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Rating Action:

Moody's upgrades Greek banks' senior unsecured debt ratings to Ca and affirms deposit ratings at Caa3; outlook stable

19 Feb 2016

Rating actions follow banks' recent recapitalization

NOTE: On February 24, 2016,the press release was corrected as follows: In the list of rating actions for issuer ERB Hellas (Cayman Islands) Limited, removed reference to “stable” for previous C rating of BACKED Senior Unsecured debt. Revised release follows.

Limassol, February 19, 2016 -- Moody's Investors Service (Moody's) has today upgraded to Ca from C the long-term senior debt ratings of Alpha Bank AE, Eurobank Ergasias S.A., National Bank of Greece S.A., and Piraeus Bank S.A. At the same time, Moody's affirmed the Caa3 long-term deposit ratings of the aforementioned banks (and Attica Bank S.A.), and upgraded all five banks' baseline credit assessment (BCA) to caa3 from ca. The long-term debt and deposit ratings carry stable outlooks.

"The upgrade of the Greek banks' BCAs and debt ratings primarily reflects the successful completion of the recapitalisation process by all rated banks, which has strengthened their capital metrics, as well as our expectation of modest and gradual improvements in funding," says Nondas Nicolaides, a Senior Credit Officer at Moody's. "Our ratings balance these improvements in the banks' credit profiles against the still significant downside risks due to the fragile operating environment in Greece."

The affirmation of the banks' Caa3 deposit ratings primarily reflects the on-going deposit controls in Greece, and the losses for depositors that do not have instant access to the full amount of their deposits. Although Moody's expects only a gradual relaxation of such capital controls over the next 12-18 months, the change in the deposit rating outlook to stable from negative reflects the rating agency's opinion that the risk of a bail-in for uninsured depositors has somewhat abated following the recent bank recapitalisation.

Moody's affirmed the C ratings assigned to the four systemic banks' subordinated Tier 2 debt and non-cumulative Tier 1 preferred stock. These affirmations were driven by these instruments' structural subordination to senior debt, and the higher likelihood that they could sustain significant losses before senior debt holders are affected in a potential bank resolution scenario.

A full list of affected ratings is provided towards the end of this press release.

RATINGS RATIONALE

--- BCA UPGRADE TO caa3 FROM ca MAINLY DRIVEN BY ENHANCED CAPITAL BASE

The upgrade of all five Greek banks' BCAs to caa3 from ca reflects the recent recapitalisations, and Moody's expectations of modest funding improvements that will support profitability, balanced against downside risks due to the fragile operating environment.

Greek banks raised approximately EUR14.4 billion of new capital in December 2015, enhancing their loss-absorption capacity and capital metrics. The share capital increases were triggered by the comprehensive assessments conducted by the Single Supervisory Mechanism for the four systemic banks, and the Bank of Greece for the much smaller Attica Bank. Moody's estimates that the pro-forma common equity Tier 1 (CET1) ratio for the system improved to around 19% post-recapitalisation, from around 11% pre-recapitalisation as of September 2015.

Moody's notes that although banks' reported CET1 ratios have increased considerably, deferred tax assets (DTAs) eligible for deferred tax credits (DTCs) continue to form a substantial part of banks' capital base. While lower than the 70% pre-recapitalisation average as of September 2015, the share of eligible DTAs in CET1 capital remains high at around 45% on average for the system post-recapitalisation. The rating agency considers this capital to be of inferior quality in view of the Greek sovereign's (Caa3 stable) weak credit standing and its limited ability to meet around EUR16.8 billion of such outstanding DTAs in the banking system.

The BCA upgrade also takes into account nascent improvements in the banks' funding and liquidity profiles, as part of the capital proceeds were used to repay their high cost emergency liquidity assistance (ELA) to the Bank of Greece. ELA stood at around EUR69 billion for the system in December 2015, down from EUR87 billion in June 2015. Moody's expects further reduction in the banks' dependence on ELA, provided the first review of the country's support programme by its official lenders (EC/ECB/ESM/IMF) is concluded positively in a timely manner. This development would likely trigger the reinstatement of the European Central Bank (ECB) waiver, allowing Greek government securities to be used by banks as collateral for ECB funding purposes. This would enable banks to switch a portion of their funding from the more costly ELA to the ECB repo window, and also somewhat restore confidence in the banking system resulting in gradual deposit inflows.

