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Rating Action:

Moody's takes action on certain J.P. Morgan subprime RMBS

24 Mar 2009

New York, March 24, 2009 -- Moody's Investors Service has downgraded 132 ratings and confirmed 20 ratings from 19 J.P. Morgan subprime residential mortgage-backed securities (RMBS) transactions.

The collateral backing these transactions consists primarily of first-lien, fixed- and adjustable-rate, subprime residential mortgage loans. The actions are triggered by a combination of factors that can include increased delinquencies, higher loss severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for subprime pools. The actions listed below reflect Moody's updated loss projections for the subprime RMBS sector first announced in a press release on February 29, 2009, and are part of Moody's on-going review process.

Moody's final rating actions are based on collateral performance and updated pool-level loss expectations relative to current levels of tranche-specific credit enhancement. Moody's took into account credit enhancement provided by subordination, cross-collateralization, excess spread, time tranching, and other structural features.

The principal methodology used in rating these transactions was "Subprime RMBS Loss Projection Update: March 2009", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on this page.

Moody's approach to analyzing more seasoned pools (prior to the 2nd half of 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses annualized roll rates of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO, respectively. Moody's then applies deal-specific severity assumptions to arrive at projected losses. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

J.P. Morgan Mortgage Acquisition Tr 2005-WMC1

Cl. A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-ACC1

Cl. A-1, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Baa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-CW1

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ba2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-HE2

Cl. A-1, Downgraded to Ba3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to B3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-HE3

Cl. A-1, Downgraded to Caa1; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-NC1

Cl. A-1, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to B1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-NC2

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to B1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-RM1

Cl. A-1A, Downgraded to B1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ba3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Ca; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Ca; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-WMC2

Cl. A-1, Downgraded to Caa1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-WMC3

Cl. A-1MZ, Downgraded to Caa2; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. A-1SS, Downgraded to Ba2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa3; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Acquisition Tr 2006-WMC4

Cl. A-1A, Downgraded to Caa1; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to B3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ca; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acq Corp 2005-FRE1

Cl. AI, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. AII-F-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. AII-F-3, Downgraded to A3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. AII-F-4, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. AII-V-2, Downgraded to A3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. AII-V-3, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acq Corp 2006-FRE1

Cl. A-1, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2005-FLD1

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2005-OPT1

Cl. A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Baa1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Baa3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to Caa3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Cl. M-10, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2005-OPT2

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to Aa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-10, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2006-FRE2

Cl. A-1, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2006-HE1

Cl. A-1, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

J.P. Morgan Mtge Acquisition Corp. 2006-WMC1

Cl. A-1, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Caa3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF160974

A list of updated estimated pool losses is being updated regularly and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159460

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on certain J.P. Morgan subprime RMBS
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MOODY’S 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.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, 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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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

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

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

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