info

Yes No
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

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

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, 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 information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, 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.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             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.

 

4.             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.     

 

5.             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.​​​

 

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

​
I AGREE
Announcement:

Moody's reviews ratings of European structured finance transactions following new operational risks criteria

02 Mar 2011

London, 02 March 2011 -- Moody's has placed on review for possible downgrade the ratings of 220 tranches in 134 European transactions following its initial assessment of those transactions under the Moody's "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" methodology published on March 2nd.

The ratings placed on review for possible downgrade include ratings on 131 tranches from 78 Residential Mortgage Backed Securities, 40 tranches from 26 Asset-Backed Securities, 48 tranches from 29 Commercial Mortgage Backed Securities and one tranche from one structured credit transaction. The ratings placed on review are mostly Aaa ratings but include also some Aa and A ratings. For the detailed list of ratings placed on review because of the new methodology, please select the link :

ABS: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237748

RMBS http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237952

CMBS: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237749

Rationale for Placing the EMEA RMBS and ABS Ratings on Review

The reasons for placing the European RMBS and ABS ratings on review are the insufficiency of back-up servicing/cash management arrangements and liquidity arrangements.

As per the new operational guidelines, Moody's has placed on review ratings from transactions with Baa-rated servicers when there is no party in place to facilitate a servicing transfer or there is no rating trigger to appoint a back-up servicer. Moody's has also placed on review ratings in transactions with lowly rated servicers when there is no back-up servicer in place or when the back-up servicer arrangement would not be rapidly operational in the event of the sudden termination of the original servicer.

The placement of ratings on review also reflects how the new guidelines address the liquidity mechanism that supports payments on the rated tranches in the event of servicer disruption. When there is no dedicated liquidity facility, a reserve fund remains an acceptable mechanism for providing liquidity support unless asset performance deterioration is likely to reduce the reserve funds. However in some ABS or RMBS the current liquidity levels are insufficient under the revised guidelines. Also, in case of lowly rated servicers, Moody's has also considered whether the cash manager or back up cash manager would be able to use available liquidity to make timely payments on the notes in the event the servicer did not produce its report .

Rationale for European CMBS Placed on Review

For European CMBS transactions, the typical drivers of Moody's review are the presence of unrated servicers combined with uncertainty about the cash manager's access to the liquidity facility if the servicer defaults. Some CMBS transactions require the cash manager to have a servicer report in order to be able to draw the liquidity facility and make a timely payment on the notes.

Details on the Structured Credit Transaction Placed on Review

Moody's has placed the A2 rating of the Class A Funding Floating Rate Notes issued by Tenzing CFO S.A., a CFO exposed to private equity funds of funds, on review because of the inability of the issuer to use the liquidity line upon failure of the manager. In this transaction, the manager is an unrated entity, and failure to replace it would trigger an event of default under the notes, which in turn will prevent the issuer from drawing on the liquidity line. Liquidity lines are key in this long-term buy-and-hold structure where 1) there is no control over the timing of cash inflows from the underlying funds of funds, and 2) the issuer needs the liquidity to fund capital calls by the underlying funds of funds.

For the assessment of the impact of the revised criteria on the existing stock of ratings, Moody's has assumed a two-notch-downgrade for servicers or cash managers whose ratings are currently on review for possible downgrade. If those bank ratings experience more than two-notch downgrade, Moody's will place additional structured finance transactions on review for possible downgrade. Conversely Moody's may confirm some structured finance ratings depending on the outcome of the bank ratings reviews.

Besides the ratings placed on review today, Moody's notes that the operational risk methodology affects some structured finance ratings that were already on review for possible downgrade. When concluding these rating reviews, Moody's will incorporate the revised criteria in its analysis and disclose its findings in the related announcements.

Moody's will complete the review of the ratings watch listed today because of this new methodology by September 2011, as required by European regulations. If transactions sponsors implement structural remedies as described in the guidelines, Moody's will confirm some of the ratings placed on review.

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

List of ratings placed on review for possible downgrade:

Issuer: AQUILA (ECLIPSE 2005-1) plc

....GBP377M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 22, 2005 Definitive Rating Assigned Aaa (sf)

....GBP20M Class B Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jan 22, 2010 Upgraded to Aa1 (sf)

Issuer: Atlante Finance Srl

....EUR1202.5M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 30, 2006 Definitive Rating Assigned Aaa (sf)

....EUR28.8M Class B Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 30, 2006 Definitive Rating Assigned Aa3 (sf)

Issuer: BELLATRIX (ECLIPSE 2005-2) plc

....GBP280M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 11, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: CENTAURUS (ECLIPSE 2005-3) plc

....EUR0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: Cornerstone Titan 2005-1 p.l.c.

