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Rating Action:

Moody's takes action on $781 million of Subprime RMBS issued by C-BASS from 2001 through 2005

10 Mar 2011

New York, March 10, 2011 -- Moody's Investors Service has downgraded the ratings of 119 tranches and confirmed the rating of 5 tranches from 23 Subprime deals issued by C-BASS. The collateral backing these deals primarily consists of first-lien, fixed and adjustable rate Subprime residential mortgages.

RATINGS RATIONALE

The actions are a result of deteriorating performance of Subprime pools securitized before 2005. Although most of these pools have paid down significantly, the remaining loans are affected by the housing and macroeconomic conditions that remain under duress.

The actions reflect Moody's updated loss expectations on Subprime pools securitized before 2005.

The principal methodology used in these ratings was " Pre-2005 US RMBS Surveillance Methodology" published in January 2011.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, excess spread, time tranching, and other structural features within the senior note waterfalls.

Certain securities, as noted below, are insured by financial guarantors. For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier.

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

For more information please see www.moodys.com.

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

Complete rating actions are as follows:

Issuer: C-BASS 2002-CB2 Trust

Cl. A-1, Downgraded to Ba3 (sf); previously on May 31, 2002 Assigned Aaa (sf)

Cl. A-2, Downgraded to B2 (sf); previously on May 31, 2002 Assigned Aaa (sf)

Cl. M-1, Downgraded to Ca (sf); previously on May 31, 2002 Assigned Aa2 (sf)

Cl. M-2, Downgraded to Ca (sf); previously on Nov 19, 2007 Downgraded to Baa1 (sf)

Cl. B-1, Downgraded to Ca (sf); previously on Nov 19, 2007 Downgraded to Caa2 (sf)

Issuer: C-BASS 2002-CB4 Trust

Cl. AV-1, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa3 (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2002-CB5 Trust

Cl. AF-3, Downgraded to A3 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B2 (sf); previously on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2002-CB6 Trust

Cl. M-2V, Downgraded to Caa2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2F, Downgraded to Caa2 (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2003-CB2 Trust

Cl. M-1, Downgraded to Ba1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2003-CB3 Trust

Cl. AF-1, Downgraded to A2 (sf); previously on Jul 31, 2003 Assigned Aaa (sf)

Cl. M-1, Downgraded to Ba1 (sf); previously on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2003-CB4 Trust

Cl. M-1, Downgraded to B3 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS 2003-CB6 Trust

Cl. AF-5, Downgraded to Aa2 (sf); previously on Jan 27, 2004 Assigned Aaa (sf)

Cl. AF-6, Downgraded to Aa2 (sf); previously on Jan 27, 2004 Assigned Aaa (sf)

Cl. M-1, Downgraded to Ba3 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca (sf); previously on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ca (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

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

Cl. IA-1, Downgraded to B2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. IM-1, Downgraded to C (sf); previously on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. IM-2, Downgraded to C (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. IB-1, Downgraded to C (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-Bass Mortgage Loan Asset-Backed Certificates, Series 2001-CB3

Cl. M-2, Confirmed at Aa2 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa3 (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1

Cl. B-1, Downgraded to Baa1 (sf); previously on Jul 1, 2009 Upgraded to A2 (sf)

Cl. B-2, Confirmed at Ca (sf); previously on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1

Cl. M-1, Downgraded to Baa2 (sf); previously on Nov 9, 2007 Confirmed at Aa2 (sf)

Cl. M-2, Downgraded to B1 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B2 (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to Ca (sf); previously on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB2

M-1, Downgraded to Ba3 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade

M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

B-3, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB4

Cl. A-5, Downgraded to Baa3 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Baa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2 (sf); previously on Apr 8, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C (sf); previously on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C (sf); previously on Apr 8, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5

Cl. M-1, Downgraded to Ba1 (sf); previously on Aug 30, 2004 Assigned Aa2 (sf)

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6

Cl. AF-3, Downgraded to Aa1 (sf); previously on Dec 14, 2007 Confirmed at Aaa (sf)

Underlying Rating: Downgraded to Aa1 (sf); previously on Oct 12, 2004 Assigned Aaa (sf)

Financial Guarantor: Syncora Guarantee Inc. (Downgraded to Ca, Outlook Developing on Mar 9, 2009)

Cl. AF-4, Downgraded to Aa1 (sf); previously on Oct 12, 2004 Assigned Aaa (sf)

Cl. M-1, Downgraded to Ba1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B3 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to Ca (sf); previously on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB7

Cl. M-1, Downgraded to Baa2 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C (sf); previously on Apr 8, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB8

Cl. M-1, Downgraded to B1 (sf); previously on Nov 10, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Nov 10, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Nov 10, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Nov 10, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB1

Cl. M-1, Downgraded to Ba1 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Jan 13, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB2

Cl. M-1, Downgraded to Baa1 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa1 (sf); previously on Jan 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Jan 13, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Mar 16, 2009 Downgraded to B2 (sf)

Cl. B-3, Downgraded to C (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB3

Cl. AF-4, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa2 (sf); previously on Jan 13, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1 (sf); previously on Jan 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3 (sf); previously on Jan 13, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Jan 13, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2003-CB5, C-Bass Mortgage Loan Asset-Backed Certificates

Cl. M-1, Downgraded to Ba1 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Nov 19, 2007 Downgraded to B3 (sf)

Issuer: Salomon Mortgage Loan Trust, Series 2003-CB1

Cl. AF, Downgraded to Ba1 (sf); previously on Mar 18, 2003 Assigned Aaa (sf)

Cl. M-1, Downgraded to Caa3 (sf); previously on Mar 18, 2003 Assigned Aa2 (sf)

Cl. M-2, Downgraded to Ca (sf); previously on Mar 18, 2003 Assigned A2 (sf)

Cl. B-1, Downgraded to Ca (sf); previously on Mar 18, 2003 Assigned Baa1 (sf)

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

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF238848

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237255

REGULATORY DISCLOSURES

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

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

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

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

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

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

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

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on $781 million of Subprime RMBS issued by C-BASS from 2001 through 2005
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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