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

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

PLEASE READ AND SCROLL DOWN!

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

Terms of One-Time Website Use

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

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

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

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

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

I AGREE
Related Issuers
ABANCA Corporacion Bancaria, S.A.
Abanka d.d.
Abbey National Treasury International Ltd.
Abbey National Treasury Services plc
Abbey National Treasury Services plc, Paris
ABN AMRO Bank N.V.
ABSA Bank Limited
Absolut Bank (PAO)
Abu Dhabi Commercial Bank
Abu Dhabi Islamic Bank
Agence France Locale
Agricultural Bank of China Limited
Agrobank
Ahli United Bank K.S.C.P
AIB North America, Inc.
Akbank T.A.S.
Akibank
Aktia Bank p.l.c.
Al Ahli Bank of Kuwait K.S.C.P.
Al Hilal Bank PJSC
Al Rajhi Bank
Alawwal Bank
Alfa-Bank
Aljba Alliance Commercial Bank
Allfirst Preferred Asset Trust
Allfirst Preferred Capital Trust
Alliance & Leicester Group Treasury plc
Alliance & Leicester plc
Allied Bank Limited
Allied Irish Banks, p.l.c.
Alokabank Joint-Stock Commercial Bank
Alpha Bank AE
Amarillo National Bank
AmBank (M) Berhad
AMBB Capital (L) Ltd
Amegy Bank National Association
Amen Bank
American Express Bank, FSB
American Express National Bank
American Savings Bank, FSB
AMP Bank Limited
AmSouth Bancorporation
AmSouth Bank
Amsterdam Trade Bank N.V.
AN Structured Issues Limited
ANZ Bank New Zealand Limited
AO RAIFFEISENBANK
Arab Bank PLC
Arab Banking Corporation B.S.C.
Arab National Bank
Arab Tunisian Bank
Ardshinbank CJSC
Armeconombank (Armenian Economy Devt Bank)
AS Expobank
Asaka Bank
ASB Bank Limited
ASB Capital Limited
ASB Finance Limited
ASB Finance Limited, London Branch
Asia Alliance Bank
Asia Commercial Bank
Asian - Pacific Bank
Asset Funding Company IV Limited
Associated Banc-Corp
Associated Bank, N.A.
Associates Corporation of North America
Astoria Bank
Astoria Financial Corporation
Asya Katilim Bankasi A.S.
ATF Bank
Attica Bank S.A.
Australia and New Zealand Banking Grp. Ltd.
Autotorgbank
AXA Bank Belgium
Axis Bank Limited, DIFC Branch
Axis Bank Limited, Hong Kong Branch
Axis Bank Ltd
Axis Bank Ltd, Singapore Branch
B of A Issuance B.V.
BA Australia Limited
BAC AAH Capital Funding LLC I
BAC AAH Capital Funding LLC II
BAC AAH Capital Funding LLC III
BAC AAH Capital Funding LLC IV
BAC AAH Capital Funding LLC IX
BAC AAH Capital Funding LLC V
BAC AAH Capital Funding LLC VI
BAC AAH Capital Funding LLC VII
BAC AAH Capital Funding LLC X
BAC AAH Capital Funding LLC XI
BAC AAH Capital Funding LLC XII
BAC AAH Capital Funding LLC XIII
BAC Canada Finance Company
BAC Capital Trust XIII
BAC Capital Trust XIV
BAC International Bank, Inc
BAC North America Holding Company
Bahrain Islamic Bank B.S.C.
Baltinvestbank
Banca Carige S.p.A.
Banca Comerciala Romana S.A.
Banca del Mezzogiorno - MCC S.p.A.
Banca IMI S.p.A.
Banca Intesa (Russia)
Banca Italease Capital Trust
Banca Italease S.p.A.
Banca March S.A.
Banca Monte dei Paschi di Siena S.p.A.
Banca Nazionale Del Lavoro S.p.A.
Banca Popolare di Lodi Investor Trust III
Banca Popolare di Milano S.C. a r.l.
Banca Popolare Italiana Soc.Coop.
Banca Sella Holding S.p.A.
Bancaja Emisiones, S.A. Unipersonal
Bancaja International Finance
Banco ABC Brasil S.A.
Banco Alfa de Investimento S.A.
Banco Angolano de Investimentos, S.A.
Banco Bandes Uruguay S.A.
Banco Basa S.A.
Banco Bilbao Vizcaya Argentaria Paraguay
Banco Bilbao Vizcaya Argentaria, S.A.
Banco Bilbao Vizcaya Argentaria, SA London Br
Banco Bilbao Vizcaya Argentaria, SA Paris Br
Banco Bilbao Vizcaya Argentaria,SA, New York
Banco BMG S.A.
Banco BOCOM BBM S.A.
Banco Bonsucesso S.A.
Banco BPI S.A.
Banco Bradesco S.A.
Banco Bradesco S.A., Grand Cayman Branch
Banco BTG Pactual S.A.
Banco Cetelem S.A.
Banco Citibank S.A.
Banco Comercial Portugues, S.A.
Banco Comercial Portugues, SA, Macao Br
Banco Continental S.A.E.C.A.
Banco Cooperativo Espanol, S.A.
Banco Davivienda S.A.
Banco Daycoval S.A.
Banco de Bogota S.A.
Banco de Chile
Banco de Costa Rica
Banco de Credito del Peru
Banco de Credito e Inversiones
Banco de Credito Local de Espana, S.A.
Banco de la Republica Oriental del Uruguay
Banco de los Trabajadores
Banco de Reservas de la Republica Dominicana
Banco del Estado de Chile
Banco do Brasil S.A.
Banco Do Brasil S.A. (Cayman)
Banco do Estado de Sergipe S.A.
Banco do Estado do Para S.A.
Banco do Estado do Rio Grande do Sul S.A.
Banco do Nordeste do Brasil S.A.
Banco Espanol de Credito, S.A. (Banesto)
Banco Estado, New York Branch
Banco Fibra S.A.
Banco Ford S.A.
Banco GMAC S.A.
Banco GNB Sudameris S.A.
Banco Hipotecario del Uruguay
Banco Industrial do Brasil S.A.
Banco Industrial S.A.
Banco Indusval S.A. (BI&P)
Banco Internacional de Costa Rica, S.A.
Banco Internacional del Peru - Interbank
Banco Itau BBA (Nassau Branch)
Banco Itau BBA S.A.
Banco Itau Chile
Banco Itau Uruguay S.A.
Banco Latinoamericano de Comercio Exterior
Banco Mercantil do Brasil S.A.
Banco Mizuho do Brasil S.A.
Banco Modal S.A.
Banco Nacional de Costa Rica
Banco Original do Agronegocio S.A.
Banco Original S.A.
Banco Pan S.A.
Banco Paulista S.A.
Banco Pine S.A.
Banco Popolare Luxembourg S.A.
Banco Popolare Societa Cooperativa
Banco Popular de Puerto Rico
Banco Popular Espanol, S.A.
Banco Psa Finance Brasil S.A.
Banco Regional S.A.E.C.A.
Banco Sabadell S.A., London Branch
Banco Sabadell, S.A.
Banco Safra S.A.
Banco Santander (Brasil) S.A.
Banco Santander Puerto Rico
Banco Santander S.A. (Spain)
Banco Santander Totta S.A.
Banco Santander Totta S.A., London
Banco Santander, S.A. (Uruguay)
Banco Santander, S.A., London Branch
Banco Santander-Chile
Banco Sofisa S.A.
Banco Votorantim S.A.
Banco Votorantim S.A. (Nassau Branch)
Bancolombia S.A.
Bangkok Bank Public Company Limited
Bangkok Bank Public Company Ltd. (Hong Kong)
BANIF-Banco Internacional do Funchal, S.A.
Bank AlBilad
Bank Al-Jazira
Bank Audi S.A.L.
Bank BPH S.A.
Bank CenterCredit
Bank Central Asia Tbk (P.T.)
Bank Danamon Indonesia TBK (P.T.)
Bank Dhofar SAOG
Bank Finance and Credit JSC
Bank Handlowy w Warszawie S.A.
Bank Hapoalim B.M.
Bank ICBC Indonesia (P.T.)
Bank Julius Baer & Co. Ltd.
