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Related Issuers
Acolman, Municipality of
Aguas del Municipio de Durango
Aguascalientes, Municipality of
Baja California, State of
Benemerita Universidad Autonoma de Puebla
Benito Juarez (Cancun), Municipality of
Campeche, Municipality of
CAPAMA
Centro, Municipality of (Villahermosa)
Chiapas, State of
Chicoloapan de Juarez, Municipality of
Chihuahua, State of
Ciudad de Mexico
Coacalco, Municipality of
Coatzacoalcos, Municipality of
COMAPA Z.C.
Comision Estatal de Servicios Pub de Tijuana
Corregidora, Municipality of
Cuautitlan Izcalli, Municipality of
Culiacan, Municipality of
Dexia Credito Local Mexico, S.A. de C.V.
Durango, Municipality of
Durango, State Of
Ecatepec de Morelos, Municipality of
Guadalajara, Municipality of
Guadalupe, Municipality of
Guanajuato, State of
Guasave, Municipality of
Guerrero, State of
Hidalgo, State of
Ixtapaluca, Municipality of
Jalisco, State of
Lazaro Cardenas, Municipality of
Leon, Municipality of
Merida, Municipality of
Metepec, Municipality of
Mexicali, Municipality of
Mexico, State of
Monterrey, Municipality of
Nayarit, State of
Nicolas Romero, Municipality of
Nogales, Municipality of
Nuevo Leon, State of
Oaxaca de Juarez, Municipality of
Oaxaca, State of
OPDAPAS de Metepec
Puebla, State of
Queretaro, Municipality of
Queretaro, State of
Ramos Arizpe, Municipality of
Reynosa, Municipality of
San Luis Potosi, State of
San Luis Rio Colorado, Municipality of
San Pedro Garza Garcia, Municipality of
SIAPA
Sinaloa, State of
SOAPAP
Sonora, State of
Tabasco, State of
Tamaulipas, State of
Tecamac, Municipality of
Tlalnepantla, Municipality of
Tlaquepaque, Municipality of
Tlaxcala, State of
Toluca, Municipality of
Tuxpan, Municipality of (VeraCruz)
Tuxtla Gutierrez, Municipality of
Valle de Chalco Solidaridad, Municipality of
Veracruz, State of
Zacatecas, Municipality of
Zacatecas, State of
Zapopan, Municipality of
Zapotlan el Grande, Municipality of
Zitacuaro, Municipality of
Rating Action:

Moody's reviews the ratings of Distrito Federal (Mexico City), 64 RLGs, 8 GRIs, and 130 enhanced loans

 The document has been translated in other languages

01 Apr 2016

Mexico, April 01, 2016 -- Moody's de México (Moody's) affirmed the debt ratings of A3 (Global Scale, local currency) and Aaa.mx (Mexico National Scale) assigned to the following bond issuances of Distrito Federal (Mexico City), outlook negative:

• MXN 1.382 billion bond issuance (original face value) under the program GDFECB 15.

• MXN 2.5 billion bond issuance (original face value) under the program GDFECB 15-2.

• MXN 2.5 billion bond issuance (original face value) under the program GDFECB 14.

• MXN 2.1 billion bond issuance (original face value) under the program GDFECB13.

• MXN 2.5 billion bond issuance (original face value) under the program GDFECB12.

• MXN 7 billion (original face value) securitization of a loan from Dexia Credito Local Mexico, S.A. de C.V. to Distrito Federal, Mexico CBPF48.

At the same time, Moody's also affirmed debt ratings of (P)A3 (Global Scale, local currency) and Aaa.mx (Mexico National Scale) of the MXN 1.1 billion bond issuance (original face value) within GDFCB10-2 under an MTN program and debt ratings of A3 (Global Scale, local currency) and Aaa.mx (Mexico National Scale) of the MXN 900 million bond issuance within GDFCB10.

Moody's affirmed the Global Scale (local currency) and Mexico National Scale ratings on its portfolio of Mexican states, municipalities and government-related issuers, and a) revised the outlooks to negative from stable and positive, and b) maintained negative outlooks, except for the following two issuers:

- State of Mexico: The state´s issuer ratings of Ba2/A2.mx were placed under review with uncertain direction from positive outlook and all debt ratings were also placed under review with uncertain direction.

- Municipality of Coacalco: Affirmed Caa1/Caa1.mx ratings and stable outlook maintained.

Please click on the following link to access the full list of affected credit ratings. This list is an integral part of this press release and identifies each affected issuer: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_188776.

Finally Moody's affirmed debt ratings of 130 enhanced loans. Please click on the following link to access the full list of affected credit ratings. This list is an integral part of this press release and identifies each affected issuer: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_188735.

