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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.

 

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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.          

 

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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
Puma Masterfund S-3
PUMA Masterfund S-4
PUMA Masterfund S-5
RBS Trust 2003-1
RBS Trust 2004-1
RBS Trust 2005-1
RBS Trust 2007-1
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
SMHL Global Fund No. 9
SMHL Securitisation Fund 2006-1
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-1
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-2
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-1
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-2
TORRENS Series 2005-3(E) Trust
TORRENS Series 2006-1(E) Trust
Unity Series 2003-1 Trust
Rating Action:

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

08 Jul 2008
Moody's takes rating actions on Australian RMBS following Genworth downgrade

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.
© 2021 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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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.

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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 JPY125,000 to approximately JPY550,000,000.

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

​
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