Bank Julius Baer & Co. Ltd., Guernsey Branch
Bank Julius Baer Luxembourg S.A.
Bank Leumi
Bank Mandiri (P.T.)
Bank Millennium S.A.
Bank Muscat SAOG
Bank Negara Indonesia TBK (P.T.)
Bank of Alexandria SAE
Bank of America Corporation
Bank of America, N.A.
Bank of America, N.A. (Sydney Branch)
Bank of America, N.A., London Branch
Bank of Ayudhya
Bank of Baroda
Bank of Ceylon
Bank of China (Hong Kong) Limited
Bank of China Limited
Bank of Communications Co., Ltd.
Bank of Cyprus Public Company Limited
Bank of East Asia, Limited
Bank of Hawaii
Bank of Hawaii Corporation
Bank of India
Bank of Ireland
Bank of Ireland (UK) plc
Bank of Montreal
Bank of N.T. Butterfield & Son Ltd.(The)
Bank of New York Mellon (Lux.) S.A. (The)
Bank of New York Mellon (The)
Bank of New York Mellon Corporation (The)
Bank of New York Mellon SA/NV (The)
Bank of New York Mellon Trust Company, N.A.
Bank of New Zealand
Bank of Ningbo Co., Ltd.
Bank of Nova Scotia
Bank of Queensland Limited
Bank of Scotland plc
Bank of Scotland plc, Australia Branch
Bank of Shanghai Co., Ltd.
Bank of Singapore Limited
Bank of Taiwan
Bank of the Philippine Islands
Bank of the West
Bank One N.A. (Chicago)
Bank One, Delaware, N.A.
Bank One, Michigan
Bank One, National Association
Bank Otkritie Financial Corporation PJSC
Bank Permata Tbk (P.T.)
Bank Polska Kasa Opieki S.A.
Bank Rakyat Indonesia (P.T.)
BANK RSB 24 (JSC)
Bank Saint-Petersburg PJSC
Bank Tabungan Negara (P.T.)
Bank Technique OJSC
Bank Uralsib
Bank Uralsky Financial House
Bank Vontobel AG
Bank VTB, PJSC
Bank ZENIT PJSC
Bankia, S.A.
Bankinter Emisiones, S.A. Unipersonal
Bankinter Sociedad de Financiacion, S.A.
Bankinter, S.A.
Bankoa, S.A
BankUnited, National Association
BanPonce Trust I
Banque Cantonale Vaudoise
Banque de Tunisie
Banque du Caire SAE
Banque Edel SNC
Banque et Caisse d'Epargne de l'Etat
Banque Federative du Credit Mutuel
Banque Heritage (Uruguay) S.A.
Banque Internationale a Luxembourg
Banque Internationale Arabe de Tunisie
Banque Misr SAE
Banque Monetaire et Financiere
Banque Palatine
Banque Paribas
Banque Pictet & Cie SA
Banque Populaire Alsace Lorraine Champagne
Banque Populaire Aquitaine Centre Atlantique
Banque Populaire Atlantique
Banque Populaire Bourgogne Franche-Comte
Banque Populaire de la Cote d'Azur
Banque Populaire de l'Ouest
Banque Populaire des Alpes
Banque Populaire du Massif Central
Banque Populaire du Nord
Banque Populaire Occitane
Banque Populaire Rives de Paris
Banque Populaire Val de France
Banque PSA Finance
Banque Saudi Fransi
Banque SYZ SA
Barclays Bank PLC
Barclays Bank PLC, Australia Branch
Barclays Bank PLC, Paris Branch
Barclays Capital (Cayman) Limited
Barclays Financial LLC
Barclays Overseas Capital Corp. B.V.
Barclays Overseas Investment Company B.V.
Barclays PLC
Bausparkasse Mainz AG
BAWAG Capital Finance (Jersey) II Limited
BAWAG P.S.K.
Bayerische Landesbank
Bayerische Landesbank, (London Branch)
Bayerische Landesbank, (New York Branch)
Bayerische Landesbank, (Paris Branch)
BB&T Corporation
BBK B.S.C.
BBVA Colombia S.A.
BBVA Global Finance Ltd.
BBVA Global Markets B.V.
BBVA Senior Finance, S.A. Unipersonal
BBVA U.S. Senior, S.A. Unipersonal
BCL International Finance Limited
BCP Finance Bank, Ltd.
BDO Unibank, Inc.
Belagroprombank JSC
Belarusbank
Belfius Bank SA/NV
Belfius Financing Company S.A
Belinvestbank
Bendigo and Adelaide Bank Limited
Berlin Hyp AG
Berliner Sparkasse
Bermuda Commercial Bank Limited
Berner Kantonalbank AG
BGL BNP Paribas
BLOM BANK S.A.L.
BM-Bank JSC
BMCE Bank
BMO Harris Bank National Association
BMW Bank of North America
BNG Bank N.V.
BNP Paribas
BNP Paribas Bank Polska S.A.
BNP Paribas Fortis Funding
BNP Paribas Fortis SA/NV
BNP Paribas Fortis, New York Branch
BNP Paribas Securities Services
BNP Paribas US Medium-Term Note Program LLC
BNP Paribas, Australian Branch
BNP Paribas, New York Branch
BNY Mellon National Association
BNY Mellon Trust of Delaware
BOKF, NA
BOQ Specialist Bank Limited
Boubyan Bank K.S.C.P.
BPCE
BPE Finance International Limited
BPE Financiaciones, S.A.
BPS-Sberbank
Branch Banking and Trust Company
BRB-Banco de Brasilia S.A.
BRD - Groupe Societe Generale
BRED-Banque Populaire
Bremer Landesbank Kreditanstalt Oldenburg GZ
BSI AG
BTA Bank
Budapest Bank Rt.
Burgan Bank A.S.
Burgan Bank K.P.S.C.
Burgan Finance No.1 (Jersey) Limited
Busan Bank
Byblos Bank S.A.L.
BystroBank JSC
Cairo Amman Bank
Caisse C'ale du Credit Immobilier de France
Caisse centrale Desjardins
Caisses d'Epargne Participations
Caixa Economica Federal (CAIXA)
Caixa Economica Montepio Geral, Cay. Is. Br.
Caixa Economica Montepio Geral, CEB, S.A.
Caixa Geral de Depositos Finance
Caixa Geral de Depositos, S.A.
Caixa Geral de Depositos, S.A. (Paris)
Caixa Geral de Depositos/New York
Caixa Geral Finance Limited
CaixaBank, S.A.
Caja Laboral Popular Coop. de Credito
Caja Rural de Navarra
Caja Vital Finance B.V.
California Bank & Trust
CAM Global Finance
CAM Global Finance, S.A. Sociedad Unipersonal
Canadian Imperial Bank of Commerce
Canara Bank
Capital One Bank (USA), N.A.
Capital One Capital II
Capital One Capital III
Capital One Capital IV
Capital One Financial Corporation
Capital One, N.A.
Capitec Bank Limited
card complete Service Bank AG
CASDEN - Banque Populaire
Cassa Centrale Banca S.p.A.
Cassa Centrale Raiffeisen S.p.A.
Cassa di Risparmio di Bolzano S.p.A.
Catalunya Banc SA
Cathay United Bank Co., Ltd
Caymadrid International Ltd.
CB Kuban Credit Ltd
CB Renaissance Credit LLC
CECABANK S.A.
Center-Invest Bank
Central Bank of India
Ceska Sporitelna, a.s.
Ceskoslovenska obchodna banka (Slovakia)
Ceskoslovenska Obchodni Banka, a.s.
Chang Hwa Commercial Bank
Chase Bank USA, National Association
China CITIC Bank Corporation Limited
China CITIC Bank International Limited
China Construction Bank (Asia) Corp. Ltd.
China Construction Bank (Brasil) S.A.
China Construction Bank Corporation
China Everbright Bank Company Limited
China Guangfa Bank Co., Ltd.
China Merchants Bank Co., Ltd.
Chittenden Corporation
Chiyu Banking Corporation, Ltd.
Chong Hing Bank Limited
CIBC Mellon Trust Company
CIMB Bank Berhad
CIMB Group Holdings Berhad
CIMB Islamic Bank Berhad
CIMB Thai Bank Public Company Limited
Citibank Europe plc
Citibank International Limited
Citibank Korea Inc.
Citibank, N.A.
Citibank, N.A., London Branch
CitiFinancial Credit Company
