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Rating Action:

Moody's takes rating actions on nine Chinese banks

 The document has been translated in other languages

17 Oct 2016

Hong Kong, October 17, 2016 -- Moody's Investors Service has taken the following rating actions on nine Chinese banks:

- Placed China Guangfa Bank Co., Ltd.'s deposit rating on review for upgrade, affirmed the deposit ratings for three banks, and downgraded the long-term deposit ratings of five banks;

- Affirmed baseline credit assessment (BCA) for two banks and downgraded the BCA on seven banks;

- Changed the outlook to stable from negative for seven banks, maintained a negative outlook on one bank, and placed the rating of China Guangfa Bank on review for upgrade; and

- Affirmed the Counterparty Risk Assessments (CRAs) for two banks, downgraded the long-term CRAs of six banks, and placed China Guangfa Bank's CRA on review for upgrade.

A list of the affected ratings, rating inputs and CRAs can be found at the end of this press release.

RATINGS RATIONALE

Common to all these rating actions are increasing pressure on these banks' standalone creditworthiness owing to growing risks in their funding profiles, and increasing asset quality pressure, as reflected in their latest full-year 2015 and half-year 2016 financial results.

The assessment followed Moody's change of the Macro Profile for China to "Moderate" from "Moderate +" in March 2016 which implied downward pressure on the standalone profiles of Chinese banks. The Macro Profile change reflected the continued rise in leverage in the Chinese economy from an already high level.

The deteriorating funding profile and asset risks are exacerbated by these banks' stronger asset growth compared to the big state-owned banks in general, which exposes them to greater liquidity risks and unseasoned lending and quasi-lending portfolios against the backdrop of the current moderation in China's economic growth.

There has been an increasing divergence between the big state-owned Chinese banks and mid- and small-sized Chinese banks in their funding and liquidity profiles.

While the big state-owned banks have continued to enjoy a stable funding profile and have adequate liquid resources to cover market funds, mid- and small-sized banks in general are showing increasing usage of wholesale funds, which have generally proven a less stable funding source in recent years.

The current rise in wholesale funding also tends to be channeled through short-term instruments and entails higher funding costs; two features that could add to the risks for the mid- and small-sized banks involved.

Meanwhile, most mid- and small-sized banks involved have channeled these short-term, confidence-sensitive funds to support illiquid assets, including loans, as well as investments in loans and receivables; adding to pressure on their liquidity management.

The rapid growth in the investments in loans and receivables for the mid- and small-sized banks involved is a source of asset risk, besides their loan portfolios. The key credit issues of these investments include: (1) their general use of pass-through channels and credit enhancements, which obscure the true extent of the banks' exposure to ultimate borrowers; (2) the associated lower provisioning and capital requirements, which lower the banks' resilience to potential credit shocks; and (3) the increased system interconnectedness implied by the widespread use of credit enhancement.

DETAILED RATING ACTIONS ON DEPOSIT RATINGS AND OUTLOOK

Moody's placed China Guangfa Bank's deposit rating on review for upgrade.

• Moody's affirmed China Guangfa Bank's BCA and placed its deposit ratings on review for upgrade. Moody's affirmation of its BCA reflects the fact that its liquidity position has remained relatively stable, despite deteriorating asset quality, a weakening capital position and profitability. Moody's placed its deposit ratings on review for upgrade, as we consider the potential of increasing external support, given China Life Insurance Co Ltd's (China Life, insurance financial strength Aa3 negative) completion of the acquisition of an additional 23.7% stake in China Guangfa Bank in August 2016. Looking ahead, Moody's will review the following in deciding the level of external support and the allocation of support levels between China Life and the government: 1) the strategic importance of China Guangfa Bank to China Life; 2) further cooperation and integration between China Guangfa Bank and China Life; 3) whether China Life's shareholding in the bank will increase further; 4) whether the regulatory resolution framework for banks and insurance groups are aligned to allow support to flow to the subsidiary banks of insurance groups; and 5) the source and extent of support, whether from China Life or the government, in a situation of bank distress.

Moody's affirmed the deposit ratings of two banks, while changing their outlooks to stable from negative. These two banks are China Merchants Bank Co., Ltd. (CMB) and Ping An Bank Co., Ltd (PAB).

• China Merchants Bank — Moody's downgraded its BCA despite its more resilient performance in the first half of 2016 but affirmed its deposit ratings. Our downgrade of its BCA reflected the continued pressure on its asset quality due to the slowdown in China's economy, despite the bank's efforts to slow down its asset growth and decrease its exposure to high risk sectors and investments in non-standard products. Profitability will also come under pressure, owing to ongoing pressure on net interest margin and rising credit costs. Meanwhile, the two-notch rating uplift incorporated in its previous deposit rating was lower than the three notches afforded to some other joint-stock commercial banks with strong SOE affiliations. As we downgraded the bank's BCA, we brought up its support level to align with its peers, given its asset scale and its partial ownership by China Merchants Group Limited Co. (unrated), a wholly state-owned conglomerate.

