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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-26CB
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-29CB
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-47CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-49CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-50CB
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-73CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-75CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-77T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-79CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-7CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-80CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-83CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-84
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-85CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-86CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-9CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-AR1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J10
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J11
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J12
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J13
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J14
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J4
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J6
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J8
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J9
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-12CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-13T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-14CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-15CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-16CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-18CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-19CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-21CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-23CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-24CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-25CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-26CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-27CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-28CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-29T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-2CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-30T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-31CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-32CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-33CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-34
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-36T2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-39CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-40T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-41CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-42
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-43CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-45T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-46
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-4CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-5T2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-6CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-7CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-9T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-HY10
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-HY11
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-HY12
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-HY3
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J4
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J5
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J6
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-J7
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC10
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC11
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC3
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC6
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OC8
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CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-12T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-13
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-14T2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-15CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-16CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-17CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-18CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-19
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-1T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-21CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-2CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-3T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-4CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-5CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-6
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-7T2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-8CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-9T1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY2
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY3
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY4
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY6
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY7C
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY8C
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-HY9
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-J1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-J2
CWMBS, Inc. Mortgage Pass-Through Certificates, Series 2006-7
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Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR4
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR5
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-1
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-2
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR2
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-BAR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1
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Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3
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Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-5
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-AR2
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AF1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR2
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR3
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB1
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-AB4
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-AB1
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB3
First Horizon Alternative Mortgage Securities Trust 2005-AA1
First Horizon Alternative Mortgage Securities Trust 2005-AA11
First Horizon Alternative Mortgage Securities Trust 2005-AA2
First Horizon Alternative Mortgage Securities Trust 2005-AA5
First Horizon Alternative Mortgage Securities Trust 2005-AA6
First Horizon Alternative Mortgage Securities Trust 2005-AA7
First Horizon Alternative Mortgage Securities Trust 2005-AA8
First Horizon Alternative Mortgage Securities Trust 2005-AA9
First Horizon Alternative Mortgage Securities Trust 2005-FA1
First Horizon Alternative Mortgage Securities Trust 2005-FA10
First Horizon Alternative Mortgage Securities Trust 2005-FA2
First Horizon Alternative Mortgage Securities Trust 2005-FA5
First Horizon Alternative Mortgage Securities Trust 2005-FA6
First Horizon Alternative Mortgage Securities Trust 2005-FA7
First Horizon Alternative Mortgage Securities Trust 2005-FA8
First Horizon Alternative Mortgage Securities Trust 2005-FA9
First Horizon Alternative Mortgage Securities Trust 2006-AA1
First Horizon Alternative Mortgage Securities Trust 2006-AA2
First Horizon Alternative Mortgage Securities Trust 2006-AA3
First Horizon Alternative Mortgage Securities Trust 2006-AA4
First Horizon Alternative Mortgage Securities Trust 2006-AA7
First Horizon Alternative Mortgage Securities Trust 2006-FA1
First Horizon Alternative Mortgage Securities Trust 2006-FA2
First Horizon Alternative Mortgage Securities Trust 2006-FA3