Citigroup Finance Canada Inc
Citigroup Funding, Inc.
Citigroup Global Markets Europe AG
Citigroup Global Markets Holdings Inc.
Citigroup Global Markets Inc.
Citigroup Inc.
Citigroup Pty Limited
Citizens Bank of Pennsylvania
Citizens Bank, N.A.
City National Bank
City National Corporation
Clientis AG
Close Brothers Finance plc
Close Brothers Group plc
Close Brothers Limited
Clydesdale Bank PLC
CMB Wing Lung Bank Limited
CODEIS Securities SA
Comerica Bank
Comerica Incorporated
Commerce Bancshares, Inc.
Commerce Bank
Commercial Bank Agropromcredit (LLC)
Commercial Bank AK BARS, PJSC
Commercial Bank OBRAZOVANIE
Commercial Bank of Dubai PSC
Commercial Bank of Kuwait K.P.S.C.
Commercial International Bank (Egypt) SAE
Commerzbank AG
Commerzbank AG, London Branch
Commerzbank AG, New York Branch
Commerzbank Finance & Covered Bond S.A.
Commerzbank U.S. Finance Inc.
Commonwealth Bank of Australia
Compagnie Bancaire
Compass Bank
CoreStates Capital II
CoreStates Capital III
Countrywide Financial Corporation
Countrywide Home Loans, Inc.
Coventry Building Society
CRCAM Alsace Vosges
CRCAM Atlantique Vendee
CRCAM Brie Picardie
CRCAM Centre Loire
CRCAM Centre-Est
CRCAM Charente Maritime Deux Sevres
CRCAM Charente Perigord
CRCAM d'Alpes-Provence
CRCAM d'Aquitaine
CRCAM de Centre France
CRCAM de Champagne-Bourgogne
CRCAM de la Guadeloupe
CRCAM de la Martinique-Guyane
CRCAM de la Reunion
CRCAM de l'Anjou et du Maine
CRCAM de Lorraine
CRCAM de Normandie
CRCAM de Paris et d'Ile-de-France
CRCAM de Touraine et du Poitou
CRCAM des Cotes-d'Armor
CRCAM des Savoie
CRCAM d'Ille et Vilaine
CRCAM du Centre-Ouest
CRCAM du Finistere
CRCAM du Languedoc
CRCAM du Morbihan
CRCAM du Nord Est
CRCAM Franche-Comte
CRCAM Loire - Haute-Loire
CRCAM Nord de France
CRCAM Nord Midi-Pyrenees
CRCAM Normandie-Seine
CRCAM Provence Cote d'Azur
CRCAM Pyrenees-Gascogne
CRCAM Sud-Mediterranee
CRCAM Sud-Rhone-Alpes
CRCAM Toulouse 31
CRCAM Val de France
Credins Bank Sh.a.
Crediop Overseas Bank Limited
Credit Agricole Bank Polska S.A.
Credit Agricole CIB Finance (Guernsey) Ltd
Credit Agricole CIB Financial Solutions
Credit Agricole CIB Finl Prod. (Guernsey) Ltd
Credit Agricole CIB, New York Branch
Credit Agricole CIB, Tokyo Branch
Credit Agricole Corporate and Investment Bank
Credit Agricole Italia S.p.A.
Credit Agricole S.A.
Credit Agricole S.A., London Branch
Credit Bank of Moscow
Credit Cooperatif
Credit du Maroc
Credit Europe Bank Ltd.
Credit Europe Bank N.V.
Credit Foncier de France
Credit Industriel et Commercial
Credit Mutuel Arkea
Credit Suisse (USA) Inc.
Credit Suisse AG
Credit Suisse AG (Guernsey) Branch
Credit Suisse AG (London) Branch
Credit Suisse AG (Nassau) Branch
Credit Suisse AG (New York) Branch
Credit Suisse AG (Sydney) Branch
Credit Suisse AG (Tokyo) Branch
Credit Suisse Group AG
Credit Suisse Group Finance (Guernsey) Ltd.
Credit Suisse Group Finance (US) Inc.
Credit Suisse Group Finance Luxembourg SA
Credit Suisse Grp. Capital (Guernsey) III Ltd
Credit Suisse International
Credito Emiliano S.p.A.
Credito Valtellinese S.p.A.
CTBC Bank Co., Ltd.
Cullen/Frost Bankers, Inc.
Cullen/Frost Capital Trust II
Daegu Bank, Ltd.
Dah Sing Bank, Limited
Danske Bank A/S
Danske Bank A/S (London Branch)
Danske Bank Plc
Danske Corporation
DB UK Bank Limited
DBS Bank (Hong Kong) Limited
DBS Bank Ltd.
DBS Group Holdings Ltd
De Volksbank N.V.
Debeka Bausparkasse AG
DekaBank Deutsche Girozentrale
Delta Bank
DeltaCredit Bank
Demir-Halk Bank (Nederland) N.V.
Den norske Bank ASA
Den norske Creditbank
Denizbank A.S.
DEPFA ACS BANK DAC
DEPFA BANK plc
DEPFA Bank Plc New York Branch
DEPFA Deutsche Pfandbriefbank AG
DEPFA Public Finance Bank
Derzhava
Deutsche Apotheker- und Aerztebank eG
Deutsche Bank AG
Deutsche Bank AG, London Branch
Deutsche Bank AG, New York Branch
Deutsche Bank AG, Paris Branch
Deutsche Bank AG, Singapore Branch
Deutsche Bank AG, Sydney Branch
Deutsche Bank Financial LLC
Deutsche Bank National Trust Company
Deutsche Bank Trust Company Americas
Deutsche Bank Trust Company Delaware
Deutsche Bank Trust Corporation
Deutsche Finance (Netherlands) B.V.
Deutsche Hypothekenbank (Actien-Gesellschaft)
Deutsche Pfandbriefbank AG
Deutsche Postbank AG
Dexia Crediop S.p.A.
Dexia Credit Local
Dexia Credit Local, New York Branch
Dexia Delaware LLC
Discover Bank
Discover Financial Services
DLJ Cayman Islands LDC
DNB Bank ASA
DNB Bank ASA, New York Branch
Doha Bank Q.P.S.C
Dresdner Bank AG
Dresdner Bank AG, New York Branch
Dresdner Funding Trust I
Dresdner Funding Trust IV
Dresdner U.S. Finance Inc.
DSK Bank PLC
DSK Hyp AG
Dubai Islamic Bank PJSC
DVB Bank S.E.
DZ BANK AG
DZ Bank AG, Cayman Islands Branch
DZ BANK Capital Funding Trust I
DZ BANK Capital Funding Trust II
DZ BANK Capital Funding Trust III
DZ BANK Ireland plc
DZ Bank Perpetual Fund. Issuer (Jersey)
DZ-Bank Ireland plc
E*TRADE Bank
E. Sun Commercial Bank, Ltd.
EBS d.a.c.
EFG Bank AG
EFG International AG
Elavon Financial Services DAC
Emirates NBD PJSC
Erste Bank Hungary Zrt.
Erste Bank, New York
Erste Group Bank AG
Eurasian Bank
Eurobank Ergasias S.A.
Eurohypo AG (Old)
Eurohypo Capital Funding Trust II
Evrofinance Mosnarbank
F.N.B. Corporation
Fana Sparebank
Far Eastern Bank
FCA Bank S.p.A.
FCA CAPITAL IRELAND P.L.C.
FCA Capital Suisse SA
Fifth Third Bancorp
Fifth Third Bank, Ohio
Fifth Third Capital Trust IV
Fifth Third Capital Trust IX
Fifth Third Capital Trust VIII
Fifth Third Capital Trust X
Fifth Third Capital Trust XI
Fifth Third Capital Trust XII
Financiere SYZ SA
Finprombank
First Abu Dhabi Bank PJSC
First Citizens Bank Limited
First Commercial Bank
First Czech Russian Bank
First Financial Holding Company, Ltd.
First Gulf Bank
First Hawaiian Bank
First Horizon National Corporation
First International Bank of Israel
First Maryland Capital I
First Maryland Capital II
First Midwest Bancorp, Inc.
First Midwest Bank
First Midwest Capital Trust I
First National Bank of Omaha
First National Bank of Pennsylvania
First Niagara Bank, N.A.
First Niagara Financial Group, Inc.
First Republic Bank
First Tennessee Bank, National Association
First Tennessee Capital I
First Tennessee Capital II
First Ukrainian International Bank, PJSC
First Union National Bank of Florida
FirstBank Puerto Rico
First-Citizens Bank & Trust Company
FirstMerit Bank, N.A.
FirstMerit Corporation
FirstRand Bank Limited
ForteBank JSC