Concurrently, Moody's expects that banks' reducing funding costs will support pre-provision income in 2016-17, and bottom-lines will be largely driven by the level of provisioning requirements. Following significant provisions that Greek banks had to take in 2015 -- triggered by the ECB's asset quality review (AQR) -- loan loss provisions are likely to be significantly lower in 2016-17. Moody's estimates that system nonperforming loans (NPLs, loans that are 90 days past due) comprised on average around 36.5% of gross loans as of September 2015, while the non-performing exposure (NPE) ratio (as per the ECB's definition including performing restructured/forborne and impaired loans for at least 12 months) stood at 49.3%. The rating agency considers that the NPL ratio is likely to peak towards the end of 2016 or early 2017, provided there is political stability and economic conditions that do not deviate materially from the European Commission's current GDP growth forecast of around -0.7% in 2016 and +2.7% in 2017.

Moody's considers that the BCA of caa3 for all five banks appropriately balances these recent improvements in their standalone credit profiles as well as the considerable downside risks stemming from the still fragile operating environment in Greece. Moody's considers that over the next 12-18 months, banks' performance will highly depend on political stability in the country and the implementation of the support programme's conditionality, which includes new legislation to overhaul the NPL resolution framework.

--- DEPOSIT RATINGS AFFIRMED AT Caa3, OUTLOOK CHANGED TO STABLE FROM NEGATIVE

The change in the deposit ratings outlook to stable from negative reflects the recent improvements in the banks' financial fundamentals, as well as the reduced risk for potential sizeable losses for depositors following the recent recapitalisation. The affirmation of the banks' Caa3 deposit ratings primarily reflects the on-going capital controls in place as well as the implied losses faced by depositors that do not have instant access to the full amount of their funds. Although Greek depositors were excluded from bail-in during the recent recapitalisation, Moody's considers that the relative risks are still elevated, especially within the context of the Bank Recovery and Resolution Directive (BRRD) transposition law that was passed in Greece in 2015, envisaging the inclusion of depositors in a potential bank bail-in from January 1, 2016. All banks' Caa3 deposit ratings are positioned at the same level as the local-currency deposit ceiling for Greece.

--- SENIOR DEBT RATINGS UPGRADED TO Ca from C, JUNIOR INSTRUMENTS AFFIRMED AT C

The upgrade of the four systemic banks' senior debt ratings to Ca from C reflects Moody's view that the risk of potential expected losses for senior debt holders has reduced, but remains high. The rating agency notes the crystallisation of losses for senior debt holders through the banks' liability management exercises (LMEs). These LMEs included an offer to investors to voluntarily exchange their senior debt with new shares of the bank worth 100% of the debt's par value. Although any investors that sold their stock holdings in the first few days of trading after the actual exchange took place were able to recoup a substantial portion of their senior debt holdings' par value, investors that retained such new shares to date are facing significant losses. Following the banks' recapitalisations and improved credit profiles, with the potential for more favourable prospects going forward, the rating agency considers that senior debt investors are less likely to sustain considerable losses.

However, the Ca senior debt rating is constrained by the still sizeable downside risks faced by investors going forward. Moody's considers that the level of senior debt outstanding in the system is minimal at around EUR180 million. This is because there were only a few holdout investors that did not participate in the debt-equity exchange at Alpha Bank and Eurobank, both of which did not resort to any state aid from the Hellenic Financial Stability Fund (HFSF) in the recent recapitalisation. As a result of the minimal level of structural subordination offered to senior depositors in case of a bank bail-in, such senior debt holders could be faced with substantial losses. The senior debt ratings outlook is stable.

At the same time, Moody's affirmed the C ratings assigned to the four systemic banks' subordinated Tier 2 debt and non-cumulative Tier 1 preferred stock. These affirmations were driven by these instruments' structural subordination to senior debt, and the higher likelihood that they could sustain significant losses before senior debt holders are affected in a potential bank resolution scenario.

INDIVIDUAL BANKS

--- ALPHA BANK

Alpha Bank's pro-forma CET1 ratio increased to 17.4% from 12.5% reported as of September 2015 following its recent recapitalisation. Injected capital included around EUR2.6 billion solely from private sources, in addition to around EUR180 million of other capital measures approved by the ECB. Moody's estimates a prudent tangible CET1 ratio of around 10.9%, excluding any eligible DTAs (estimate for all banks does not take into account any risk-weighted-assets impact), positioning the bank at the stronger end among its local systemic peers, having more loss-absorbing capital.