First Horizon Alternative Mortgage Securities Trust 2006-FA4
First Horizon Alternative Mortgage Securities Trust 2006-FA5
First Horizon Alternative Mortgage Securities Trust 2006-FA6
First Horizon Alternative Mortgage Securities Trust 2006-FA8
First Horizon Alternative Mortgage Securities Trust 2007-AA2
First Horizon Alternative Mortgage Securities Trust 2007-FA2
First Horizon Alternative Mortgage Securities Trust 2007-FA3
First Horizon Alternative Mortgage Securities Trust 2007-FA4
First Horizon Mortgage Securities Trust 2005-AA10
First Horizon Mortgage Securities Trust 2005-AA12
First Horizon Mortgage Securities Trust 2005-FA11
Global Mortgage Securitization 2005-A Ltd
GMACM Mortgage Loan Trust 2005-AA1
GMACM Mortgage Loan Trust 2005-AF1
Greenpoint Mortgage Funding Trust 2005-HY1
GSAA Home Equity Trust 2005-11
GSAA Home Equity Trust 2005-14
GSAA Home Equity Trust 2005-15
GSAA Home Equity Trust 2005-3
GSAA Home Equity Trust 2005-4
GSAA Home Equity Trust 2005-5
GSAA Home Equity Trust 2005-6
GSAA Home Equity Trust 2005-7
GSAA Home Equity Trust 2005-8
GSAA Home Equity Trust 2005-9
GSAA Home Equity Trust 2005-MTR1
GSAA Home Equity Trust 2006-1
GSAA Home Equity Trust 2006-10
GSAA Home Equity Trust 2006-11
GSAA Home Equity Trust 2006-12
GSAA Home Equity Trust 2006-13
GSAA Home Equity Trust 2006-14
GSAA Home Equity Trust 2006-15, Asset-Backed Certificates, Series 2006-15
GSAA Home Equity Trust 2006-16, Asset-Backed Certificates, Series 2006-16
GSAA Home Equity Trust 2006-17
GSAA Home Equity Trust 2006-18
GSAA Home Equity Trust 2006-19
GSAA Home Equity Trust 2006-20
GSAA Home Equity Trust 2006-3
GSAA Home Equity Trust 2006-4
GSAA Home Equity Trust 2006-5
GSAA Home Equity Trust 2006-6
GSAA Home Equity Trust 2006-7
GSAA Home Equity Trust 2006-8
GSAA Home Equity Trust 2006-9
GSAA Home Equity Trust 2007-1
GSAA Home Equity Trust 2007-2
GSAA Home Equity Trust 2007-3
GSAA Home Equity Trust 2007-4
GSAA Home Equity Trust 2007-5
GSAA Home Equity Trust 2007-6
GSAA Home Equity Trust 2007-7
GSAA Home Equity Trust 2007-8
GSAA Home Equity Trust Asset Backed Certificates Series 2005-12
GSC Capital Corp. Mortgage Trust 2006-1
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GSR Mortgage Loan Trust 2006-1F
HarborView Mortgage Loan Trust 2005-14
HarborView Mortgage Loan Trust 2005-4
HarborView Mortgage Loan Trust 2005-6
HarborView Mortgage Loan Trust 2006-11
HarborView Mortgage Loan Trust 2006-14
HarborView Mortgage Loan Trust 2006-3
HomeBanc Mortgage Trust 2005-1
HomeBanc Mortgage Trust 2005-3
HomeBanc Mortgage Trust 2005-4
Homebanc Mortgage Trust 2005-5
Homebanc Mortgage Trust 2006-1
Homebanc Mortgage Trust 2006-2
Homebanc Mortgage Trust 2007-1
HSI Asset Loan Obligation Trust 2006-2
HSI Asset Loan Obligation Trust 2007-WF1
Impac CMB Trust Series 2005-1 Collateralized Asset-Backed Bonds, Series 2005-1
Impac CMB Trust Series 2005-2 Collateralized Asset-Backed Bonds, Series 2005-2
Impac CMB Trust Series 2005-3 Collateralized Asset-Backed Bonds, Series 2005-3
Impac CMB Trust Series 2005-4 Collateralized Asset-Backed Bonds, Series 2005-4
Impac CMB Trust Series 2005-5 Collateralized Asset-Backed Bonds, Series 2005-5
Impac CMB Trust Series 2005-6 Collateralized Asset-Backed Bonds, Series 2005-6
Impac CMB Trust Series 2005-7
Impac CMB Trust Series 2005-8
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2005-1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2005-2
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-2
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-3
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-4
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-5
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2007-1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2007-2
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2007-3
IndyMac IMJA Mortgage Loan Trust 2007-A4
IndyMac IMSC Mortgage Loan Trust 2007-AR1
IndyMac IMSC Mortgage Loan Trust 2007-AR2
IndyMac INDA Mortgage Loan Trust 2005-AR2
IndyMac INDA Mortgage Loan Trust 2006-AR1
IndyMac INDA Mortgage Loan Trust 2006-AR3
IndyMac INDA Mortgage Loan Trust 2007-AR1
IndyMac INDA Mortgage Loan Trust 2007-AR2
IndyMac INDA Mortgage Loan Trust 2007-AR3
IndyMac INDA Mortgage Loan Trust 2007-AR4
