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Rating Action:

Moody's takes rating actions on Spanish banks

10 May 2017

Rating actions follow the change in the country's Macro Profile to 'Strong-' from 'Moderate+'

Madrid, May 10, 2017 -- Moody's Investors Service has today taken rating actions on 10 Spanish banking groups, prompted by the rating agency's change of the banking Macro Profile of Spain (Baa2 stable) to "Strong-" from "Moderate+", as well as the continued improvement in the banks' credit fundamentals, notably asset risk. For a detailed analysis of Spain's Macro Profile please click on the following link:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1066250

"The main driver for the rating actions is the banking system's improved credit conditions following the deleveraging of the private sector. This positive development has been reflected in an improvement in Moody's Macro Profile for Spain" says Maria Cabanyes, a Senior Vice President at Moody's. "The rating actions also incorporate Moody's expectation of a sustained improvement in the banks' asset risk metrics against a backdrop of solid economic growth in Spain and the progressive recovery of the country's real estate market".

Among the actions taken today by Moody's on the affected banks are the following:

- CaixaBank, S.A. (CaixaBank): long-term deposit ratings affirmed at Baa2 with a positive outlook and long-term senior debt ratings affirmed at Baa2 with a stable outlook. Baseline Credit Assessment (BCA) and adjusted BCA affirmed at ba1.

- Banco Sabadell, S.A. (Banco Sabadell): long-term deposit ratings affirmed at Baa2 with a stable outlook and long-term senior debt ratings affirmed at Baa3 with a positive outlook. BCA and adjusted BCA affirmed at ba2.

- Bankia S.A. (Bankia): long-term deposit ratings upgraded to Baa3 from Ba2 and long-term senior debt ratings to Ba1 from Ba3, both with a stable outlook. BCA and adjusted BCA upgraded to ba2 from b1.

- Unicaja Banco S.A. (Unicaja): long-term deposit ratings affirmed at Ba3 with a positive outlook. BCA and adjusted BCA affirmed at b1.

- Ibercaja Banco S.A. (Ibercaja): long-term deposit ratings upgraded to Ba3 from B1 with a stable outlook. BCA and adjusted BCA upgraded to ba3 from b1.

- Kutxabank, S.A. (Kutxabank): long-term deposit ratings upgraded to Baa3 from Ba1 with a positive outlook and senior debt program to (P)Baa3 from (P)Ba1. BCA and adjusted BCA upgraded to baa3 from ba1.

- ABANCA Corporacion Bancaria, S.A. (ABANCA): long-term deposit ratings upgraded to Ba3 from B2 with a stable outlook. BCA and adjusted BCA upgraded to ba3 from b2.

- Banco Cooperativo Espanol, S.A. (Banco Cooperativo): long-term deposit ratings upgraded to Baa3 from Ba1 with a stable outlook. BCA upgraded to ba1 from ba2 and adjusted BCA to baa3 from ba1.

- Banca March S.A. (Banca March): long-term deposit ratings upgraded to A3 from Baa1 with a stable outlook. BCA and adjusted BCA upgraded to baa2 from baa3.

- Caja Rural de Navarra: long-term deposit ratings affirmed at Baa2 with a stable outlook. BCA and adjusted BCA affirmed at baa2 (BCA constrained at the level of the Spanish sovereign rating - Baa2 stable).

The ratings and outlooks of other Moody's rated Spanish banks are unaffected by the country's higher Macro Profile.

Details of the rationales for individual bank rating actions are provided later in this Press Release.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_195549 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

Moody's rating methodology for banks includes an assessment of each individual country's operating environment, expressed as a Macro Profile, which is designed to capture system-wide factors that are predictive of the propensity of banks to fail. The Macro Profile assigned to each bank informs the financial factors, which are key inputs into the determination of each bank's BCA.