• Ping An Bank — Moody's downgraded its BCA but affirmed its deposit ratings, due to an increase in affiliate support, according to Moody's Joint Default Analysis. In addition, we consider the ample financial resources from Ping An Life Insurance Company of China, Ltd. (insurance financial strength A2 stable) and Ping An Property & Casualty Insurance Company of China, Ltd. (insurance financial strength A2 stable) which can be utilized to support the bank, if needed. Moody's also sees an increased integration of the bank's operations with other subsidiaries of Ping An Insurance (Group) Company of China, Ltd. (unrated), which not only testifies to the very high level of affiliate support but also benefits its deposit base and fee-based incomes. The downgrade of its BCA reflects the continued pressure in asset quality, as reflected in its increasing NPL ratio and fast increasing 90+ days delinquencies formation rate. Moody's believes that its capital position will continuously be challenged by fast lending growth, and its profitability will be negatively impacted by high funding costs and increasing credit costs.

Moody's affirmed the deposit rating of China Everbright Bank Company Limited, while maintaining its outlook at negative.

• China Everbright Bank — Moody's affirmation of its BCA reflects the positive impact of the planned capital injection by China Everbright Group (unrated) and the bank's abundant liquid resources, despite its rapid asset growth and increasing reliance on wholesale market funds. The negative outlook on China Everbright Banks' ratings reflects ongoing pressures on the bank's internal capital generation capability and challenges to liquidity management due to its rapid asset expansion. The bank's assets increased 18.9% in the first half of 2016 from the level seen at end-2015, driven by its aggressive investments in loans and receivables. As a result, its common equity tier 1 (CET1) ratio fell to 8.54% at end-June 2016 from 9.24% at end-2015, and the bank has materially increased its reliance on interbank funding.

Moody's downgraded the long-term deposit ratings of five banks, while changing their outlook to stable from negative. The five banks are Industrial Bank Co., Ltd., China CITIC Bank Corporation Limited, Shanghai Pudong Development Bank Co., Ltd. (SPDB), Bank of Shanghai Co., Ltd. and Bank of Ningbo Co., Ltd.

• Industrial Bank - Moody's downgraded its BCA and deposit ratings, as a result of its increasing reliance on market funds that is already at a very high level, continued pressure on asset quality due to China's economic slowdown and its large amounts of investments in loans and receivables, as well as its relatively weak capital position. These are mitigated by the bank's rich experiences in managing interbank liquidity and its high NPL coverage ratio, and the proposed RMB26 billion equity placement announced in July 2016.

• China CITIC Bank - Moody's downgraded its BCA and deposit ratings, as a result of its increasing reliance on market funds, declining CET1 ratio due to the rapid asset growth, and continued pressure in asset quality due to China's economic slowdown. On the other hand, the bank benefits from its solid deposit base on the back of its strong corporate banking franchise and good relationships with large state-owned enterprises.

• SPDB -- Moody's downgraded its BCA and deposit ratings, as a result of its increasing usage of market funds which is already at a relatively higher level than many other joint-stock banks peers, continued pressure on asset quality due to China's economic slowdown, and the bank's relatively weak capital compared to its peer group. On the other hand, the bank's NPL coverage ratio remains high and its profitability is better than most of its peers.

• Bank of Shanghai -- Moody's downgraded its BCA and deposit ratings, as a result of its increasing usage of wholesale funding, particularly as it has grown its investments in loans and receivables. On the other hand, the bank has sufficient liquid resources and an established deposit franchise in Shanghai. The bank's capital position will also be strengthened after its planned IPO.

• Bank of Ningbo - Moody's downgraded its BCA and deposit ratings, as a result of the pressures on its capital ratio due to rapid asset growth and on profitability due to its narrowing net interest margins and growing credit costs. Although the bank reduced its use of market funds in the first half of 2016, market funds to tangible banking assets remains relatively high. On the other hand, as it focuses on providing integrated services to small- and medium-sized companies, its deposit concentration risk is low and demand deposit proportion is high. The bank's asset quality remains healthy, although it will continuously be tested by China's economic slowdown and its rapid asset growth.

STABLE OUTLOOKS FOR SEVEN BANKS

Moody's changed the outlooks to stable from negative for seven banks in this rating action. The seven banks are China Merchants Bank, Ping An Bank, Industrial Bank, China CITIC Bank, SPDB, Bank of Shanghai and Bank of Ningbo.