IndyMac INDA Mortgage Loan Trust 2007-AR5
IndyMac INDA Mortgage Loan Trust 2007-AR6
IndyMac INDA Mortgage Loan Trust 2007-AR7
IndyMac INDA Mortgage Loan Trust 2007-AR9
IndyMac INDB Mortgage Loan Trust 2005-1
IndyMac INDX Mortgage Loan Trust 2005-AR1
IndyMac INDX Mortgage Loan Trust 2005-AR11
IndyMac INDX Mortgage Loan Trust 2005-AR13
IndyMac INDX Mortgage Loan Trust 2005-AR15
IndyMac INDX Mortgage Loan Trust 2005-AR17
IndyMac INDX Mortgage Loan Trust 2005-AR19
IndyMac INDX Mortgage Loan Trust 2005-AR21
IndyMac INDX Mortgage Loan Trust 2005-AR23
IndyMac INDX Mortgage Loan Trust 2005-AR25
IndyMac INDX Mortgage Loan Trust 2005-AR27
IndyMac INDX Mortgage Loan Trust 2005-AR29
IndyMac INDX Mortgage Loan Trust 2005-AR3
IndyMac INDX Mortgage Loan Trust 2005-AR31
IndyMac INDX Mortgage Loan Trust 2005-AR33
IndyMac INDX Mortgage Loan Trust 2005-AR35
IndyMac INDX Mortgage Loan Trust 2005-AR5
IndyMac INDX Mortgage Loan Trust 2005-AR7
IndyMac INDX Mortgage Loan Trust 2005-AR9
IndyMac INDX Mortgage Loan Trust 2006-AR11
IndyMac INDX Mortgage Loan Trust 2006-AR13
IndyMac INDX Mortgage Loan Trust 2006-AR15
IndyMac INDX Mortgage Loan Trust 2006-AR19
IndyMac INDX Mortgage Loan Trust 2006-AR21
IndyMac INDX Mortgage Loan Trust 2006-AR23
IndyMac INDX Mortgage Loan Trust 2006-AR25
IndyMac INDX Mortgage Loan Trust 2006-AR27
IndyMac INDX Mortgage Loan Trust 2006-AR29
IndyMac INDX Mortgage Loan Trust 2006-AR3
IndyMac INDX Mortgage Loan Trust 2006-AR31
IndyMac INDX Mortgage Loan Trust 2006-AR33
IndyMac INDX Mortgage Loan Trust 2006-AR35
IndyMac INDX Mortgage Loan Trust 2006-AR37
IndyMac INDX Mortgage Loan Trust 2006-AR39
IndyMac INDX Mortgage Loan Trust 2006-AR41
IndyMac INDX Mortgage Loan Trust 2006-AR5
IndyMac INDX Mortgage Loan Trust 2006-AR7
IndyMac INDX Mortgage Loan Trust 2006-AR9
IndyMac INDX Mortgage Loan Trust 2007-AR1
IndyMac INDX Mortgage Loan Trust 2007-AR11
IndyMac INDX Mortgage Loan Trust 2007-AR13
IndyMac INDX Mortgage Loan Trust 2007-AR15
IndyMac INDX Mortgage Loan Trust 2007-AR17
IndyMac INDX Mortgage Loan Trust 2007-AR19
IndyMac INDX Mortgage Loan Trust 2007-AR5
IndyMac INDX Mortgage Loan Trust 2007-AR7
IndyMac INDX Mortgage Loan Trust 2007-AR9
J.P. Morgan Alternative Loan Trust 2005-A2
J.P. Morgan Alternative Loan Trust 2006-A1
J.P. Morgan Alternative Loan Trust 2006-A2
J.P. Morgan Alternative Loan Trust 2006-A3
J.P. Morgan Alternative Loan Trust 2006-A4
J.P. Morgan Alternative Loan Trust 2006-A5
J.P. Morgan Alternative Loan Trust 2006-A6
J.P. Morgan Alternative Loan Trust 2006-A7
J.P. Morgan Alternative Loan Trust 2006-S1
J.P. Morgan Alternative Loan Trust 2006-S2
J.P. Morgan Alternative Loan Trust 2006-S3
J.P. Morgan Alternative Loan Trust 2006-S4
J.P. Morgan Alternative Loan Trust 2007-A1, Mortgage Pass-Through Certificates, Series 2007-A1
J.P. Morgan Alternative Loan Trust 2007-A2
J.P. Morgan Alternative Loan Trust 2007-S1
J.P. Morgan Mortgage Acquisition Trust 2006-WF1
Lehman Mortgage Trust 2005-1
Lehman Mortgage Trust 2005-2
Lehman Mortgage Trust 2005-3
Lehman Mortgage Trust 2006-1
Lehman Mortgage Trust 2006-2
Lehman Mortgage Trust 2006-3
Lehman Mortgage Trust 2006-4
Lehman Mortgage Trust 2006-5
Lehman Mortgage Trust 2006-6
Lehman Mortgage Trust 2006-7
Lehman Mortgage Trust 2006-8
Lehman Mortgage Trust 2006-9
Lehman Mortgage Trust 2007-2
Lehman Mortgage Trust 2007-5
Lehman Mortgage Trust 2007-7
Lehman XS Trust 2006-17
Lehman XS Trust 2006-19
Lehman XS Trust 2007-10H
Lehman XS Trust 2007-17H
Lehman XS Trust 2007-6
Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-3
Lehman XS Trust Series 2005-1
Lehman XS Trust Series 2005-10
Lehman XS Trust Series 2005-2
Lehman XS Trust Series 2005-3
Lehman XS Trust Series 2005-4
Lehman XS Trust Series 2005-6
Lehman XS Trust Series 2005-8
Lehman XS Trust Series 2006-1
Lehman XS Trust Series 2006-11
Lehman XS Trust Series 2006-13
Lehman XS Trust Series 2006-15
Lehman XS Trust Series 2006-20
Lehman XS Trust Series 2006-3
Lehman XS Trust Series 2006-5
Lehman XS Trust Series 2006-7
Lehman XS Trust Series 2006-8
Lehman XS Trust Series 2006-9
Lehman XS Trust Series 2007-1
Lehman XS Trust Series 2007-11
Lehman XS Trust Series 2007-14H
Lehman XS Trust Series 2007-5H
Lehman XS Trust Series 2007-8H
Lehman XS Trust Series 2007-9
