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Rating Action:

Moody's takes ratings actions on six affiliates of global investment banks upon application of new securities industry market makers rating methodology

23 Feb 2017

New York, February 23, 2017 -- Moody's Investors Service has today announced rating actions involving six securities industry affiliates of global investment banks following yesterday's publication of its new securities industry market makers rating methodology, which now is the primary methodology that Moody's uses to rate securities industry market makers globally except in jurisdictions where certain regulatory requirements must be fulfilled prior to the new methodology's implementation.

The ratings on the parent banks and other affiliates of these six firms are not subject to this methodology are not affected by today's action.

The six affiliated firms include four domiciled in the US and two domiciled in the UK, as follows:

• Citigroup Global Market Inc. (CGMI), United States

• Goldman Sachs International (GSI), United Kingdom

• J.P. Morgan Securities, LLC (JPMS), United States

• Morgan Stanley & Co. International plc (MSIP), United Kingdom

• RBC Capital Markets, LLC (RBCCM), United States

• SG Americas Securities LLC (SGAS), United States

All of the short-and long-term ratings for five of the firms (CGMI, GSI, MSIP, RBCCM and SGAS) were affirmed. The long-term Issuer rating for JPMS was downgraded to A1 from Aa3 due to a reduction in Moody's expectation for government support for senior unsecured creditors of JPMS, while all of the other ratings of JPMS were affirmed. The outlooks for all six firms remain stable.

The full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

Moody's rating actions on CGMI, GSI, JPMS, MSIP, RBCCM, and SGAS follow the publication of Moody's new securities industry market makers rating methodology (Moody's has also published a separate new methodology for rating securities industry service providers, which incorporates a number of significant changes and enhancements from Moody's previous rating methodology for rating these securities firms. The changes and enhancements for rating market makers include the introduction of new financial ratios such as a balance sheet leverage metric and stressed liquidity and funding ratios; the dynamic weighting of operating environment conditions that can adversely influence firms' creditworthiness; incorporation of specific qualitative factors as direct notching adjustments to ratings; and the incorporation of Moody's joint default analysis (JDA) framework to consider affiliate and government support (if any).

Reflecting the new securities industry market makers methodology, Moody's rating actions on the six firms generally reflect the following considerations:

(1) the operating environment for the securities industry market makers, all of which operate predominantly in countries with very strong macro profiles and relatively mature capital markets which help to offset the challenging competitive dynamics faced by most securities industry market makers;

(2) the standalone assessment of each firm, which ranges from Ba2 to Baa2, with a median of Baa3/Ba1, reflecting generally adequate liquidity due to a focus on more liquid trading instruments, varying funding profiles depending upon the extent of long-term funding, well contained asset risk profiles and different degrees of balance sheet leverage reflecting varying regulatory regimes, and weak to moderate profitability and varying earnings volatility reflecting differences in business mix and the strength of each firm's franchise and quality of risk management;

(3) the very high likelihood of affiliate support for all six firms, each of which is an integral part of its respective banking group's global capital markets operations, serving a significant number of the group's institutional and corporate customers and counterparties in the US or Europe;

(4) the protection offered to creditors at CGMI, GSI, JPMS and MSIP, each of which Moody's believes is likely to be included within an operational bank resolution regime in which bail-in resources in the form of a large volume of parent bank holding company debt would be available to absorb losses at each parent's systemically important operating subsidiaries including the securities firm and support the securities firm's obligations as a going concern or in an orderly wind-down (this lower loss given failure does not benefit creditors of RBCCM or SGAS since Moody's does not believe those firms would be resolved within an operational bank resolution regime); and

(5) the low likelihood of government support for creditors of securities industry market makers, including senior unsecured creditors at all six firms, with the exception of counterparty and operational creditors at CGMI, GSI, JPMS, and MSIP, where Moody's sees a moderate likelihood that in resolution, the US government could take action to support their operational liabilities (but not their debt) in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations.