The bank reported losses of around EUR839 million for the first nine-months of 2015, while its NPL and NPE ratio stood at around 36.5% and 50%, respectively, as of September 2015. NPL and NPE provisioning coverage stood at around 67% and 49%, respectively. Moody's believes that the relatively high NPL provisioning coverage provides the bank with more flexibility to actively manage its NPL portfolio. The bank's ELA as of September 2015 stood at EUR22.2 billion, comprising 31.8% of its total assets, although Moody's expects this type of funding to have reduced following the liquidity boost from the recent share capital increase.

--- ATTICA BANK

Attica Bank, the smallest among all rated Greek banks with a market share of only around 2%, raised around EUR681 million of new capital, which is EUR67 million short of the adverse scenario capital needs indicated by the Bank of Greece. Moody's understands that the bank is currently in negotiations with potential investors aiming to cover this shortfall within Q1 2016. The bank's pro-forma CET1 ratio following the capital increase of EUR681 million is amongst the highest in the system at 22.6% as of September 2015, although the rating agency expects this to have reduced by more than 200 basis points by the end of December 2015 due to additional losses to be reported in Q4 2015.

The bank reported losses of around EUR273 million in the first nine-months in 2015, as its NPE ratio increased significantly to 55.8% in September 2015 (NPL ratio of 54.2%) from 44.8% in December 2014. Following the AQR by the Bank of Greece, the bank had to almost double its stock of provisions during 2015, increasing its NPE provisioning coverage to 50.9% in September 2015 from a low 32.6% in December 2014. The bank's ELA dependence was around EUR815 million as of September 2015, comprising around 22.6% of its total assets.

--- EUROBANK ERGASIAS

Eurobank was able to raise around EUR2 billion from private investors, having the lowest capital needs among its domestic peers based on the ECB's comprehensive assessment. This new capital increased its pro-forma CET1 ratio to 17.5% from 12.1% reported as of September 2015. Nonetheless, Moody's considers the bank to have a lower quality of capital than its peers, in view of its eligible DTAs (EUR4.1 billion) and the state preference shares of around EUR950 million that the bank retains on its balance sheet and will need to repay at some stage. The rating agency estimates a forward-looking tangible CET1 ratio for the bank, excluding any eligible DTAs and the state preference shares, of around 4.7%.

The bank's losses in the first nine months of 2015 amounted to around EUR1 billion, while its NPL and NPE ratio stood at around 35% and 43.1%, respectively, as of September 2015. Eurobank's NPL and NPE provisioning coverage stood at around 65% and 53%, respectively. The bank's ELA as of September 2015 stood at EUR22.2 billion, comprising around 30% of its total assets, although Moody's notes that the bank was able to recently regain access to the inter-bank repo market with the use of its European Financial Stability Facility (EFSF) bonds (Aa1 stable). In addition, the bank would be in a position to shift around EUR5 billion of funding to the ECB from ELA upon the reinstatement of the waiver by the ECB, supporting its pre-provision income that stood at EUR658 million during the first nine-months of 2015.

--- NATIONAL BANK OF GREECE

In 2015, National Bank of Greece's capital metrics were enhanced through its EUR1.8 billion capital raising from private sources, as well as through EUR2.7 billion of new capital received from the HFSF, of which EUR2 billion was in the form of contingent convertible instruments (CoCos) recognised as CET1 capital. In addition, the bank concluded the sale of its Turkish subsidiary Finansbank AS (deposits Ba2 on review for upgrade, BCA b1 on review for upgrade) to Qatar National Bank (deposits Aa3 stable, BCA baa1) for a consideration of EUR2.75 billion, which will further boost its capital position provided all regulatory approvals are granted. The bank's pro-forma CET1 ratio, incorporating the sale of Finansbank that will significantly reduce the group's risk-weighted assets, will increase to 24.6% from the reported 9.6% in September 2015. The bank plans to use part of its sale proceeds to repay its EUR2 billion CoCos to the HFSF, reducing its CET1 ratio to 19.6% from 24.6%. Excluding any eligible DTAs (EUR4.9 billion) and CoCos, Moody's estimates a tangible CET1 ratio for the bank of around 7.5%.