Luminent Mortgage Trust 2005-1
MASTR Adjustable Rate Mortgages Trust 2005-1
MASTR Adjustable Rate Mortgages Trust 2005-2
MASTR Adjustable Rate Mortgages Trust 2005-3
MASTR Adjustable Rate Mortgages Trust 2005-6
MASTR Adjustable Rate Mortgages Trust 2005-7
MASTR Adjustable Rate Mortgages Trust 2005-8
MASTR Adjustable Rate Mortgages Trust 2007-2
MASTR Adjustable Rate Mortgages Trust 2007-HF1
MASTR Adjustable Rate Mortgages Trust 2007-HF2
MASTR Alternative Loan Trust 2005-2
MASTR Alternative Loan Trust 2005-3
MASTR Alternative Loan Trust 2005-4
MASTR Alternative Loan Trust 2005-5
MASTR Alternative Loan Trust 2005-6
MASTR Alternative Loan Trust 2006-1
MASTR Alternative Loan Trust 2006-2
MASTR Alternative Loan Trust 2006-3
MASTR Alternative Loan Trust 2007-1
MASTR Asset Backed Securities Trust 2005-AB1
MASTR Asset Backed Securities Trust 2006-AB1
MASTR Seasoned Securitization Trust 2005-2
Merrill Lynch Alternative Note Asset Trust, Series 2007-A1
Merrill Lynch Alternative Note Asset Trust, Series 2007-A2
Merrill Lynch Alternative Note Asset Trust, Series 2007-A3
Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1
Merrill Lynch Alternative Note Asset Trust, Series 2007-F1
Merrill Lynch Mortgage Investors Trust 2005-A3
Merrill Lynch Mortgage Investors Trust 2005-A6
Merrill Lynch Mortgage Investors Trust 2005-A8
Merrill Lynch Mortgage Investors Trust 2006-A1
Merrill Lynch Mortgage Investors Trust 2006-A2
Merrill Lynch Mortgage Investors Trust 2006-A3
Merrill Lynch Mortgage Investors Trust 2006-A4
Merrill Lynch Mortgage Investors Trust 2006-AF2
Merrill Lynch Mortgage Investors Trust MLCC 2006-3
Merrill Lynch Mortgage Investors Trust MLCC 2007-2
Merrill Lynch Mortgage Investors Trust Series 2006-AF1
Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1
Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-3
Morgan Stanley Mortgage Loan Trust 2005-10
Morgan Stanley Mortgage Loan Trust 2005-11AR
Morgan Stanley Mortgage Loan Trust 2005-2AR
Morgan Stanley Mortgage Loan Trust 2005-4
Morgan Stanley Mortgage Loan Trust 2005-5AR
Morgan Stanley Mortgage Loan Trust 2005-6AR
Morgan Stanley Mortgage Loan Trust 2005-7
Morgan Stanley Mortgage Loan Trust 2005-9AR
Morgan Stanley Mortgage Loan Trust 2006-11
Morgan Stanley Mortgage Loan Trust 2006-12XS
Morgan Stanley Mortgage Loan Trust 2006-13ARX
Morgan Stanley Mortgage Loan Trust 2006-15XS
Morgan Stanley Mortgage Loan Trust 2006-16AX
Morgan Stanley Mortgage Loan Trust 2006-17XS
Morgan Stanley Mortgage Loan Trust 2006-1AR
Morgan Stanley Mortgage Loan Trust 2006-2
Morgan Stanley Mortgage Loan Trust 2006-3AR
Morgan Stanley Mortgage Loan Trust 2006-5AR
Morgan Stanley Mortgage Loan Trust 2006-6AR
Morgan Stanley Mortgage Loan Trust 2006-7
Morgan Stanley Mortgage Loan Trust 2006-8AR
Morgan Stanley Mortgage Loan Trust 2006-9AR
Morgan Stanley Mortgage Loan Trust 2007-10XS
Morgan Stanley Mortgage Loan Trust 2007-11AR
Morgan Stanley Mortgage Loan Trust 2007-14AR
Morgan Stanley Mortgage Loan Trust 2007-1XS
Morgan Stanley Mortgage Loan Trust 2007-2AX
Morgan Stanley Mortgage Loan Trust 2007-3XS
Morgan Stanley Mortgage Loan Trust 2007-5AX
Morgan Stanley Mortgage Loan Trust 2007-6XS
Morgan Stanley Mortgage Loan Trust 2007-7AX
Morgan Stanley Mortgage Loan Trust 2007-8XS
MortgageIT Mortgage Loan Trust, Mortgage Loan Pass-Through Certificates, Series 2006-1
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2
MortgageIT Securities Corp., Mortgage-Backed Notes, Series 2005-4
MortgageIT Trust 2005-1
MortgageIT Trust 2005-2
MortgageIT Trust 2005-3
MortgageIT Trust 2005-5, Mortgage-Backed Notes, Series 2005-5
New Century Alternative Mortgage Loan Trust 2006-ALT1
New Century Alternative Mortgage Loan Trust 2006-ALT2
New York Mortgage Trust 2005-3
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2005-AP2
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series 2005-AP3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AP1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR2
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR4
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR5
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-AR6
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-WF1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AF1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AF2
