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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.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

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

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

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Related Issuers
ABN AMRO Mortgage Corporation, Series 2003-4
Banc of America Funding 2003-2 Trust
Banc of America Mortgage 2003-J Trust
Banc of America Mortgage 2003-K Trust
Bear Stearns ARM Trust 2003-6
Bear Stearns ARM Trust 2003-8
Bear Stearns ARM Trust 2004-1
Bear Stearns ARM Trust 2004-2
Chase Mortgage Finance Trust, Series 2003-S15
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-3
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-3
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-A
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-B
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-A
CHL Mortgage Pass-Through Trust 2003-60
CHL Mortgage Pass-Through Trust 2004-1
CHL Mortgage Pass-Through Trust 2004-12
CHL Mortgage Pass-Through Trust 2004-19
CHL Mortgage Pass-Through Trust 2004-3
CHL Mortgage Pass-Through Trust 2004-7
Citicorp Mtg Sec Inc 2003-2
CWMBS Mortgage Pass-Through Trust 2004-HYB2
First Horizon Mortgage Pass-Through Trust 2004-FL1
GMACM Mortgage Loan Trust 2003-AR1
GSR Mortgage Loan Trust 2004-12
GSR Mortgage Loan Trust 2004-5
MASTR Asset Securitization Trust 2003-4
Merrill Lynch Mortgage Investors Trust MLCC 2003-F
Merrill Lynch Mortgage Investors Trust MLCC 2003-G
Merrill Lynch Mortgage Investors Trust MLCC 2004-B
Merrill Lynch Mortgage Investors Trust MLCC 2004-D
Merrill Lynch Mortgage Investors Trust MLCC 2004-E
Merrill Lynch Mortgage Investors Trust MLCC 2004-F
Merrill Lynch Mortgage Investors Trust Series MLCC 2003-B
Merrill Lynch Mortgage Investors, Inc. 2003-A6
Morgan Stanley Dean Witter Capital I Inc. Trust 2003-HYB1
Mortgage Pass-Through Certificates, MLMI Series 2003-A5
WaMu Mortgage Pass-Through Certificates Series 2003-AR12 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR6 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR8 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR1 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR2 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR6 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR8 Trust
WaMu Mortgage Pass-Through Certificates, Series 2003-AR3
WaMu Mortgage Pass-Through Certificates, Series 2003-AR5
WaMu Mortgage Pass-Through Certificates, Series 2004-AR10
WaMu Mortgage Pass-Through Certificates, Series 2004-AR12
Wells Fargo Mortgage Backed Securities 2003-D Trust
Wells Fargo Mortgage Backed Securities 2004-I Trust
Rating Action:

Moody's upgrades 171 Tranches of Jumbo Prime Residential Mortgage Backed Securities

17 Jul 2007
Moody's upgrades 171 Tranches of Jumbo Prime Residential Mortgage Backed Securities

Approximately $752 Million of Residential Mortgage Backed Securities Affected

New York, July 17, 2007 -- Moody's Investors Service announced today that it has upgraded 171 tranches from 55 jumbo prime residential mortgage backed securitizations. The rating actions follow Moody's review of jumbo prime RMBS deals issued from 2003 through 2005, with pool factors lower than 45% as of July 2007. (To date Moody's has not taken any positive performance related rating actions on the 2006 jumbo prime vintage since these transactions have pool factors exceeding 45%.)

Although the property market has weakened in the past year, and refinancing opportunities have lessened, the jumbo RMBS securitization market has experienced strong continued performance for a number of reasons, including that:

- Many pools have experienced very low or even no losses to date; and

- Many pools have experienced high prepayment rates to date.

In the virtually standard jumbo RMBS shifting-interest structure, prepayment principal is allocated to senior tranches for the first 5 years, which results in increasing senior tranche credit enhancement levels. High prepayment rates can also reduce cumulative projected losses, as loans that might otherwise default in later years are prepaid.

Moody's has noted that prepayment rates, although high, have begun to slow, specifically in deals issued in 2003 and early 2004. Relatively slower prepayment rates, as well as increasing proportions of interest-only, option ARM and negative amortization loans in more recent adjustable rate vintages, have contributed to a decrease in the volume of upgrades relative to Moody's prior jumbo prime RMBS reviews in 2003, 2004 and 2005. Although current performance remains strong, there may be an increased risk to such pools once the interest-only and option ARM loans begin to amortize, potentially causing payment shock to the borrowers.

Moody's will continue to monitor the tail end risk of these transactions as some subordinated tranches receive their share of principal payments, thereby eroding the total protection available to the more senior classes. Moody's will also continue to monitor the behavior of interest-only loans, option ARMs and negative amortization loans.

