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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.

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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.          

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Related Issuers
ABFC 2003-OPT1 Trust
Accredited Mortgage Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6
Aegis Asset Backed Securities Trust 2004-3
Ameriquest Mortgage Securities Inc., Series 2004-R8
Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust 2000-LB1, Home ...s 2000-LB1
C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4
Centex Home Equity Loan Trust 2002-C
Chase Funding Trust, Series 2004-1
CHEC Loan Trust 2004-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-7
CSFB Home Equity Pass-Through Certificates, Series 2004-8
CWABS Asset-Backed Certificates Trust 2004-10
CWABS Asset-Backed Certificates Trust 2004-15
CWABS, Inc. Asset-Backed Certificates, Series 2004-2
CWABS, Inc. Asset-Backed Certificates, Series 2004-7
CWABS, Inc. Asset-Backed Certificates, Series 2004-9
CWABS, Inc., Asset-Backed Certificates, Series 2004-BC5
GSAMP Trust 2004-NC1
Morgan Stanley ABS Capital I Inc. Trust 2003-NC10
Morgan Stanley ABS Capital I Inc. Trust 2003-NC8
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-NC3
Morgan Stanley ABS Capital I Inc. Trust 2004-NC5
Morgan Stanley ABS Capital I Inc. Trust 2004-NC6
Morgan Stanley ABS Capital I Inc. Trust 2004-NC7
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3
New Century Home Equity Loan Trust, Series 2003-A
NovaStar Mortgage Funding Trust, Series 2004-4
Option One Mortgage Loan Trust 2002-3
Option One Mortgage Loan Trust 2003-5
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW2
RASC Series 2001-KS3 Trust
Specialty Underwriting and Residential Finance Trust, Series 2004-BC3
Rating Action:

Moody's takes action on $570 Million of Subprime RMBS issued from 2000-2005

20 Dec 2018

New York, December 20, 2018 -- Moody's Investors Service (Moody's) has upgraded the ratings of 99 tranches and downgraded the ratings of five tranches from 35 transactions, backed by Subprime loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: ABFC 2003-OPT1 Trust

Cl. A-1, Upgraded to Aa2 (sf); previously on Nov 20, 2015 Upgraded to Baa1 (sf)

Cl. A-1A, Upgraded to Aa3 (sf); previously on Nov 20, 2015 Upgraded to Baa3 (sf)

Cl. A-3, Upgraded to A3 (sf); previously on Sep 18, 2013 Confirmed at Baa3 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Nov 20, 2015 Upgraded to Caa1 (sf)

Issuer: Accredited Mortgage Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3

Cl. 1A5, Upgraded to Aa2 (sf); previously on Apr 9, 2018 Upgraded to A3 (sf)

Cl. 1A6, Upgraded to Aa1 (sf); previously on Apr 9, 2018 Upgraded to A1 (sf)

Cl. 1M1, Upgraded to Baa2 (sf); previously on May 11, 2012 Downgraded to Ba2 (sf)

Cl. 1M2, Upgraded to Ba3 (sf); previously on Jan 13, 2017 Upgraded to Caa1 (sf)

Cl. 2A5, Upgraded to Aa1 (sf); previously on May 11, 2012 Downgraded to A1 (sf)

Cl. 2A6, Upgraded to A1 (sf); previously on Jan 13, 2017 Upgraded to A3 (sf)

Cl. 2M1, Upgraded to A3 (sf); previously on Jan 13, 2017 Upgraded to Baa3 (sf)

Cl. 2M2, Upgraded to Baa2 (sf); previously on Jan 13, 2017 Upgraded to Ba1 (sf)

Cl. 2M3, Upgraded to Baa3 (sf); previously on Jan 13, 2017 Upgraded to Ba3 (sf)

Cl. 2M4, Upgraded to Ba2 (sf); previously on Apr 9, 2018 Upgraded to B2 (sf)

Cl. 2M5, Upgraded to Ba2 (sf); previously on Apr 9, 2018 Upgraded to Caa1 (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6