(1) CHANGE IN THE MACRO PROFILE TO 'STRONG-' FROM 'MODERATE+' REFLECTS IMPROVING OPERATING ENVIRONMENT IN SPAIN AND EXERTS UPWARD PRESSURE ON BANKS' RATINGS

Moody's has changed Spain's Macro Profile to 'Strong-' from 'Moderate+' to reflect the improvements in the banks' credit conditions that have been driven by the deleveraging of the private sector.

In improving Spain's Macro Profile, Moody's has taken into account the significant reduction in the debt burden of the domestic private sector, after it materially increased in the years prior to the financial crisis. Starting from leverage levels materially above the euro area average, the private debt outstanding to gross domestic product ratio fell to 166% as of the end of 2016, which is now in line with the euro area average after declining by almost 30 percentage points over the last three years.

Consequently, Moody's assessment of more favorable operating conditions for banks in Spain, in combination with ongoing improvements in other credit fundamentals, notably asset quality and capital, has resulted in rating upgrades by one to two notches or rating affirmations for the banks affected by today's rating actions.

(2) SPECIFIC ANALYTICAL FACTORS FOR THE AFFECTED BANKS

-- CAIXABANK

Moody's has today affirmed CaixaBank's senior debt and deposit ratings of Baa2. The outlook on the long-term deposit ratings has been changed to positive from stable while the outlook for the long-term senior debt remains stable.

The affirmation of the ratings reflects: (1) the affirmation of the bank's ba1 BCA; (2) the rating uplift from Moody's Advanced Loss Given Failure (LGF) analysis (two notches for junior deposits and one notch for senior debt); and (3) the one-notch uplift on the bank's senior debt rating from Moody's assumption of moderate government support.

CaixaBank's BCA of ba1 reflects its stable revenue-generation capacity, underpinned by its leading retail franchise in Spain, strong liquidity and funding profile. The group's high level of problematic exposures is a key constraint on the ba1 BCA.

The change in outlook of CaixaBank's long-term deposit rating reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12 to 18 months. More specifically, a higher BCA will be underpinned by: (1) a reduction in the high stock of problematic assets, namely non-performing loans and real-estate assets which, despite ongoing progress, remain at very high levels; (2) stronger Tangible Common Equity (TCE) levels; and (3) a sustained recovery of recurrent profitability levels while the bank's funding and liquidity profile remain at sound levels.

The stable outlook on the bank's long-term senior debt ratings reflects Moody's consideration that any upward pressure on the bank's standalone BCA will not translate into an improvement of the bank's Baa2 senior debt ratings. At this level, CaixaBank will continue to benefit from one-notch uplift resulting from the rating agency's LGF analysis but no uplift from the moderate government support assumptions as the bank's senior debt rating would be aligned with Spain's Baa2 sovereign rating.

-- BANCO SABADELL

As part of today's rating action, Moody's has affirmed Banco Sabadell's Baa2 long-term deposit ratings and its Baa3 long-term senior debt rating. The outlook on the bank's long-term deposit ratings is stable and the outlook on the bank's long-term senior debt rating has been changed to positive from stable.

The affirmation of Banco Sabadell's long-term Baa2 deposit rating and its Baa3 long-term senior debt rating, reflects: (1) the affirmation of the bank's ba2 BCA; (2) the uplift from Moody's Advanced LGF analysis; and (3) one notch of uplift for the deposit and senior debt ratings from the rating agency's assumptions of moderate government support.

Banco Sabadell's ba2 standalone BCA reflects the bank's improved credit fundamentals, notably in terms of asset risk, with a sustained decline in the stock of problematic assets. Moody's expects this trend to continue in 2017, underpinned by the sound growth prospects of the Spanish economy. The rating agency considers that any pressure that could arise on the credit profile of Banco Sabadell's UK subsidiary TSB Bank plc (TSB; deposits Baa2 negative; BCA baa2), which has a very low credit risk profile but limited track record and is following a rapid expansion, would be offset by the positive trends in the Spanish operations, which represent close to 80% of the group's assets.

