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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
Chihuahua, State of
Ciudad de Mexico
Coacalco, Municipality of
Coatzacoalcos, Municipality of
COMAPA Z.C.
Corregidora, Municipality of
Cuautitlan Izcalli, Municipality of
Cuautla, Municipality of
Culiacan, Municipality of
Durango, Municipality of
Durango, State Of
Ecatepec de Morelos, 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
Mexico, State of
Monterrey, Municipality of
Nayarit, State of
Nicolas Romero, Municipality of
Nuevo Leon, State of
Oaxaca de Juarez, Municipality of
Oaxaca, State of
Puebla, State of
Queretaro, Municipality of
Queretaro, State of
Ramos Arizpe, Municipality of
Reynosa, Municipality 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
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 Mexico City, 59 Mexican state and municipal governments, 1 public university, 5 water companies and 112 enhanced loans

 The document has been translated in other languages

12 Apr 2018

Mexico, April 12, 2018 -- Moody's de México (Moody's) affirmed the A3 (Global Scale, local currency) and Aaa.mx (Mexico National Scale) debt ratings of Mexico City (Ciudad de Mexico) and changed the outlook to stable from negative. The rating changes apply to the following bond issuances:

• MXN 2.521 billion bond issuance (original face value) under the program GDFCB10-2.

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

• MXN 2.126 billion bond issuance (original face value) under the program GDFECB13.

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

• 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 1 billion bond issuance (original face value) under the program GCDMXCB 16V.

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

In addition, Moody's affirmed the Global Scale (local currency) and Mexico National Scale ratings of 36 Mexican states and municipalities, one university, and 4 water companies, and changed the outlook to stable from negative. Moody's also affirmed the Global Scale (local currency), Mexico National Scale ratings and maintained current outlooks on 19 Mexican states and municipalities.

Moody's also took the following rating actions on the following four municipalities and one water company:

- Municipality of Coacalco: Issuer ratings upgraded to B3/B1.mx from Caa1/B2.mx; outlook revised to stable from positive.

- Municipality of Corregidora: Issuer ratings upgraded to Baa1/Aa1.mx from Baa2/Aa2.mx; maintained the stable outlook.

- Municipality of Tlalnepantla: Issuer ratings upgraded to Ba1/A1.mx from Ba2/A2.mx; maintained the stable outlook.

- Municipality of Durango: Issuer ratings upgraded to Ba2/A2.mx from Ba3/A3.mx; maintained the stable outlook.

- Aguas del Municipio de Durango: Issuer ratings upgraded to Ba2/A2.mx from Ba3/A3.mx; maintained the stable outlook.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_199018 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

Finally, Moody's affirmed the debt ratings of 112 enhanced loans. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_199017 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

Today's action follows Moody's rating action on April 11, 2018, in which the agency affirmed Mexico's government bond rating of A3, and revised the outlook to stable from negative. (For full details, please see "Moody's changes outlook on Mexico's ratings to stable from negative; A3 ratings affirmed").

RATINGS RATIONALE

RATING RATIONALE FOR MEXICO CITY

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

RATIONALE FOR AFFIRMED RATINGS AND OUTLOOK CHANGE FOR 36 STATES AND MUNICIPALITIES

The ratings affirmation and outlook change to stable from negative reflects the change in the sovereign outlook, given that Mexican sub-sovereigns have close operating and financial linkages with the federal government. The sovereign action was based on an assessment that risks to growth stemming from the NAFTA renegotiation are receding, that structural reforms adopted since 2013 have increased the Mexican economy's resilience to shocks, contributing to favorable fiscal results and a moderate decline in public sector indebtedness, and that there is a low probability the next administration will weaken economic and fiscal trends through a sharp change in policy.

RATIONALE FOR THE AFFIRMED RATINGS AND MAINTINED OUTLOOKS FOR 19 STATES AND MUNICIPALITIES

The decision to affirm the ratings and maintain the outlooks for these entities reflects their idiosyncratic credit profiles. Issuers with a stable outlook are relatively less vulnerable to systemic risks and the issuers with a negative outlook face individual credit pressures.

RATIONALE FOR THE MUNICIPALITY OF COACALCO

The upgrade of Coacalco's issuer ratings to B3/B1.mx from Caa1/B2.mx and the change of outlook to stable from positive reflects the municipality's positive gross operating balance (GOB), lower debt levels and an improvement in its liquidity position.