The stable outlooks suggest that these banks do not face immediate pressure on their BCAs after the BCA downgrades. Also, the level of uplift due to government support is unlikely to change in coming years for these banks despite the evolving nature of government policy.

We believe that the government's willingness to provide support is unchanged because of these banks' large size and systemic importance, as well as the authorities' policy priority of maintaining systemic stability and public confidence in the banking system. And since we would only conclude that the government's ability to support these banks was sufficiently impaired to warrant a downgrade of these banks -- in the event that the sovereign was downgraded by more than two notches, which would be unusual where a negative outlook is applied -- we have decided to change these ratings outlooks to stable.

WHAT COULD CHANGE THE RATING UP/DOWN FOR BANKS WITH STABLE OUTLOOK

For these seven banks, their BCAs and deposit ratings are unlikely to rise in the coming 12-18 months due to the weakening operating environment. However, their BCAs could experience upward pressure if (1) their operating environment, as measured by China's Macro Profile, improves; or (2) they maintain their asset quality and profitability, while strengthening their capital positions and improving their liquidity profiles.

These banks' BCAs and deposit ratings could experience downward pressure if (1) their operating environment weakens materially, i.e., if China's economic growth continues to slow, or corporate financial leverage continues to rise; (2) their asset quality indicators deteriorate, as measured by rising NPLs or rising impairment charges; (3) their capital positions weaken due to rapid asset growth; or (4) their reliance on wholesale funding continues to increase.

In addition, given the level of external support incorporated in the banks' deposit ratings, any indication of reduced support from the government or from the parent company would be negative.

WHAT COULD CHANGE THE RATING UP/DOWN FOR CHINA EVERBRIGHT BANK

In view of the negative outlook on the ratings for China Everbright Bank, Moody's does not expect any upward ratings pressure. A return of the ratings outlook to stable could be considered if:

1) Its asset quality — as measured by new problem loan formation — and profitability — as measured by return on average assets — remain resilient, despite the slower rate of economic growth in China; 2) its capital position strengthens, such that its CET1 capital ratio improves; or 3) its liquidity profile improves, such that its reliance on market funds decreases.

LIST OF AFFECTED RATINGS:

China Merchants Bank Co., Ltd. (Lead analyst: Sean Hung)

• Long-term (local/foreign currency) bank deposit rating affirmed at Baa1, outlook changed to stable from negative

• Short-term (local/foreign currency) bank deposit rating affirmed at P-2

• Long-term/short-term (foreign currency) senior unsecured MTN affirmed at (P)Baa1/(P)P-2

• BCA downgraded to ba1 from baa3

• Adjusted BCA downgraded to ba1 from baa3

• Long-term CRA downgraded to Baa1(cr) from A3(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

China Merchants Bank Co., Ltd., Hong Kong Branch (Lead analyst: Sean Hung)

• Long-term/short-term (foreign currency) senior unsecured MTN affirmed at (P)Baa1/(P)P-2

• Long-term (foreign currency) senior unsecured debt rating affirmed at Baa1, outlook changed to stable from negative

• Long-term CRA downgraded to Baa1(cr) from A3(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

China Merchants Bank Co., Ltd., Luxembourg Branch (Lead analyst: Sean Hung)

• Long-term/short-term (foreign currency) senior unsecured MTN affirmed at (P)Baa1/(P)P-2

• Long-term CRA downgraded to Baa1(cr) from A3(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

China Merchants Bank Co., Ltd., New York Branch (Lead analyst: Sean Hung)

• Long-term/short-term (local currency) senior unsecured MTN affirmed at (P)Baa1/(P)P-2

• Long-term (local currency) senior unsecured debt rating affirmed at Baa1, outlook changed to stable from negative

• Long-term CRA downgraded to Baa1(cr) from A3(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

China Merchants Bank Co., Ltd., Singapore Branch (Lead analyst: Sean Hung)

• Long-term/short-term (foreign currency) senior unsecured MTN affirmed at (P)Baa1/(P)P-2

• Long-term CRA downgraded to Baa1(cr) from A3(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

Industrial Bank Co., Ltd. (Lead analyst: David Yin)

• Long-term (local/foreign currency) bank deposit rating downgraded to Baa3 from Baa2, outlook changed to stable from negative

• Short-term (local/foreign currency) bank deposit rating downgraded to P-3 from P-2

• Long-term/short-term (foreign currency) senior unsecured MTN downgraded to (P)Baa3/(P)P-3 from (P)Baa2/(P)P-2

• BCA downgraded to ba3 from ba2

• Adjusted BCA downgraded to ba3 from ba2

• CRA downgraded to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr)

• Outlook changed to stable from negative

Industrial Bank Co., Ltd., Hong Kong Branch (Lead analyst: David Yin)