The bank's NPL and NPE ratios in Greece stood at 33.8% and 47%, respectively, as of September 2015, while the NPL and NPE provisioning coverage was 73% and 52%, among the highest within its local peer group. The rating agency believes that recoveries from the NPL portfolio could enhance the bank's relatively weak pre-provision income in Greece of around EUR337 million in the first nine-months of 2015, combined with further reduction in its operating expenses. In view of the bank's strong savings franchise in Greece, its ELA balance as of September 2015 stood at a more modest EUR15.6 billion, comprising 18.6% of its total assets (excluding its operations in Turkey).

--- PIRAEUS BANK

Piraeus Bank's pro-forma CET1 ratio increased to 19.6% from 11.2%, reported as of September 2015 following its capital increase. The injection included around EUR1.9 billion from private investors in addition to EUR2.7 billion received from the HFSF (EUR2 billion in the form of CoCos) and other capital measures of around EUR271 million approved by the ECB. Moody's estimates the bank's tangible CET1 ratio excluding its eligible DTAs (EUR4.1 billion) and CoCos at around 8.6%.

Moody's considers Piraeus Bank's asset quality position to be among the weakest in the system due to its numerous take-overs of smaller problematic banks in the last few years, which resulted in an NPL and NPE ratio of around 40.5% and 51.8%, respectively, as of September 2015. In addition, the bank's NPL and NPE provisioning coverage is also the lowest among its local peers at 61% and 44%, respectively. However, the rating agency expects the bank's asset quality to gradually improve in view of its focus and active management of its NPLs and the likely contraction of its international book due to its commitment to scale-down its operations outside Greece. The bank reported a net loss of around EUR635 million during the first nine-months of 2015, although Moody's positively views the bank's ability to increase its pre-provision income excluding any one-off revenues/costs.

WHAT COULD MOVE THE RATINGS UP/DOWN

The stable outlook indicates that downside risks for substantial losses to creditors have abated somewhat following the recent bank recapitalisation. Over time, upward deposit and senior debt rating pressure could arise following a stabilisation of the country's macro-economic environment, combined with an improvement in banks' asset quality, profitability and funding.

Greek banks' deposit and senior debt ratings could be downgraded in case there is any political turmoil in the country for an extended period of time that substantially affects domestic consumption and economic activity, which have gradually been recovering from a very low base. In addition, the deposit ratings could be downgraded if the rating agency considers that the risk of a potential exit from the euro area, and redenomination, increases materially.

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

THE SPECIFIC RATING ACTIONS IMPLEMENTED TODAY ARE AS FOLLOWS:

Issuer: Alpha Bank AE

- Baseline Credit Assessment, Upgraded to caa3 from ca

- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

- Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- LT Bank Deposits, Affirmed Caa3 Stable

- ST Bank Deposits, Affirmed NP

- BACKED (government guaranteed) Senior Unsecured MTN, Affirmed (P)Caa3

- Subordinate MTN, Affirmed (P)C

- Other Short Term, Affirmed (P)NP

- Counterparty Risk Assessment, Affirmed Caa3(cr)

- Counterparty Risk Assessment, Affirmed NP(cr)

- Outlook, Changed To Stable From Negative

Issuer: Alpha Credit Group plc

- BACKED Senior Unsecured, Upgraded to Ca Stable from C (Assumed by Alpha Bank AE)

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate, Affirmed C (Assumed by Alpha Bank AE)

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Other Short Term, Affirmed (P)NP

- BACKED Commercial Paper, Affirmed NP

Issuer: Alpha Group Jersey Limited

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Pref. Stock Non-cumulative, Affirmed C (hyb)

Issuer: Emporiki Group Finance Plc

- BACKED Senior Unsecured, Upgraded to Ca Stable from C (Assumed by Alpha Bank AE)

---------------

Issuer: Attica Bank S.A.

- Baseline Credit Assessment, Upgraded to caa3 from ca

- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

- LT Bank Deposits, Affirmed Caa3 Stable

- ST Bank Deposits, Affirmed NP

- Counterparty Risk Assessment, Affirmed Caa3(cr)

- Counterparty Risk Assessment, Affirmed NP(cr)

- Outlook, Changed To Stable From Negative

---------------

Issuer: Eurobank Ergasias S.A.