The change in the outlook of Banco Sabadell's long-term senior debt rating reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12 to 18 months. The rating agency expects Banco Sabadell to continue reducing the stock of problematic assets and gradually improve its profitability metrics as the domestic operations continue to recover.

The stable outlook on Banco Sabadell's long-term deposit ratings reflects Moody's consideration that any upward pressure on the bank's standalone BCA will not translate into an improvement of the bank's Baa2 deposit ratings. At this level, Banco Sabadell's deposit rating will benefit from the uplift of the rating agency's LGF analysis but no uplift from the moderate government support assumptions as the bank's deposit rating is currently aligned with Spain's Baa2 sovereign rating.

-- BANKIA

Moody's has upgraded Bankia's deposit ratings to Baa3/Prime-3 from Ba2/Not Prime and its long-term senior debt rating to Ba1 from Ba3 and has changed the outlook on the long-term ratings to stable from positive.

The upgrade of the ratings reflects: (1) the two notch upgrade of the bank's BCA to ba2 from b1; (2) Moody's Advanced LGF analysis that provides one-notch uplift for deposits and no uplift for senior debt from the bank's ba2 adjusted BCA; and (3) Moody's assumption of moderate government support from Spain, which results in a one notch uplift for both the deposit and senior debt ratings.

Bankia's ba2 BCA reflects the bank's improving credit fundamentals, notably in terms of asset risk, capital and funding structure. The bank's BCA remains constrained by: (1) the still high volume of problematic exposures - measured as non-performing loans (NPLs) + real estate assets + performing refinanced loans - which accounted for 15.5% of the bank's loan book and real estate assets and 87.9% of its shareholder equity and loss reserves as of end-2016; and (2) the pressures on the bank's recurrent profitability stemming mainly from the very low interest rates environment - that affects not only the re-pricing of the loan book but also the bank's large bond portfolio - and subdued business growth

The outlook on Bankia's long-term deposit and debt ratings is stable reflecting Moody's view that the current ratings already capture expected performance of the bank's financial fundamentals.

-- UNICAJA

Moody's has affirmed Unicaja's Ba3 long-term deposit rating and changed the outlook to positive from stable.

Unicaja's long-term deposit ratings of Ba3 reflect: (1) the affirmation of its b1 BCA; and (2) the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA of b1 for the deposit ratings. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

Unicaja's standalone b1 BCA reflects the bank's: (1) sound liquidity profile underpinned by sizeable liquid assets; (2) improving asset risk trend although the level of problematic assets is still high; (3) modest recurrent profitability, which remains challenged by the low interest rate environment and persisting subdued business volumes; and (4) weak capitalization which is constrained by a large amount of deferred tax assets (DTAs).

The positive outlook on Unicaja's Ba3 long-term deposit ratings reflects Moody's view that the bank's credit profile will be bolstered if it succeeds to conclude the planned capital increase for a nominal value of EUR625 million. On 26 April 2017, Unicaja's shareholders meeting approved the bank's IPO and capital increase.

-- IBERCAJA

Moody´s has today upgraded Ibercaja's long-term deposit ratings to Ba3 from B1. The outlook on the long-term deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to ba3 from b1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

Ibercaja's BCA of ba3 reflects the bank's sound franchise in its home region of Aragon, Spain, and its favourable liquidity position, with modest refinancing requirements and sizable liquid assets. However, the BCA also reflects Ibercaja's challenges and constrained financial flexibility following its acquisition of Caja 3 in 2013, namely in terms of asset risk and capital adequacy. These indicators have nevertheless shown some improvement since the sharp deterioration observed in 2013, on the back of the more favourable economic environment in Spain.

The outlook on Ibercaja's long-term deposit ratings is stable, reflecting Moody's view that all currently foreseen risks are captured within the current credit rating.