FIRM-SPECIFIC CONSIDERATIONS

Moody's assessment of the credit profile of each market maker affiliate of a global investment bank follows:

CITIGROUP GLOBAL MARKET INC. (CGMI)

CGMI's Issuer ratings of A2/P-1 reflect the Standalone Assessment of Ba1 for CGMI plus 2 notches of uplift reflecting a very high likelihood of affiliate support from Citigroup Inc. (senior unsecured Baa1 stable, BCA baa2 at Citibank N.A.) and 3 notches of uplift reflecting Moody's expectation of a lower loss given failure for senior creditors due to the loss absorption provided by the bail-in of the significant volume of parent holding company obligations in an operational bank resolution regime. CGMI is an essential legal vehicle providing access to clients of Citigroup's Institutional Client Group to the US capital markets, Moody's noted. The Standalone Assessment incorporates CGMI's sound liquidity profile and solid record of risk management, tempered by weak profitability, its high balance sheet leverage and reliance on wholesale funding, the rating agency said. The Financial Profile Score is lowered by one notch to reflect the risks to creditors from the opacity and complexity of a large global investment bank, an adjustment also made with all of the firm's peers.

CGMI's counterparty risk assessment of A1(cr)/P-1(cr) also incorporates one notch of uplift for government support. Moody's believes there is a moderate likelihood that in resolution, the US government could take action to support CGMI's operational liabilities (but not its debt) in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations.

Factors that could lead to an Upgrade -- CGMI

An upgrade in parent Citigroup's ratings could lead to an upgrade of CGMI's ratings. A combination of a reduction in balance sheet leverage, improved profitability or an increase in term funding could lead to an upgrade of CGMI's Standalone Assessment, although this would be unlikely to affect its ratings absent an upgrade of the parent.

Factors that could lead to a Downgrade -- CGMI

A downgrade of the parent's ratings, a reduction in our assessment of Affiliate Support, or a substantial reduction in the volume of Citigroup's holding company debt relative to its consolidated balance sheet would likely lead to a downgrade of CGMI's ratings. Any indications of control or risk management failures, a marked increase in risk appetite or a sharp increase in earnings volatility could put downward pressure on the Standalone Assessment of CGMI, although the impact of this on CGMI's ratings could be more limited due to the very high likelihood of affiliate support.

GOLDMAN SACHS INTERNATIONAL (GSI)

GSI's Issuer and senior debt ratings of A1/P-1 reflect the Standalone Assessment of Baa2 for GSI plus 1 notch of uplift reflecting a very high likelihood of affiliate support from Goldman Sachs Group, Inc. (senior unsecured A3 stable, BCA baa1 at Goldman Sachs Bank USA) and 3 notches of uplift reflecting Moody's expectation of a lower loss given failure for senior creditors due to the loss absorption provided by the bail-in of the significant volume of parent holding company obligations in an operational bank resolution regime. GSI is the second largest operating subsidiary of Goldman Sachs Group and is the principal subsidiary through which Goldman Sachs conducts its market making and investment banking activities in Europe, the Middle East and Africa. The Standalone Assessment incorporates GSI's improving liquidity and solid funding profile, moderate profitability, controlled risk appetite, and reduced balance sheet leverage. The Financial Profile Score is lowered by one notch to reflect the risks to creditors from the opacity and complexity of a large global investment bank, but this is offset by a one notch positive adjustment for corporate behavior, reflecting the group's superior and well-entrenched risk management culture.

GSI's counterparty risk assessment of Aa3(cr)/P-1(cr) also incorporates one notch of uplift for government support. Moody's believes there is a moderate likelihood that in resolution, the US government could take action to support GSI's operational liabilities (but not its debt) in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations.

Factors that could lead to an Upgrade -- GSI

An upgrade in parent Goldman Sachs Group's ratings could lead to an upgrade at GSI. A significant improvement in GSI's profitability and leverage on a sustainable basis could lead to an upgrade of GSI's Standalone Assessment, although this would be unlikely to affect its ratings absent an upgrade of the parent.

