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Related Issuers
Aames Mortgage Investment Trust 2005-3
Aames Mortgage Investment Trust 2005-4
ABFC 2002-NC1 Trust
ABFC Asset Backed Certificates, Series 2005-WF1
ABFC Asset-Backed Certificates, Series 2004-HE1
ABFC Asset-Backed Certificates, Series 2005-HE1
ABFC Asset-Backed Certificates, Series 2005-WMC1
Accredited Mortgage Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4
Accredited Mortgage Loan Trust 2005-1, Asset-Backed Notes, Series 2005-1
Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes, Series 2005-2
Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3
Accredited Mortgage Loan Trust 2005-4
Accredited Mortgage Loan Trust 2006-1
Accredited Mortgage Loan Trust 2006-2
Accredited Mortgage Loan Trust 2007-1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE3
American General Mortgage Pass-Through Certificates, Series 2006-1
Ameriquest Mortgage Securities Inc., Series 2004-R10
Ameriquest Mortgage Securities Inc., Series 2004-R12
Ameriquest Mortgage Securities Inc., Series 2004-R2
Ameriquest Mortgage Securities Inc., Series 2004-R3
Ameriquest Mortgage Securities Inc., Series 2005-R1
Ameriquest Mortgage Securities Inc., Series 2005-R10
Ameriquest Mortgage Securities Inc., Series 2005-R11
Ameriquest Mortgage Securities Inc., Series 2005-R3
Ameriquest Mortgage Securities Inc., Series 2005-R4
Ameriquest Mortgage Securities Inc., Series 2005-R5
Ameriquest Mortgage Securities Inc., Series 2005-R7
Ameriquest Mortgage Securities Inc., Series 2006-R1
Ameriquest Mortgage Securities Inc., Series 2006-R2
Argent Securities Inc., Series 2004-W11
Argent Securities Inc., Series 2004-W2
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE6
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE10
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE6
Asset Backed Securities Corporation Home Equity Loan Trust 2005-HE4
Asset Backed Securities Corporation Home Equity Loan Trust 2005-HE6
Asset Backed Securities Corporation Home Equity Loan Trust NC 2005-HE8
Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust 2000-LB1, Home ...s 2000-LB1
Asset Backed Securities Corporation, Series 2002-HE1
Bear Stearns ALT-A Trust 2004-12
Bear Stearns ALT-A Trust 2004-3
Bear Stearns ALT-A Trust 2004-8
Bear Stearns Asset Backed Securities I Trust 2004-AC4
Bear Stearns Asset Backed Securities I Trust 2004-BO1
Bear Stearns Asset Backed Securities I Trust 2005-TC1
Bear Stearns Asset Backed Securities I Trust 2005-TC2
Bear Stearns Asset Backed Securities Trust 2004-HE6
Bear Stearns Asset Backed Securities Trust 2005-SD1
Bear Stearns Asset-Backed Securities Trust 2003-AC5
Bear Stearns Asset-Backed Securities Trust 2003-AC6
Bear Stearns Asset-Backed Securities Trust 2003-SD3
Bear Stearns Asset-Backed Securities Trust 2004-AC1
Carrington Mortgage Loan Trust, Series 2005-NC1
Carrington Mortgage Loan Trust, Series 2005-NC5
Carrington Mortgage Loan Trust, Series 2006-OPT1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-RP1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SC1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SP2
CDC Mortgage Capital Trust 2002-HE2
CDC Mortgage Capital Trust 2003-HE1
CDC Mortgage Capital Trust 2003-HE2
CDC Mortgage Capital Trust 2003-HE4
Centex Home Equity Loan Trust 2005-A
Centex Home Equity Loan Trust 2005-D
Centex Home Equity Loan Trust 2006-A
CIT Home Equity Loan Trust 2002-1
