Moodys.com
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's takes rating action on certain Structured Investment Vehicles following its latest review of the sector - Approx. US$130 billion of debt securities affected (42% of total SIV debt outstanding)

30 Nov 2007
Moody's takes rating action on certain Structured Investment Vehicles following its latest review of the sector - Approx. US$130 billion of debt securities affected (42% of total SIV debt outstanding)

This action continues the review process started on November 7

London, 30 November 2007 -- Moody's Investors Service announced today that it has completed part of its review of the SIV sector. This review was prompted by the continued market value declines of asset portfolios. Moody's confirmed, downgraded, or placed on review for possible downgrade, the ratings of 79 debt programmes (with a total nominal amount of approximately US$130 billion). This action affects 20 SIVs as described below.

Moody's has completed its review of capital notes started on November 7th. The significant additional deterioration in market value of assets across the SIV sector observed since November 7th has resulted in the expansion of Moody's original review to include the senior debt ratings of some vehicles. Moody's will continue to closely monitor SIV ratings, taking actions on individual vehicles as warranted.

In its monitoring of SIV ratings, Moody's pays particular attention to the evolving liquidity situation of each vehicle, changes in portfolio market value, and the vehicle's prospects for restructuring.

Rationale for Rating Actions

In recent weeks, Moody's has observed material declines in market value across most asset classes in SIV portfolios. These asset classes include Financial Institutions, which represent, on average, 38% of SIV portfolios, ABS 16%, CDOs 12% (including CDOs of ABS 1.4%). Financial Institutions debt suffered an average price decline of 1.6% from October 19th to November 23rd, ABS 0.7%, CDOs (excluding CDOs of ABS) 0.5%, and CDOs of ABS 22%. Furthermore, the continued inability to issue or roll Asset Backed Commercial Paper (ABCP) or Medium Term Notes (MTNs) causes mark-to-market losses to be realised when assets are liquidated to meet maturing ABCP and MTNs.

In this latest review, Moody's employed its updated methodology as announced on September 5th. The methodology update reflects the unprecedented volatility in the market value of the securities held by SIVs. For each SIV, Moody's models expected loss using a stressed volatility for the distribution of market asset prices based primarily on declines observed since July 2007. With this stress, only those tranches of the ABCP and MTNs issued that can sustain an additional price decline of two times the decline observed in this period will retain Aaa/Prime-1 ratings.

For example, if the net asset value of a SIV (measured as the difference between portfolio market value and the notional value of senior liabilities, expressed as a percentage of paid-in capital) was par in July and declined 30% to a current value of 70%, Moody's assumes that the probability of a deterioration in net asset value by an additional 60% of par to levels below 10% is negligible and is therefore consistent with a Aaa probability of default. Moody's analysis therefore assumes that all asset prices may move in a highly correlated manner. In addition, in Moody's stress analysis of the senior debt, Moody's reduced its estimate of current net asset value of all SIVs by 10-15 percentage points to reflect uncertainty in the ability to execute trades at current market quotes given continued NAV declines.

In modelling both senior and capital notes, Moody's extended its analysis by including the potential benefits of refinancing maturing senior debt using repurchase agreements. Moody's assumes that a vehicle that is able to replace maturing senior funding by repo funding continues to do so until an optimal level of repos is attained; the vehicle then enters into wind-down mode and, for the purpose of our analysis, liquidates its assets at distressed levels in order to satisfy noteholders.

Conclusions and Outlook

Moody's has taken rating actions as a result of deteriorating credit and other market conditions. It appears that the situation has not yet stabilised and further rating actions could follow. As with previous actions, the rating actions Moody's has taken today are not a result of any credit problems in the assets held by SIVs, but rather a reflection of the continued deterioration in market value of SIV portfolios combined with the sector's inability to refinance maturing liabilities.

RATING ACTIONS

Moody's has taken the following rating actions:

Restructured Vehicles

Carrera Capital Finance (US$401 million of debt securities affected)

Capital Note Programme

New Rating: Baa2

Previous Rating: Baa2 on review for possible downgrade

Moody's also affirms the Aaa and Prime-1 ratings of Carrera's senior debt programmes.