Factors that could lead to a Downgrade -- GSI

A downgrade of the parent's ratings, a reduction in our assessment of affiliate Support, or a substantial reduction in the volume of Goldman Sachs's holding company debt relative to the consolidated balance sheet would likely lead to a downgrade of GSI's ratings. Any indications of control or risk management failures, a marked increase in risk appetite and/or deterioration in leverage or other capital metrics could put downward pressure on the Standalone Assessment of GSI, although the impact of this on GSI's ratings could be more limited due to the very high likelihood of affiliate support.

J.P. MORGAN SECURITIES, LLC (JPMS)

JPMS's Issuer ratings of A1/P-1 reflect the Standalone Assessment of Baa3 for JPMS plus 3 notches of uplift due to a very high likelihood of affiliate support from JPMorgan Chase & Co. (senior unsecured A3 stable, BCA a3 at JPMorgan Chase Bank NA) and 2 notches of uplift reflecting Moody's expectation of a lower loss given failure for senior creditors due to the loss absorption provided by the bail-in of parent holding company obligations in an operational bank resolution regime. JPMS is an essential legal vehicle providing access to clients of JPMorgan Chase & Co.'s Corporate and Investment Bank to the US capital markets, Moody's noted. The Standalone Assessment incorporates JPMS's adequate liquidity and funding profile, strong and consistent profitability, solid record of risk management and carefully controlled risk appetite, but also its high balance sheet leverage, the rating agency said. The Financial Profile Score is lowered by one notch to reflect the risks to creditors from the opacity and complexity of a large global investment bank.

JPMS's counterparty risk assessment of Aa2(cr)/P-1(cr) also incorporates one additional notch of uplift reflecting a lower loss given failure and one notch of uplift for government support. Moody's believes there is a moderate likelihood that in resolution, the US government could take action to support JPMS's operational liabilities (but not its debt) in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations. Consistent with this view, the downgrade of JPMS's long-term Issuer rating to A1 from Aa3 incorporates Moody's expectation that there is a low likelihood of support for senior unsecured creditors of JPMS, resulting in no ratings uplift for government support in that rating.

Factors that could lead to an Upgrade -- JPMS

An upgrade in parent JPMorgan Chase's ratings could lead to an upgrade at JPMS LLC. A reduction in balance sheet leverage or an increase in term funding could lead to an upgrade of JPMS LLC's Standalone Assessment, although this would be unlikely to affect its ratings absent an upgrade of the parent.

Factors that could lead to a Downgrade -- JPMS

A downgrade of the parent's ratings, a reduction in our assessment of Affiliate Support, or a substantial reduction in the volume of JPMorgan Chase's holding company debt relative to the consolidated balance sheet would likely lead to a downgrade of JPMS's ratings. Any indications of control or risk management failures, a marked increase in risk appetite or a sharp decline in profitability and increase in earnings volatility could put downward pressure on the Standalone Assessment of JPMS, although the impact of this on JPMS's ratings could be more limited due to the very high likelihood of affiliate support.

MORGAN STANLEY & CO. INTERNATIONAL PLC (MSIP)

MSIP's Issuer and senior debt ratings of A1/P-1 reflect the Standalone Assessment of Ba2 for MSIP plus 4 notches of uplift reflecting a very high likelihood of affiliate support from Morgan Stanley (senior unsecured A3 stable, adjusted BCA baa1 at Morgan Stanley Bank NA) and 3 notches of uplift reflecting Moody's expectation of a low loss given failure for senior creditors due to the loss absorption provided by the bail-in of the significant volume of parent holding company obligations in an operational bank resolution regime. MSIP is the second largest operating subsidiary of Morgan Stanley and is the subsidiary through which Morgan Stanley conducts most of its market making and investment banking activities in Europe, the Middle East and Africa. The Standalone Assessment incorporates MSIP's weak and volatile earnings, its improving liquidity and funding profile, controlled risk appetite, and reduced balance sheet leverage. The Financial Profile Score is lowered by one notch to reflect the risks to creditors from the opacity and complexity of a large global investment bank.

MSIP's counterparty risk assessment of Aa3(cr)/P-1(cr) also incorporates one notch of uplift for government support. Moody's believes there is a moderate likelihood that in resolution, the US government could take action to support MSIP's operational liabilities (but not its debt) in order to limit systemic risk and contagion and facilitate an orderly unwind of such obligations.