• Long-term/short-term (foreign currency) senior unsecured MTN downgraded to (P)Baa3/(P)P-3 from (P)Baa2/(P)P-2

• Long-term (foreign currency) senior unsecured debt rating downgraded to Baa3 from Baa2, outlook changed to stable from negative

• CRA downgraded to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr)

• Outlook changed to stable from negative

China CITIC Bank Corporation Limited (Lead analyst: David Yin)

• Long-term (foreign currency) bank deposit rating downgraded to Baa2 from Baa1, outlook changed to stable from negative

• Short-term (foreign currency) bank deposit rating affirmed at P-2

• BCA downgraded to ba2 from ba1

• Adjusted BCA downgraded to ba2 from ba1

• Long-term CRA downgraded to Baa2(cr) from Baa1(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

China Everbright Bank Company Limited (Lead analyst: David Yin)

• Long-term (foreign currency) bank deposit rating affirmed at Baa2 with negative outlook

• Short-term (foreign currency) bank deposit rating affirmed at P-2

• BCA affirmed at ba2

• Adjusted BCA affirmed at ba2

• CRA affirmed at Baa2(cr)/P-2(cr)

• Outlook maintained at negative

Shanghai Pudong Development Bank Co., Ltd. (Lead analyst: David Yin)

• Long-term (local/foreign currency) bank deposit rating downgraded to Baa2 from Baa1, outlook changed to stable from negative

• Short-term (local/foreign currency) bank deposit rating affirmed at P-2

• BCA downgraded to ba2 from ba1

• Adjusted BCA downgraded to ba2 from ba1

• Long-term CRA downgraded to Baa2(cr) from Baa1(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch (Lead analyst: David Yin)

• Long-term (foreign currency) senior unsecured MTN downgraded to (P)Baa2 from (P)Baa1

• Short-term (foreign currency) senior unsecured MTN affirmed at (P)P-2

• Long-term (foreign currency) senior unsecured debt rating downgraded to Baa2 from Baa1, outlook changed to stable from negative

• Long-term CRA downgraded to Baa2(cr) from Baa1(cr)

• Short-term CRA affirmed at P-2(cr)

• Outlook changed to stable from negative

Ping An Bank Co., Ltd (Lead analyst: Sean Hung)

• Long-term (foreign currency) bank deposit rating affirmed at Baa2, outlook changed to stable from negative

• Short-term (foreign currency) bank deposit rating affirmed at P-2

• BCA downgraded to ba3 from ba2

• Adjusted BCA affirmed at baa3

• CRA affirmed at Baa1(cr)/P-2(cr)

• Outlook changed to stable from negative

China Guangfa Bank Co., Ltd. (Lead analyst: Sean Hung)

• Long-term/short-term (foreign currency) bank deposit ratings at Ba1/NP on review for upgrade

• BCA affirmed at ba3

• Adjusted BCA at ba3 on review for upgrade

• CRA at Ba1(cr)/NP(cr) on review for upgrade

Bank of Ningbo Co., Ltd. (Lead analyst: David Yin)

• Long-term (local/foreign currency) bank deposit rating downgraded to Baa3 from Baa2, outlook changed to stable from negative

• Short-term (local/foreign currency) bank deposit rating downgraded to P-3 from P-2

• BCA downgraded to ba2 from ba1

• Adjusted BCA downgraded to ba2 from ba1

• CRA downgraded to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr)

• Outlook changed to stable from negative

Bank of Shanghai Co., Ltd. (Lead analyst: David Yin)

• Long-term (local/foreign currency) issuer rating downgraded to Baa3 from Baa2, outlook changed to stable from negative

• Short-term (local/foreign currency) issuer rating downgraded to P-3 from P-2

• Long-term (local/foreign currency) bank deposit rating downgraded to Baa3 from Baa2, outlook changed to stable from negative

• Short-term (local/foreign currency) bank deposit rating downgraded to P-3 from P-2

• BCA downgraded to ba2 from ba1

• Adjusted BCA downgraded to ba2 from ba1

• CRA downgraded to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr)

• Outlook changed to stable from negative

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.

The Local Market analyst for the rating of China Guangfa Bank Co., Ltd., China Merchants Bank Co., Ltd., China Merchants Bank Co., Ltd., Singapore Branch, China Merchants Bank Co., Ltd., New York Branch, China Merchants Bank Co., Ltd., Luxembourg Branch, China Merchants Bank Co., Ltd., Hong Kong Branch, Bank of Shanghai Co., Ltd., Bank of Ningbo Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, and Ping An Bank Co., Ltd is Ying Yulia Wan, +86-21-6101-0380.

REGULATORY DISCLOSURES

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.

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.

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.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

David Yin
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Minyan Liu
Associate Managing Director
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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