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Related Issuers

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI

Australian Residential Mortgage Securities (ARMS) II Fund XV

Australian Residential Mortgage Securities (ARMS) II Global Fund 2

Australian Residential Mortgage Securities (ARMS) II Global Fund 3

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I

Challenger Millennium Series 2007-1E Trust

Challenger Millennium Series 2007-2L Trust

FirstMac Bond Series 1E-2006 Trust

FirstMac Bond Series 3-2005 Trust

FirstMac Mortgage Funding Trust Series 1-2007

FirstMac Mortgage Funding Trust Series 1E-2007

Interstar Millennium Series 2003-5G Trust

Interstar Millennium Series 2004-1E Trust

Interstar Millennium Series 2004-2G Trust

Interstar Millennium Series 2004-4E Trust

Interstar Millennium Series 2005-1G Trust

Interstar Millennium Series 2005-2L Trust

Interstar Millennium Series 2005-3E Trust

Interstar Millennium Series 2006-2G Trust

Interstar Millennium Series 2006-3L Trust

Interstar Millennium Series 2006-4H Trust

Maxis Loans Securitisation Fund 2004-1

Maxis Loans Securitisation Fund 2005-1

Medallion Trust Series 2006-1G

Medallion Trust Series 2007-1G

National RMBS Trust 2004-1

National RMBS Trust 2006-1

National RMBS Trust 2006-3

Progress 2003 E-1 Trust

Progress 2004 E-1 Trust

Progress 2004-2 Trust

Progress 2005-1 Trust

Progress 2005-2 Trust

Progress 2006-1 Trust

Progress 2007-1G Trust

PUMA Global Trust No.5

Puma Global Trust S-1

Puma Masterfund H-1

Puma Masterfund P-10

PUMA Masterfund P-10 Series B

PUMA Masterfund P-10 Series C

PUMA Masterfund P-11 Series A

Puma Masterfund P-11 Series B

Puma Masterfund P-12 Series A

PUMA Masterfund P-12 Series B

PUMA Masterfund P-13 Series A

PUMA Masterfund S-2 Series A

Resimac Premier Euro 2003-1 Trust

Resimac Premier Euro 2004-1E Trust

Resimac Premier Euro 2004-2E Trust

RESIMAC Premier Euro 2005-1E Trust

Resimac Premier Euro 2006-1E Trust

RHG Mortgage Securities Trust Series 2006-1

RMS Trust 2003-1E

Securitised Australian Mortgage Trust 2003-1

Securitised Australian Mortgage Trust 2003-2

Securitised Australian Mortgage Trust 2006-1

Securitised Australian Mortgage Trust 2007-1

Series 2005-1 Reds Trust

Series 2005-1G WST Trust

Series 2005-2 Reds Trust

Series 2005-2(S) TORRENS Trust

Series 2006-1E REDS Trust

Series 2007-1E REDS Trust

Series 2007-1G WST Trust

Series 2007-2 REDS Trust

SMHL Global Fund 2007-1

SMHL Global Fund No. 3

SMHL Global Fund No. 4

SMHL Global Fund No. 5

SMHL Global Fund No. 6

SMHL Global Fund No. 7

SMHL Global Fund No. 8

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SMHL Securitisation Fund 2006-1

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-1

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-2

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Related Research

	Rating Action: Moody's upgrades the rating on the Class A2 notes from Interstar Millennium Series 2004-1E Trust
	Rating Action: Moody's upgrades the rating on one CIR from Interstar Millennium Series 2004-1E Trust
	Rating Action: Moody's upgrades ratings on four classes of notes from two Interstar Millennium RMBS
	Rating Action: Moody's upgrades one class of notes and two CIRs from Interstar Millennium Series 2004-1E Trust
	Rating Action: Moody's upgrades rating on Class A notes from Interstar Millennium Series 2005-1G Trust

Rating Action:

Moody's takes rating actions on Australian RMBS following Genworth downgrade

08 Jul 2008

92 notes totaling A$2,974.3 million downgraded

Sydney, July 08, 2008 -- Moody's Investors Service (Moody's) has today downgraded 92 notes totaling A$ 2,974.3 million of Australian Residential Mortgage Backed Securities (RMBS) following the downgrade to Aa3 from Aa2 of the insurance financial strength of Genworth Financial Mortgage Insurance Pty Limited (Australia) Insurance.