Factors that could lead to an Upgrade -- MSIP

An upgrade in parent Morgan Stanley's ratings could lead to an upgrade at MSIP. A significant improvement in MSIP's profitability on a sustainable basis could lead to an upgrade of MSIP's Standalone Assessment, although this would be unlikely to affect its ratings absent an upgrade of the parent.

Factors that could lead to a Downgrade -- MSIP

A downgrade of the parent's ratings, a reduction in our assessment of Affiliate Support, or a substantial reduction in the volume of Morgan Stanley's holding company debt relative to the consolidated balance sheet would likely lead to a downgrade of MSIP's ratings. Any indications of control or risk management failures, marked increase in risk appetite and/or deterioration in leverage or other capital metrics could put downward pressure on the Standalone Assessment of MSIP and on its ratings.

RBC CAPITAL MARKETS, LLC (RBCCM)

RBCCM's Issuer ratings of A2/P-1 reflect the Standalone Assessment of Baa3 for RBCCM plus 4 notches of uplift due to a very high likelihood of affiliate support from its ultimate parent Royal Bank of Canada (RBC, deposits and senior unsecured at Aa3 negative, BCA a2). RBCCM is a vital part of RBC's global capital markets strategy, the rating agency noted, and also houses much of RBC's US wealth management business (the former Dain Rauscher), providing an element of diversification not found at most of its peers. RBCCM is highly integrated within RBC operationally, which is evident in historic and ongoing capital and liquidity support as well as common governance and oversight structures. The Standalone Assessment incorporates RBCCM's very strong asset quality (as indicated by Moody's risk appetite metric) and stable earnings stream offset by low resilience to potential liquidity shock, low long-term funding, relatively low return on assets and high leverage, Moody's said. The adjusted Financial Profile Score of Baa3 also incorporates offsetting notches for Business Diversification (positive) and Opacity and Complexity (negative).

Factors that Could Lead to an Upgrade -- RBCCM

An upgrade in RBC's Baseline Credit Assessment (BCA) could lead to an upgrade of RBCCM's rating. Enhanced liquidity and funding management leading to improved metrics indicating better resilience to stressful events, improved profitability on a consistent basis, or reduced leverage to below 20% on a consistent basis could lead to a higher Standalone Assessment, , although this would be unlikely to affect its ratings absent an upgrade of the parent's BCA.

Factors that Could Lead to a Downgrade -- RBCCM

A downgrade of RBC's BCA or a reduction in our assessment of Affiliate Support would likely lead to downgrade in RBCCM's ratings. Any indications of control or risk management failures, a significant increase in higher-risk assets, lower earnings diversification or increased earnings volatility could put downward pressure on RBCCM's Standalone Assessment and on its ratings.

SG AMERICAS SECURITIES LLC (SGAS)

SGAS's Issuer ratings of Baa2/P-2 reflect the Standalone Assessment of Ba2 for SGAS plus 3 notches of uplift due to a very high likelihood of affiliate support from its ultimate parent Societe Generale (SG, deposits and senior unsecured at A2 stable, BCA baa2). SGAS is an integrated and strategically important operating subsidiary of SG, through which SG conducts its institutional equities, fixed-income brokerage and futures commission merchant activities in the US capital markets. The Standalone Assessment is underpinned by the firm's limited standalone franchise, which nevertheless benefits from SG's well-established global corporate and investment banking franchise, improved liquidity and funding profiles following the merger with Newedge (unrated) in 2015, moderate risk appetite, and improved albeit still high leverage. However, it is constrained by the firm's weak profitability and high earnings volatility. The Financial Profile Score is lowered by one notch to reflect the risks to creditors from the opacity and complexity of a large global investment bank.

Factors that Could Lead to an Upgrade -- SGAS

An increase in SG's BCA could lead to an upgrade of SGAS's rating as it would likely translate into a higher Affiliate Support uplift, other factors being equal. A material improvement on a sustainable basis in SGAS's funding and liquidity, profitability and leverage could lead to an increase in the firm's Standalone Assessment. However, this will likely have no impact on SGAS's ratings, which are currently aligned with SG's baa2 baseline credit assessment (BCA).