-- KUTXABANK

Moody's has today upgraded Kutxabank's deposit ratings to Baa3/Prime-3 from Ba1/Not Prime and the long-term senior debt ratings of its supported entity Caja Vital Finance B.V. to Baa3 from Ba1. The outlook on the long-term deposit and senior debt ratings is positive.

The upgrade of the deposit and senior debt ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to baa3 from ba1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of baa3. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

Kutxabank's standalone baa3 BCA is underpinned by the bank's improving asset risk trends, as well as its strong capital buffers and sound liquidity position. The bank's BCA is constrained by its still relatively high level of problematic exposures when compared to other European banks at the same BCA level and modest profitability metrics with ongoing pressures on top line revenues.

The positive outlook on Kutxabank's long-term deposit and senior debt ratings primarily reflects Moody's expectation that Kutxabank will be able to maintain current positive trends on its financial fundamentals. The rating agency expects a further improvement of the bank's asset risk and capital over the outlook period of 12-18 months, which combined with resilient profit generation capacity could result in upward pressure on Kutxabank's ratings.

In particular, a stronger assessment of Kutxabank's credit profile could materialize if: (1) the NPL ratio declines below 6% over the outlook period while the stock of foreclosed real estate assets continues to gradually decline; (2) Moody's key capital metric -- TCE to risk-weighted assets ratio -- stands at around 13% (from 12.2% at end-December 2016); and (3) profitability remains resilient and bottom line profits continue to grow at the current pace.

-- ABANCA

Moody's has today upgraded ABANCA's long-term deposit ratings to Ba3 from B2. The outlook on the long-term deposit ratings has been changed to stable from positive.

The upgrade of the bank's deposit ratings reflects: (1) the upgrade by two notches of the bank's BCA and adjusted BCA to ba3 from b2; (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

ABANCA's BCA of ba3 reflects the bank's sound franchise in its home region of Galicia, Spain, and its improved asset risk indicators, with a decline in the NPL ratio of around 200 basis points throughout 2016. The BCA also reflects the bank's sound funding profile, with customer deposits covering the majority of its funding needs. However, the BCA also takes into account the bank's weak capital position constrained by a large amount of DTAs, as well as its weak recurrent profitability, with a high proportion of total profits stemming from non-recurrent financial operations.

The outlook on ABANCA's long-term deposit ratings is stable, reflecting Moody's view that the bank's financial fundamentals will continue to show some improvement in 2017, but will remain consistent with the BCA of ba3.

-- BANCO COOPERATIVO

Moody's has today upgraded Banco Cooperativo's deposit ratings to Baa3/Prime-3 from Ba1/Not Prime. The outlook on the long-term deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA to ba1 from ba2 and of the adjusted BCA to baa3 from ba1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of baa3. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

Banco Cooperativo's BCA of ba1 reflects: (1) the bank's moderate risk profile, although its exposure to Spanish sovereign debt remains high, encompassing concentration and some market risk; and (2) its adequate liquidity profile. The bank's BCA is constrained by Banco Cooperativo's very high leverage because of its role as a service provider and its modest but stable profitability levels.

Banco Cooperativo is owned by the 38 rural co-operatives amalgamated under the Asociacion Espanola de Cajas Rurales (AECR; unrated) and by Germany-based DZ Bank AG (deposits Aa1 stable/senior unsecured Aa3 positive, BCA baa2/Adjusted BCA a2). Banco Cooperativo's purpose is to provide these rural co-operatives with a cost-effective comprehensive range of financial services. Moody's believes there is a high probability of support from these rural co-operatives associated under the AECR, given Banco Cooperativo's role as central treasury provider for this group of entities. As a result of this affiliate support assessment, Banco Cooperativo's adjusted BCA is baa3, one notch above the bank's BCA.

The stable outlook on Banco Cooperativo's long-term deposit ratings reflects Moody's expectation that the improving operating environment will support the stabilisation of the bank's financial fundamentals, as well as the gradual improvement of those of the rural cooperatives sector.

