters Bank, National Association

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

..Issuer: Union Planters Corporation

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

..Issuer: SunTrust Bank

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

..Issuer: SunTrust Banks, Inc.

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

..Issuer: SunTrust Capital I

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

..Issuer: SunTrust Capital IX

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

..Issuer: SunTrust Capital VIII

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

..Issuer: SunTrust Capital X

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

..Issuer: SunTrust Capital XI

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

..Issuer: SunTrust Capital XII

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

..Issuer: SunTrust Capital XIII

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

..Issuer: SunTrust Capital XIV

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

..Issuer: SunTrust Capital XV

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

..Issuer: SunTrust Capital XVI

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

..Issuer: SunTrust Capital XVII

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

..Issuer: National Commerce Capital Trust I

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

..Issuer: U.S. Bank National Association

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

..Issuer: U.S. Bank National Association ND

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

..Issuer: Zions First National Bank

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

..Issuer: Amegy Bank National Association

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

..Issuer: California Bank & Trust

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

..Issuer: Nevada State Bank

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

New York
Robert Young
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Allen H. Tischler
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews U.S. regional banks' supported ratings
No Related Data.
© 2018 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. 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.

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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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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