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Rating Action:

Moody's takes action on $2.7 billion RAMP Subprime RMBS issued from 2005-2008

15 Jul 2011

New York, July 15, 2011 -- Moody's Investors Service has downgraded the ratings of 55 tranches, upgraded the ratings of 27 tranches, confirmed the ratings of 30 tranches from 30 RMBS transactions, backed by Subprime loans, issued by Residential Asset Mortgage Products (RAMP).

RATINGS RATIONALE

The collateral backing these transactions consists primarily of first-lien, Subprime residential mortgage loans. The actions are a result of the recent performance review of Subprime pools and reflect Moody's updated loss expectations on Subprime pools issued from 2005 to 2008.

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 factors used in these ratings are described in "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011, which accounts for the updated performance and outlook. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

To assess the rating implications of the updated loss levels on Subprime RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to extended foreclosure timelines by servicers is taken into consideration when assigning ratings.

In today's rating action, some tranches were upgraded. The upgrades are a result of improved performance and/or certain structural features. In certain transactions there are structural features whereby the tranches are receiving more principal payments than anticipated, supporting the upgrades.

Certain tranches in transactions serviced by GMAC Mortgage, LLC's (GMACM), were placed on review for possible downgrade in 2010 due to two concerns regarding the servicer's practices. Firstly, GMACM used shared custodial bank accounts for multiple RMBS transactions and secondly, GMACM had to suspend foreclosures in 25 states due to irregularities in its foreclosure processes. As GMACM is a subsidiary of C rated Residential Capital, LLC (RFC), in case of a default, losses could have been absorbed by the trusts. Since the tranches were placed on review, GMACM has eliminated the use of a common bank account across RMBS deals and set up individual accounts for each transaction. Also, GMACM has reviewed and revamped its foreclosure process, and has lifted its suspension of foreclosure sales and evictions on a case by case basis. Today's ratings actions are based on recent pool performance. Moody's is not keeping these bond under further review due to the two issues highlighted above as they have been resolved. However, the state attorneys general are engaged in ongoing discussions with several servicers regarding loan modifications and foreclosure procedures. The ultimate settlement of those discussions may entail fines, loan forgiveness, cash payments to borrowers or other features that could reduce future cash flows to RMBS investors. Moody's will continue to monitor the outcome and assess future credit implications on the ratings as the situation evolves.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Moody's now projects house price index to reach a bottom in the first quarter of 2012, with a 2% remaining decline between the first quarter of 2011 and 2012, and unemployment rate to start declining by fourth quarter of 2011.

Complete rating actions are as follows:

Issuer: RAMP Series 2005-RZ1 Trust

Cl. A-3, Confirmed at Aaa (sf); previously on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Aa2 (sf); previously on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A2 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A3 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Baa3 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba2 (sf); previously on Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to B2 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to Caa2 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C (sf); previously on Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C (sf); previously on Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RZ2 Trust

Cl. A-II, Confirmed at Aaa (sf); previously on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A2 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B2 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RZ3 Trust

Cl. A-2, Downgraded to A1 (sf); previously on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A2 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba1 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RZ4 Trust

Cl. A-2, Downgraded to A1 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A2 (sf); previously on Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2 (sf); previously on Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B3 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa3 (sf)

Issuer: RAMP Series 2006-RZ1 Trust

Cl. A-2, Downgraded to A1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A2 (sf); previously on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2006-RZ2 Trust

Cl. A-2, Downgraded to B3 (sf); previously on Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2006-RZ3 Trust

Cl. A-2, Downgraded to Ba1 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ba2 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca (sf); previously on Sep 27, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Ca (sf)

Issuer: RAMP Series 2006-RZ4 Trust

Cl. A-2, Downgraded to B1 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B2 (sf); previously on Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ5 Trust

Cl. A-2, Downgraded to B1 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B2 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2007-RZ1 Trust

Cl. A-2, Downgraded to Caa2 (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2 (sf); previously on Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1S, Downgraded to C (sf); previously on Apr 30, 2009 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2005-EFC1 Trust

Cl. M-1, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Baa1 (sf); previously on Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded to Ca (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC2 Trust

Cl. M-1, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to A1 (sf); previously on Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Ba2 (sf); previously on Apr 6, 2010 Downgraded to Caa1 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Cl. M-5, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC3 Trust

Cl. M-1, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Baa1 (sf); previously on Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded to Caa1 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC4 Trust

Cl. A-2, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aa2 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to Baa1 (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC5 Trust

Cl. A-2, Confirmed at A1 (sf); previously on Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Upgraded to A2 (sf); previously on Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to Ba3 (sf); previously on Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC6 Trust

Cl. A-I-2, Confirmed at Aa3 (sf); previously on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-3, Confirmed at A3 (sf); previously on Sep 27, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Confirmed at A1 (sf); previously on Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at B2 (sf); previously on Sep 27, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS1 Trust

Cl. A-I-4, Confirmed at B1 (sf); previously on Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-6, Downgraded to B1 (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-II-1, Upgraded to B3 (sf); previously on Apr 6, 2010 Downgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RS2 Trust

Cl. M-1, Confirmed at A3 (sf); previously on Sep 27, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS3 Trust

Cl. A-I-B1, Confirmed at Aa3 (sf); previously on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-B2, Confirmed at A1 (sf); previously on Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-A3, Confirmed at Aa3 (sf); previously on Sep 27, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to A1 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Ba2 (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS4 Trust

Cl. A-4, Confirmed at Aa2 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to A1 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded to Caa1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS5 Trust

Cl. A-I-3, Confirmed at A2 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Confirmed at A2 (sf); previously on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to Ba3 (sf); previously on Apr 6, 2010 Downgraded to Caa1 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS6 Trust

Cl. A-I-3, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II-1, Confirmed at Aa1 (sf); previously on Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II-2, Confirmed at Aa2 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Upgraded to Baa3 (sf); previously on Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B1 (sf); previously on Apr 6, 2010 Downgraded to Ca (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-RS7 Trust

Cl. A-2, Confirmed at Baa2 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS8 Trust

Cl. A-2, Confirmed at Ba2 (sf); previously on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-EFC1 Trust

Cl. A-2, Confirmed at Baa2 (sf); previously on Sep 27, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Upgraded to Ba2 (sf); previously on Sep 27, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-EFC2 Trust

Cl. A-2, Confirmed at Baa3 (sf); previously on Sep 27, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-NC1 Trust

Cl. A-2, Downgraded to Caa1 (sf); previously on Sep 27, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS5 Trust

Cl. A-3, Downgraded to Caa2 (sf); previously on Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2007-RS1 Trust

Cl. A-2, Downgraded to A1 (sf); previously on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2007-RS2 Trust

Cl. A-1, Confirmed at B3 (sf); previously on Sep 27, 2010 B3 (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_SF255502

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF198689

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

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

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

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 the Rating Process page on www.moodys.com 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 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 the ratings disclosure page on our website www.moodys.com for further information.

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

New York
Maxim Pertsov
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Amita Shrivastava
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on $2.7 billion RAMP Subprime RMBS issued from 2005-2008
No Related Data.
© 2022 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.

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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 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 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.

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