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
Rating Action:

Moody's reviews for upgrade Goldman Sachs Group's A3 senior ratings, affirms ratings at subsidiaries

29 Oct 2020
NOTE: On November 16, 2020, the press release was corrected as follows: In the debt list, under affirmations for Goldman Sachs International Bank, the LT Counterparty Risk Rating (Foreign Currency) was changed to Aa3 and the ST Counterparty Risk Rating (Foreign Currency) was changed to P-1. Revised release follows.

NOTE: On November 04, 2020, the press release was corrected as follows: In the debt list, under affirmations for Goldman Sachs Bank USA, “LT Deposit Note/CD Program, Affirmed A1, Stable” was changed to “LT Deposit Note/CD Program, Affirmed (P)A1” and “Deposit Note/CD, Affirmed A1, Stable” was added. Revised release follows.

New York, October 29, 2020 -- Moody's Investors Service (Moody's) has placed on review for upgrade the A3 senior unsecured debt and issuer ratings and the Prime-2 short-term ratings of The Goldman Sachs Group, Inc. (Goldman Sachs), including the A3 and Prime-2 ratings on subsidiary obligations guaranteed by Goldman Sachs. At the same time the rating agency affirmed all other ratings and assessments of Goldman Sachs and its rated subsidiaries. With this rating action, the outlook for the parent holding company Goldman Sachs Group has changed to rating under review from stable, while the outlook for the group's rated operating subsidiaries remains stable. A complete list of affected ratings and entities can be found at the end of this press release.

Moody's said it will review the asset loss rate assumption it uses when assessing the magnitude of loss that would accrue to Goldman Sachs's creditors upon the firm's failure.

RATINGS RATIONALE

Moody's said the ongoing and expected future shift in Goldman Sachs' business mix, together with a number of enhancements in regulatory oversight and resolution planning since the financial crisis, along with significant improvements to the resilience and transparency of the capital markets infrastructure, suggest that a reduction of Moody's 13% at-failure asset loss rate assumption for Goldman Sachs in Moody's Advanced Loss Given Failure (LGF) analysis should be considered.

Goldman Sachs has identified four strategic growth initiatives focused on expanding its earnings in consumer banking, wealth management, corporate transaction services, and third party asset management. Moody's expects that these businesses will generate more stable and recurring revenues than Goldman Sachs's capital markets and principal investing activities. The firm has already reported some initial success with these initiatives, most notably but not exclusively with the substantial growth in its retail deposit base.

During its review, Moody's will examine Goldman Sachs's concentration in capital markets activities and will assess the confidence-sensitivity of these activities, that could give rise to employee attrition and client defections should the company experience distress. Moody's said the magnitude of these sensitivities may now have transitioned to a point sustainably lower than Moody's had previously assessed. There have also been significant improvements to the resilience and transparency of the capital markets infrastructure which should help reduce contagion risk at failure and help mitigate creditor losses, particularly through the expansion of central clearing and agreements in relation to derivatives contracts "stay" protocols which provide for temporary contractual stays on the exercise of default rights by counterparties to a failed institution.

Moody's said that should it lower Goldman Sachs's LGF asset loss rate assumption to a level consistent with global peers, the senior unsecured debt and issuer ratings of the parent holding company (including similarly rated guaranteed subsidiary obligations) could be upgraded by one notch to reflect the improved measure of asset recovery values at failure that would accrue to this class of creditors. However, the rating agency noted that the review will also consider the likely future level of parent holding company debt outstanding. A significantly reduced level of holding company debt outstanding would reduce the benefit to holding company creditors of the lower loss rate assumption. Moody's expects that as Goldman Sachs' bank subsidiaries continue to grow their deposit funding, the firm's need for funding at the parent holding company level may decline. Were the rating agency to conclude that a significant decline in holding company debt outstanding was likely over the medium term, it could result in a confirmation of the senior debt and issuer ratings of the parent holding company and similarly rated guaranteed subsidiary obligations regardless of a reduction in Goldman Sachs's LGF asset loss rate assumption.