CIT Home Equity Loan Trust 2002-2
Citicorp Residential Mortgage Trust Series 2006-1
CitiFinancial Mortgage Securities Inc. 2004-1
Citigroup Mortgage Loan Trust 2006-AR9
Citigroup Mortgage Loan Trust 2006-HE1
Citigroup Mortgage Loan Trust 2006-HE2
Citigroup Mortgage Loan Trust 2006-SHL1
Citigroup Mortgage Loan Trust 2006-WFHE1
Citigroup Mortgage Loan Trust 2006-WFHE2
Citigroup Mortgage Loan Trust 2006-WFHE3
Citigroup Mortgage Loan Trust 2006-WFHE4
Citigroup Mortgage Loan Trust 2007-WFHE2
Citigroup Mortgage Loan Trust 2007-WFHE3
Citigroup Mortgage Loan Trust, Series 2005-HE1
Citigroup Mortgage Loan Trust, Series 2005-OPT1
Citigroup Mortgage Loan Trust, Series 2005-OPT3
Citigroup Mortgage Loan Trust, Series 2005-OPT4
Citigroup Mortgage Loan Trust, Series 2005-WF2
Conseco Finance Home Equity Loan Trust 2001-C
Conseco Finance Home Equity Loan Trust 2001-D
Conseco Finance Home Equity Loan Trust 2002-A
Conseco Finance Home Equity Loan Trust 2002-B
Conseco Finance Home Equity Loan Trust 2002-C
Countrywide Home Loan Trust 2004-SD2
CWABS Asset-Backed Certificates Trust 2004-10
CWABS Asset-Backed Certificates Trust 2004-12
CWABS Asset-Backed Certificates Trust 2004-13
CWABS Asset-Backed Certificates Trust 2005-4
CWABS Asset-Backed Certificates Trust 2005-7
CWABS, Inc. Asset-Backed Certificates, Series 2004-5
CWABS, Inc. Asset-Backed Certificates, Series 2004-7
CWABS, Inc. Asset-Backed Certificates, Series 2004-9
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-J5
Encore Credit Receivables Trust 2005-3
Encore Credit Receivables Trust 2005-4
Equifirst Mortgage Loan Trust 2003-1
Equifirst Mortgage Loan Trust 2004-1
Equifirst Mortgage Loan Trust 2004-2
Equifirst Mortgage Loan Trust 2004-3
Equifirst Mortgage Loan Trust 2005-1
First Franklin Mortgage Loan Trust 2004-FF11
First Franklin Mortgage Loan Trust 2004-FF4
First Franklin Mortgage Loan Trust 2004-FF6
First Franklin Mortgage Loan Trust 2004-FFH1
First Franklin Mortgage Loan Trust 2004-FFH3
First Franklin Mortgage Loan Trust 2004-FFH4
First Franklin Mortgage Loan Trust 2005-FF11
First Franklin Mortgage Loan Trust 2005-FF2
First Franklin Mortgage Loan Trust 2005-FF7
First Franklin Mortgage Loan Trust 2005-FF8
First Franklin Mortgage Loan Trust 2005-FFH3
First Franklin Mortgage Loan Trust 2005-FFH4
First Franklin Mortgage Loan Trust 2006-FF1
FNBA Mortgage Loan Trust 2004-AR1
Fremont Home Loan Trust 2004-4
Fremont Home Loan Trust 2005-1
GSAA Home Equity Trust 2005-1
GSAA Home Equity Trust 2005-3
GSAA Home Equity Trust 2005-6
GSAMP Trust 2004-AR1
GSAMP Trust 2004-WF
GSAMP Trust 2005-HE4
GSAMP Trust 2005-HE6
GSAMP Trust 2005-SEA2
GSAMP Trust 2006-HE2
GSAMP Trust 2006-NC1
GSAMP Trust 2007-HSBC1
GSRPM Mortgage Loan Trust 2003-2
GSRPM Mortgage Loan Trust 2006-1
HomeBanc Mortgage Trust 2005-3
HomeBanc Mortgage Trust 2005-4
Homebanc Mortgage Trust 2006-2
Homestar Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2004-6
HSI Asset Securitization Corporation Trust 2006-OPT1
HSI Asset Securitization Corporation Trust 2006-OPT2
HSI Asset Securitization Corporation Trust 2006-OPT3
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C
IXIS Real Estate Capital Trust 2004-HE4
J.P. Morgan Mortgage Acquisition Corp. 2005-OPT1
J.P. Morgan Mortgage Acquisition Corp. 2005-OPT2
J.P. Morgan Mortgage Acquisition Corp. 2005-WMC1
J.P. Morgan Mortgage Acquisition Trust 2006-CH1
J.P. Morgan Mortgage Acquisition Trust 2007-CH1, Asset-Backed Pass-Through Certificates, Series 2007-CH1
