Global Header | Moody's
Close
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
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
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
Related Issuers
American Home Mortgage Assets Trust 2006-6
Banc of America Alternative Loan Trust 2004-10
Banc of America Alternative Loan Trust 2004-5
Banc of America Alternative Loan Trust 2004-6
Banc of America Funding 2007-2 Trust
Banc of America Funding 2007-4 Trust
BankAmerica MH Contract 1997-2
BCAP LLC Trust 2007-AA2
Bear Stearns Asset Backed Securities I Trust 2005-AC3
Bear Stearns Asset Backed Securities I Trust 2005-AC6
Bear Stearns Asset Backed Securities I Trust 2005-AC8
Bear Stearns Mortgage Funding Trust 2007-AR4
Bear Stearns Mortgage Funding Trust 2007-AR5
Bear Stearns Structured Sec Inc 1997-02
Bella Vista Mortgage Trust 2004-2
Bella Vista Mortgage Trust 2005-1
Chase Mortgage Finance Trust Series 2006-S4
Chase Mortgage Finance Trust, Series 2005-S1
ChaseFlex Trust Series 2005-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1
CHL Mortgage Pass-Through Trust 2004-16
CHL Mortgage Pass-Through Trust 2004-20
CHL Mortgage Pass-Through Trust 2004-23
CHL Mortgage Pass-Through Trust 2005-11
CHL Mortgage Pass-Through Trust 2005-3
CHL Mortgage Pass-Through Trust 2005-4
CHL Mortgage Pass-Through Trust 2005-7
CHL Mortgage Pass-Through Trust 2005-HYB1
CHL Mortgage Pass-Through Trust 2007-J2
CHL Mortgage Pass-Through Trust, Series 2007-19
Citigroup Mortgage Loan Trust, Series 2004-NCM1
Citigroup Mortgage Loan Trust, Series 2004-NCM2
Citigroup Mortgage Loan Trust, Series 2005-2
ContiMortgage Home Equity Loan Trust 1995-04
ContiMortgage Home Equity Loan Trust 1997-2
CSAB Mortgage-Backed Trust Series 2007-1
CSFB Adjustable Rate Mortgage Trust 2005-6A
CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-28
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-18
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-30
CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-34
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-21
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-8
CSMC Mortgage-Backed Trust Series 2006-7
CSMC Mortgage-Backed Trust Series 2006-9
CSMC Mortgage-Backed Trust Series 2007-2
CWABS, Inc. Asset-Backed Certificates, Series 2001-BC3
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-J8
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-14
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-17
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-1CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-24
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-27
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-31
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-38
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-41
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-51
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-53T2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-56
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-58
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-59
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-62
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-81
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J5
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-30T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J4
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J7
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OA10
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OA14
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OA9
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY7C
CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2006-7
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-2
Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2003-3
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1
DSLA Mortgage Loan Trust 2004-AR1
DSLA Mortgage Loan Trust 2004-AR2
DSLA Mortgage Loan Trust 2004-AR3
DSLA Mortgage Loan Trust 2004-AR4
Fannie Mae REMIC Trust 2002-W1
Fannie Mae REMIC Trust 2002-W6
Financial Asset Securities Corp. AAA Trust 2005-2
GE Capital Mtg Services Inc 1999-HE3 Trust
Greenpoint Mortgage Funding Trust 2005-AR5
GSMPS Mortgage Loan Trust 2003-1
GSMPS Mortgage Loan Trust 2004-4
GSMPS Mortgage Loan Trust 2005-RP1
GSMPS Mortgage Loan Trust 2005-RP2
GSMPS Mortgage Loan Trust 2005-RP3
GSMPS Mortgage Loan Trust 2006-RP1
GSR Mortgage Loan Trust 2005-3F
GSR Mortgage Loan Trust 2005-5F
GSR Mortgage Loan Trust 2006-6F
GSR Mortgage Loan Trust 2006-7F
GSR Mortgage Loan Trust 2006-8F
GSR Mortgage Loan Trust 2006-9F
GSR Mortgage Loan Trust 2007-1F
GSR Mortgage Loan Trust 2007-2F
GSR Mortgage Loan Trust 2007-3F
HarborView Mortgage Loan Trust 2004-11
HarborView Mortgage Loan Trust 2004-2
HarborView Mortgage Loan Trust 2005-12
HarborView Mortgage Loan Trust 2005-8
HSI Asset Loan Obligation Trust 2006-2
IndyMac IMSC Mortgage Loan Trust 2007-HOA1
IndyMac INDX Mortgage Loan Trust 2004-AR12
IndyMac INDX Mortgage Loan Trust 2004-AR13
IndyMac INDX Mortgage Loan Trust 2004-AR14
IndyMac INDX Mortgage Loan Trust 2004-AR5
IndyMac INDX Mortgage Loan Trust 2004-AR7
IndyMac INDX Mortgage Loan Trust 2004-AR8
IndyMac INDX Mortgage Loan Trust 2005-AR2