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AP1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AR1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AR2
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AR3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-AR4
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-WF1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2006-AF1
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2007-1
Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates 2005-4
Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates 2005-5
Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates 2006-1
Opteum Mortgage Acceptance Corporation Asset Backed Pass-Through Certificates 2006-2
Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-1
Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-2
Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-3
PHH Alternative Mortgage Trust, Series 2007-1
PHH Alternative Mortgage Trust, Series 2007-2
PHH Alternative Mortgage Trust, Series 2007-3
Prime Mortgage Trust 2005-2
Prime Mortgage Trust 2005-4
Prime Mortgage Trust 2005-5
Prime Mortgage Trust 2006-CL1
RALI Series 2005-QA1 Trust
RALI Series 2005-QA10 Trust
RALI Series 2005-QA11 Trust
RALI Series 2005-QA12 Trust
RALI Series 2005-QA13 Trust
RALI Series 2005-QA2 Trust
RALI Series 2005-QA3 Trust
RALI Series 2005-QA4 Trust
RALI Series 2005-QA5 Trust
RALI Series 2005-QA6 Trust
RALI Series 2005-QA7 Trust
RALI Series 2005-QA8 Trust
RALI Series 2005-QA9 Trust
RALI Series 2005-QS12 Trust
RALI Series 2005-QS13 Trust
RALI Series 2005-QS14 Trust
RALI Series 2005-QS15
RALI Series 2005-QS16 Trust
RALI Series 2005-QS17 Trust
RALI Series 2005-QS3 Trust
RALI Series 2005-QS6 Trust
RALI Series 2005-QS7 Trust
RALI Series 2005-QS8 Trust
RALI Series 2005-QS9 Trust
RALI Series 2006-QA1 Trust
RALI Series 2006-QA10 Trust
RALI Series 2006-QA11 Trust
RALI Series 2006-QA2 Trust
RALI Series 2006-QA3 Trust
RALI Series 2006-QA4 Trust
RALI Series 2006-QA5 Trust
RALI Series 2006-QA6 Trust
RALI Series 2006-QA7 Trust
RALI Series 2006-QA8 Trust
RALI Series 2006-QA9 Trust
RALI Series 2006-QS1 Trust
RALI Series 2006-QS10 Trust
RALI Series 2006-QS11 Trust
RALI Series 2006-QS12 Trust, Mortgage Asset-Backed Pass-Through Certificates, Series 2006-QS12
RALI Series 2006-QS13 Trust
RALI Series 2006-QS14 Trust
RALI Series 2006-QS15 Trust
RALI Series 2006-QS16 Trust
RALI Series 2006-QS17 Trust
RALI Series 2006-QS18 Trust
RALI Series 2006-QS2 Trust
RALI Series 2006-QS3 Trust
RALI Series 2006-QS4 Trust
RALI Series 2006-QS5 Trust
RALI Series 2006-QS6 Trust
RALI Series 2006-QS7 Trust
RALI Series 2006-QS8 Trust
RALI Series 2006-QS9 Trust
RALI Series 2007-QA1 Trust
RALI Series 2007-QA2 Trust
RALI Series 2007-QA3 Trust
RALI Series 2007-QA4 Trust
RALI Series 2007-QA5 Trust
RALI Series 2007-QS1 Trust
RALI Series 2007-QS2 Trust
RALI Series 2007-QS3 Trust
RALI Series 2007-QS4 Trust
RALI Series 2007-QS5 Trust
RALI Series 2007-QS6 Trust
RALI Series 2007-QS7 Trust
RALI Series 2007-QS8 Trust
RALI Series 2007-QS9 Trust
RAMP Series 2005-SL1 Trust
RAMP Series 2005-SL2 Trust
RBSGC Mortgage Loan Trust 2005-A
RBSGC Mortgage Loan Trust 2007-A
RBSGC Mortgage Loan Trust 2007-B
Residential Asset Securitization Trust 2005-A11CB
Residential Asset Securitization Trust 2005-A12
Residential Asset Securitization Trust 2005-A13
Residential Asset Securitization Trust 2005-A15
Residential Asset Securitization Trust 2005-A5
Residential Asset Securitization Trust 2005-A6CB
Residential Asset Securitization Trust 2006-A1
Residential Asset Securitization Trust 2006-A10
Residential Asset Securitization Trust 2006-A11
Residential Asset Securitization Trust 2006-A14CB
Residential Asset Securitization Trust 2006-A15
Residential Asset Securitization Trust 2006-A2
Residential Asset Securitization Trust 2006-A3CB
Residential Asset Securitization Trust 2006-A4IP
Residential Asset Securitization Trust 2006-A5CB
Residential Asset Securitization Trust 2006-A6
Residential Asset Securitization Trust 2006-A7CB
Residential Asset Securitization Trust 2006-A8
Residential Asset Securitization Trust 2006-A9CB
Residential Asset Securitization Trust 2007-A1