The confirmation and affirmation follow a restructuring of Carrera into a vehicle whose senior notes are fully protected against market-value risk by committed liquidity provided by HSH Nordbank AG (Aa2, Prime-1). The restructuring also avoids a forced wind-down of the vehicle by creating an asset-liability matched-funded vehicle. Realisation of current or future mark-to-market losses is likely to be avoided given the support of HSH Nordbank AG.

Carrera is managed by HSH Nordbank Securities S.A. a subsidiary of HSH Nordbank AG (Aa2, Prime-1).

Harrier Finance (US$10.3 billion of debt securities affected)

Euro and US Medium Term Note Programmes issued by Harrier Finance Funding Limited and Harrier Finance Funding (US) LLC

New Rating: Aa1/Prime-1

Previous Rating: Aaa/Prime-1 on review for possible downgrade

Euro and US Medium Commercial Paper Programmes issued by Harrier Finance Funding Limited and Harrier Finance Funding (US) LLC

New Rating: Prime-1

Previous Rating: Prime-1 on review for possible downgrade

The action follows a restructuring of Harrier Finance. WestLB AG (A2, Prime-1) has provided the vehicle with a funding facility that permits the redemption of senior debt as it falls due. Moody's ratings consider the strength of WestLB AG as the facility provider.

Harrier Finance is managed by Brightwater Capital Management, a subsidiary of WestLB AG.

Kestrel Funding (US$2.9 billion of debt securities affected)

Euro and US Medium Term Note Programmes

New Rating: Aa3/Prime-1

Previous Rating: Aaa/Prime-1 on review for possible downgrade

Euro and US Medium Commercial Paper Programmes

New Rating: Prime-1

Previous Rating: Prime-1 on review for possible downgrade

The action follows a restructuring of Kestrel Funding. WestLB AG (A2, Prime-1) has provided the vehicle with a funding facility that permits the redemption of senior debt as it falls due. Moody's ratings consider the strength of WestLB AG as the facility provider.

Kestrel is managed by Brightwater Capital Management, a subsidiary of WestLB AG.

Vehicles with Ratings Downgraded or Placed on Review for Possible Downgrade

Asscher Finance Limited and Asscher Finance Corporation (US$473 million of debt securities affected)

US Mezzanine and Euro Mezzanine Note Programmes

New Rating: Caa2

Previous Rating: A2 on review for possible downgrade

Asscher Finance's net asset value declined to 63% from 84% since Moody's review of September 5th.

Moody's has also affirmed the Aaa and Prime-1 ratings of the senior debt programmes of Asscher. Our assessment of the senior debt ratings is based primarily on the announced intention to support the financing of the vehicle by its manager and sponsor, HSBC Bank plc ("HSBC", Aa1, Prime-1).

Beta Finance Corporation (US$16 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Caa3

Previous Rating: Baa1 on review for possible downgrade

Beta Finance's net asset value declined to 60% from 87% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Centauri Corporation (US$16.9 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Caa3

Previous Rating: Baa1 on review for possible downgrade

Centauri Corporation's net asset value declined to 60% from 85% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Cheyne Finance (US$5.9 billion of debt securities affected)

Euro and US Medium Term Note Programmes

New Rating: B2/Not Prime

Previous Rating: Ba3/Not Prime

Mezzanine Capital Notes

New Rating: C

Previous Rating: Ca

Combination Capital Notes

New Rating: C

Previous Rating: Ca

A receiver has been appointed for Cheyne Finance. The B2 rating of the senior notes balances the fact that the notes are in default with Moody's understanding that the receiver will hold the assets to maturity avoiding of a forced sale and making a high recovery likely for the senior notes.

Cullinan Finance Limited (US$2.2 billion of debt securities affected)

Income Note Programme

New Rating: Ca

Previous Rating: Baa2 on review for possible downgrade

Cullinan Finance's net asset value declined to 56% from 78% since Moody's review of September 5th.