The complete rating action is as follows:

ABN AMRO 2003-4, Class B-1, Upgrade from Aa2 to Aaa

ABN AMRO 2003-4, Class B-2, Upgrade from A2 to Aa3

Banc of America Mortgage 2003-2 Trust, Class B-3, Upgrade from Aa3 to Aa2

Banc of America Mortgage 2003-2 Trust, Class B-4, Upgrade from Baa1 to A3

Banc of America Mortgage 2003-J Trust, Class 1-A-3, Upgrade from Aa1 to Aaa

Banc of America Mortgage 2003-J Trust, Class B-2, Upgrade from A2 to Aa3

Banc of America Mortgage 2003-J Trust, Class B-3, Upgrade from Baa2 to A3

Banc of America Mortgage 2003-J Trust, Class B-4, Upgrade from Ba3 to Baa3

Banc of America Mortgage 2003-K Trust, Class B-1, Upgrade from Aa2 to Aaa

Banc of America Mortgage 2003-K Trust, Class B-2, Upgrade from A2 to Aa3

Banc of America Mortgage 2003-K Trust, Class B-3, Upgrade from Baa2 to A3

Banc of America Mortgage 2003-K Trust, Class B-4, Upgrade from Ba2 to Baa2

Banc of America Mortgage 2003-K Trust, Class B-5, Upgrade from B2 to B1

Bears Stearns 2003-6, Class I-B-1, Upgrade from Aa1 to Aaa

Bears Stearns 2003-8, Class B-1, Upgrade from Aa2 to Aaa

Bears Stearns 2003-8, Class B-2, Upgrade from A2 to Aa3

Bears Stearns 2003-8, Class B-3, Upgrade from Baa2 to Baa1

Bears Stearns 2003-8, Class B-4, Upgrade from Ba2 to Ba1

Bears Stearns 2004-1, Class II-B-1, Upgrade from Aa2 to Aaa

Bears Stearns 2004-1, Class II-B-2, Upgrade from A2 to Aa3

Bears Stearns 2004-2, Class II-B-1, Upgrade from Aa2 to Aaa

Bears Stearns 2004-2, Class II-B-2, Upgrade from A2 to Aa2

Bears Stearns 2004-2, Class II-B-3, Upgrade from Baa2 to A2

Chase Mortgage Finance Trust 2003-S15, Class M, Upgrade from Aa2 to Aaa

Chase Mortgage Finance Trust 2003-S15, Class B-1, Upgrade from A2 to Aa2

Chase Mortgage Finance Trust 2003-S15, Class B-2, Upgrade from Baa2 to A2

Chase Mortgage Finance Trust 2003-S15, Class B-3, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2003-3, Class B-1, Upgrade from Aa2 to Aa1

Chevy Chase Funding 2003-3, Class B-2, Upgrade from A2 to A1

Chevy Chase Funding 2003-3, Class B-3, Upgrade from Baa2 to Baa1

Chevy Chase Funding 2004-1, Class B-2, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2004-1, Class B-3, Upgrade from A2 to Aa2

Chevy Chase Funding 2004-1, Class B-4, Upgrade from Baa2 to A3

Chevy Chase Funding 2004-1, Class B-5, Upgrade from Ba3 to Ba1

Chevy Chase Funding 2004-2, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2004-2, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2004-2, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2004-2, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2004-2, Class B-5, Upgrade from B2 to Ba2

Chevy Chase Funding 2004-3, Class B-1, Upgrade from Aa2 to Aa1

Chevy Chase Funding 2004-3, Class B-2, Upgrade from A2 to A1

Chevy Chase Funding 2004-3, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2004-3, Class B-4, Upgrade from Ba2 to Ba1

Chevy Chase Funding 2004-3, Class B-5, Upgrade from B2 to B1

Chevy Chase Funding 2004-A, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2004-A, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2004-A, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2004-A, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2004-A, Class B-5, Upgrade from B2 to Ba2

Chevy Chase Funding 2004-B, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2004-B, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2004-B, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2004-B, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2004-B, Class B-5, Upgrade from B2 to Ba2

Chevy Chase Funding 2005-2, Class B-3, Upgrade from Baa2 to A3

Chevy Chase Funding 2005-A, Class B-1, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2005-A, Class B-1I, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2005-A, Class B-1NA, Upgrade from Aa2 to Aaa