IndyMac INDX Mortgage Loan Trust 2005-AR4
IndyMac INDX Mortgage Loan Trust 2005-AR6
IndyMac INDX Mortgage Loan Trust 2006-AR14
J.P. Morgan Mortgage Trust 2004-S1
J.P. Morgan Mortgage Trust 2004-S2
J.P. Morgan Mortgage Trust 2006-S1
J.P. Morgan Mortgage Trust 2006-S4
Lehman Mortgage Trust 2005-2
Lehman Mortgage Trust 2006-1
Lehman Mortgage Trust 2006-4
Lehman Mortgage Trust 2006-5
Lehman Mortgage Trust 2006-6
Lehman Mortgage Trust 2007-5
Lehman Mortgage Trust 2007-7
Lehman XS Trust Series 2006-20
Madison Avenue Manufactured Housing Contract Trust 2002-A
MASTR Adjustable Rate Mortgages Trust 2007-1
MASTR Alternative Loan Trust 2003-5
MASTR Alternative Loan Trust 2007-1
MASTR Asset Securitization Trust 2006-1
MASTR Reperforming Loan Trust 2005-1
MASTR Seasoned Securitization Trust 2005-2
Merrill Lynch Mortgage Investors Trust 2006-AF2
Metropolitan Asset Funding, Inc. II, Series 1998-B
Morgan Stanley Mortgage Loan Trust 2005-10
Morgan Stanley Mortgage Loan Trust 2006-2
MortgageIT Trust 2005-AR1, Mortgage Pass-Through Certificates, Series 2005-AR1
NovaStar Mortgage Funding Trust, Series 2002-3
Prime Mortgage Trust 2005-4
Prime Mortgage Trust 2005-5
PRIME Mortgage Trust 2006-DR1
RALI Series 2004-QS16 Trust
RALI Series 2007-QH9 Trust
RBSGC Mortgage Loan Trust 2007-A
RBSGC Mortgage Loan Trust 2007-B
Saxon Asset Securities Trust 2001-3
Structured Asset Mortgage Investments II Trust 2004-AR2
Structured Asset Mortgage Investments II Trust 2004-AR3
Structured Asset Mortgage Investments II Trust 2004-AR4
Structured Asset Mortgage Investments II Trust 2004-AR7
Structured Asset Mortgage Investments II Trust 2004-AR8
Structured Asset Mortgage Investments II Trust 2005-AR2
Structured Asset Mortgage Investments II Trust 2005-AR3
Structured Asset Mortgage Investments II Trust 2005-AR6
Structured Asset Mortgage Investments II Trust 2005-AR7
Structured Asset Mortgage Investments II Trust 2006-AR3
Structured Asset Mortgage Investments II Trust 2006-AR4
Structured Asset Mortgage Investments II Trust 2006-AR5
Structured Asset Mortgage Investments Trust 2002-AR5
Structured Asset Securities Corp 2006-RF3
Structured Asset Securities Corp Trust 2004-18H
Structured Asset Securities Corp Trust 2005-14
Structured Asset Securities Corp Trust 2005-15
Structured Asset Securities Corp Trust 2005-16
Structured Asset Securities Corp Trust 2005-17
Structured Asset Securities Corporation 2001-SB1
Structured Asset Securities Corporation 2006-12
Structured Asset Securities Corporation Assistance Loan Trust 2003-AL1
Structured Asset Securities Corporation Assistance Loan Trust 2003-AL2
Structured Asset Securities Corporation, Series 2005-10
SunTrust Alternative Loan Trust 2006-1F
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR6 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR8 Trust
WaMu Mortgage Pass-Through Certificates Series 2005-AR6 Trust
WaMu Mortgage Pass-Through Certificates, Series 2004-AR10
WaMu Mortgage Pass-Through Certificates, Series 2004-AR12
WaMu Mortgage Pass-Through Certificates, Series 2004-CB1
WaMu Mortgage Pass-Through Certificates, Series 2004-S3
WaMu Mortgage Pass-Through Certificates, Series 2005-AR1
WaMu Mortgage Pass-Through Certificates, Series 2005-AR11
WaMu Mortgage Pass-Through Certificates, Series 2005-AR15
WaMu Mortgage Pass-Through Certificates, Series 2005-AR19
WaMu Mortgage Pass-Through Certificates, Series 2005-AR2
WaMu Mortgage Pass-Through Certificates, Series 2005-AR8
WaMu Mortgage Pass-Through Certificates, Series 2006-AR1
WaMu Mortgage Pass-Through Certificates, Series 2006-AR11
WaMu Mortgage Pass-Through Certificates, Series 2006-AR13
WaMu Mortgage Pass-Through Certificates, Series 2006-AR15
WaMu Mortgage Pass-Through Certificates, Series 2006-AR17
WaMu Mortgage Pass-Through Certificates, Series 2006-AR19 Trust
WaMu Mortgage Pass-Through Certificates, Series 2006-AR3
WaMu Mortgage Pass-Through Certificates, Series 2006-AR4
WaMu Mortgage Pass-Through Certificates, Series 2006-AR7
WaMu Mortgage Pass-Through Certificates, Series 2006-AR9
WaMu Mortgage Pass-Through Certificates, Series 2007-OA2
WaMu Mortgage Pass-Through Certificates, Series 2007-OA3
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4
WaMu Mortgage Pass-Through Certificates, Series 2007-OA5 Trust
WaMu Mortgage Pass-Through Certificates, Series 2007-OA6
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-AR1 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR1 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR2 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR3 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR4 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR5 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR6 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR7 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR8
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR9 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-OA1 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-OA2 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-OA3 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-OA4 Trust
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-5 Trust
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-OA5
Rating Action:

Moody's takes action on 283 US RMBS IO bonds from 199 deals issued prior to 2009

20 Dec 2017

New York, December 20, 2017 -- Moody's Investors Service (Moody's) has confirmed the ratings of 143 Interest-Only (IO) bonds, upgraded the ratings of 38 IO bonds and downgraded the ratings of 12 IO bonds from 133 US residential mortgage backed transactions (RMBS), issued by multiple issuers prior to 2009. Of these, 16 bonds were among those placed on review on 15 August 2017 in connection with a correction of errors in our earlier analysis, and 177 bonds were among those placed on review on 29 August 2017 in connection with a reassessment of our internal linkage of these IO bonds to their reference bond(s) or pool(s). 131 bonds in this action are IO PO bonds, which have both an IO component and a principal-only (PO) component.

Moody's also withdrew the ratings of 9 IO bonds, from 7 RMBS transactions, that were placed on review on 15 August 2017, and 81 IO bonds, from 66 RMBS transactions, that were placed on review on 29 August 2017. The ratings on these IO bonds have been withdrawn due to insufficient information available to maintain the ratings.

In addition, the ratings on 7 IO bonds that were placed on review on 15 August 2017, and the ratings of 25 IO bonds that were placed on review on 29 August 2017, have also been withdrawn because they have matured, or are backed by mortgage pools whose size has fallen below the level specified in the applicable methodology and have thus been withdrawn for small pool factor.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF464668 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected credit rating, as well as factors driving each rating action and the methodologies used.

RATINGS RATIONALE

Today's action resolves the review of 16 IO bonds which were among those placed on review in connection with data input errors in prior analyses and 177 IO bonds which were among those placed on review for a reassessment of the IO bond linkages captured in our internal database, prompted by the identification of errors in that database. The factors that Moody's considers in rating an IO bond depend on the type of referenced securities or assets to which the IO bond is linked. The final ratings on the IO bonds reflect the linkage reassessment and updated performance of the respective transactions, including expected losses on the collateral, and pay-downs or write-offs of the related reference bonds. For IO PO bonds, which have both an IO component and a principal-only (PO) component. Moody's determines the rating of IO PO bonds using a weighted average of the ratings of the two components.

For the 16 IO bonds that had data input errors in prior analyses, the data inputs were corrected as part of the analysis for this rating action.

We have reassessed the linkage for the 193 IO bonds being confirmed, upgraded or downgraded in today's rating action, and determined that 149 of these IO bonds were linked to the appropriate bonds(s) or pool(s). 23 of these 149 IO bonds reference a portion of the aggregate collateral pool (a "sub-pool"), each of which sub-pool amounts to 75% or more of the entire collateral pool. As a result, we have treated these IO bonds as linked to the entire pool. Another 4 of the 149 bonds are IO PO bonds where the balance of the PO component is zero. Therefore, the ratings of these 4 bonds reflect the ratings of the IO component only.

For the remaining 44 IO bonds, the linkage was incorrect and has been updated.

Of the 44 IO bonds whose linkage has been corrected, 31 are IO PO bonds, 26 of which had a linkage correction applied only with respect to the PO component and 5 of which had a linkage correction applied with respect to both the PO component and to the referenced pools. For 27 of these 31 bonds, prior analyses incorrectly omitted the PO component rating. The final ratings on the 27 affected bonds reflect the updated linkage as well as the performance of the underlying collateral and bonds, leading to a rating change on 5 of the bonds; the ratings on the remaining 22 bonds were confirmed.

After having reviewed the various linkages, Moody's has decided to withdraw the ratings of 90 IO bonds because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. The IO bonds are linked to a portion of the collateral pool that is not clearly reported in the data available for the related transactions. Please refer to the Moody's Investor Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

We are evaluating the remaining IO bonds on review and note that, although a number of linkages may be corrected, this will not necessarily lead to rating movements in all cases.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF464668 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies, for each affected credit rating, Moody's disclosures on the following items:

-Principal Methodologies

-Withdrawal Reasons

Factors that can lead to an upgrade or downgrade of the ratings:

An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds and/or pools.

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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.

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.

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, 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.

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.

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

Wenzhao Wu
Associate Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ola Hannoun-Costa
VP-Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING 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.

​​​​
Global Footer | Moody's