Fortis Bank (Nederland) N.V.
Friesland Bank N.V.
Frost Bank
FULTON BANK, NATIONAL ASSOCIATION
Fulton Capital Trust I
Fulton Financial Corporation
GarantiBank International N.V.
Gazbank JSCB
Gazprombank
GCB Bank Limited
Getin Noble Bank S.A.
Global Bank Corporation and Subsidiaries
Goldman Sachs Bank USA
Goldman Sachs Capital II
Goldman Sachs Capital III
Goldman Sachs Financial Products I Limited
Goldman Sachs Group, Inc. (The)
Goldman Sachs International
Goldman Sachs International Bank
Government Housing Bank of Thailand
Groupe BPCE
Groupe Credit Agricole
Groupe Credit Mutuel
Grupo Aval Acciones y Valores S.A.
Grupo Aval Limited
GS Finance Corp.
Gulf Bank K.S.C.P
Gulf International Bank BSC
Habib Bank Ltd.
Haitong Banco de Investimento do Brasil S.A.
Halifax Ltd
Halyk Savings Bank of Kazakhstan
Hamburg Commercial Bank AG
Hamburg Commercial Bank AG, Luxembourg Branch
Hamkorbank
Hana Bank
Hancock Whitney Bank
Hancock Whitney Corporation
Hang Seng Bank (China) Limited
Hang Seng Bank Limited
Hatton National Bank Ltd.
HBOS Capital Funding No. 1 LP
HBOS Capital Funding No. 2 LP
HBOS CAPITAL FUNDING NO. 3 L.P.
HBOS Capital Funding No. 4 L.P.
HBOS Group Euro Finance (Jersey)
HBOS plc
HBOS Sterling Finance (Jersey) LP
HBOS Treasury Services Ltd
HBOS Treasury Services plc, Sydney Branch
HDFC Bank Limited
HDFC Bank Limited, Bahrain Branch
HDFC Bank Limited, Hong Kong Branch
Helgeland Sparebank
Hellenic Bank Public Company Ltd
Heritage Bank Limited
Hewlett-Packard International Bank DAC
Home Credit & Finance Bank
Hong Leong Bank Berhad
Hongkong and Shanghai Banking Corp. Ltd (The)
House Constr. Sav. Bank of Kazakhstan JSC
Housing Bank for Trade and Finance (The)
HSBC Bank (China) Company Limited
HSBC Bank A.S. (Turkey)
HSBC Bank Australia Ltd
HSBC Bank Brasil S.A. - Banco Multiplo
HSBC Bank Malaysia Berhad
HSBC Bank Middle East Limited
HSBC Bank Oman SAOG
HSBC Bank plc
HSBC Bank plc, Sydney Branch
HSBC Bank USA, N.A.
HSBC Capital Funding (Dollar 1) L.P.
HSBC Capital Funding (Euro 3) L.P.
HSBC Capital Funding (Sterling 1) L.P.
HSBC France
HSBC Holdings plc
HSBC USA Capital Trust I
HSBC USA Capital Trust III
HSBC USA Inc.
HSH N Funding I
HSH N Funding II
HSH Nordbank, New York Branch
HT1 Funding GmbH
Hua Nan Commercial Bank Ltd.
Huntington Bancshares Capital Trust I
Huntington Bancshares Incorporated
Huntington Capital II
Huntington National Bank
HVB Funding Trust
HVB Funding Trust II
HVB Funding Trust III
Hypo Real Estate Bank International AG
Hypo Tirol Bank AG
Hypo Vorarlberg Bank AG
Hypothekenbank Frankfurt AG
Hypothekenbank in Essen AG
HypoVereins Finance N.V.
HypoVereinsbank Overseas Finance N.V.
IBA-Moscow
Ibercaja Banco SA
Iccrea BancaImpresa S.p.A.
ICICI Bank Limited
ICICI Bank Limited, Bahrain Branch
ICICI Bank Limited, Dubai Branch
ICICI Bank Limited, Hong Kong Branch
ICICI BANK LIMITED, NEW YORK BRANCH
ICICI Bank Ltd, Singapore Branch
ICICI Bank UK PLC
IDBI Bank Ltd
IDBI Bank Ltd, DIFC Branch
immigon portfolioabbau ag
iMoneyBank
Indian Overseas Bank
Industrial & Commercial Bank of China Ltd
Industrial & Comm'l Bank of China (Asia) Ltd.
Industrial & Comm'l Bank of China (Macau) Ltd
Industrial Bank of Korea
Industrial Senior Trust
Industrial Subordinated Trust
InFinBank
ING (US) Issuance LLC
ING Americas Issuance B.V.
ING Bank A.S. (Turkey)
ING Bank Eurasia
ING Bank N.V.
ING Bank N.V. (Singapore)
ING Bank N.V., Sydney Branch
ING Bank N.V., Tokyo Branch
ING Bank Slaski S.A.
ING Belgium International Finance S.A.
ING Belgium SA/NV
ING Capital Funding Trust III
ING Groenbank N.V.
ING Groep N.V.
ING-DiBa AG
Interbanca S.p.A.
International Bank of Azerbaijan
International Financial Club
Interprombank, JSCB
Intesa Bank Ireland p.l.c.
Intesa Sanpaolo Bank Ireland p.l.c.
Intesa Sanpaolo Bank Luxembourg S.A.
Intesa Sanpaolo S.p.A.
Intesa Sanpaolo S.p.A., Hong Kong Branch
Intesa Sanpaolo S.p.A., New York Branch
INTRUST Bank, N.A.
INTRUST Financial Corporation
Investcorp Bank B.S.C.
Investec Bank Ltd.
Investec Bank plc
Investec Finance Limited
Investec Tier 1 (UK) LP
Investment Trade Bank
Ipak Yuli Bank
Ipoteka Bank
Israel Discount Bank
Itau CorpBanca
Itau Unibanco Holding S.A.
Itau Unibanco Holding S.A. (Cayman Islands)
Itau Unibanco S.A.
Itau Unibanco S.A. (Cayman Islands)
IXIS Corporate & Investment Bank
J.P. Morgan Bank Canada
J.P. Morgan Clearing Corporation
J.P. Morgan Securities plc
J.P. Morgan Securities, LLC
Jeju Bank
Jeonbuk Bank
Joint Stock Commercial Bank Avangard
Joint Stock Commercial Bank Respublika
JP Morgan International Derivatives Ltd
JP MORGAN STRUCTURED PRODUCTS BV
JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.
JPMorgan Chase Bank, N.A., London Branch
JPMorgan Chase Bank, N.A., New York Branch
JPMorgan Chase Bank, N.A., Paris Branch
JPMorgan Chase Bank, N.A., Singapore Br
JPMorgan Chase Bank, N.A., Toronto
JSC Bank for Invstmnt & Developmnt of Vietnam
JSC Bank of Georgia
JSC TBC Bank
Julius Baer Group Ltd.
Jyske Bank A/S
Kapital Bank OJSC
KASIKORNBANK Public Co. Ltd (Hong Kong)
KASIKORNBANK Public Co. Ltd. (CI)
KASIKORNBANK Public Company Limited
Kaspi Bank JSC
Kazinvestbank
Kazkommertsbank
KBC Bank Ireland PLC
KBC Bank N.V.
KBC Financial Products International Ltd
KBC Financial Products International VI Ltd.
KBC Group N.V.
KBC IFIMA S.A.
KBC International Finance N.V.
KDB Asia Ltd.
KEB Hana Bank
Kedr Bank
Kereskedelmi & Hitel Bank Rt.
KeyBank National Association
KeyCorp
KeyCorp Capital I
KeyCorp Capital II
KeyCorp Capital III
KfW IPEX-Bank GmbH
Khan Bank LLC
Khanty-Mansiysk bank Otkritie PJSC
Kiwibank Limited
Komercni Banka, a.s.
Kommunalbanken AS
Kommunalkredit Austria AG
Kookmin Bank
Korea Development Bank
Kreissparkasse Koeln
Krung Thai Bank Public Company Limited
Kutxabank, S.A.
Kuwait Finance House K.S.C.P.
Kwangju Bank Ltd.
Kyongnam Bank
Land Bank of Taiwan
Land Bank of the Philippines
Landesbank Baden-Wuerttemberg
Landesbank Baden-Wuerttemberg, New York
Landesbank Baden-Wuerttemberg, Singapore Br
Landesbank Berlin AG
Landesbank Hessen-Thueringen GZ
Landesbank Hessen-Thueringen GZ, NY Branch
Landesbank Saar
LANDESBANK SACHSEN AG
Lansforsakringar Bank AB (publ)
LaSalle Bank N.A.
LaSalle Funding LLC
LeasePlan Australia Limited
LeasePlan Corporation N.V.
LeasePlan Finance N.V. (DUBLIN BRANCH)
Leeds Building Society
Leeds Permanent Building Society
Leonia Corporate Bank plc