Moody's has also affirmed the Aaa and Prime-1 ratings of the senior debt programmes of Cullinan. Our assessment of the senior debt ratings is based primarily on the announced intention to support the the financing of vehicle by its manager and sponsor, HSBC Bank plc ("HSBC", Aa1, Prime-1).

Dorada Corporation (US$8.5 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Caa3

Previous Rating: Baa1 on review for possible downgrade

Dorada Corporation's net asset value declined to 62% from 87% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Five Finance Corporation (US$10.3 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Five Finance Corporation's net asset value declined to 63% from 74% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Hudson-Thames Capital Limited (US$495 million of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Ca

Previous Rating: Baa3 on review for possible downgrade

Hudson-Thames's net asset value declined to 58% from 86% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Links Finance Corporation (US$19.1 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Mezzanine Capital Notes

New Rating: A1

Previous Rating: Aa2 on review for possible downgrade

Standard Capital Notes

New Rating: Caa2

Previous Rating: A3 on review for possible downgrade

Links Finance's net asset value declined to 78% from 94% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Nightingale Finance Ltd. (US$301 million of debt securities affected)

Capital Notes

New Rating: B3

Previous Rating: Baa2 on review for possible downgrade

Nightingale Finance's net asset value declined to 81% from 95% since Moody's review of September 5th.

Orion Finance Corporation and Orion Finance (USA) LLC (US$835 million of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Not Prime

Previous Rating: Prime-1 on review for possible downgrade

Euro and US Medium Term Note Programmes

New Rating: Baa3/Not Prime

Previous Rating: Aaa/Prime-1 on review for possible downgrade

Moody's rating action for Orion reflects the drop in net asset value to 54% from 61% since Moody's review of September 5th.

Premier Asset Collateralized Entity (PACE) Limited (US$4.3 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Caa3

Previous Rating: Baa2 on review for possible downgrade

PACE's net asset value declined to 63% from 83% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Sedna Finance Corporation (US$10.7 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Sedna Finance Corporation's net asset value declined to 56% from 85% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Tango Finance Limited (US$7.8 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Caa3

Previous Rating: Baa1 on review for possible downgrade

Tango Finance's net asset value declined to 69% from 88% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Victoria Finance Ltd and Victoria Finance LLC (US$987 million of debt securities affected)

Capital Note Programme

New Rating: Ca

Previous Rating: Caa3

Victoria has been undergoing restructuring/refinancing transactions that allow for the redemption of senior debt at its book value on or prior to its stated maturity date. Moody's understands that a portion of these transactions has been completed and completion of the remainder is imminent. We have therefore maintained the senior debt rating on review. We will take appropriate action once the restructuring/refinancing is implemented

The downgrade of Victoria Finance's capital notes reflects the expected effect of the restructuring, in addition to the impact on the rating of crystallised losses following asset sales.

Whistlejacket Capital (US$4.9 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Whistlejacket Capital's net asset value declined to 69% from 80% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

White Pine Corporation Limited (US$4.3 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Capital Note Programme

New Rating: Ca

Previous Rating: Baa2 on review for possible downgrade

White Pine's net asset value declined to 61% from 85% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

Zela Finance Corporation (US$2.5 billion of debt securities affected)

Euro and US Commercial Paper Programmes

New Rating: Prime-1 on review for possible downgrade

Previous Rating: Prime-1

Euro and US Medium Term Note Programmes

New Rating: Aaa/Prime-1 on review for possible downgrade

Previous Rating: Aaa/Prime-1

Zela Finance Corporation's net asset value declined to 61% from 76% since Moody's review of September 5th. The current level of net asset value is inconsistent with Aaa/Prime-1 ratings. Moody's will consider possible mitigating factors and expects to conclude its review within one week.

London
Henry Tabe
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Paul Mazataud
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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.

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 $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.

​​​​​​​​
Moodys.com