Long Beach Mortgage Loan Trust 2003-3
Long Beach Mortgage Loan Trust 2004-1
Long Beach Mortgage Loan Trust 2004-4
Long Beach Mortgage Loan Trust 2005-2
Long Beach Mortgage Loan Trust 2005-WL1
Long Beach Mortgage Loan Trust 2005-WL3
MASTR Asset Backed Securities Trust 2004-OPT1
MASTR Asset Backed Securities Trust 2004-WMC2
MASTR Asset Backed Securities Trust 2004-WMC3
MASTR Asset Backed Securities Trust 2005-WF1
MASTR Asset Securitization Trust 2003-NC1
MESA 2003-1 Global Issuance Company
Morgan Stanley ABS Capital I Inc. 2002-NC6
Morgan Stanley ABS Capital I Inc. Trust 2003-HE2
Morgan Stanley ABS Capital I Inc. Trust 2003-NC10
Morgan Stanley ABS Capital I Inc. Trust 2003-NC5
Morgan Stanley ABS Capital I Inc. Trust 2004-HE6
Morgan Stanley ABS Capital I Inc. Trust 2004-HE7
Morgan Stanley ABS Capital I Inc. Trust 2004-HE8
Morgan Stanley ABS Capital I Inc. Trust 2004-NC2
Morgan Stanley ABS Capital I Inc. Trust 2004-NC4
Morgan Stanley ABS Capital I Inc. Trust 2004-NC6
Morgan Stanley ABS Capital I Inc. Trust 2004-NC7
Morgan Stanley ABS Capital I Inc. Trust 2004-NC8
Morgan Stanley ABS Capital I Inc. Trust 2004-SD3
Morgan Stanley ABS Capital I Inc. Trust 2004-WMC2
Morgan Stanley ABS Capital I Inc. Trust 2005-HE1
Morgan Stanley ABS Capital I Inc. Trust 2005-HE2
Morgan Stanley ABS Capital I Inc. Trust 2005-HE5
Morgan Stanley ABS Capital I Inc. Trust 2005-NC2
Morgan Stanley ABS Capital I Inc. Trust 2006-NC1
Morgan Stanley ABS Capital I Trust 2000-1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC3
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC4
Morgan Stanley Dean Witter Capital I Inc. Trust 2003-NC1
Morgan Stanley Mortgage Loan Trust 2005-5AR
Morgan Stanley Mortgage Loan Trust 2005-6AR
Nationstar Home Equity Loan Trust 2006-B
New Century Home Equity Loan Trust 2005-3
New Century Home Equity Loan Trust 2005-4
New Century Home Equity Loan Trust, Series 2003-A
New Century Home Equity Loan Trust, Series 2004-2
New Century Home Equity Loan Trust, Series 2004-3
New Century Home Equity Loan Trust, Series 2004-4
New Century Home Equity Loan Trust, Series 2005-2
Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-2
Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-3
Option One Mortgage Loan Trust 2004-1
Option One Mortgage Loan Trust 2004-3
Option One Mortgage Loan Trust 2005-3
Option One Mortgage Loan Trust 2005-4
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3
Popular ABS Mortgage Pass-Through Trust 2005-B
Popular ABS Mortgage Pass-Through Trust 2006-A
Saxon Asset Securities Trust 1999-3
Saxon Asset Securities Trust 2004-1
Saxon Asset Securities Trust 2004-2
Saxon Asset Securities Trust 2004-3
Saxon Asset Securities Trust 2005-1
Saxon Asset Securities Trust 2005-3
Saxon Asset Securities Trust 2006-2
Saxon Asset Securities Trust 2006-3
Securitized Asset Backed Receivables LLC Trust 2004-NC1
Securitized Asset Backed Receivables LLC Trust 2005-OP1
Securitized Asset Backed Receivables LLC Trust 2006-OP1
SG Mortgage Securities Trust 2005-OPT1
Soundview Home Loan Trust 2005-4
Soundview Home Loan Trust 2005-CTX1
Soundview Home Loan Trust 2006-2
Soundview Home Loan Trust 2006-WF2
Thornburg Mortgage Securities Trust 2003-2
Truman Capital Mortgage Loan Trust 2004-2
Wells Fargo Alternative Loan 2005-2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust
Wells Fargo Home Equity Asset-Backed Securities 2006-1 Trust
Rating Action:

Moody's takes action on 415 US RMBS bonds from 237 deals issued prior to 2009

09 Jun 2020

New York, June 09, 2020 -- Moody's Investors Service, ("Moody's") has confirmed the ratings of 35 bonds and downgraded the ratings of 380 bonds from 237 US residential mortgage backed transactions (RMBS), backed by subprime, Alt-A, and scratch and dent mortgages issued by multiple issuers. Majority of the bonds were amongst those placed on review on April 15th and 21st due to heightened risk of interest loss.

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL425926 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer. The link also contains the associated underlying collateral losses.

RATINGS RATIONALE

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL425926 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

Principal Methodologies

Today's rating actions reflect the recent performance as well as Moody's updated loss expectations on the underlying pools. The rating downgrades are primarily due to the assessment of outstanding and potential interest shortfalls, and also reflect the subordination of recoupment of unpaid interest, erosion in credit enhancement or sensitivity of the ratings to an increase in baseline loss of up to 10%.

The rating action resolves the review action for 371 bonds that were placed on review on April 15th and April 21st, 2020 due to the heightened risk of interest loss. These bonds have weak interest recoupment mechanisms or weak interest promise where missed interest payments will likely result in a permanent interest loss. In light of the slowdown in US economic activity in 2020, and increased unemployment due to the coronavirus outbreak, the risk of incurring such interest loss is now significantly elevated.

In our liquidity analysis, we considered the resiliency of ratings to interest losses arising from two and four months of missed interest payments to the bonds, the subordination of the recoupment of such missed interest in the distribution waterfall and any outstanding unrecovered interest shortfalls as of April 2020 remittance.

Unpaid interest owed to bonds with weak interest recoupment mechanisms is reimbursed sequentially based on bond priority, from excess interest, if available, and often only after the overcollateralization has built to a pre-specified target amount. In transactions where overcollateralization has already been reduced or depleted due to poor performance, any such missed interest payments to these bonds is unlikely to be repaid. In the case of bonds with weak interest promise, the monthly interest payable on the bonds is limited by the interest collections or available funds and thus could become zero if collections in a specific period is not sufficient to make interest payments on the bonds. In the transaction documents, such missed interest is not treated as unpaid interest, and thus not reflected as an interest shortfall despite the bonds not receiving any interest for that period.

Because of the advancing mechanism included in most RMBS transactions, interest shortfalls on bonds are generally related to recoupment of advances by the servicer. Common triggers for recoupment of advances are the servicer deeming the advances to be non-recoverable, modification, liquidation of a delinquent loan, or transfer of servicing that could lead to a change in advancing practice. The severe disruption in borrower incomes due to the coronavirus outbreak has led servicers to offer borrower relief largely in the form of forbearance of mortgage payments, which the servicers advance to the trusts. Depending on the strength and timing of the economic recovery, the loans of many borrowers on such forbearance plans may eventually need to be modified, with servicers recouping their advances at the time of modification. The servicer is entitled to reimbursement from cash collected on the associated RMBS pool, and the right to reimburse itself is senior to the claim of the bonds. Recoupment of advances for a large number of borrowers within a few months could result in a reduction in interest funds available to the bondholders, causing interest shortfalls that, in many cases, will be permanent once incurred. The magnitude of funds advanced, and subsequently recouped, could be in the range of three to 12 months of monthly payments for each delinquent borrower and will depend on servicer practices.

Our analysis has considered the effect of the coronavirus outbreak on the US economy as well as the effects that the announced government measures, put in place to contain the virus, will have on the performance of consumer assets. Specifically, for US RMBS, loan performance will weaken due to the unprecedented spike in the unemployment rate, which may limit borrowers' income and their ability to service debt. The softening of the housing market will reduce recoveries on defaulted loans, also a credit negative. Furthermore, borrower assistance programs such as forbearance, may adversely impact scheduled cash flows to bondholders.

The contraction in economic activity in the second quarter will be severe and the overall recovery in the second half of the year will be gradual. However, there are significant downside risks to our forecasts in the event that the pandemic is not contained and lockdowns have to be reinstated. As a result, the degree of uncertainty around our forecasts is unusually high.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

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

Up

Levels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings of the bonds up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market.

Down

Levels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud.

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL425926 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Rating Solicitation

• Issuer Participation

• Participation: Access to Management

• Participation: Access to Internal Documents

• Disclosure to Rated Entity

• Endorsement

• Lead Analyst

• Releasing Office

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

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, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

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.

Nicholas Rossetti
Asst Vice President - 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

Soumya Vasudevan
Vice President - Senior Analyst
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.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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 INVESTORS SERVICE 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 INVESTORS SERVICE 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR  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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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.

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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 $2,700,000. 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 JPY125,000 to approximately JPY250,000,000.

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

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