There were no senior notes downgraded. All notes downgraded were junior notes whose ratings are highly correlated to the ratings of mortgage insurers.

Of the 92 notes downgraded, 69 notes totaling A$2,229.1 million remain on review for possible downgrade due to their exposure to PMI Mortgage Insurance Ltd (IFSR Aa2) currently under review for possible downgrade.

The rating action on the 69 notes totaling A$2,229.1 million is as follows:

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XV, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 2, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(a), currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(b), currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Challenger Millennium Series 2007-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Challenger Millennium Series 2007-2L Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

FirstMac Bond Series 1E-2006 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

FirstMac Bond Series 3-2005 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1-2007, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1E-2007, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B1, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B2, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2004-1E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2004-2G Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2004-4E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2005-1G Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2005-2L Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2005-3E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2006-2G Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2006-3L Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Interstar Millennium Series 2006-4H, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Medallion Trust Series 2006-1G, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

National RMBS Trust 2004-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

National RMBS Trust 2006-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

National RMBS Trust 2006-3, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2003 E-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2004 E-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2004-2 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2005-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2005-2 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2006-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Progress 2007-1G Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Global Trust No.5, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Global Trust S-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Masterfund H-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund P-10 Series B, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund P-10 Series C, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Masterfund P-10, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund P-11 Series A, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Masterfund P-11 Series B, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Masterfund P-12 Series A, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund P-12 Series B, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund P-13 Series A, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund S-2 Series A, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Puma Masterfund S-3, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund S-4, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

PUMA Masterfund S-5, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RBS Trust 2003-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RBS Trust 2004-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RBS Trust 2005-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RBS Trust 2007-1, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Resimac Premier Euro 2003-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Resimac Premier Euro 2004-1E Trust, Class 1B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Resimac Premier Euro 2004-2E Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Resimac Premier Euro 2006-1E Trust, Class 2B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

RMS Trust 2003-1E, Class 1B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2005-1 Reds Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2005-2 Reds Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2005-2(S) TORRENS Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2006-1E REDS Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2007-1E REDS Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Series 2007-2 REDS Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

TORRENS Series 2005-3(E) Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

TORRENS Series 2006-1(E) Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

Unity Series 2003-1 Trust, Class B, currently rated Aa2, downgraded to Aa3 and remains on review for possible downgrade

The rating action on the remaining 23 notes totaling A$745.2 million is as follows:

Maxis Loans Securitisation Fund 2004-1, Class B, currently rated Aa2, downgraded to Aa3

Maxis Loans Securitisation Fund 2005-1, Class B, currently rated Aa2, downgraded to Aa3

Medallion Trust Series 2007-1G, Class B, currently rated Aa2, downgraded to Aa3

Securitised Australian Mortgage Trust 2003-1, Class B, currently rated Aa2, downgraded to Aa3

Securitised Australian Mortgage Trust 2003-2, Class B, currently rated Aa2, downgraded to Aa3

Securitised Australian Mortgage Trust 2006-1, Class B, currently rated Aa2, downgraded to Aa3

Securitised Australian Mortgage Trust 2007-1, Class B, currently rated Aa2, downgraded to Aa3

Series 2005-1G WST Trust, Class B, currently rated Aa2, downgraded to Aa3

Series 2007-1G WST Trust, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund 2007-1, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 3, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 4, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 5, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 6, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 7, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 8, Class B, currently rated Aa2, downgraded to Aa3

SMHL Global Fund No. 9, Class B, currently rated Aa2, downgraded to Aa3

SMHL Securitisation Fund 2006-1, Class B, currently rated Aa2, downgraded to Aa3

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-1, Class B, currently rated Aa2, downgraded to Aa3

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-2, Class B, currently rated Aa2, downgraded to Aa3

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-1, Class B, currently rated Aa2, downgraded to Aa3

Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-2, Class B, currently rated Aa2, downgraded to Aa3

Superannuation Members' Home Loans (SMHL) Warehousing Trust 2004-1, Class B, currently rated Aa2, downgraded to Aa3

The ratings address the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have significant effect on yield to investors.

Moody's ratings are subject to revision, suspension or withdrawal at any time at our absolute discretion. The ratings are expressions of opinion and not recommendations to purchase, sell or hold securities.

Sydney
Arthur Karabatsos
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Henry Charpentier
Managing Director
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

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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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.

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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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