Today's action follows Moody's rating action on March 31, 2016, in which the agency affirmed Mexico's government bond rating of A3 and revised the outlook to negative from stable. (For full details, please see "Moody's changes Mexico's outlook to negative from stable; affirms A3 rating").

RATINGS RATIONALE

RATING RATIONALE FOR DISTRITO FEDERAL (MEXICO CITY)

Under the legal framework governing Distrito Federal, the Government of Mexico is the direct obligor of all debt incurred by Distrito Federal. Accordingly, the rating fully reflects the credit quality of the Federal Government.

RATIONALE FOR STATES AND MUNICIPALITIES

Moody's considers that the change in the sovereign outlook indicates heightened systemic risk for sub-sovereign issuers, which have close operating and financial linkages with the federal government.

The elements behind the sovereign action could exert pressure on the states' and municipalities' financial metrics. Federal transfers represent 90% percent of states' revenues and between 50% and 70% for municipalities rated by Moody's.

RATIONALE FOR GOVERNMENT-RELATED ISSUERS (GRIs)

Moody´s changed the outlook for the GRIs to reflect the change in the outlooks of the respective supporting governments.

RATIONALE FOR THE STATE OF MEXICO (Ba2/A2.mx, RUR Uncertain)

The ratings' outlook change to RUR uncertain from positive reflects our decision to review in greater detail the two opposing trends and their incidence on the State´s credit quality. Namely: a) the state's improving idiosyncratic profile, and b) the negative systemic pressures.

RATIONALE FOR THE MUNICIPALITY OF COACALCO (Caa1/Caa1.mx, Stable)

Moody's considers that the systemic pressures captured in the Soveregin´s negative outlook will have a nonmaterial impact on Coacalco's expected loss levels. Coacalco's credit profile is consistent with a Caa1/Caa1.mx rating.

RATIONALE FOR ENHANCED LOANS

The affirmation of the enhanced loans reflects the affirmation of all issuer ratings in our portfolio. As per our methodology, issuer ratings are the starting point to assign debt ratings (refer to https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_172119).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Excluding the cases of the State of Mexico and the Municipality of Coacalco, a rating upgrade for states, municipalities, and GRIs in the medium-term is unlikely. However, the outlook could be stabilized if the sovereign rating is stabilized. A downgrade of the sovereign could lead to a downgrade of their ratings. A deterioration of the financial metrics of states, municipalities and GRIs could result in a rating downgrade.

Given the links between the loans and the credit quality of the obligors, an upgrade/downgrade of the issuer ratings could exert upward/downward pressure on debt ratings for the enhanced loans. Also, if debt service coverage metrics improve/fall materially below our expectations, the ratings could face upward/downward pressure.

The principal methodology used in rating the Mexico RLGs' issuer ratings was Regional and Local Governments published in January 2013. The principal methodology used in rating the Mexico GRIs' issuer ratings was Government-Related Issuers published in October 2014.

The principal methodology used in rating the enhanced loans was Rating Methodology for Enhanced Municipal and State Loans in Mexico published in June 2014.

The principal methodology used in rating Benemerita Universidad Autonoma de Puebla was Global Higher Education published in November 2015. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

The period of time covered in the financial information used to determine state, municipality or government related issuer rating is between 01/01/2010 and 12/31/2014.

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

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's information.

The ratings have been disclosed to the rated entities prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Credit Rating Action for Acolman, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Aguas del Municipio de Durango was 07/02/2014

The date of the last Credit Rating Action for Aguascalientes, Municipality of was 08/12/2015

The date of the last Credit Rating Action for Baja California, State of was 16/10/2015

The date of the last Credit Rating Action for Benemerita Universidad Autonoma de Puebla was 07/02/2014

The date of the last Credit Rating Action for Benito Juarez (Cancun), Municipality of. was 07/08/2015

The date of the last Credit Rating Action for CAPAMA was 05/11/2014

The date of the last Credit Rating Action for COMAPA Z.C. was 14/10/2015

The date of the last Credit Rating Action for Campeche, Municipality of was 27/08/2015

The date of the last Credit Rating Action for Centro, Municipality of (Villahermosa) was 29/04/2014

The date of the last Credit Rating Action for Chiapas, State of was 10/10/2014

The date of the last Credit Rating Action for Chicoloapan de Juarez, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Chihuahua, State of was 16/02/2016

The date of the last Credit Rating Action for Coacalco, Municipality of was 19/08/2014

The date of the last Credit Rating Action for Coatzacoalcos, Municipality of was 03/09/2014

The date of the last Credit Rating Action for Comision Estatal de Servicios Pub de Tijuana was 16/10/2015

The date of the last Credit Rating Action for Corregidora, Municipality of 10/03/2014