Chevy Chase Funding 2005-A, Class B-2, Upgrade from A2 to Aa2

Chevy Chase Funding 2005-A, Class B-2I, Upgrade from A2 to Aa2

Chevy Chase Funding 2005-A, Class B-2NA, Upgrade from A2 to Aa2

Chevy Chase Funding 2005-A, Class B-3, Upgrade from Baa2 to A2

Chevy Chase Funding 2005-A, Class B-4, Upgrade from Ba2 to Baa2

Chevy Chase Funding 2005-A, Class B-5, Upgrade from B2 to Ba2

CHL Mortgage 2003-60, Class B-1, Upgrade from Aa2 to Aa1

CHL Mortgage 2004-1, Class A-4, Upgrade from Aa1 to Aaa

CHL Mortgage 2004-1, Class A-5, Upgrade from Aa1 to Aaa

CHL Mortgage 2004-12, Class 16-A-2, Upgrade from Aa1 to Aaa

CHL Mortgage 2004-12, Class II-B-2, Upgrade from Baa2 to Baa1

CHL Mortgage 2004-19, Class A-15, Upgrade from Aa1 to Aaa

CHL Mortgage 2004-3, Class A-25, Upgrade from Aa1 to Aaa

CHL Mortgage 2004-7, Class II-B-2, Upgrade from Baa2 to Baa1

CHL Mortgage 2004-7, Class II-B-4, Upgrade from B2 to Ba3

Citicorp Mtg Sec Inc 2003-2, Class B-2, Upgrade from Aa2 to Aaa

Citicorp Mtg Sec Inc 2003-2, Class B-3, Upgrade from A2 to Aa2

CWMBS 2004-HYB2, Class M, Upgrade from Aa2 to Aaa

CWMBS 2004-HYB2, Class B-1, Upgrade from A2 to Aa2

CWMBS 2004-HYB2, Class B-2, Upgrade from Baa2 to A2

First Horizon 2004-FL1, Class B-2, Upgrade from Aa2 to Aa1

First Horizon 2004-FL1, Class B-4, Upgrade from Baa2 to A3

First Horizon 2004-FL1, Class B-5, Upgrade from Ba2 to Ba1

GMACM 2003-AR1, Class M-1, Upgrade from Aa2 to Aaa

GMACM 2003-AR1, Class M-2, Upgrade from A2 to A1

GSR Mortgage 2004-12, Class 1B2, Upgrade from A2 to A1

GSR Mortgage 2004-12, Class 1B3, Upgrade from Baa2 to Baa1

GSR Mortgage 2004-5, Class 1A2, Upgrade from Aa1 to Aaa

MASTR Asset Securitization Trust 2003-4, Class 6-B-3, Upgrade from A3 to A2

Merrill 2003-B, Class B-4, Upgrade from Baa2 to Baa1

Merrill 2003-B, Class B-5, Upgrade from Ba3 to Ba1

Merrill Lynch Mortgage Investors 2003-F, Class B-1, Upgrade from Aa1 to Aaa

Merrill Lynch Mortgage Investors 2003-F, Class B-5, Upgrade from B2 to B1

Merrill Lynch Mortgage Investors 2003-G, Class B-4, Upgrade from Baa2 to Baa1

Merrill Lynch Mortgage Investors 2003-G, Class B-5, Upgrade from Ba3 to Ba2

Merrill Lynch Mortgage Investors 2003-A6, Class M-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2003-A6, Class M-2, Upgrade from A2 to Aa3

Merrill Lynch Mortgage Investors 2003-A6, Class M-3, Upgrade from Baa2 to Baa1

Merrill Lynch Mortgage Investors 2003-A6, Class B-1, Upgrade from Ba2 to Baa3

Merrill Lynch Mortgage Investors 2003-A6, Class B-2, Upgrade from B2 to B1

Merrill Lynch Mortgage Investors 2004-B, Class B-4, Upgrade from Baa2 to Baa1

Merrill Lynch Mortgage Investors 2004-B, Class B-5, Upgrade from Ba3 to Ba2

Merrill Lynch Mortgage Investors 2004-D, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2004-D, Class B-2, Upgrade from A2 to Aa3

