info

Yes No
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 SLM private credit student loan securitizations

25 Feb 2014

New York, February 25, 2014 -- Moody's upgraded 34 classes, downgraded 2 classes and affirmed 22 classes of notes from 12 private student loan securitizations sponsored, administered and serviced by Sallie Mae, Inc., a wholly-owned subsidiary of SLM Corporation (SLM). The underlying collateral consists of private credit student loans that are not guaranteed or reinsured under either the Federal Family Education Loan Program (FFELP) or any other federal student loan program.

RATINGS RATIONALE

The primary rationale for the upgrades is the improved performance of the underlying collateral pools with the ratios of total assets to total liabilities (total parity levels) increasing for most of the transactions by 1%-2% over the 12-month period ending in December 2013. Reduced defaults on the remaining collateral pools resulting from pool seasoning contributed to the increased total parity levels. In addition, the top-pay senior classes are benefiting from rapid deleveraging.

The downgrades are a result of the deterioration in the total parity levels. The 2003-A, 2003-B and 2003-C transactions suffer from high funding costs, because they are partially funded with auction rate securities. The high funding cost of auction-rate securities that are currently in the failed auction mode erode excess spread and expose the subordinated classes of notes in these transactions to a significant default risk. The annualized excess spreads for these transactions is approximately 0.6%-0.7%, which is significantly lower than the 2.0%-3.6% for others transactions.

Moody's placed Class C in the 2005-B transaction under review for upgrade due to the improved credit enhancement level of the transaction. However, since Moody's recently placed the rating of the swap counterparty, Royal Bank of Scotland (RBS), under review for downgrade, it will review the rating of the class pending the final resolution of the rating of the swap counterparty. For further information about the RBS rating review, please see "Moody's reviews Royal Bank of Scotland's ratings for downgrade" on www.moodys.com for a copy of this press release.

Today's rating actions also reflect corrections to the cash flow models used in rating these transactions in June 2011. The models had incorrectly calculated the principal distribution amount to various classes of notes and paid interest on subordinate notes when the cash should have been distributed to senior notes as principal payment. As a result of the discovery of these errors, certain ratings were place on review on October 15, 2013. The errors have now been corrected, and today's rating actions reflect these changes. The corrections generally have a positive impact on the ratings of the senior notes and a negative impact on the ratings of the subordinate notes.

Our updated lifetime net losses as a percentage of original pool balance are approximately 12.2%, 13.4%, 14.5%, 15.8%, 17.5%, 15.8%, 20.0%, 16.8%, 17.6%, 19.6%, 21.6% and 20.8% for the 2002-A, 2003-A, 2003-B, 2003-C, 2004-A, 2004-B, 2005-A, 2005-B, 2006-A, 2006-B, 2006-C and 2007-A trusts, respectively.

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.

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

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.

Primary sources of uncertainty with regard to expected loss are the weak economic environment and the high unemployment rate, which adversely impacts the income-generating ability of the borrowers.

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: SLM Private Credit Student Loan Trust 2002-A

Class A-2, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Class B, Upgraded to Aa1 (sf); previously on Oct 15, 2013 Confirmed at Aa3 (sf)

Class C, Upgraded to Aa3 (sf); previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2003-A

Class A-2, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Class A-3, Upgraded to Aa3 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Class A-4, Upgraded to Aa3 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Class B, Upgraded to A1 (sf); previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Class C, Downgraded to Caa3 (sf); previously on Oct 15, 2013 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: SLM Private Credit Student Loan Trust 2003-B

Class A-2, Upgraded to Aaa (sf); previously on Oct 15, 2013 Aa2 (sf) Placed Under Review for Possible Upgrade

Class A-3, Upgraded to Aa3 (sf); previously on Oct 15, 2013 A3 (sf) Placed Under Review for Possible Upgrade

Class A-4, Upgraded to Aa3 (sf); previously on Oct 15, 2013 A3 (sf) Placed Under Review for Possible Upgrade

Class B, Upgraded to A1 (sf); previously on Oct 15, 2013 Baa3 (sf) Placed Under Review for Possible Upgrade

Class C, Downgraded to Caa3 (sf); previously on Jun 9, 2011 Downgraded to Caa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2003-C

Cl. A-2, Upgraded to Aaa (sf); previously on Oct 15, 2013 Aa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Upgraded to Aa3 (sf); previously on Oct 15, 2013 Baa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Aa3 (sf); previously on Oct 15, 2013 Baa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-5, Upgraded to Aa3 (sf); previously on Oct 15, 2013 Baa1 (sf) Placed Under Review for Possible Upgrade