The date of the last Credit Rating Action for Cuautitlan Izcalli, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Culiacan, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Dexia Credito Local Mexico, S.A. de C.V. was 07/02/2014

The date of the last Credit Rating Action for Distrito Federal, Mexico was 22/07/2015

The date of the last Credit Rating Action for Durango, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Durango, State Of was 01/03/2016

The date of the last Credit Rating Action for Ecatepec de Morelos, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Guadalajara, Municipality of was 03/09/2014

The date of the last Credit Rating Action for Guadalupe, Municipality of was 11/09/2014

The date of the last Credit Rating Action for Guanajuato, State of was 07/02/2014

The date of the last Credit Rating Action for Guasave, Municipality of was 16/07/2014

The date of the last Credit Rating Action for Guerrero, State of was 24/07/2014

The date of the last Credit Rating Action for Hidalgo, State of. was 24/07/2014

The date of the last Credit Rating Action for Ixtapaluca, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Jalisco, State of was 15/03/2016

The date of the last Credit Rating Action for Lazaro Cardenas, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Leon, Municipality of was 04/05/2015

The date of the last Credit Rating Action for Merida, Municipality of was 14/09/2015

The date of the last Credit Rating Action for Metepec, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Mexicali, Municipality of was 08/04/2015

The date of the last Credit Rating Action for Mexico, State of was 15/03/2016

The date of the last Credit Rating Action for Monterrey, Municipality of was 03/11/2014

The date of the last Credit Rating Action for Municipality of San Luis Rio Colorado was 07/02/2014

The date of the last Credit Rating Action for Nayarit, State of was 22/04/2015

The date of the last Credit Rating Action for Nicolas Romero, Municipality of. was 22/06/2015

The date of the last Credit Rating Action for Nogales, Municipality of was 18/08/2015

The date of the last Credit Rating Action for Nuevo Leon, State of was 05/08/2015

The date of the last Credit Rating Action for Oaxaca de Juarez, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Oaxaca, State of was 20/01/2016

The date of the last Credit Rating Action for OPDAPAS de Metepec was 07/02/2014

The date of the last Credit Rating Action for Puebla, State of was 24/07/2014

The date of the last Credit Rating Action for Queretaro, Municipality of was 07/02/2014.

The date of the last Credit Rating Action for Queretaro, State of was 07/02/2014.

The date of the last Credit Rating Action for Ramos Arizpe, Municipality of was 22/05/2015

The date of the last Credit Rating Action for Reynosa, Municipality of was 25/11/2015

The date of the last Credit Rating Action for San Luis Potosi, State of was 23/02/2016

The date of the last Credit Rating Action for San Pedro Garza Garcia, Municipality of was 07/02/2014

The date of the last Credit Rating Action for SIAPA was 02/10/2014

The date of the last Credit Rating Action for Sinaloa, State of was 24/07/2014

The date of the last Credit Rating Action for SOAPAP was 14/11/2014

The date of the last Credit Rating Action for Sonora, State of was 16/03/2016

The date of the last Credit Rating Action for Tabasco, State of was 07/08/2015

The date of the last Credit Rating Action for Tamaulipas, State of. was 07/02/2014

The date of the last Credit Rating Action for Tecamac, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Tlalnepantla, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Tlaquepaque, Municipality of was 04/09/2014

The date of the last Credit Rating Action for Tlaxcala, State of was 07/02/2014

The date of the last Credit Rating Action for Toluca, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Tuxpan, Municipality of (VeraCruz) was 22/06/2015

The date of the last Credit Rating Action for Tuxtla Gutierrez, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Valle de Chalco Solidaridad, Municipality of was 07/02/2014

The date of the last Credit Rating Action for Veracruz, State of was 22/06/2015

The date of the last Credit Rating Action for Zacatecas, Municipality of was 10/06/2015

The date of the last Credit Rating Action for Zacatecas, State of was 24/07/2014

The date of the last Credit Rating Action for Zapopan, Municipality of was 24/07/2014

The date of the last Credit Rating Action for Zapotlan el Grande, Municipality of was 13/05/2014

The date of the last Credit Rating Action for Zitacuaro, Municipality of was 07/02/2014

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 credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

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

Mexico -- Regional and Local Governments and Government Related Issuers

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_188776 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:

• Methodologies and Models used

Mexico -- Enhanced Loans

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_188735 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:

• Methodologies and Models used

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.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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.

Please see Moody's Rating Symbols and Definitions on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Roxana Munoz
Asst Vice President - Analyst
Sub-Sovereigns Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereigns Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's reviews the ratings of Distrito Federal (Mexico City), 64 RLGs, 8 GRIs, and 130 enhanced loans
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.

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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.

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