Merrill Lynch Mortgage Investors 2004-D, Class B-3, Upgrade from Baa2 to A2

Merrill Lynch Mortgage Investors 2004-D, Class B-4, Upgrade from Ba2 to Baa2

Merrill Lynch Mortgage Investors 2004-D, Class B-5, Upgrade from B2 to B1

Merrill Lynch Mortgage Investors 2004-E, Class B-1, Upgrade from Aa2 to Aa1

Merrill Lynch Mortgage Investors 2004-E, Class B-2, Upgrade from A2 to A1

Merrill Lynch Mortgage Investors 2004-E, Class B-3, Upgrade from Baa2 to Baa1

Merrill Lynch Mortgage Investors 2004-E, Class B-4, Upgrade from Ba2 to Baa3

Merrill Lynch Mortgage Investors 2004-F, Class B-1, Upgrade from Aa2 to Aaa

Merrill Lynch Mortgage Investors 2004-F, Class B-2, Upgrade from A2 to Aa1

Merrill Lynch Mortgage Investors 2004-F, Class B-3, Upgrade from Baa2 to A1

Merrill Lynch Mortgage Investors 2004-F, Class B-4, Upgrade from Ba2 to A3

Merrill Lynch Mortgage Investors 2004-F, Class B-5, Upgrade from B2 to Ba1

Merrill Lynch Mortgage Investors 2005-A, Class B-1, Upgrade from Aa2 to Aa1

Merrill Lynch Mortgage Investors 2005-A, Class B-2, Upgrade from A2 to Aa3

Merrill Lynch Mortgage Investors 2005-A, Class B-3, Upgrade from Baa1 to A2

Merrill Lynch Mortgage Investors 2005-A, Class B-4, Upgrade from Ba2 to Baa3

Morgan 2003-HYB1, Class B-1, Upgrade from Aa1 to Aaa

Morgan 2003-HYB1, Class B-2, Upgrade from A1 to Aa3

Morgan 2003-HYB1, Class B-3, Upgrade from Baa2 to Baa1

Mortgage Pass-Through MLMI Series 2003-A5, Class M-1, Upgrade from Aa2 to Aaa

Mortgage Pass-Through MLMI Series 2003-A5, Class M-2, Upgrade from A2 to Aa2

Mortgage Pass-Through MLMI Series 2003-A5, Class M-3, Upgrade from Baa2 to A3

Mortgage Pass-Through MLMI Series 2003-A5, Class B-1, Upgrade from Ba2 to Baa2

WaMu Mortgage 2003-AR3, Class B-4, Upgrade from Baa1 to A3

WaMu Mortgage 2003-AR3, Class B-5, Upgrade from Ba2 to Baa3

WaMu Mortgage 2003-AR5, Class B-5, Upgrade from Ba3 to Ba2

WaMu Mortgage 2003-AR6, Class B-4, Upgrade from Baa2 to Baa1

WaMu Mortgage 2003-AR8, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2003-AR8, Class B-2, Upgrade from A2 to Aa3

WaMu Mortgage 2003-AR8, Class B-3, Upgrade from Baa2 to Baa1

WaMu Mortgage 2003-AR8, Class B-4, Upgrade from Ba2 to Baa3

WaMu Mortgage 2003-AR12, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2003-AR12, Class B-2, Upgrade from A2 to Aa3

WaMu Mortgage 2003-AR12, Class B-3, Upgrade from Baa2 to A3

WaMu Mortgage 2003-AR12, Class B-4, Upgrade from Ba2 to Baa3

WaMu Mortgage 2003-AR12, Class B-5, Upgrade from B2 to B1

WaMu Mortgage 2004-AR1, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR1, Class B-2, Upgrade from A2 to Aa3

WaMu Mortgage 2004-AR1, Class B-3, Upgrade from Baa2 to A3

WaMu Mortgage 2004-AR1, Class B-4, Upgrade from Ba2 to Baa3

WaMu Mortgage 2004-AR1, Class B-5, Upgrade from B2 to B1

WaMu Mortgage 2004-AR2, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR2, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR2, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR2, Class B-4, Upgrade from Ba2 to Baa2

WaMu Mortgage 2004-AR6, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR6, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR6, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR6, Class B-4, Upgrade from Ba2 to A3

WaMu Mortgage 2004-AR8, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR8, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR8, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR8, Class B-4, Upgrade from Ba2 to Baa2

WaMu Mortgage 2004-AR10, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR10, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR10, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR10, Class B-4, Upgrade from Ba2 to Baa2

WaMu Mortgage 2004-AR12, Class B-1, Upgrade from Aa2 to Aa1

WaMu Mortgage 2004-AR12, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR12, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR12, Class B-4, Upgrade from Ba2 to Baa2

WaMu Mortgage 2004-AR13, Class B-1, Upgrade from Aa2 to Aaa

WaMu Mortgage 2004-AR13, Class B-2, Upgrade from A2 to Aa2

WaMu Mortgage 2004-AR13, Class B-3, Upgrade from Baa2 to A2

WaMu Mortgage 2004-AR13, Class B-4, Upgrade from Ba2 to Baa2

Wells Fargo Mortgage 2003-D, Class B-3, Upgrade from A1 to Aa3

Wells Fargo Mortgage 2004-I, Class B-1, Upgrade from Aa2 to Aaa

Wells Fargo Mortgage 2004-I, Class B-2, Upgrade from A2 to Aa2

Wells Fargo Mortgage 2004-I, Class B-3, Upgrade from Baa2 to A2

A spreadsheet sumamrizing all actions with the related CUSIP numbers will be available on www.Moodys.com.

New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Barry M. Eisbruck
Associate Analyst
Structured Finance Group
Moody's Investors Service
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.

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.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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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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