Moody's said the affirmation of all other ratings and assessments of Goldman Sachs and its rated subsidiaries, including the baa1 Baseline Credit Assessment for Goldman Sachs Bank USA, reflects the firm's strengthened capital ratios, its continued resilient profitability, aided by strong cost discipline, and an expected gradual reduction in its reliance on wholesale funding as it continues to grow its deposit business. The ratings are also supported by the continued robustness of the firm's management of asset risk, its strong client relationships, and well balanced capital markets franchise. These core strengths have resulted in lower earnings volatility than at many of its peers despite the firm's heavy involvement in global capital market activities and its reliance on wholesale funding.

The affirmation also reflects the rating agency's expectation that Goldman Sachs's recent settlement with US and foreign government authorities over its involvement with the Malaysian sovereign development fund 1MDB will not have any significant adverse financial impact on the firm and that the firm will obtain the necessary waivers to avoid any loss of licenses or authorities stemming from its guilty plea that would limit its future business opportunities. The settlement highlights weaknesses from five or more years ago in firm's compliance risk management. In addition to more traditional areas of risk management, Moody's considers the management of compliance risks and other non-financial risks an important part of effective governance. However, Moody's also notes that since the issues with 1MDB first came to light, Goldman Sachs has taken numerous steps to strengthen its local and global compliance functions, including enhancing internal controls. These initiatives were recognized by several of the regulatory authorities involved in the settlement, and the rating agency believes they are supportive of the firm's credit profile. In this regard, Moody's also believes the actions taken by the board of directors to claw back substantial amounts of compensation from a number of current and former senior executives at the firm establishes clear accountability at the senior-most levels of the firm and sets the appropriate tone at the top to help ensure the steps taken to strengthen compliance and enforce responsibility firmwide for improper individual behavior are effective. In addition, Moody's does not believe the weaknesses found in the firm's compliance risk management were or are present in the firm's management of credit risk and market risk.

Moody's said the affirmation of all other ratings and assessments of Goldman Sachs and its rated subsidiaries also reflects that those ratings and assessments would remain unaffected should Moody's conclude its review by lowering Goldman Sachs's LGF asset loss rate assumption. Moody's said that any resulting improvement to the assessed creditworthiness of the operating subsidiaries' rated obligations would not be sufficient to merit any further upward notching from Goldman Sachs Bank USA's baa1 Baseline Credit Assessment (BCA). In this respect, Moody's noted that these subsidiaries' ratings are already at the maximum three notches above the BCA.

The stable outlook for Goldman Sachs's rated operating subsidiaries reflects Moody's expectation that the firm will continue to report solid profitability and capital ratios above those of most of its peers and will maintain its improved funding profile, while its robust risk management and controls framework and strong client relationships will allow the firm to continue to generate lower earnings volatility than at many of its peers.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Goldman Sachs's parent holding company A3 senior unsecured debt and issuer ratings and Prime-2 short-term ratings could be upgraded should Moody's conclude its review by reducing its 13% at-failure asset loss rate assumption for the firm and the rating agency concludes that a significant decline in holding company debt outstanding is unlikely over the medium term.

Goldman Sachs's and its rated subsidiaries' ratings could be upgraded if the firm's tangible common equity ratio were likely to remain above 14% of advanced approaches risk-weighted assets, its reliance on market funds were to fall below 40% of tangible banking assets, and its net income were to exceed 1% of tangible assets, all on a sustainable basis. The ratings could also be upgraded if the firm's strategic initiatives succeed in enhancing its earnings stability and increasing its earnings diversification.

Goldman Sachs's and its rated subsidiaries' ratings could be downgraded if the firm's tangible common equity ratio declines below 12% or net income/tangible assets declines below 0.5% if the firm is unlikely to be able restore either over the near-term. The ratings could also be downgraded if there is a significant increase in the firm's earnings volatility, if the firm suffers from a significant loss of clients or a material erosion of capital due to reputational or legal concerns, or if there are any indications of control or risk management failures, a marked increase in risk appetite, or any deterioration in the firm's liquidity profile.

Goldman Sachs's parent holding company A3 senior unsecured debt and issuer ratings could be downgraded should Moody's conclude its review by maintaining its 13% at-failure asset loss rate assumption for the firm and the rating agency also concludes that a significant decline in holding company debt outstanding is likely over the medium term.