- Baseline Credit Assessment, Upgraded to caa3 from ca

- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

- Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- LT Bank Deposits, Affirmed Caa3 Stable

- ST Bank Deposits, Affirmed NP

- BACKED (government guaranteed) Senior Unsecured MTN, Affirmed (P)Caa3

- Subordinate MTN, Affirmed (P)C

- BACKED Other Short Term, Affirmed (P)NP

- Other Short Term, Affirmed (P)NP

- Counterparty Risk Assessment, Affirmed NP(cr)

- Counterparty Risk Assessment, Affirmed Caa3(cr)

- Outlook, Changed To Stable From Negative

Issuer: ERB Hellas (Cayman Islands) Limited

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Other Short Term, Affirmed (P)NP

- BACKED Senior Unsecured, Withdrawn, previously rated C

Issuer: ERB Hellas Funding Limited

- BACKED Pref. Stock Non-cumulative, Affirmed C (hyb)

Issuer: ERB Hellas PLC

- BACKED Senior Unsecured, Upgraded to Ca Stable from C

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Other Short Term, Affirmed (P)NP

- BACKED Subordinate Regular Bond/Debenture, Affirmed C

- BACKED Commercial Paper, Affirmed NP

---------------

Issuer: National Bank of Greece S.A.

- Baseline Credit Assessment, Upgraded to caa3 from ca

- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

- LT Bank Deposits Affirmed, Caa3 Stable

- ST Bank Deposits, Affirmed NP

- BACKED (government guaranteed) Senior Unsecured Regular Bond/Debenture, Affirmed Caa3 Stable

- BACKED (government guaranteed) Senior Unsecured MTN, Affirmed (P)Caa3

- BACKED Other Short Term, Affirmed (P)NP

- Backed Other Short Term, Affirmed NP

- Counterparty Risk Assessment, Affirmed Caa3(cr)

- Counterparty Risk Assessment, Affirmed NP(cr)

- Pref. Stock Non-cumulative, Withdrawn (hyb), previously rated C (hyb)

- Outlook, Changed To Stable From Negative

Issuer: NBG Finance plc

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Subordinate, Withdrawn , previously rated C

---------------

Issuer: Piraeus Bank S.A.

- Baseline Credit Assessment, Upgraded to caa3 from ca

- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

- Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- LT Bank Deposits, Affirmed Caa3 Stable

- ST Bank Deposits, Affirmed NP

- Subordinate MTN, Affirmed (P)C

- Counterparty Risk Assessment, Affirmed Caa3(cr)

- Counterparty Risk Assessment, Affirmed NP(cr)

- Outlook, Changed To Stable From Negative

Issuer: Piraeus Group Finance Plc

- BACKED Senior Unsecured MTN, Upgraded to (P)Ca from (P)C

- BACKED Subordinate MTN, Affirmed (P)C

- BACKED Commercial Paper, Affirmed NP

- BACKED Other Short Term, Affirmed (P)NP

- BACKED Subordinate Regular Bond/Debenture, Withdrawn , previously rated C

- BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated C

Issuer: Piraeus Group Capital Limited

- BACKED Pref. Stock Non-cumulative, Withdrawn , previously rated C (hyb)

- Outlook, Changed To Rating Withdrawn From No Outlook

All banks affected by today's rating actions are headquartered in Athens, Greece:

- National Bank of Greece S.A. reported total consolidated assets of EUR110.9 billion as of September 2015

- Piraeus Bank S.A. reported total consolidated assets of EUR85.9 billion as of September 2015

- Eurobank Ergasias S.A. reported total consolidated assets of EUR73.8 billion as of September 2015

- Alpha Bank AE reported total consolidated assets of EUR69.8 billion as of September 2015

- Attica Bank S.A. reported total consolidated assets of EUR3.6 billion as of September 2015

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 credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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.

Nondas Nicolaides
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Kanika Business Centre
319 28th October Avenue
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Sean Marion
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Kanika Business Centre
319 28th October Avenue
PO Box 53205
Limassol CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454 Moody's upgrades Greek banks' senior unsecured debt ratings to Ca and affirms deposit ratings at Caa3; outlook stable

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

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

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

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

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

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

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