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

Terms of One-Time Website Use

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

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

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

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

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

I AGREE
Rating Action:

Moody's takes action on $12.4 billion of Synthetic Jumbo RMBS issued by RESI between 2003 and 2004

21 Apr 2011

New York, April 21, 2011 -- Moody's Investors Service has downgraded the ratings of 75 tranches and confirmed the ratings of 20 tranches from eight synthetic jumbo deals issued by RESI.

RATINGS RATIONALE

These synthetic transactions provide the owner of a sizable pool of mortgages (the "Protection Buyer") credit protection through a credit default swap with the issuer (the "Protection Seller") of the notes. Through this agreement, the Protection Buyer pays a fee in return for the transfer of a portion of the reference portfolio credit risk.

Investors in the notes have an interest in the holdings of the issuer, which include highly rated investment instruments, a forward delivery agreement and fee collections on the agreement with the Protection Buyer. Investors are exposed to losses from the reference portfolio but benefit only indirectly from cash flows from these assets. Depending on the class of notes held, investors have credit protection from subordination.

The reference portfolios of these transactions include prime conforming and nonconforming fixed-rate and adjustable-rate mortgages purchased from various originators. The actions are a result of deteriorating performance of prime jumbo pools securitized before 2005. Although most of these pools have paid down significantly, the remaining loans are affected by the housing and macroeconomic conditions that remain under duress.

The principal methodology used in these ratings is described in the Monitoring and Performance Review section in "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008. Other methodologies used to estimate losses on the pools are described under "Pre-2005 US RMBS Surveillance Methodology" published in January 2011, which accounts for the deteriorating performance and outlook.

To assess the ratings on the bonds,Moody's considered the level of credit enhancement available for each tranche relative to updated pool-level loss expectations. Within the senior note waterfalls, Moody's took into account credit enhancement provided by seniority, cross-collateralization, excess spread, principal payment waterfall, and other structural features .

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Overall, Moody's assumes a further 5% decline in home prices with stabilization in late 2011, accompanied by continued stress in national employment levels through that timeframe.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the rating.

Complete rating actions are as follows:

Issuer: RESI Finance Limited Partnership 2003-A/RESI Finance DE Corporation 2003-A, Series 2003-A

Cl. B3, Downgraded to Aa1 (sf); previously on Aug 1, 2006 Upgraded to Aaa (sf)

Cl. B4, Downgraded to Aa2 (sf); previously on Aug 1, 2006 Upgraded to Aaa (sf)

Cl. B5, Downgraded to A1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to A2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to A3 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to Baa1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to Baa2 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to Ba1 (sf); previously on Aug 1, 2006 Upgraded to A1 (sf)

Issuer: RESI Finance Limited Partnership 2003-B

Cl. B1, Downgraded to Aa1 (sf); previously on Apr 11, 2006 Assigned Aaa (sf)

Cl. B2, Downgraded to Aa2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to A2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to A3 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Baa2 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Baa3 (sf); previously on Apr 13, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ba2 (sf); previously on Nov 14, 2007 Upgraded to A2 (sf)

Cl. B8, Downgraded to Ba3 (sf); previously on Nov 14, 2007 Upgraded to A3 (sf)

Cl. B9, Downgraded to B2 (sf); previously on Nov 14, 2007 Upgraded to Baa2 (sf)

Cl. B10, Downgraded to Caa3 (sf); previously on Nov 14, 2007 Upgraded to Baa3 (sf)

Issuer: RESI Finance Limited Partnership 2003-C/RESI Finance DE Corporation 2003-C, Series 2003-C

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to A3 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba1 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ba3 (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to B2 (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Caa3 (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ca (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2003-CB1/RESI Finance DE Corporation 2003-CB1

Cl. B1, Downgraded to Aa1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Aa2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to A1 (sf); previously on Apr 13, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to A2 (sf); previously on Apr 13, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Baa1 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Baa2 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2003-D RESI Finance Limited Partnership 2003-D/RESI Finance DE Corporation 2003-D

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to A3 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba1 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ba2 (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to B2 (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Caa3 (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ca (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-A RESI Finance Limited Partnership 2004-A/RESI Finance DE Corporation 2004-A

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to A1 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B1 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to B2 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Ca (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to C (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to C (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-B RESI Finance Limited Partnership 2004-B/RESI Finance DE Corporation 2004-B

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to A2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Ba1 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B2 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ca (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to C (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to C (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to C (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-C RESI Finance Limited Partnership 2004-C/RESI Finance DE Corporation 2004-C

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba3 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to B1 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Caa3 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Ca (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243904

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243269

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Bulat Mustafin
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on $12.4 billion of Synthetic Jumbo RMBS issued by RESI between 2003 and 2004
No Related Data.
© 2018 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. 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 SUCH 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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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.
​

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
© 2018 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.