Cl. A-2D, Upgraded to Aaa (sf); previously on Aug 3, 2016 Upgraded to Aa1 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on May 25, 2017 Upgraded to Ca (sf)

Issuer: Aegis Asset Backed Securities Trust 2004-3

Cl. M1, Upgraded to Aa1 (sf); previously on May 23, 2018 Upgraded to A1 (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2004-R8

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 29, 2011 Downgraded to Ca (sf)

Issuer: Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust 2000-LB1, Home ...s 2000-LB1

Cl. M1F, Downgraded to B2 (sf); previously on May 22, 2018 Upgraded to B1 (sf)

Cl. M2F, Upgraded to Caa3 (sf); previously on Mar 18, 2013 Affirmed C (sf)

Issuer: C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4

Cl. IA-1, Upgraded to Aaa (sf); previously on Jun 8, 2018 Upgraded to Aa2 (sf)

Cl. IB-1, Upgraded to Ba2 (sf); previously on Jun 8, 2018 Upgraded to B2 (sf)

Cl. IM-2, Upgraded to Ba1 (sf); previously on Jun 8, 2018 Upgraded to Ba3 (sf)

Issuer: Centex Home Equity Loan Trust 2002-C

Cl. AF-5, Upgraded to Aaa (sf); previously on May 22, 2018 Upgraded to Aa1 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on May 22, 2018 Downgraded to C (sf)

Issuer: Chase Funding Trust, Series 2004-1

Cl. IIM-1, Upgraded to Baa3 (sf); previously on May 22, 2018 Upgraded to B1 (sf)

Cl. IIM-2, Upgraded to B1 (sf); previously on May 22, 2018 Upgraded to Caa3 (sf)

Issuer: CHEC Loan Trust 2004-2

Cl. A-3, Downgraded to Baa1 (sf); previously on Jun 28, 2017 Upgraded to A1 (sf)

Cl. M-1, Downgraded to B3 (sf); previously on Jun 1, 2018 Downgraded to B1 (sf)

Cl. M-2, Downgraded to Caa2 (sf); previously on Jun 28, 2017 Upgraded to Caa1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Mar 7, 2011 Downgraded to Ca (sf)

Cl. M-4, Upgraded to Ca (sf); previously on May 3, 2012 Downgraded to C (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series 2004-7

Cl. B-1, Upgraded to Caa2 (sf); previously on Mar 15, 2011 Downgraded to C (sf)

Cl. M-1, Upgraded to A1 (sf); previously on Apr 9, 2012 Downgraded to A2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Aug 28, 2015 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Baa3 (sf); previously on Jun 20, 2017 Upgraded to Ba1 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Jun 20, 2017 Upgraded to Ba3 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Jul 29, 2016 Upgraded to B3 (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Jul 29, 2016 Upgraded to Caa3 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2004-8

Cl. M-2, Upgraded to A1 (sf); previously on Apr 9, 2018 Upgraded to Baa1 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Apr 9, 2018 Upgraded to Caa1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2004-10

Cl. MF-2, Upgraded to B1 (sf); previously on May 24, 2018 Upgraded to B3 (sf)

Cl. MF-3, Upgraded to Caa2 (sf); previously on Feb 28, 2013 Affirmed C (sf)

Cl. MV-4, Upgraded to B1 (sf); previously on May 24, 2018 Upgraded to B2 (sf)

Cl. MV-5, Upgraded to Ca (sf); previously on Feb 28, 2013 Affirmed C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2004-15

Cl. MF-4, Upgraded to B3 (sf); previously on May 24, 2018 Upgraded to Caa2 (sf)

Cl. MV-6, Upgraded to Caa2 (sf); previously on Apr 16, 2012 Downgraded to C (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-2

Cl. M-1, Upgraded to Baa3 (sf); previously on Oct 2, 2017 Upgraded to Ba1 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Oct 2, 2017 Upgraded to B1 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Oct 2, 2017 Upgraded to Caa1 (sf)

Cl. M-4, Upgraded to B2 (sf); previously on Oct 2, 2017 Upgraded to Ca (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-7