Residential Asset Securitization Trust 2007-A5
SBI Home Equity Loan Trust 2006-1
Sequoia Alternative Loan Trust 2006-1
Soundview Home Loan Trust 2006-WF1
STARM Mortgage Loan Trust 2007-4
Structured Adjustable Rate Mortgage Loan Trust 2005-1
Structured Adjustable Rate Mortgage Loan Trust 2005-10
Structured Adjustable Rate Mortgage Loan Trust 2005-11
Structured Adjustable Rate Mortgage Loan Trust 2005-12
Structured Adjustable Rate Mortgage Loan Trust 2005-15
Structured Adjustable Rate Mortgage Loan Trust 2005-17
Structured Adjustable Rate Mortgage Loan Trust 2005-18
Structured Adjustable Rate Mortgage Loan Trust 2005-2
Structured Adjustable Rate Mortgage Loan Trust 2005-20
Structured Adjustable Rate Mortgage Loan Trust 2005-21
Structured Adjustable Rate Mortgage Loan Trust 2005-3XS
Structured Adjustable Rate Mortgage Loan Trust 2005-4
Structured Adjustable Rate Mortgage Loan Trust 2005-5
Structured Adjustable Rate Mortgage Loan Trust 2005-6XS
Structured Adjustable Rate Mortgage Loan Trust 2005-7
Structured Adjustable Rate Mortgage Loan Trust 2005-8XS
Structured Adjustable Rate Mortgage Loan Trust 2006-12
Structured Adjustable Rate Mortgage Loan Trust 2007-2
Structured Adjustable Rate Mortgage Loan Trust 2007-3
Structured Adjustable Rate Mortgage Loan Trust 2007-4
Structured Adjustable Rate Mortgage Loan Trust 2007-5
Structured Adjustable Rate Mortgage Loan Trust 2007-7
Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2006-11
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-1
Structured Asset Mortgage Investments II Trust 2005-AR1
Structured Asset Securities Corp Trust 2005-11H
Structured Asset Securities Corp Trust 2005-14
Structured Asset Securities Corp Trust 2005-15
Structured Asset Securities Corp Trust 2005-16
Structured Asset Securities Corp Trust 2005-17
Structured Asset Securities Corp Trust 2005-2XS
Structured Asset Securities Corp Trust 2005-4XS
Structured Asset Securities Corp Trust 2005-6
Structured Asset Securities Corp Trust 2005-7XS
Structured Asset Securities Corp Trust 2005-9XS
Structured Asset Securities Corp Trust 2006-3H
Structured Asset Securities Corporation, Series 2005-10
SunTrust Alternative Loan Trust 2006-1F
SunTrust Alternative Loan Trust, Series 2005-1F
Terwin Mortgage Trust 2006-17HE
Terwin Mortgage Trust 2006-3
Terwin Mortgage Trust 2006-9HGA
Terwin Mortgage Trust 2007-2ALT
Terwin Mortgage Trust 2007-6ALT
Terwin Mortgage Trust, Series TMTS 2005-18ALT
Wachovia Mortgage Loan Trust, Series 2006-ALT1
Wachovia Mortgage Loan Trust, Series 2006-AMN1
WaMu Mortgage Pass-Through Certificates Series 2005-3 Trust
WaMu Mortgage Pass-Through Certificates, WMALT 2007-4
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-10 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-11 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-4 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-5 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-6 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-8 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2005-9 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-1 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-2 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-4 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-5 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-6 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-7
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-8
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-9 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2006-AR10 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-1 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-2 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-3 Trust
WaMu Mortgage Pass-Through Certificates, WMALT Series 2007-HY1 Trust
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2005-7
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-5 Trust
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-OC1
Washington Mutual Mortgage Pass-Through Certificates, WMALT Series 2007-OC2
Wells Fargo Alternative Loan 2005-1 Trust
Wells Fargo Alternative Loan 2005-2 Trust
Wells Fargo Alternative Loan 2007-PA01 Trust
Related Research
Rating Action:

Moody's updates loss projections for US Alt-A RMBS issued in 2005-2007

14 Jan 2010

New York, January 14, 2010 -- Moody's Investors Service has revised its loss projections for US Alternative-A (Alt-A) residential mortgage backed securities (RMBS) issued from 2005 through 2007. On average, Moody's is now projecting cumulative losses of 14% for 2005 securitizations, 29% for 2006 securitizations and 35% for 2007 securitizations, reported as a percentage of original balance. As a result of the revision, Moody's has now placed 10,330 tranches of Alt-A RMBS with an original balance of $572.7 billion and current outstanding balance of $330.1 billion, on review for possible downgrade.

Moody's has already taken widespread rating actions on deals backed by Alt-A collateral from the 2005-2007 vintages in the first quarter of 2009. The updated loss projections will have the greatest impact on senior securities issued in 2005.

On October 29, 2009, Moody's announced that it would update certain assumptions underlying loss projections for each of the major RMBS sectors. The continued deterioration in performance of Alt-A pools in conjunction with macroeconomic conditions that remain under duress prompted today's announcement. Since the first quarter of 2009, when Moody's last announced a revision to its Alt-A loss projections, serious delinquencies (loans that are 60 or more days delinquent, including loans in foreclosure and homes that are held for sale) on Alt-A mortgage pools backing 2005 to 2007 securitizations have increased markedly. Since March 2009, serious delinquencies for the 2005, 2006 and 2007 vintages have increased to 18.9% from 15.0%, 32.6% from 26.6% and 32.5% from 25.5% respectively (reported as a percentage of outstanding pool balance). In the meantime, cumulative losses realized on the pools have more than doubled from 1.4% to 2.8%, 3.1% to 6.4% and 2.2% to 5.7% for the 2005, 2006 and 2007 vintages respectively.

Even though the Case-Shiller index in recent months has reported very modest home price gains, Moody's believes the overhang of impending foreclosures will impact home prices negatively in the coming months. Moody's Economy.com (MEDC) expects home prices to fall by an additional 11% to reach a peak-to-trough decline of approximately 37%. Adding to borrowers' financial pressure, unemployment is now projected to peak at around 10.5%. Both measures are expected to reach their peaks in the second half of 2010, after which recovery is expected to be slow.

Estimation of Losses

To estimate losses, Moody's first projected delinquencies through the second half of 2010. Moody's estimated that the proportion of contractually current or 30-day delinquent loans that will become seriously delinquent by the second half of 2010 will be 10.1%, 19.7% and 21.6% for the 2005, 2006 and 2007 vintages, respectively.

Growth in new delinquency levels beyond the second half of 2010 is expected to decline with improving economic and housing conditions. To estimate delinquencies beyond 2010, Moody's applied a reduction to the new delinquency rates of 20% for 2011, 35% for 2012 and 45% for 2013 and beyond. This deceleration reflects home price and unemployment projections by MEDC for years beyond 2010.

To calculate the default rate on the projected delinquencies, Moody's assumed an average roll rate (probability of transition from delinquency into default) of 95%. The loss on the loan upon default (severity of loss) is expected to be around 60% on average, in line with recently observed severities.

The updated loss estimates incorporate a less that 2% benefit to projected losses across vintages to reflect the government's effort to curb loan defaults and foreclosures through loan modification. The minimal modification benefit reflects the limited success of modification efforts to date in general as well as the smaller universe of eligible loans in Alt-A pools given the high investor concentration.

Moody's will release a special report in the coming weeks that will detail its methodology for determining revised loss projections for Alt-A transactions issued from 2005 to 2007.

Rating Actions

To assess the rating implications of the updated loss levels on Alt-A RMBS, Moody's will analyze each transaction through a variety of scenarios in the Structured Finance Workstation (SFW), the cash flow engine provided by Moody's Wall Street Analytics. The scenarios incorporate ninety-six different combinations of loss levels, default timing (CDR) and prepayment (CPR) curves.

On senior securities, the extent of rating actions due to the revised loss projections will vary by vintage. Currently, over 30% of the senior securities issued in 2005 maintain investment grade ratings. Moody's anticipates a majority of these ratings to migrate to B/Caa rating levels. However, over 95% of the senior securities issued in 2006 and 2007 are already rated below investment grade and 85% are rated Caa or lower. Consequently, the ratings migration for the 2006 and 2007 vintages is expected to be smaller. In general, bonds that have a short estimated life or are adequately supported by other senior securities will likely be confirmed or see smaller rating transitions. The majority of rated subordinated tranches from 2005 to 2007 vintages have already been downgraded to impairment ratings.

Moody's rates securities B2 or higher if they are likely to be paid off under an expected scenario. If a security is likely to take a loss under an expected scenario, it will typically be rated B3 or lower. Securities with expected recoveries of 65% to 95% are rated in the Caa range. Securities with expected recoveries of 35% to 65% are rated Ca, while securities with expected recoveries below 35% are rated C.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Rating Methodologies subdirectory.

A list of the review actions associated with this announcement may be found at:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF191068

New York
Amita Shrivastava
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Karandeep Bains
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's updates loss projections for US Alt-A RMBS issued in 2005-2007
No Related Data.
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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 OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. 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.

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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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