LIST OF AFFECTED RATINGS

Issuer: The Goldman Sachs Group, Inc.

..Placed on Review for Upgrade:

....LT Issuer Rating, Placed on Review for Upgrade, Currently A3, Rating Under Review from Stable

....Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, Currently A3, Rating Under Review from Stable

....Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, Currently A3, Rating Under Review from Stable

....Senior Unsecured Medium-Term Note Program (Local Currency), Placed on Review for Upgrade, Currently (P)A3

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Placed on Review for Upgrade, Currently (P)A3

....Commercial Paper, Placed on Review for Upgrade, Currently P-2

....Other Short Term (Local Currency), Placed on Review for Upgrade, Currently (P)P-2

....Other Short Term (Foreign Currency), Placed on Review for Upgrade, Currently (P)P-2

..Affirmations:

....Subordinate Regular Bond/Debenture (Local Currency), Affirmed Baa2

....Subordinate Regular Bond/Debenture (Foreign Currency), Affirmed Baa2

....Subordinate Medium-Term Note Program (Local Currency), Affirmed (P)Baa2

....Subordinate Medium-Term Note Program (Foreign Currency), Affirmed (P)Baa2

....Pref. Stock Non-cumulative, Affirmed Ba1(hyb)

Outlook Actions:

....Outlook, Changed to Rating Under Review from Stable

Issuer: Goldman Sachs Bank USA

..Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Baseline Credit Assessment, Affirmed baa1

....LT Counterparty Risk Assessment, Affirmed Aa3(cr)

....ST Counterparty Risk Assessment, Affirmed P-1(cr)

....LT Counterparty Risk Rating (Local Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Local Currency), Affirmed P-1

....LT Counterparty Risk Rating (Foreign Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

....LT Issuer Rating, Affirmed A1, Stable

....LT Bank Deposits, Affirmed A1, Stable

....ST Bank Deposits, Affirmed P-1

....Senior Unsecured Bank Note Program, Affirmed (P)A1

....LT Deposit Note/CD Program, Affirmed (P)A1

....ST Deposit Note/CD Program, Affirmed (P)P-1

....Deposit Note/CD, Affirmed A1, Stable

Outlook Actions:

....Outlook, Remains Stable

Issuer: GS Finance Corp.

..Placed on Review for Upgrade:

....Backed Senior Unsecured Regular Bond/Debenture (Local Currency), Placed on Review for Upgrade, Currently A3, Rating Under Review from Stable

....Backed Senior Unsecured Regular Bond/Debenture (Foreign Currency), Placed on Review for Upgrade, Currently A3, Rating Under Review from Stable

....Backed Senior Unsecured Shelf, Placed on Review for Upgrade, Currently (P)A3

....Backed Senior Unsecured Medium-Term Note Program, Placed on Review for Upgrade, Currently (P)A3

Outlook Actions:

....Outlook, Changed to Rating Under Review from Stable

Issuer: Asset Funding Company IV Limited

..Placed on Review for Upgrade:

....Backed Senior Secured Medium-Term Note Program (Foreign Currency), Placed on Review for Upgrade, Currently (P)A3

....Backed Other Short Term (Foreign Currency), Placed on Review for Upgrade, Currently (P)P-2

Outlook Actions:

....Outlook, Changed to Rating Under Review from No Outlook

Issuer: Goldman Sachs Bank Europe SE

..Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Baseline Credit Assessment, Affirmed baa1

....LT Counterparty Risk Assessment, Affirmed Aa3(cr)

....ST Counterparty Risk Assessment, Affirmed P-1(cr)

....LT Counterparty Risk Rating (Local Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Local Currency), Affirmed P-1

....LT Counterparty Risk Rating (Foreign Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

....LT Issuer Rating, Affirmed A1, Stable

....ST Issuer Rating, Affirmed P-1

....LT Bank Deposits, Affirmed A1, Stable

....ST Bank Deposits, Affirmed P-1

Outlook Actions:

....Outlook, Remains Stable

Issuer: Goldman Sachs Canada Finance Co.