LGT Bank AG
LGT Finance Limited
Liberbank
Lloyds Bank plc
Lloyds Bank plc (Australia)
Lloyds Banking Group plc
Locindus S.A.
Locko-bank
LRP Landesbank Rheinland-Pfalz
M&I Marshall & Ilsley Bank
M&T Bank Corporation
M&T Capital Trust I
M&T Capital Trust II
M&T Capital Trust III
M&T Capital Trust IV
M&T Capital Trust V
M&T Capital Trust VI
Macquarie Bank Limited
Malayan Banking Berhad
Manufacturers and Traders Trust Company
Maritime Bank
MashreqBank psc
Masraf Al Rayan (Q.P.S.C.)
Mauritius Commercial Bank Limited
mBank S.A.
MBNA Corporation
MCB Bank Limited
MDM Bank
Mediocredito Trentino-Alto Adige S.p.A.
Mega International Commercial Bank
Mellon Capital IV
Members Banking Group Limited
Members Equity Bank Limited
Merrill Lynch & Co., Inc.
Merrill Lynch Credit Reinsurance Ltd.
Merrill Lynch International & Co. C.V.
Merrill Lynch Japan Finance GK
Merrill Lynch Reinsurance Solutions Ltd.
Merrill Lynch S.A.
Metallinvestbank JSCB
Metallurgical Commercial Bank
Metkombank
Metropolitan Bank & Trust Company
mFinance France S.A.
Military Commercial Joint Stock Bank
Minsk Transit Bank
Mizrahi Tefahot Bank
MKB Bank Zrt.
Montreal Trust Company of Canada
Morgan Guaranty Trust Company of New York
Morgan Stanley
Morgan Stanley & Co. International plc
Morgan Stanley (Jersey) Limited
Morgan Stanley Australia Finance Pty Limited
Morgan Stanley Bank AG
Morgan Stanley Bank International Limited
Morgan Stanley Bank, N.A.
Morgan Stanley Capital Trust III
Morgan Stanley Capital Trust IV
Morgan Stanley Capital Trust V
Morgan Stanley Capital Trust VI
Morgan Stanley Capital Trust VII
Morgan Stanley Capital Trust VIII
Moscow Mortgage Agency
MPS Capital Services S.p.A.
MTS Bank PJSC
Muenchener Hypothekenbank eG
MUFG Americas Holdings Corporation
MUFG Union Bank, N.A.
Murray Street Investment Trust I
Nanyang Commercial Bank, Ltd.
National Australia Bank Limited
National Bank of Bahrain BSC
National Bank of Canada
National Bank of Egypt SAE
National Bank of Fujairah PJSC
National Bank of Greece S.A.
National Bank of Kuwait S.A.K.P.
National Bank of Oman SAOG
National Bank of Pakistan
National Bank of Uzbekistan
National City Bank
National City Corporation
National Commerce Capital Trust I
National Commercial Bank
National Factoring Company
National Reserve Bank
National Standard Bank
National Westminster Bank Plc
Nationwide Building Society
Natixis
Natixis Bank JSC
Natixis Funding Corp.
Natixis Loan Funding-Comp BPCE
Natixis Securities Americas LLC
NATIXIS Structured Products Limited
Natixis US Medium-Term Note Program LLC
Natixis, New York Branch
NatWest Markets N.V.
NatWest Markets N.V., London Branch
NatWest Markets Plc
NBD Bank
Nedbank Limited
Nedbank Private Wealth Limited
Nederlandse Waterschapsbank N.V.
Nevada State Bank
New York Community Bancorp, Inc.
New York Community Bank
New York Community Capital Trust V
Newcastle Permanent Building Society
NIBC Bank N.V.
NK Bank
NongHyup Bank
Norddeutsche Landesbank GZ
Nordea Bank AB
Nordea Bank AB (publ), NY Branch
Nordea Bank Danmark A/S
Nordea Bank Finland Plc
Nordea Bank Norge ASA
Nordea North America, Inc.
North Fork Capital Trust II
Northern Trust Company
Northern Trust Corporation
NOTA BANK
Nottingham Building Society
Nova Kreditna banka Maribor d.d.
Nova Ljubljanska banka d.d.
Novikombank JSCB
Novo Banco, S.A.
NS Bank
NTC Capital I
NTC Capital II
Nykredit Bank A/S
Nykredit Realkredit A/S
OCBC Wing Hang Bank Limited
OJSC Bank Eskhata
OJSC Bank of Baku
OJSC XALQ BANK
Old National Bancorp
Old National Bank
Oman Arab Bank (SAOC)
OP Corporate Bank plc
OP Financial Group
Orient Express Bank
Oriental Bank of Commerce
OTP Bank (Russia), OJSC
OTP Bank (Ukraine)
OTP Bank NyRt
OTP Jelzalogbank Zrt. (OTP Mortgage Bank)
Oversea-Chinese Banking Corp Ltd
P.R. Ind Tour Ed Med & Env Ctl Facs Fin Auth
Pan Indonesia Bank TBK (P.T.)
Parsifal Limited
People's United Bank, N.A.
People's United Financial Inc.
Permanent tsb p.l.c.
Pervobank JSC
Petersburg Social Commercial Bank
Petrocommerce Bank (OJSC)
Peugeot Finance International N.V.
Philippine National Bank
Ping An Bank Co., Ltd
Piraeus Bank S.A.
Pivdennyi Bank, JSCB
PJSC ROSBANK
PNC Bank, N.A.
PNC Capital Trust C
PNC Capital Trust F
PNC Financial Services Group, Inc.
PNC Funding Corporation
PNC Preferred Funding Trust II
Popular Capital Trust I
Popular Capital Trust II
Popular Capital Trust III
Popular Finance Europe B.V.
Popular North America Capital Trust I
Popular North America, Inc.
Popular, Inc.
Powszechna Kasa Oszczednosci Bank Polski S.A.
Principality Building Society
Privatbank
ProbusinessBank
Prominvestbank
Promsvyazbank
PT Bank CIMB Niaga Tbk
Public Bank (Hong Kong) Limited
Public Bank Berhad
Punjab National Bank
Qatar International Islamic Bank (Q.S.C.)
Qatar National Bank (Q.P.S.C.)
Qishloq Qurilish Bank
QNB Finansbank A.S.
Rabo Financial Products B.V.
Rabobank
Rabobank Australia Limited
Rabobank Capital Funding Trust III
Rabobank Capital Funding Trust IV
Rabobank Curacao N.V.
Rabobank International Equity Derivatives
Rabobank Ireland plc
Rabobank, Australia Branch
Rabobank, Hong Kong Branch
Rabobank, New York Branch
Rabobank, New Zealand Branch
Rabobank, Singapore Branch
Rabobank, The Netherlands Branch
Rabohypotheekbank N.V.
Raiffeisen Bank Aval
Raiffeisen Bank International AG
Raiffeisen Bank SA
Raiffeisen Schweiz
Raiffeisen Zentralbank Oesterreich AG
Raiffeisenbank (Bulgaria) EAD
Raiffeisenlandesbank Niederoesterreich-Wien
Raiffeisenlandesbank Oberoesterreich AG
Raiffeisen-Landesbank Steiermark AG
Raiffeisen-Landesbank Tirol AG
Raiffeisenlandesbank Vorarlberg
Raiffeisenverband Salzburg
Rawbank
RBS Capital Funding Trust V
RBS Capital Funding Trust VI
RBS Capital Funding Trust VII
RBS Capital Trust B
RBS Capital Trust C
RBS Capital Trust D
RBS Capital Trust II
RBS Capital Trust IV
RBS Holdings N.V.
RCB Bank Ltd.
RCI Banque
Regions Bank
Regions Financial Corporation
Regions Financing Trust IV
Regions Financing Trust V
Regions Financing Trust VI
Republic New York Corporation
Residual Debt Services Limited
RESPARCS Funding II Limited Partnership
RESPARCS Funding Limited Partnership I
RGS Bank
RHB Bank Berhad
RHEINHYP Rheinische Hypothekenbank AG
RI Financial Structures B.V.
Ringkjobing Landbobank A/S
Riyad Bank
Rizal Commercial Banking Corporation
Rosdorbank
Rosenergobank
Rosevrobank
Royal Bank of Canada
Royal Bank of Scotland N.V. South Africa Br.