Coacalco's GOBs have been positive during the last three years, averaging 10.2% of operating revenues, compared to the negative results observed from 2012 to 2014 that averaged -12.8%. These positive operating margins reflect a decline in current expenditures as a result of measures implemented by the current administration.

As a result of the improvement in operating margins, Coacalco posted cash financing surpluses averaging 13.9% of total revenues during the last three years, which resulted in an improvement in liquidity, with cash to current liabilities climbing to 0.15x in 2017, up from 0.04x in 2015. Nonetheless, liquidity remains weak, which is captured in the municipality's B3 credit profile.

In addition, Coacalco's debt levels are still relatively high compared to national peers, though they are decreasing. Net direct and indirect debt (NDID) to operating revenues was equivalent to 49.5% at the end of 2017, compared to 67.5% at its peak in 2013. Moody's expects debt levels to continue decreasing in 2018 to roughly 45%. However, the municipality continues to depend on short-term debt, which can put pressure on its liquidity.

RATIONALE FOR THE MUNICIPALITY OF CORREGIDORA

The upgrade of Corregidora's issuer ratings to Baa1/Aa1.mx from Baa2/Aa2.mx with a stable outlook reflects a sustained improvement in recent years in the municipality's credit profile, characterized by growing own source revenues, strong operating margins, very low debt levels and a strong liquidity position.

Corregidora´s GOB equaled 24.1% in 2017, well above the 9.4% average during the 2013-2015 period. The increase of its GOB mainly reflects a compound annual growth rate (CAGR) of 24% of own source revenues during the 2013 -- 2017 period that outpaced the current expenditure CAGR of 13%.

Furthermore, liquidity levels measured as cash to current liabilities have been strong during the last five years, averaging 6.4x, a stronger level than national peers. Debt levels were equivalent to 5.6% of operating revenues as of December 2017, a low level. Going forward, Moody's expect Corregidora's strong operating and financial performance to continue, supported by sustainable high own-source revenues, a strong liquidity position and low debt levels.

RATIONALE FOR THE MUNICIPALITY OF TLALNEPANTLA

The upgrade of Tlalnepantla's ratings to Ba1/A1.mx from Ba2/A2.mx with a stable outlook reflects the municipality's strong cash financing surpluses and GOBs, decreasing debt levels and solid liquidity.

Between 2015-2017, Tlalnepantla's cash financing surpluses and GOBs averaged 13.7% of total revenues and 18% of operating revenues, respectively, in both cases above the municipality's Ba-rated peers. NDID to operating revenues stood at 14.1% in 2017, down from the 38.6% in 2013. As a result of this stronger financial and operating performance, Tlalnepantla's liquidity also improved, with cash to current liabilities rising to 1.34x in 2017, up from 0.08x in 2015. The improvement is explained by a combination of rising operating revenues, driven by gains in both own source revenues and federal participations, and tight control of operating expenditures. Tlalnepantla has also made progress in recent years in reducing contingent liabilities associated with its water company (OPDM) by reducing the utility's debt with the National Water Commission (CONAGUA) to MXN 717 million at the end of 2017, down from MXN 1,171 million in 2014.

Moody's expects that the municipality of Tlalnepantla will continue to post cash financing and gross operating surpluses in 2018-19 of 11.5% of total revenues and 12% of operating revenues, respectively. Moody's also expects the municipality's liquidity will continue to improve, and projects that cash will rise to 1.5x current liabilities in 2018-19, and that NDID will fall to 13% of operating revenue.

RATIONALE FOR THE MUNICIPALITY OF DURANGO

The upgrade of Durango's issuer rating to Ba2/A2.mx from Ba3/A3.mx with a stable outlook reflects the municipality's recurring gross operating and financial surpluses in recent years, which have resulted in a sustained improvement in its liquidity and declining debt levels. Durango's cash position was equal to 1.4x its current liabilities in 2017, well above the municipality's Ba3 rated peers, and Moody's projects its liquidity will strengthen slightly in 2018 as the municipality continues to post operating and financial surpluses. Durango's solid performance will also allow it to continue reducing its leverage, and Moody's projects that its NDID will fall to 17.4% of operating revenue by the end of 2018, from 37.7% in 2013.

RATIONALE FOR PUBLIC UNIVERSITY

The stable outlook for the Benemérita Universidad Autónoma de Puebla (Baa3/Aa3.mx stable) reflects the stable outlook of its supporting government, the state of Puebla (Baa3/Aa3.mx stable).