Cl. MF-3, Upgraded to B3 (sf); previously on Apr 16, 2012 Downgraded to C (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-9

Cl. MF-2, Upgraded to B2 (sf); previously on May 24, 2018 Upgraded to Caa3 (sf)

Cl. MV-4, Upgraded to Caa2 (sf); previously on May 24, 2018 Upgraded to Caa3 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2004-BC5

Cl. M-5, Upgraded to B1 (sf); previously on Oct 19, 2016 Upgraded to B2 (sf)

Cl. M-6, Upgraded to B3 (sf); previously on Oct 19, 2016 Upgraded to Ca (sf)

Issuer: GSAMP Trust 2004-NC1

Cl. B-1, Upgraded to Caa1 (sf); previously on Mar 17, 2011 Downgraded to Ca (sf)

Cl. B-3, Upgraded to Caa1 (sf); previously on Mar 17, 2011 Downgraded to Ca (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jun 5, 2018 Upgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2003-NC10

Cl. B-1, Upgraded to Caa1 (sf); previously on Apr 18, 2018 Upgraded to Caa2 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Apr 18, 2018 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Apr 18, 2018 Upgraded to B2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2003-NC8

Cl. B-1, Upgraded to Caa3 (sf); previously on Apr 10, 2012 Downgraded to C (sf)

Cl. M-2, Upgraded to B1 (sf); previously on May 24, 2017 Upgraded to Caa1 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Apr 10, 2012 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE7

Cl. M-2, Upgraded to Baa3 (sf); previously on May 24, 2017 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Ba1 (sf); previously on May 24, 2017 Upgraded to Ba3 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Apr 1, 2013 Affirmed Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-HE8

Cl. M-2, Upgraded to Baa3 (sf); previously on May 24, 2017 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Sep 22, 2015 Upgraded to B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on May 24, 2017 Upgraded to Caa2 (sf)

Cl. M-5, Upgraded to Caa1 (sf); previously on Jun 8, 2012 Downgraded to C (sf)

Cl. M-6, Upgraded to Ca (sf); previously on Jun 8, 2012 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC3

Cl. B-1, Upgraded to Caa3 (sf); previously on May 4, 2015 Downgraded to C (sf)

Cl. M-2, Upgraded to Ba3 (sf); previously on May 24, 2017 Upgraded to B3 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Apr 18, 2018 Upgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC5

Cl. M-2, Upgraded to Caa2 (sf); previously on Mar 15, 2011 Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC6

Cl. M-2, Upgraded to B1 (sf); previously on Nov 4, 2015 Upgraded to Caa1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Mar 15, 2011 Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2004-NC7

Cl. M-3, Upgraded to Ba2 (sf); previously on Feb 28, 2013 Affirmed B2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Feb 28, 2013 Affirmed Ca (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Feb 28, 2013 Affirmed C (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3

Cl. B-2, Downgraded to Caa1 (sf); previously on Apr 9, 2018 Upgraded to B3 (sf)

Cl. M-1, Upgraded to Baa3 (sf); previously on Jan 13, 2015 Upgraded to Ba1 (sf)

Issuer: New Century Home Equity Loan Trust, Series 2003-A

Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 5, 2017 Upgraded to Ba2 (sf)

Cl. M-3, Upgraded to Ba1 (sf); previously on Jul 5, 2017 Upgraded to B1 (sf)

Issuer: NovaStar Mortgage Funding Trust, Series 2004-4

Cl. B-1, Upgraded to Caa2 (sf); previously on Mar 18, 2013 Affirmed Ca (sf)

Cl. M-6, Upgraded to Aa1 (sf); previously on May 23, 2018 Upgraded to A1 (sf)

Issuer: Option One Mortgage Loan Trust 2002-3

Cl. A-1, Upgraded to Aa2 (sf); previously on May 9, 2018 Upgraded to A2 (sf)

Cl. A-2, Upgraded to Aa2 (sf); previously on May 9, 2018 Upgraded to A2 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on May 9, 2018 Upgraded to B3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on May 9, 2018 Upgraded to Caa3 (sf)