Royal Bank of Scotland N.V., Chicago Branch
Royal Bank of Scotland N.V., New York Branch
Royal Bank of Scotland N.V., Paris Branch
Royal Bank of Scotland plc, Australia Branch
Royal Bank Of Scotland plc, Connecticut
Royal Bank of Scotland plc, New York Branch
Royal Bank of Scotland plc, Tokyo Branch
Royal Trust Corporation of Canada
Rusfinance Bank
Russian Agricultural Bank
Russian International Bank
Russian Regional Development Bank
Russian Standard Bank
Saigon - Hanoi Commercial Joint Stock Bank
Saigon Thuong Tin Commercial Joint-Stock Bank
Samba Financial Group
Sanpaolo IMI S.p.A.
Santander Bank Polska S.A.
Santander Bank, N.A.
Santander Central Hispano International Ltd
Santander Consumer Bank AS
Santander Consumer Bank S.p.A.
Santander Consumer Finance S.A.
Santander International Products PLC
Santander Int'l Debt, S.A. Unipersonal
Santander UK plc
Santander US Debt, S.A. Unipersonal
Saudi British Bank
Savdogar Bank
Savings Bank of Ukraine
SB Sberbank JSC
SBAB Bank AB (publ)
Sberbank
Sberbank PJSC
SBM Bank (Mauritius) Ltd.
SC Citadele Banka
Scarborough Building Society
Scotiabank Azul
Scotiabank Peru
SEB AB
Sekerbank T.A.S.
SFIL
SG Australia Limited
SG Option Europe
SG Structured Products, Inc.
SGA Societe Generale Acceptance N.V.
Shanghai Commercial Bank Limited
Shanghai Pudong Development Bank Co., Ltd.
Sharjah Islamic Bank PJSC
Shinhan Bank
Shinhan Bank, New York Branch
Siam Commercial Bank Public Co. (Cayman)
Siam Commercial Bank Public Co. (Hong Kong)
Siam Commercial Bank Public Company Limited
Siauliu Bankas, AB
Silicon Valley Bank
SkandiaBanken AB
SKB-Bank
Skipton Building Society
Sky Financial Capital Trust I
SLM Corporation
SME Bank
SME Development Bank of Thailand
Societe Generale
Societe Generale Australia Branch
Societe Generale Commodities Products LLC
Societe Tunisienne de Banque
Socram Banque
Sofira SNC
SouthTrust Bank
SouthTrust Bank of Georgia, N.A. (Old)
SpareBank 1 Nord-Norge
SpareBank 1 Ostlandet
SpareBank 1 SMN
SpareBank 1 SR-Bank ASA
Sparebanken More
Sparebanken Oest
Sparebanken Sogn og Fjordane
Sparebanken Sor
Sparebanken Vest
Sparkasse KoelnBonn
Sparkassen-Finanzgruppe
Sparkassenverband Baden-Wuerttemberg
St. Galler Kantonalbank
Standard Chartered Bank
Standard Chartered Bank (Hong Kong) Limited
Standard Chartered Bank (Thai) Public Co Ltd
Standard Chartered Bank Korea Limited
Standard Chartered Bank Malaysia Berhad
Standard Chartered Bank, New York Branch
Standard Chartered Bank, Singapore Branch
Standard Chartered Bank, Tokyo Branch
Standard Chartered PLC
State Bank of India
State Street Bank and Trust Company
State Street Corporation
Storebrand Bank
Suhyup Bank
Suncorp-Metway Limited
SunTrust Bank
SunTrust Banks, Inc.
SunTrust Capital I
SunTrust Preferred Capital I
Susquehanna Bancshares, Inc.
Susquehanna Bank
SVB Capital II
Svenska Handelsbanken AB
Svenska Handelsbanken, New York Branch
Swedbank AB
Swedbank Mortgage AB
Swedish Export Credit Corporation
Sydbank A/S
Syndicate Bank
Synovus Bank
Synovus Financial Corp.
T.C. Ziraat Bankasi A.S.
Taipei Fubon Commercial Bank Co Ltd
Takarek Mortgage Bank Co. Plc.
Tatfondbank
Tatra banka, a.s.
TCF National Bank
TD Bank, N.A.
Teachers Mutual Bank Limited
Texas Capital Bancshares, Inc.
Texas Capital Bank, National Association
The Commercial Bank (P.S.Q.C.)
The Co-operative Bank plc
The National Bank of Ras Al-Khaimah (P.S.C.)
The Royal Bank of Scotland Group plc
The Saudi Investment Bank
The Standard Bank of South Africa Limited
Tinkoff Bank
TMB Bank Public Company Limited
Toronto-Dominion Bank (The)
TOTTA (IRELAND) p.l.c.
Trade and Development Bank of Mongolia LLC
Transkapitalbank
Turk Ekonomi Bankasi A.S.
Turkiye Garanti Bankasi A.S.
Turkiye Halk Bankasi A.S.
Turkiye Is Bankasi A.S.
Turkiye Sinai Kalkinma Bankasi A.S.
Turkiye Vakiflar Bankasi T.A.O.
U.S. Bancorp
U.S. Bancorp (Old)
U.S. Bank National Association
UBI Banca International S.A.
UBS AG
UBS AG, Australian Branch
UBS AG, Jersey Branch
UBS AG, London Branch
UBS AG, New York Branch
UBS AG, Stamford Branch
UBS Americas, Inc.
UBS Finance (Curacao) N.V.
UBS Finance (Delaware), LLC.
UBS Limited
Ukreximbank
Ulster Bank Finance PLC
Ulster Bank Limited
UniBank Commercial Bank
Unibank OJSC
Unicaja Banco
UniCredit Bank AG
Unicredit Bank AG, Hong Kong Branch
UniCredit Bank AG, Paris Branch
Unicredit Bank AG, Singapore Branch
Unicredit Bank AG, Tokyo Branch
UniCredit Bank Austria AG
UniCredit Bank Ireland p.l.c.
UniCredit Int'l Bank (Luxembourg) S.A.
UniCredit Leasing S.p.A.
UniCredit Luxembourg Finance S.A.
UniCredit Luxembourg S.A.
UniCredit S.p.A.
UniCredit S.p.A., New York Branch
Union Bank of India
Union National Bank PJSC
Unione di Banche Italiane S.p.A.
Unipol Banca S.p.A.
United Arab Bank PJSC
United Bank
United Bank Ltd.
United Bank, Inc.
United Coconut Planters Bank
United Overseas Bank (Thai) Public Co Ltd
United Overseas Bank Limited
USB Capital IX
USB Realty Corp.
UT2 Funding plc
VAB Bank
Valiant Bank AG
Vesey Street Investment Trust I
Victoria Teachers Limited
Vietnam International Bank
Vietnam JSC Bank for Industry and Trade
Vietnam Prosperity Jt. Stk. Commercial Bank
Vietnam Technological and Comm'l JSB
Vneshprombank
Volkswagen Bank GmbH
Volkswagen Financial Services AG
Volkswagen Financial Services Australia Ltd
Volkswagen Financial Services Japan Ltd.
Volkswagen Financial Services N.V.
Volkswagen Leasing GmbH.
Volvofinans Bank AB
Vontobel Holding AG
Vozrozhdenie Bank
Vseobecna uverova banka, a.s.
VTB Bank (Armenia)
VTB Bank (Austria) AG
VTB Bank (Azerbaijan)
VTB Bank (Deutschland) AG
VTB Capital plc
VTB24
Wachovia Bank, N.A.
Wachovia Bank, N.A. (Old)
Wachovia Capital Trust III
Wachovia Corporation
Webster Bank N.A.
Webster Capital Trust IV
Webster Financial Corporation
Wells Fargo & Company
Wells Fargo Bank Northwest, N.A.
Wells Fargo Bank, N.A.
West Bromwich Building Society
Westfaelische Hypothekenbank AG
Westpac Banking Corporation
Westpac New Zealand Limited
WGZ BANK AG
Wilmington Trust Company
Wilmington Trust Corporation
Wilmington Trust, National Association
Woolwich plc
Woori Bank
XacBank LLC
Yapi ve Kredi Bankasi A.S.
Yes Bank Limited
Yorkshire Building Society
Zions Bancorporation
Zions Bancorporation, National Association
Zions Capital Trust B
Ziraat Bank Uzbekistan JSC
Zuercher Kantonalbank
Related Research
Rating Action:

Moody's reviews global bank ratings

17 Mar 2015

New York, March 17, 2015 -- Moody's Investors Service has today announced multiple rating actions following yesterday's publication of its new bank rating methodology, which now is the primary methodology for Moody's bank ratings globally.

The rating actions affect 1,021 out of 1,934 rated banking entities, which include operating banks, holding companies, subsidiaries, special purpose issuance conduits, branches and other entities for which Moody's has assigned ratings to at least one debt class. Within this total group of entities, 856 are assigned baseline credit assessments (BCAs), of which 147 are affected. These total numbers refer to the banks that are covered under this press release, as certain bank ratings in a small number of countries (Japan, Bolivia, Brazil, Argentina, and Russia) will be discussed in separate local press releases.

Moody's has placed the following ratings and assessments on review:

1) 147 BCAs: 84 for upgrade and 63 for downgrade;

2) 421 long-term deposit ratings: 314 for upgrade, 96 for downgrade and 11 direction uncertain; and,

3) 451 senior unsecured debt and issuer ratings: 214 for upgrade, 212 for downgrade and 25 direction uncertain.

At the same time, Moody's has affirmed 124 long-term deposit ratings and 147 senior unsecured debt and issuer ratings.

"Our fundamental approach to bank ratings has not changed dramatically, but we have introduced a number of new tools to enhance our analysis, which has resulted in these rating reviews," said Greg Bauer, Moody's Co-head of Global Banking. "These reviews are prompted by our new methodology, which we are confident will enable us to appropriately reflect the rapidly evolving global banking environment as it continues to develop."

Additionally, Moody's has withdrawn for business reasons inputs to ratings in the form of bank financial strength ratings (BFSRs) and ratings for other senior obligations (OSOs). Separate lists of withdrawn BFSRs and OSOs are available at the bottom of this press release. Going forward the BCA will be the only indicator of issuers' standalone intrinsic strength. In a few cases where a BFSR was previously on review, this review has now been assigned to the BCA.

The reviews follow yesterday's publication of Moody's updated bank rating methodology, which incorporates several new elements designed to help accurately predict bank failures and determine how each creditor class is likely to be treated when a bank fails and enters resolution, reflecting insights gained from the crisis and the fundamental shift in the banking industry and its regulation.

Key changes include the addition of a Macro Profile, a new Financial Profile and a Loss Given Failure (LGF) analysis framework, all of which are described below. The first two elements primarily affect the positioning of a bank's BCA, while the last one can lead, through the assessment of instrument volume and subordination levels and of expected treatment by resolution authorities, to changes in long-term issuer, deposit and debt ratings. Please refer to the press release "Moody's publishes its new bank rating methodology," published on 16 March 2015

http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662.

Separate from the implementation of the updated bank rating methodology, Moody's has also lowered its expectations about the likelihood of government support for European banks in light of the introduction of the Bank Recovery and Resolution Directive (BRRD) in the European Union and the move toward similar frameworks with provisions for burden-sharing with senior creditors in Switzerland, Norway and Liechtenstein. In anticipation of this decline in support, on 29 May 2014, Moody's changed the outlook for the long-term ratings on 82 European banks to negative and maintained the outlooks for the 74 banks that already had negative outlooks or whose ratings were on review for downgrade.

Moody's has concluded that the probability of support to even systemically important banks across the region has declined. However, the impact on ratings is moderated -- and in some cases wholly or more than offset -- by a decline in expected loss assumptions under the new LGF framework. Later today, Moody's will publish a more detailed report on the diminished probability of government support in European bank ratings.

The updated bank rating methodology published on 16 March 2015 will be the primary methodology for all Moody's bank ratings, including ratings that have not been placed on review. This updated bank rating methodology is being implemented on a global basis, except in jurisdictions where certain regulatory requirements must be fulfilled prior to implementation.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179911 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

NEW ELEMENTS OF THE BANK RATING METHODOLOGY

Moody's updated bank rating methodology introduces several new elements that will affect ratings to varying degrees across countries and regions.

-- BCA: NEW BCA SCORECARD FOCUSED ON MACRO PROFILE AND CORE FINANCIAL RATIOS

Moody's new Financial Profile takes as its starting point five solvency- and liquidity-related financial ratios that are predictive of bank failure: asset risk, capital, profitability, funding structure and liquid resources. The Financial Profile also incorporates a broader range of supplementary ratios, Moody's forward-looking expectations and other relevant qualitative considerations. Joining these as a new input in determining the BCA is the Macro Profile, which explicitly captures banking system-wide pressures that have been shown to be predictive of a bank's propensity to fail.

Impact on Baseline Credit Assessments

Globally, Moody's expects the enhanced approach to have a generally modest positive impact on banks' BCAs, with changes concentrated among European banks. These likely changes will generally be the result of the application of the new scorecard framework, which provides additional tools to assess banks' credit fundamentals. (See below for regional breakdowns.)

-- LONG-TERM RATINGS: LOSS GIVEN FAILURE, RESOLUTION AND GOVERNMENT SUPPORT

The LGF analysis assesses the potential impact of a bank's failure on its various debt classes and deposits in the absence of any government support. Under its new methodology, Moody's applies an Advanced LGF to banks subject to operational resolution regimes, wherein authorities can impose losses on creditors selectively outside of liquidation, and for which specific legislation provides a reasonable degree of clarity on how the bank's failure could affect depositors and other creditors. The Basic LGF analysis applies to those banks that are not subject to operational resolution regimes.

Impact on Long-Term Ratings

1) In the US, Moody's expects generally positive effects on bank deposit ratings and mixed, though net negative, effects on senior unsecured debt ratings, reflecting explicit deposit preference in resolution, which benefits depositors at the expense of senior unsecured debt.

2) In the EU, Switzerland, Norway and Liechtenstein, Moody's expects a positive effect on long-term deposit ratings, albeit more modest compared to the US, and a generally neutral effect on senior unsecured debt ratings. For banks whose long-term ratings are being affirmed or placed on review for upgrade, in general, the separate actions taken related to the diminished probability of government support are wholly or more than offset by the benefit of instrument volume and subordination protecting creditors from losses in resolution under the Advanced LGF approach.

3) In all other regions covered through this press release, Moody's will apply its Basic LGF approach, in the absence of regulatory-driven operational resolution regimes. However, Moody's expects a small negative effect on senior unsecured and deposit ratings in some systems, reflecting the change in its view that the capacity for government support is limited to the government's bond rating, and that going forward there will be little scope for other policy tools to provide durable support beyond this constraint.

The sections below summarize the key likely rating changes by region following the conclusion of Moody's review for banks covered through this press release. The affected ratings refer to banking entities, rather than consolidated banking groups. Following the conclusion of its reviews, Moody's expects to make the following rating changes:

-- NORTH AMERICA

- The ratings of Canadian banks are unaffected.

- In the US, 290 out of 417 rated banking entities are affected.

o Moody's has assigned BCAs to 91 US banking entities, of which 81 BCAs remain unchanged; for the remaining 10 banking entities, the BCAs of half of these are on review for upgrade and half are on review for downgrade.

o The long-term deposit ratings for 100 banking entities are on review for upgrade and one is on review direction uncertain. None are on review for downgrade, owing to the substantial volume of deposits in US banks' liability structures, which should result in high recovery rates.

o The senior unsecured debt and issuer ratings for 54 banking entities (including operating and holding companies) are on review for upgrade, and 69 are on review for downgrade. The issuer rating for one banking entity is on review direction uncertain and the senior unsecured debt and issuer ratings for 19 banking entities are affirmed.

o In general, for US banking entities subject to resolution under Title II of the Dodd-Frank Act, their bank-level senior unsecured debt and issuer ratings are on review for upgrade given the substantial loss absorbing capital subordinated to them as well as the reduced loss assumption of an expected going concern resolution under the single point of entry resolution framework. At the holding company level, the senior unsecured debt ratings of several of these firms may benefit from the substantial thickness of this debt tranche as well as the amount of debt subordinated to it.

o For most US banking entities subject to Title I resolution, their deposit ratings are on review for upgrade and their bank-level senior unsecured debt and issuer ratings are on review for downgrade. The deposit ratings are most influenced by their substantial size. The senior unsecured debt and issuer rating actions result from the limited amount of senior unsecured debt outstanding, the lack of a substantial debt tranche subordinated to it, and the higher loss assumption under a Title I receivership-based resolution approach. Therefore, bank-level senior unsecured debt ratings could be reduced to the same level as the holding company senior unsecured debt ratings, which are largely unaffected by this review.

-- EUROPEAN UNION AND OTHER WESTERN EUROPE

- The ratings on 609 out of 800 banking entities are affected.

- A BCA is assigned to 278 banking entities. Moody's expects to make changes to the BCAs of some European banking entities, with 53 BCAs on review for upgrade and 30 on review for downgrade as a result of the additional tools provided in the new scorecard framework. The BCAs on review for upgrade are concentrated in the Nordics, the United Kingdom, Germany, France, Spain and Luxembourg. The BCAs on review for downgrade are primarily for banking entities in Austria, Greece and Italy.