Cl. B, Upgraded to A3 (sf); previously on Oct 15, 2013 Baa3 (sf) Placed Under Review for Possible Upgrade

Cl. C, Affirmed Caa3 (sf); previously on Jun 9, 2011 Downgraded to Caa3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2004-A

Cl. A-2, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aa1 (sf); previously on Oct 15, 2013 Confirmed at Aa1 (sf)

Cl. B, Upgraded to Aa3 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Cl. C, Upgraded to Baa2 (sf); previously on Jun 9, 2011 Downgraded to Baa3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2004-B

Cl. A-2, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. B, Upgraded to Aa2 (sf); previously on Oct 15, 2013 Confirmed at Aa3 (sf)

Cl. C, Upgraded to A1 (sf); previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2005-A

Cl. A-2, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-3, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa1 (sf)

Cl. A-4, Upgraded to Aa1 (sf); previously on Oct 15, 2013 Confirmed at Aa2 (sf)

Cl. B, Upgraded to Aa3 (sf); previously on Nov 28, 2012 Confirmed at A1 (sf)

Cl. C, Affirmed Baa1 (sf); previously on Nov 28, 2012 Confirmed at Baa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2005-B

Cl. A-2, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa1 (sf)

Cl. A-3, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa1 (sf)

Cl. A-4, Upgraded to Aa1 (sf); previously on Oct 15, 2013 Confirmed at Aa3 (sf)

Cl. B, Upgraded to Aa3 (sf); previously on Oct 15, 2013 A2 (sf) Placed Under Review for Possible Upgrade

Cl. C, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 9, 2011 Downgraded to Baa2 (sf)

Issuer: SLM Private Credit Student Loan Trust 2006-A

Cl. A-3, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa1 (sf)

Cl. A-5, Upgraded to Aa1 (sf); previously on Oct 15, 2013 Aa3 (sf) Placed Under Review for Possible Upgrade

Cl. B, Upgraded to A1 (sf); previously on Jun 9, 2011 Downgraded to A2 (sf)

Cl. C, Affirmed A3 (sf); previously on Jun 9, 2011 Confirmed at A3 (sf)

Issuer: SLM Private Credit Student Loan Trust 2006-B

Cl. A-3, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa2 (sf)

Cl. A-5, Upgraded to Aa1 (sf); previously on Oct 15, 2013 Confirmed at Aa3 (sf)

Cl. B, Upgraded to A1 (sf); previously on Oct 15, 2013 A2 (sf) Placed Under Review for Possible Upgrade

Cl. C, Affirmed Baa1 (sf); previously on Jun 9, 2011 Downgraded to Baa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2006-C

Cl. A-3, Affirmed Aaa (sf); previously on Oct 15, 2013 Confirmed at Aaa (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on Oct 15, 2013 Confirmed at Aa2 (sf)

Cl. A-5, Upgraded to Aa1 (sf); previously on Oct 15, 2013 A1 (sf) Placed Under Review for Possible Upgrade

Cl. B, Affirmed A2 (sf); previously on Jun 9, 2011 Downgraded to A2 (sf)

Cl. C, Affirmed Baa1 (sf); previously on Jun 9, 2011 Confirmed at Baa1 (sf)

Issuer: SLM Private Credit Student Loan Trust 2007-A

Cl. A-2, Upgraded to Aa2 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Cl. A-3, Affirmed A1 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Cl. A-4, Affirmed A1 (sf); previously on Jun 9, 2011 Downgraded to A1 (sf)

Cl. B, Affirmed A2 (sf); previously on Jun 9, 2011 Downgraded to A2 (sf)

Cl. C-1, Affirmed Baa1 (sf); previously on Jun 9, 2011 Confirmed at Baa1 (sf)

Cl. C-2, Affirmed Baa1 (sf); previously on Jun 9, 2011 Confirmed at Baa1 (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

Debashish Chatterjee
Associate Managing Director
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 SLM private credit student loan securitizations
No Related Data.
© 2018 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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 AND MOODY’S 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 OR MOODY’S 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.

CREDIT RATINGS AND MOODY’S 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 the Moody’s 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 SUCH RATING OR 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 rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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 rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

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

Moody's Integrity Hotline

EU
001-800-506-1440
Japan
KDDI: 00-539-111 then 888-320-1668
NTT: 0034-811-001 then 888-320-1668
Outside of the EU and Japan
1-866-330-MDYS (6397)
HomeResearch & RatingsProducts & SolutionsNews & EventsCareers
Help & SupportContact UsSubmit a Complaint
Terms of UsePrivacy PolicyProprietary Rights
© 2018 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.