Issuer: Option One Mortgage Loan Trust 2003-5

Cl. M-2, Upgraded to Caa1 (sf); previously on Mar 18, 2011 Downgraded to Ca (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW2

Cl. M-5, Upgraded to Caa1 (sf); previously on Feb 28, 2013 Affirmed Ca (sf)

Issuer: RASC Series 2001-KS3 Trust

A-I-5, Upgraded to B2 (sf); previously on Jul 31, 2015 Upgraded to Caa1 (sf)

A-I-6, Upgraded to B1 (sf); previously on Jul 31, 2015 Upgraded to B2 (sf)

A-II, Upgraded to Aaa (sf); previously on Apr 13, 2018 Upgraded to Aa3 (sf)

M-II-1, Upgraded to Ba1 (sf); previously on Apr 13, 2018 Upgraded to Ba3 (sf)

M-II-2, Upgraded to Caa2 (sf); previously on Mar 30, 2011 Downgraded to C (sf)

Issuer: Specialty Underwriting and Residential Finance Trust, Series 2004-BC3

Cl. B-1, Upgraded to B1 (sf); previously on May 9, 2018 Upgraded to Caa1 (sf)

Cl. B-2, Upgraded to Caa1 (sf); previously on May 9, 2018 Upgraded to Ca (sf)

Cl. M-1, Upgraded to A2 (sf); previously on May 9, 2018 Upgraded to Baa1 (sf)

Cl. M-2, Upgraded to Ba3 (sf); previously on May 9, 2018 Upgraded to B2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to improvement in pool performances and credit enhancement available to the bonds. The upgrade of Cl. M-2 from ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6 is also the result of a correction to the cash-flow model used by Moody's in rating this transaction pertaining to the allocation of excess cash-flow to reimburse losses to the bonds. The model has been corrected, and today's rating action reflects this change. In addition, the cash-flow model used by Moody's in rating CHEC Loan Trust 2004-2 has been changed to correct a prior error pertaining to the allocation of excess cash-flow to reimburse losses to the bonds. Although this correction had a negative rating impact on Cl. M-4, the rating has been upgraded due to improvement in pool performance and projected loss expectations for this bond.

The rating downgrades are due to the erosion of credit enhancement available to the bonds. In addition, the rating downgrade on Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust 2000-LB1, Home ...s 2000-LB1 Cl. M1F is due to outstanding interest shortfalls on the bond which is not expected to be recouped as the bond has a weak reimbursement mechanism for interest shortfalls. The downgrade of Cl. B-2 from Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3 also reflects the correction of an error. In the April 2018 rating action, the cumulative realized losses were incorrectly not taken into consideration. Today's rating action properly reflects the current outstanding cumulative realized loss of $1.5 million. The rating actions reflect the recent performance and Moody's updated loss expectations on the underlying pools.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in January 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The above Credit Ratings were assigned in accordance with Moody's existing Methodology entitled "US RMBS Surveillance Methodology," dated 1/31/2017. Please note that on November 14, 2018, Moody's released a Request for Comment, in which it has requested market feedback on potential revisions to its Methodology for pre-2009 US RMBS Prime Jumbo, Alt-A, Option ARM, Subprime, Scratch and Dent, Second Lien and Manufactured Housing transactions. If the revised Methodology is implemented as proposed, these Credit Ratings are not expected to be affected. Please refer to Moody's Request for Comment, titled "Proposed Update to US RMBS Surveillance Methodology," for further details regarding the implications of the proposed Methodology revisions on certain Credit Ratings.

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

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 3.7% in November 2018 from 4.1% in November 2017. Moody's forecasts an unemployment central range of 3.5% to 4.5% for the 2018 year. Deviations from this central scenario could lead to rating actions in the sector. House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2018. Lower increases than Moody's expects or decreases could lead to negative rating actions. 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.

A list of these actions including CUSIP identifiers and the associated pool losses may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF476924

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.

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.

Ilana Fried
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

Deepika Kothari
Senior Vice President
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.

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