-- BANCA MARCH

Moody's has today upgraded Banca March´s long-term deposit ratings to A3 from Baa1. The short-term deposit ratings have been affirmed at Prime-2. The outlook on the long-term deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to baa2 from baa3; and (2) Moody's Advanced LGF analysis that provides a two-notch uplift from the bank's adjusted BCA. The bank's ratings do not benefit from uplift from government support.

Banca March's BCA of baa2 reflects the bank's sound credit profile, especially in terms of capital adequacy which, with a TCE over risk-weighted assets (RWA) ratio of 21.3% at the end of 2016, ranks among the strongest in the Spanish banking sector. The BCA also reflects the bank´s strong asset quality, with an exposure to problematic assets (i.e. problem loans and repossessed real estate assets) materially below the system average, and the bank's sound funding profile, supported by a large and stable deposit base that covers around 90% of the bank´s funding needs. As factors constraining the BCA, Moody´s notes the bank's modest recurrent profitability as well as its exposure to equity risk through its investment vehicle, Corporacion Financiera Alba (unrated).

The outlook on Banca March's long-term deposit ratings is stable. Moody's notes that the current baa2 BCA and A3 deposit ratings are placed at and two notches above the Spanish sovereign rating respectively, and are constrained at that levels under Moody's methodology. Therefore, any upward pressure on Banca March's BCA and deposit ratings would require an upgrade of Spanish sovereign rating.

-- CAJA RURAL DE NAVARRA

Moody's has today affirmed Caja Rural de Navarra's Baa2/Prime-2 deposit ratings. The outlook on the long-term deposit ratings is stable.

Caja Rural de Navarra's long-term deposit ratings of Baa2 reflect: (1) the affirmation of the bank's baa2 BCA and adjusted BCA; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low.

Caja Rural de Navarra's BCA of baa2 reflects the bank's sound financial fundamentals, namely: (1) its stronger asset-quality performance compared with that of the wider Spanish banking system; (2) its sound capitalization levels; and (3) its stable retail deposit base and low reliance on wholesale funding. The bank's BCA also reflects Caja Rural de Navarra's modest, albeit stable, profitability levels.

Caja Rural de Navarra's BCA is constrained at the level of the Spanish sovereign rating. Under Moody's methodology, a bank's BCA will not typically exceed the sovereign rating absent any factor that reduces the dependency between the creditworthiness of that bank and the sovereign. Therefore, any upward pressure on Caja Rural de Navarra's ratings is dependent on an upgrade of the government of Spain's ratings, thereby lifting the current constraint on the bank's BCA. The outlook on Caja Rural de Navarra's long-term deposit ratings is also aligned with that of the Spanish sovereign.

FACTORS THAT COULD LEAD TO AN UPGRADE

Banks' standalone BCAs could be upgraded as a consequence of a sustained recovery of recurrent profitability levels, while maintaining current improving trends of asset risk indicators, with an ongoing reduction in the stock of problematic assets. The banks' BCAs could also be upgraded on the back of stronger TCE levels.

As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings.

The bank's deposit and senior debt ratings could also experience upward pressure from movements in the loss-given-failure faced by these securities.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the banks' BCAs could develop as a result of: (1) The reversal in current asset risk trends with an increase in the stock of NPLs and/or other problematic exposures; (2) a weakening of banks' internal capital-generation and risk-absorption capacity as a result of subdued profitability levels; and/or (3) a deterioration in the banks' liquidity position.

As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings.

The bank's deposit and senior debt ratings could also experience downward pressure from movements in the loss-given-failure faced by these securities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_195549 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Lead Analyst

• Releasing Office

• Person Approving the Credit Rating

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this from to list relate to unsolicited ratings for a rated entity which is non-participating.

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.

Maria Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. 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.

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 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.

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