RATIONALE FOR THE FOUR WATER COMPANIES

The ratings affirmation for the water companies and the change of outlook to stable from negative reflect the affirmation of the ratings of their support providers and their change of outlook to stable. The water companies SIAPA (Ba2/A2.mx), COMAPA Z.C. (Ba2/A2.mx), CAPAMA (B3/B1.mx) and SOAPAP (Baa3/Aa3.mx) have strong linkages with their support providers: the state of Jalisco (Ba2/A2.mx stable), the state of Tamaulipas (Ba1/A1.mx stable), the municipality of Acapulco and the state of Puebla (Baa3/Aa3.mx stable), respectively.

RATIONALE FOR AGUAS DEL MUNICIPIO DE DURANGO

The ratings upgrade of Aguas del Municipio de Durango to Ba2/A2.mx from Ba3/A3.mx with a stable outlook reflects the ratings upgrade of the water company's support provider, the municipality of Durango, to Ba2/A2.mx with a stable outlook. In Moody's view, it is not meaningful to distinguish between the credit quality of Aguas del Municipio de Durango and that of the supporting government.

RATIONALE FOR ENHANCED LOANS

The affirmation of the enhanced loans reflects the affirmation of all issuer ratings in our portfolio. As per Moody's methodology, issuer ratings are the starting point to assign debt ratings (refer to https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1078313).

WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the stable outlook on Mexico's sovereign bond rating, Moody's does not expect an upgrade on Mexico's City debt ratings. However, an upgrade or downgrade on Mexico's ratings will exert upward or downward pressure on Mexico's City debt ratings.

An improvement of the financial and debt metrics of states and municipalities could exert upward pressure on their ratings. Conversely, a deterioration of the financial and debt metrics of states, municipalities and the public university could exert downward pressure on their ratings.

Given the strong financial linkages between the five water companies and the public university and their respective support providers, an upgrade/downgrade of the support providers' ratings could result in an upgrade/downgrade of the issuer ratings of the water companies and the university.

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 the debt ratings of the enhanced loans. Also, if debt service coverage metrics improve or fall materially below Moody's 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 2018.

The principal methodologies used in rating the enhanced loans were Regional and Local Governments published in January 2018, and Rating Methodology for Enhanced Municipal and State Loans in Mexico published in July 2017.

The principal methodologies used in rating Benemerita Universidad Autonoma de Puebla were Higher Education published in December 2017 and Government-Related Issuers published in August 2017.

The principal methodology used in rating the water companies was Government-Related Issuers published in August 2017. Please see the Rating Methodologies page on www.moodys.com.mx for a copy of these methodologies.

The period of time covered in the financial information used to determine state, municipality, water company and public university ratings is between 01/01/2012 and 12/31/2016 (source: financial statements). The period of time covered in the financial information used to determine enhanced loan ratings is between 01/01/2013 and 12/31/2017 (source: financial statements).

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 May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113601.

REGULATORY DISCLOSURES

Please click on these links http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_199017 and http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_199018 for the Lists 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:

• Methodology

Information sources used to prepare the rating are the following: parties 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 Rating Action for Acolman, Municipality of was 28/04/2017

The date of the last Rating Action for Aguascalientes, Municipality of was 28/04/2017

The date of the last Rating Action for Aguas del Municipio de Durango (AMD) of was 27/09/2017

The date of the last Rating Action for Baja California, State of was 07/09/2017

The date of the last Rating Action for Benemerita Universidad Autonoma de Puebla was 28/04/2017

The date of the last Rating Action for Benito Juarez (Cancun), Municipality of was 28/04/2017

The date of the last Rating Action for Campeche, Municipality of was 28/04/2017

The date of the last Rating Action for CAPAMA was 04/05/2017

The date of the last Rating Action for Centro, Municipality of (Villahermosa) was 28/04/2017

The date of the last Rating Action for Chiapas, State of was 28/04/2017

The date of the last Rating Action for Chihuahua, State of was 16/01/2018

The date of the last Rating Action for Coacalco, Municipality of was 10/07/2017

The date of the last Rating Action for Coatzacoalcos, Municipality of was 31/08/2017

The date of the last Rating Action for COMAPA Z.C., Municipality of was 04/05/2017

