info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
Close
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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 actions on 27 classes of notes in 14 National Collegiate Student Loan Trust securitizations

20 Jun 2014

Approximately $3.6 billion of asset backed securities affected.

New York, June 20, 2014 -- Moody's Investors Service upgraded 18 classes, downgraded 5 classes, and confirmed 4 classes of notes in 14 National Collegiate Student Loan Trust Securitizations backed by private (i.e. not government-guaranteed) student loans. The loans are serviced primarily by the Pennsylvania Higher Education Assistance Agency (PHEAA) with U.S. Bank, N.A. acting as the special servicer. The administrator for all securitizations is GSS Data Services, Inc., a wholly owned subsidiary of Goal Structured Solutions, Inc.

RATINGS RATIONALE

The primary rationale for the upgrades is a continued build-up in credit enhancement supporting the affected classes as a result of the substantial pay down of the classes in a sequential-pay structure. Although the ratios of total assets to total liabilities have declined to a range of 68%-86% as of April 2014 from a range of 75%-87% as of April 2013, the top-pay senior classes have benefitted from the rapid deleveraging. Subordination and overcollateralization supporting the 18 upgraded classes of notes increased to a range of 38%-93% as of April 2014 from a range of 36%-90% as of April 2013.

The downgrades of five classes of notes in five securitizations are due to the performance deterioration of the underlying student loan pools and the consequent substantial erosion of total parity levels (the ratios of total assets to total liabilities). To reflect the elevated delinquencies and defaults in the underlying collateral pools, Moody's increased its expected net losses on 2006-4, 2007-1, 2007-2, 2007-3 and 2007-4 securitizations to a range of 45.9%-51.2% from a range of approximately 43.2%-49.6%, of the original pool balances.

The ratings of the Class A tranches also reflect our view that the probability of occurrence of an event of default (EOD) is low. Therefore, the ratings on these tranches continue to reflect sequential principal payments and the resulting differentiation in their credit quality. Despite a substantial amount of credit enhancement supporting the top-pay Class A tranches, the probability of an EOD, however low, negatively affects their credit quality and prevents them from achieving a Aaa rating.

The principal methodology used in these ratings was "Moody's Approach to Rating U.S. Private Student Loan-Backed Securities" published in January 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

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

Up

Among the factors that could drive the ratings up are a decrease in basis risk and lower net losses on the underlying assets than Moody's expects.

Down

Among the factors that could drive the ratings down are an increase in basis risk and higher net losses on the underlying assets than Moody's expects.

To assess rating implications of the higher expected losses, each individual transaction was run through a variety of stress scenarios using the Structured Finance Workstation® (SFW), a cash flow model developed by Moody's Wall Street Analytics.

The complete rating actions as follow:

Issuer: The National Collegiate Master Student Loan Trust I (2001 Indenture)

Lifetime Expected Net Losses: 25.6% of original pool balance plus any loans added subsequently

NCT-2003AR-11, Confirmed at B1 (sf); previously on Mar 25, 2014 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2004-1

Lifetime Expected Net Losses: 31.0% of original pool balance plus any loans added subsequently

Cl. A-2, Upgraded to Aa1 (sf); previously on Mar 25, 2014 Upgraded to A1 (sf) and Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2004-2

Lifetime Expected Net Losses: 33.9% of original pool balance plus any loans added subsequently

Cl. A-4, Upgraded to Aa1 (sf); previously on Mar 25, 2014 A1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2005-1

Lifetime Expected Net Losses: 30.1% of original pool balance plus any loans added subsequently

Cl. A-4, Upgraded to Aa1 (sf); previously on Mar 25, 2014 A1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2005-2

Lifetime Expected Net Losses: 38.8% of original pool balance plus any loans added subsequently

Cl. A-3, Upgraded to Aa1 (sf); previously on Mar 25, 2014 Upgraded to Aa3 (sf) and Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Baa2 (sf); previously on Mar 25, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2005-3

Lifetime Expected Net Losses: 36.3% of original pool balance plus any loans added subsequently

Cl. A-3, Upgraded to Aa1 (sf); previously on Mar 25, 2014 Upgraded to Aa3 (sf) and Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to A1 (sf); previously on Mar 25, 2014 A2 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2006-1

Lifetime Expected Net Losses: 39.0% of original pool balance plus any loans added subsequently

Cl. A-3, Upgraded to Aa1 (sf); previously on Mar 25, 2014 Upgraded to Aa3 (sf) and Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Baa1 (sf); previously on Mar 25, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2006-2

Lifetime Expected Net Losses: 47.7% of original pool balance plus any loans added subsequently

Cl. A-2, Upgraded to Aa1 (sf); previously on Mar 25, 2014 Upgraded to Aa3 (sf) and Placed Under Review for Possible Upgrade

Cl. A-3, Upgraded to Baa2 (sf); previously on Mar 25, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2006-3

Lifetime Expected Net Losses: 44.0% of original pool balance plus any loans added subsequently

Cl. A-3, Upgraded to Aa1 (sf); previously on Mar 25, 2014 A1 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Baa3 (sf); previously on Mar 25, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Issuer: National Collegiate Student Loan Trust 2006-4

Lifetime Expected Net Losses: 51.2% of original pool balance plus any loans added subsequently

Cl. A-2, Upgraded to Aa1 (sf); previously on Mar 25, 2014 A1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Upgraded to Baa3 (sf); previously on Mar 25, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Downgraded to Caa2 (sf); previously on Jun 3, 2013 Downgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2007-1

Lifetime Expected Net Losses: 46.9% of original pool balance plus any loans added subsequently

Cl. A-2, Upgraded to Aa1 (sf); previously on Mar 25, 2014 A1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Confirmed at Ba2 (sf); previously on Mar 25, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Downgraded to Caa3 (sf); previously on Jun 3, 2013 Downgraded to Caa2 (sf)

Issuer: National Collegiate Student Loan Trust 2007-2

Lifetime Expected Net Losses: 50.2% of original pool balance plus any loans added subsequently

Cl. A-2, Confirmed at A2 (sf); previously on Mar 25, 2014 A2 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Confirmed at Baa3 (sf); previously on Mar 25, 2014 Baa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Downgraded to Caa3 (sf); previously on Jun 3, 2013 Downgraded to B1 (sf)

Issuer: National Collegiate Student Loan Trust 2007-3

Lifetime Expected Net Losses: 45.9% of original pool balance plus any loans added subsequently

Cl. A-2-AR-4, Upgraded to A3 (sf); previously on Mar 25, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3-AR-2, Downgraded to Caa3 (sf); previously on Jun 3, 2013 Confirmed at Caa2 (sf)

Issuer: National Collegiate Student Loan Trust 2007-4

Lifetime Expected Net Losses: 46.0% of original pool balance plus any loans added subsequently

Cl. A-2-AR-4, Upgraded to A3 (sf); previously on Mar 25, 2014 Baa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3-AR-2, Downgraded to Caa3 (sf); previously on Jun 3, 2013 Upgraded to Caa2 (sf)

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.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

In rating this transaction, Moody's used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.

As the section on loss and cash flow analysis describes, 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Jinwen Chen
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Irina Faynzilberg
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes rating actions on 27 classes of notes in 14 National Collegiate Student Loan Trust securitizations
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