- The bulk of long-term deposit ratings (for 187 banking entities) and senior unsecured debt and issuer ratings (for 154 banking entities) are on review for upgrade, because the combination of instrument volume and subordination results in an expected loss under the LGF analysis sufficiently low to more than offset the diminished expectations of government support. The latter will be further discussed in a more detailed report that will be published later today.

- A much smaller number of long-term deposit ratings (for 48 banking entities) are on review for downgrade, because fewer banking entities are affected by the decline in government support compared to the benefit their deposit ratings receive under the LGF framework. Nevertheless, senior unsecured debt and issuer ratings for 95 banking entities are on review for downgrade, reflecting more limited degrees of instrument volume and subordination compared to deposits in the banks' liability structures.

- Additionally, 96 banking entities' long-term deposit ratings and 116 banking entities' senior unsecured debt and issuer ratings have been affirmed, typically because the result of a change in government support assumption is offset through the LGF framework. Some deposit ratings (for 10 banking entities) and senior unsecured debt and issuer ratings (for 24 banking entities) are on review direction uncertain.

-- COMMONWEALTH OF INDEPENDENT STATES (CIS) AND WESTERN ASIA

- Only 14 out of 149 CIS banking entities are affected by the review. Moody's has assigned BCAs to 138 banking entities, of which five BCAs are on review for upgrade and nine are on review for downgrade.

- Eleven deposit ratings (including both local and foreign currency ratings) are on review for upgrade, and eleven are on review for downgrade, generally in the same direction as the change Moody's expects to make to the banks' BCAs.

- Similarly, the senior unsecured debt rating of one banking entity is on review for upgrade and for one banking entity on review for downgrade, again as a result of the review on the BCA.

-- ASIA PACIFIC (EXCLUDING JAPAN)

- Among the total of 290 rated banking entities in the region, excluding those of Japanese banks, which are covered through a local press release, ratings on 65 banking entities are affected. Within this total group of banking entities, 158 are assigned BCAs, of which 20 BCAs are affected: 15 are on review for upgrade and five are on review for downgrade. The reviews for upgrade are concentrated among banks in Taiwan (4), the Philippines (3), Malaysia (3) and Indonesia (2), and are driven by the positioning of a bank's credit strength in a global context under the new scorecard framework.

- Long-term deposit, issuer and senior unsecured debt ratings are generally unaffected, given that banks in the region are not subject to operational resolution regimes and government support expectations therefore remain largely unchanged. However, among Asia Pacific banking entities covered through this press release, 17 long-term deposit and 29 senior unsecured debt and issuer ratings (including both local and foreign currency ratings) are on review for downgrade. This is largely driven by the change in Moody's view that the capacity for government support is limited to a government's bond rating, rather than the previous expectation that banks in India, Thailand and Malaysia could benefit from additional support through other policy tools.

- Ten banking entities' long-term deposit and five banking entities' senior unsecured debt and issuer ratings are on review for upgrade, generally reflecting the expectations of an increase in those banking entities' BCAs. Long-term deposit ratings of 28 banking entities and senior unsecured debt and issuer ratings of 12 banking entities are affirmed.

-- LATIN AMERICA

- The ratings on 32 out of 103 banking entities covered through this press release are affected. Moody's has assigned a BCA to 75 banking entities, of which six BCAs are on review for upgrade and 12 are on review for downgrade. Of these, three Brazilian banking entities' BCAs, which currently are higher than the government bond rating, are on review for downgrade, with the expectation of aligning them with the government's rating. Other BCAs are generally on review for upgrade or downgrade as the new scorecard framework provides additional tools to position a bank's credit strength in a global context.

- Long-term deposit, issuer and senior unsecured debt ratings are generally unaffected. Nevertheless, six banking entities' long-term deposit ratings are on review for upgrade, generally owing to the expectation that these banks' BCAs will be raised.

- Additionally, 11 banking entities' long-term deposit and 18 banking entities' senior unsecured debt or issuer ratings are on review for downgrade, largely owing to the review for downgrade on these banking entities' BCAs and/or the change in Moody's view that the capacity for government support is limited to a government bond rating, rather than the previous expectation that banks in Chile, Colombia and Guatemala could benefit from additional support through other policy tools.

-- MIDDLE EAST AND AFRICA

- Only 11 out of 133 banking entities are affected by the review. Moody's has assigned a BCA to 106 banking entities, of which two BCAs are on review for downgrade under the new scorecard framework.

- The deposit ratings of nine banking entities are on review for downgrade, one of which is driven by the review of the BCA. The other eight banking entities' long-term deposit ratings of the banks in Pakistan, Morocco and Jordan are on review for downgrade as a result of the change in Moody's view that the capacity of the government to provide support is limited to the government's own creditworthiness, as implied by its bond rating, rather than the previous expectation that banks could benefit from additional support through other policy tools.

-- SUBORDINATED DEBT, BANK HYBRIDS AND CONTINGENT CAPITAL SECURITIES

Changes in a bank's BCA will, in most instances, affect the ratings of its junior securities. This reflects the general assumption that these instrument ratings do not benefit from government support. Therefore, for banks whose BCAs have been placed on review, Moody's has also extended the review to the ratings on subordinated debt, bank hybrids and contingent capital securities. Additionally, some holding company junior instrument ratings have been placed on review for upgrade owing to a smaller notching differential versus the BCA under Moody's LGF analysis, depending on the amount of issuance of the same instrument class and the amount of more subordinated instruments.

SCOPE OF THE REVIEW

Whenever credit rating methodologies are revised, the updated methodology is applied to all relevant credit ratings. Accordingly, Moody's places on review the ratings of those banks that are likely to be affected. Moody's expects to conclude the majority of its reviews in the coming few months. During the review period, Moody's will assess the impact of the new methodology on rated instruments and will focus on the following in particular:

1) BCA analysis, which will incorporate 2014 full-year data, if available, and entail further assessment of fundamental credit trends in the context of the new scorecard;

2) Advanced LGF analysis, which will incorporate 2014 full-year data, if available, and entail further analysis of banks and their securities for which subordination levels and volume thresholds are likely to lead to a change in LGF notching; and/or,

3) Government support analysis, which will entail further analysis on Moody's revised view on potential government support in Europe.

LIST OF AFFECTED CREDIT RATINGS

Below is the link to access the list of Affected Credit Ratings which includes the full list of affected ratings covered by this press release. This list also provides guidance on the likely outcomes for the deposit and senior unsecured debt ratings on review.

The affirmations of long-term ratings are due to a change in the standalone assessment or support assumption being offset through other components of the new rating framework, such as LGF. This particularly affects European bank long-term deposit and senior unsecured debt ratings, where a reduction in government support is offset by uplift through the advanced LGF.

Moody's has withdrawn its BFSRs as well as ratings on OSOs.

Moody's has withdrawn these ratings for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

The List of Affected Credit Ratings, which includes a list of all affected credit ratings, and the lists of withdrawn BFSRs and OSOs rating are an integral part of this press release and identify each affected issuer covered by this press release:

- Overall List of Affected Credit Ratings: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179911

- List of withdrawn BFSRs: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179884

- List of withdrawn ratings for OSOs: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179823

Owing to local regulatory requirements, certain bank ratings in a small number of countries (Japan, Bolivia, Brazil, Argentina, and Russia) will be discussed in local press releases; those rating actions are not covered by this press release. Please refer to the additional press releases on www.moodys.com.

RELATED RESEARCH REFERENCES

For further details please refer to the following:

- New Methodology Microsite: https://www.moodys.com/microsites/brm/index.html

- Press release: Moody's publishes its new bank rating methodology

http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662

- Bank rating methodology: Rating Methodology: Banks - March 2015

(http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179038); and

- Frequently asked questions: Bank Rating Methodology: Responses to Frequently Asked Questions

(https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1002868).

Please see the credit opinions of specific issuers on www.moodys.com for the more detailed implications of the issuer rating actions.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179911 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:

• Principal methodologies used

• Unsolicited ratings

• Non participating issuers

• [EU only] participation in unsolicited ratings

• Person approving the credit rating

• Releasing office

* Local Market Analyst

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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 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 analyst and the Moody's legal entity that has issued the ratings.

The relevant Releasing Office for each rating is identified under the Debt/Tranche List section on the Ratings tab of each issuer/entity page on moodys.com

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

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.

Gregory Winans Bauer
MD - Global Banking
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Frederic Drevon
MD - Global Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's reviews global bank ratings
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.

​​​​
Global Footer | Moody's