..Placed on Review for Upgrade:

....Backed Commercial Paper, Placed on Review for Upgrade, Currently P-2

Outlook Actions:

....Outlook, Changed to Rating Under Review from No Outlook

Issuer: Goldman Sachs Capital I

..Affirmations:

....Backed Pref. Stock, Affirmed Baa3(hyb)

Issuer: Goldman Sachs Capital II

..Affirmations:

....Backed Pref. Stock Non-cumulative, Affirmed Ba1(hyb)

Issuer: Goldman Sachs Capital III

..Affirmations:

....Backed Pref. Stock Non-cumulative, Affirmed Ba1(hyb)

Issuer: Goldman Sachs Financial Products I Limited

..Placed on Review for Upgrade:

....Backed Senior Unsecured Medium-Term Note Program (Foreign Currency), Placed on Review for Upgrade, Currently (P)A3

Outlook Actions:

....Outlook, Changed to Rating Under Review from No Outlook

Issuer: Goldman Sachs International

..Affirmations:

....LT Issuer Rating, Affirmed A1

....ST Issuer Rating, Affirmed P-1

....LT Counterparty Risk Assessment, Affirmed Aa3(cr)

....ST Counterparty Risk Assessment, Affirmed P-1(cr)

....Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed A1

....Backed Senior Unsecured Regular Bond/Debenture (Foreign Currency), Affirmed A1

....Senior Unsecured Medium-Term Note Program (Local Currency), Affirmed (P)A1

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)A1

....Backed Senior Unsecured Medium-Term Note Program (Foreign Currency), Affirmed (P)A1

....Backed Senior Secured Medium-Term Note Program (Foreign Currency), Affirmed (P)A1

....Backed Senior Secured Regular Bond/Debenture (Foreign Currency), Affirmed A1

....Commercial Paper, Affirmed P-1

....Backed Other Short Term (Foreign Currency), Affirmed (P)P-1

....Backed Other Short Term (Foreign Currency), Affirmed P-1

Outlook Actions:

....Outlook, Remains Stable

Issuer: Goldman Sachs International Bank

..Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed baa1

....Baseline Credit Assessment, Affirmed baa2

....LT Counterparty Risk Assessment, Affirmed Aa3(cr)

....ST Counterparty Risk Assessment, Affirmed P-1(cr)

....LT Counterparty Risk Rating (Local Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Local Currency), Affirmed P-1

....LT Counterparty Risk Rating (Foreign Currency), Affirmed Aa3

....ST Counterparty Risk Rating (Foreign Currency), Affirmed P-1

....LT Issuer Rating (Foreign Currency), Affirmed A1, Stable

....ST Issuer Rating (Foreign Currency), Affirmed P-1

....LT Bank Deposits (Local Currency), Affirmed A1, Stable

....ST Bank Deposits (Local Currency), Affirmed P-1

....LT Bank Deposits (Foreign Currency), Affirmed A1, Stable

....ST Bank Deposits (Foreign Currency), Affirmed P-1

....LT Deposit Note/CD Program (Local Currency), Affirmed (P)A1

....ST Deposit Note/CD Program (Local Currency), Affirmed (P)P-1

....LT Deposit Note/CD Program (Foreign Currency), Affirmed (P)A1

....ST Deposit Note/CD Program (Foreign Currency), Affirmed (P)P-1

Outlook Actions:

....Outlook, Remains Stable

Issuer: Goldman Sachs Japan Co., Ltd.

..Placed on Review for Upgrade:

....Backed Commercial Paper, Placed on Review for Upgrade, Currently P-2

Outlook Actions:

....Outlook, Changed to Rating Under Review from No Outlook

The principal methodology used in rating The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, GS Finance Corp., Asset Funding Company IV Limited, Goldman Sachs Bank Europe SE, Goldman Sachs Canada Finance Co., Goldman Sachs Capital I, Goldman Sachs Capital II, Goldman Sachs Capital III, Goldman Sachs Financial Products I Limited, Goldman Sachs International Bank, and Goldman Sachs Japan Co., Ltd. was Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865. The principal methodologies used in rating Goldman Sachs International were Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865, and Securities Industry Market Makers Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187332. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

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.

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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

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 Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

David Fanger
Senior Vice President
Financial Institutions 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

Ana Arsov
MD - Financial Institutions
Financial Institutions 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.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

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

Moodys.com