The date of the last Rating Action for Corregidora, Municipality of was 28/04/2017

The date of the last Rating Action for Cuautitlan Izcalli, Municipality of was 28/04/2017

The date of the last Rating Action for Cuautla, Municipality of, Municipality of was 22/09/2017

The date of the last Rating Action for Culiacan, Municipality of was 20/12/2017

The date of the last Rating Action for Dexia Credito Local Mexico, S.A. de C.V. was 28/04/2017

The date of the last Rating Action for Durango, Municipality of was 27/09/2017

The date of the last Rating Action for Durango, State of was 28/04/2017

The date of the last Rating Action for Ecatepec de Morelos, Municipality of was 13/06/2017

The date of the last Rating Action for Guadalupe, Municipality of was 28/04/2017

The date of the last Rating Action for Guanajuato, State of was 28/04/2017

The date of the last Rating Action for Guasave, Municipality of was 04/10/2017

The date of the last Rating Action for Guerrero, State of was 28/04/2017

The date of the last Rating Action for Hidalgo, State of was 11/01/2018

The date of the last Rating Action for Ixtapaluca, Municipality of was 28/04/2017

The date of the last Rating Action for Jalisco, State of was 28/04/2017

The date of the last Rating Action for Lazaro Cardenas, Municipality of was 28/04/2017

The date of the last Rating Action for Leon, Municipality of was 28/04/2017

The date of the last Rating Action for Merida, Municipality of was 28/04/2017

The date of the last Rating Action for Metepec, Municipality of was 28/04/2017

The date of the last Rating Action for Mexico, City of was 30/01/2018

The date of the last Rating Action for Mexico, State of was 28/04/2017

The date of the last Rating Action for Monterrey, Municipality of was 05/10/2017

The date of the last Rating Action for Nayarit, State of was 28/04/2017

The date of the last Rating Action for Nicolas Romero, Municipality of was 06/07/2017

The date of the last Rating Action for Nuevo Leon, State of was 22/12/2017

The date of the last Rating Action for Oaxaca de Juarez, Municipality of was 27/10/2017

The date of the last Rating Action for Oaxaca, State of was 15/12/2017

The date of the last Rating Action for Puebla, State of was 28/04/2017

The date of the last Rating Action for Queretaro, Municipality of was 28/04/2017

The date of the last Rating Action for Queretaro, State of was 28/04/2017

The date of the last Rating Action for Ramos Arizpe, Municipality of was 28/04/2017

The date of the last Rating Action for Reynosa, Municipality of was 28/04/2017

The date of the last Rating Action for San Luis Rio Colorado, Municipality of was 28/04/2017

The date of the last Rating Action for San Pedro Garza Garcia, Municipality of was 23/02/2018

The date of the last Rating Action for Sinaloa, State of was 28/04/2017

The date of the last Rating Action for Sonora, State of was 28/04/2017

The date of the last Rating Action for Tabasco, State of was 27/09/2017

The date of the last Rating Action for Tamaulipas, State of was 28/04/2017

The date of the last Rating Action for Tecamac, Municipality of was 28/04/2017

The date of the last Rating Action for Tlalnepantla, Municipality of was 28/04/2017

The date of the last Rating Action for Tlaquepaque, Municipality of was 28/04/2017

The date of the last Rating Action for Tlaxcala, State of was 28/04/2017

The date of the last Rating Action for Toluca, Municipality of was 28/04/2017

The date of the last Rating Action for Tuxpan, Municipality of (Veracruz) was 28/04/2017

The date of the last Rating Action for Tuxtla Gutierrez, Municipality of was 22/08/2017

The date of the last Rating Action for Veracruz, State of was 22/12/2017

The date of the last Rating Action for Zacatecas, Municipality of was 28/04/2017

The date of the last Rating Action for Zacatecas, State of was 01/09/2017

The date of the last Rating Action for Zapopan, Municipality of was 28/04/2017

The date of the last Rating Action for Zapotlan el Grande, Municipality of was 28/04/2017

The date of the last Rating Action for Zitacuaro, Municipality of was 28/04/2017

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 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.

These credit ratings are 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.mx, for each of the ratings covered, Moody's disclosures on the lead rating 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-Sovereign 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: 1 888 779 5833
Client Service: 1 212 553 1653

David Rubinoff
MD - Sub Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
Client Service: 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: 1 888 779 5833
Client Service: 1 212 553 1653

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

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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