Factors that Could Lead to a Downgrade -- SGAS

A downgrade of SG's BCA or a reduction in our assessment of Affiliate Support probability would likely result in a downgrade of SGAS's rating. The Standalone Assessment could be lowered if the firm were to weaken its funding, liquidity, or profitability, increase earnings volatility and/or its risk appetite, although the impact of this on SGAS's ratings could be more limited due to the very high likelihood of affiliate support.

LIST OF AFFECTED RATINGS:

Citigroup Global Market Inc. (CGMI), United States

• Long-term and short-term Issuer Ratings (local and foreign) affirmed at A2, Stable/P-1

• Backed Senior Secured MTN affirmed at (P)A2

• Backed Senior Secured affirmed at A2, Stable

• Long-term and short-term Counterparty Risk Assessments affirmed at A1(cr)/P-1(cr)

• Outlook stable

Goldman Sachs International (GSI), United Kingdom

• Long-term and short-term Issuer Ratings affirmed at A1, Stable/P-1

• Backed Senior Unsecured MTN program affirmed at (P)A1

• Backed Senior Secured MTN program affirmed at (P)A1

• Senior Unsecured MTN program affirmed at (P)A1

• Backed Senior Secured affirmed at A1, Stable

• Backed Senior Unsecured affirmed at A1, Stable

• Senior Unsecured affirmed at A1, Stable

• Backed Other Short-Term MTN program affirmed at (P)P-1

• Backed Other Short-Term affirmed at P-1

• Long-term and short-term Counterparty Risk Assessments affirmed at Aa3(cr)/P-1(cr)

• Outlook stable

J.P. Morgan Securities, LLC (JPMS), United States

• Long-term Issuer Rating downgraded to A1, Stable from Aa3, Stable

• Short-term Issuer Rating and commercial paper rating affirmed at Prime-1

• Long-term and short-term Counterparty Risk Assessments affirmed at Aa2(cr)/P-1(cr)

• Outlook stable

Morgan Stanley & Co. International plc (MSIP), United Kingdom

• Long-term and short-term Issuer Ratings affirmed at A1, Stable/P-1

• Backed Senior Unsecured MTN program affirmed at (P)A1

• Senior Unsecured MTN program affirmed at (P)A1

• Senior Secured MTN program affirmed at (P)A1

• Senior Secured (local and foreign) affirmed at A1, Stable/P-1

• Other Short-Term MTN program affirmed at (P)P-1

• Long-term and short-term Counterparty Risk Assessments affirmed at Aa3(cr)/P-1(cr)

• Outlook stable

RBC Capital Markets, LLC (RBCCM), United States

• Long-term and short-term Issuer Ratings affirmed at A2, Stable/P-1

• Outlook stable

SG Americas Securities LLC (SGAS), United States

• Long-term and short-term Issuer Ratings (local and foreign) affirmed at Baa2, Stable/P-2

• Outlook stable

The principal methodology used in these ratings was Securities Industry Market Makers, published in February 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

RELATED RESEARCH REFERENCES

For further details please refer to the following:

» Press release: Moody's publishes its methodologies for rating securities firms

https://www.moodys.com/research/Moodys-publishes-its-updated-methodologies-for-rating-securities-firms--PR_362296

» Rating Methodology: Securities Industry Market Makers

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1038412

» Rating Methodology: Securities Industry Service Providers

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1042321

» Securities & Exchanges page on moodys.com

http://www.moodys.com/securitiesandexchanges

Please see the credit opinions of specific issuers on www.moodys.com for the more detailed implications of Issuer rating actions.

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 rating for RBC Capital Markets, LLC has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

For the ratings of RBC Capital Markets, LLC only: Moody's has not provided advisory services but may have provided Ancillary or Other Permissible Service(s) to the rated entity, its related third parties and/or the party that requested the rating within the past two years (including during the most recently ended fiscal year). Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's credit rating agency in Canada" on the ratings disclosure page www.moodys.com/disclosures on our website for further information.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the Website.

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.

David Fanger
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions 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

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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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 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 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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