....GBP319.62M Class A1 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 13, 2005 Definitive Rating Assigned Aaa (sf)

....GBP82.86M Class A2 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 13, 2005 Definitive Rating Assigned Aaa (sf)

....GBP38.48M Class B Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 22, 2009 Downgraded to Aa3 (sf)

....GBP0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 13, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: Cornerstone Titan 2007-1 p.l.c.

....EUR661M Class A-1 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

....EUR333M Class A-2 Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 8, 2009 Downgraded to Aa3 (sf)

....EUR0.1M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2007 Definitive Rating Assigned Aaa (sf)

Issuer: DRACO ECLIPSE (2005-4)

....GBP210.9M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2005 Definitive Rating Assigned Aaa (sf)

Issuer: European Property Capital 3 p.l.c.

....EUR311.5M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 25, 2009 Confirmed at Aaa (sf)

Issuer: European Property Capital 4 p.l.c.

....GBP261.325M Class A Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 19, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: FIP Funding S.r.l.

....EUR600M Class A1 Notes, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Nov 30, 2008 Confirmed at Aa2 (sf)

....EUR1393.56M Class A2 Notes, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Nov 30, 2008 Confirmed at Aa2 (sf)

Issuer: Fornax (Eclipse 2006-2) B.V.

....EUR104.481M Class A Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Nov 18, 2009 Downgraded to Aa1 (sf)

....EUR263.193M Class B Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Nov 18, 2009 Downgraded to Aa1 (sf)

....EUR0.1M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Sep 22, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: German Residential Funding p.l.c.

....EUR1700M Class A1 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Aug 22, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: Hercules (Eclipse 2006-4) plc

....GBP666M Class A Notes, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 10, 2009 Downgraded to Aa2 (sf)

Issuer: Imser Securitisation 2 S.r.l.

....EUR102.663M Class A1a Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

....EUR175.896M Class A1b Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

....EUR186.02M Class A2a Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

....EUR35M Class A2b Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

....EUR53.555M Class A3a Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

....EUR75M Class A3b Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 28, 2009 Confirmed at Aa3 (sf)

Issuer: INDUS (ECLIPSE 2007-1) plc

....GBP0.1M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2007 Definitive Rating Assigned Aaa (sf)

Issuer: Island Refinancing S.r.l.

....EUR257M Class A - 2007 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 13, 2007 Assigned Aaa (sf)

Issuer: JUNO (ECLIPSE 2007-2) LTD

....EUR0.6M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 30, 2007 Definitive Rating Assigned Aaa (sf)

Issuer: Quokka Finance p.l.c.

....EUR400M Class A Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 13, 2009 Downgraded to Aa1 (sf)

Issuer: TALISMAN-3 FINANCE PLC

....EUR27.5M Class B Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 12, 2007 Upgraded to Aaa (sf)

....EUR27.5M Class C Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 4, 2010 Confirmed at Aaa (sf)

....EUR0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 7, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: Talisman-4 Finance plc

....EUR570M Class A Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 25, 2010 Downgraded to Aa3 (sf)

Issuer: TALISMAN-5 FINANCE PLC

....EUR415M Class A Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 4, 2009 Downgraded to Aa3 (sf)

Issuer: TAURUS CMBS (PAN-EUROPE) 2006-3 P.L.C.

....EUR336M Class A Notes, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Oct 2, 2009 Downgraded to Aa2 (sf)

Issuer: TAURUS CMBS (PAN-EUROPE) 2007-1 LIMITED

....EUR407.6M Class A1 Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 26, 2009 Downgraded to Aa1 (sf)

Issuer: TAURUS CMBS (UK) 2006-2 P.L.C.

....GBP364M Class A Notes, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 10, 2009 Downgraded to Aa3 (sf)

Issuer: Titan Europe 2006-1 p.l.c.

....EUR433.76M Class A Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 1, 2010 Downgraded to Aa1 (sf)

Issuer: TITAN EUROPE 2006-2 p.l.c.

....EUR0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: TITAN EUROPE 2006-3 p.l.c.

....EUR471.975M Class A Notes, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 9, 2010 Downgraded to Aa2 (sf)

....EUR0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 27, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: Titan Europe 2006-5 p.l.c.

....EUR0.05M Class X Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 21, 2006 Definitive Rating Assigned Aaa (sf)

Issuer: TITAN EUROPE 2007-2 LIMITED

....EUR971.8M Class A1 Notes, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 19, 2007 Definitive Rating Assigned Aaa (sf)

....EUR243M Class A2 Notes, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 15, 2009 Downgraded to Aa1 (sf)

London
Viola Karoly
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Christophe de Noaillat
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews ratings of European structured finance transactions following new operational risks criteria
No Related Data.
© 2023 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 credit 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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000.

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

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomeResearch & RatingsProducts & SolutionsNews & EventsCareers
Help & SupportContact UsSubmit a Complaint
Terms of UsePrivacy PolicyProprietary Rights
© 2023 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.