Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

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.​​​

I AGREE
Related Issuers
Bank of Montreal
Bank of Nova Scotia
Bluffton (City of) IN, Adjustable Rate Demand Industrial Development Revenue Refunding Bonds (Kroger Co. (The) Project), Series 2002, $8.850MM
Canadian Imperial Bank of Commerce
Capital Beltway Funding Corporation of Virginia (VA), Senior Lien Multi-Modal Toll Revenue Bonds (I-495 Hot Lanes Projec), Se
Chaska (City of) Minnesota, Variable Rate Demand Purchase Revenue Bonds (Lifecore Biomedical, Inc. Project), Series 2004, $5.630MM
Chicago (City of) IL, Midway Airport Enterprise, Second Lien Revenue Bonds, Series 2004C & Series 2004D, $152.150MM
Connecticut Development Authority
Converse (County of) WY, Pollution Control Revenue Refunding Bonds (PacificCorp Project) Series 1992, $22.485MM
County Commission of Jackson County (The), WV, Industrial Revenue Bonds (Recovery Zone Facility Bonds) (Armstrong World Industries, Inc. Project), Series 2010, $35MM
Delaware River Port Authority, Revenue Refunding Bonds, Series A, B and C of 2010, $350MM
District of Columbia, DC, Multimodal University Revenue Bonds (American University, DC Project), Series 2006A & Series 2006B, $99.975MM
District of Philadelphia General Obligation Refunding Bonds
Emery (County of) UT
Forsyth (City of) MT, Rosebud County, Montana Customized Purchase Pollution Control Revenue Refunding Bonds, Series 1988
Lincoln County, Wyoming Pollution Control Revenue Refunding Bonds (PacificCorp Project) Series 1991 $45MM
Louisiana Public Facilities Authority, Revenue Bonds, (International-Matex Tank Terminal Project), Series 2007, $50MM
Montgomery (County of) Ohio, Adjustable Rate Demand Industrial Development Revenue Refunding Bonds, (Kroger Co. (The) Project), Series 2005, $2.925MM
New Jersey Economic Development Authority, Special Facility Revenue Bonds (Port Newark Container Terminal LLC Project), Series 2003, $125MM
Portland (Port of) OR, Special Obligation Revenue and Refunding Bonds, Series 2006 (Portland Bulk Terminals, LLC Project), Series 2006, $71MM
Prince Metal Stamping USA, Inc., Taxable Variable/Term Rate Notes, Series 2004, $12MM
Riverside County Industrial Dev. Authority, CA Ser. 1987-2A
Royal Bank of Canada
St. James (Parish of) LA, State of Louisiana, Revenue Bonds (NuStar Logistics Project) Series 2011, $75MM
St. James (Parish of), LA, Revenue Bonds (NuStar Logistics, L.P. Project) Series 2008
Sweetwater (County of) WY
Sweetwater (County of) WY, Wyoming Customized Purchase Pollution Control Revenue Refunding Bonds (PacifiCorp Project), Series 1990A, $70.00MM
Sweetwater (County of) WY, Wyoming Customized Purchase Pollution Control Revenue Refunding Bonds (PacifiCorp Project), Series 1995, $24.40MM
Sweetwater (County of) Wyoming, Pollution Control Revenue Refunding Bonds (PacifiCorp Project) Series 1992B, $6.305MM
Sweetwater County, Wyoming Pollution Control Revenue Refunding Bonds (PacifiCorp Project) Series 1992A $9.335MM
Tuscaloosa (County of) AL, Industrial Development Authority, Gulf Opportunity Zone Bonds (Hunt Refining Company Project), Series 2008C $50MM
Tuscaloosa County Industrial Development Authority, Gulf Opportunity Zone Bonds (Hunt Refining Project) Series 2011G-K $162MM
Rating Action:

Moody's upgrades long-term ratings of municipal VRDBs supported by Canadian banks

30 Apr 2015

Actions based on assignment of counterparty risk assessments

New York, April 30, 2015 -- Moody's has taken the rating actions discussed herein based on assignment of counterparty risk assessments to the banks listed below:

Bank; Long-term Counterparty Risk Assessment; Short-term Counterparty Risk Assessment

Bank of Nova Scotia; Aa1(cr); P-1(cr)

Bank of Montreal; Aa2(cr); P-1(cr)

Canadian Imperial Bank of Commerce; Aa2(cr); P-1(cr)

Royal Bank of Canada; Aa2(cr); P-1(cr)

RATINGS RATIONALE

Debts Supported by the Bank of Nova Scotia: Moody's has upgraded the long term ratings of the debts listed below to Aa1 from Aa2. Each of these debts is supported by a letter of credit provided by the Bank of Nova Scotia (BNS). The ratings are based on the structure and legal protections of each transaction which provide for the timely payment of principal and interest and on Moody's long-term counterparty risk assessment of BNS, currently Aa1(cr). Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews. Moody's short-term CR assessment of the Bank of Nova Scotia, currently P-1(cr), has replaced the short-term senior unsecured rating of the Bank of Nova Scotia as an input to the short-term rating of the debts listed below. The short-term ratings remain VMIG 1 ( or P-1 if so indicated).

CUSIP; Issuer

096309BM0; Bluffton (City of) IN

139811AN3; Capital Beltway Funding Corporation of VA

212491AN4; Converse (County of) WY

468148AA9; County Commission of Jackson County, WV

346668BG0; Forsyth (City of) MT *

533485BA5; Lincoln (County of) WY

546398D21; Louisiana Public Facilities Authority

613535GA5; Montgomery (County of) OH

741743AA6; Prince Metal Stamping USA, Inc. *

790103AB1; St. James (Parish of) LA

790103AK1; St. James (Parish of) LA

870487BP9; Sweetwater (County of) WY

870481AB4; Sweetwater (County of) WY

870487CH6; Sweetwater (County of) WY

870487CJ2; Sweetwater (County of) WY

90068FAD8; Tuscaloosa County Industrial Dev Auth, AL

90068FAK2; Tuscaloosa County Industrial Dev Auth, AL

90068FAL0; Tuscaloosa County Industrial Dev Auth, AL

90068FAM8; Tuscaloosa County Industrial Dev Auth, AL

90068FAN6; Tuscaloosa County Industrial Dev Auth, AL

90068FAP1; Tuscaloosa County Industrial Dev Auth, AL

870487CF0; Sweetwater (County of) WY

*Short term rating P-1

Debts Supported by the Bank of Montreal: Moody's has upgraded the long term ratings of the debts listed below to Aa2 from Aa3. Each of these debts is supported by a letter of credit provided by the Bank of Montreal (BoM). These ratings are based on the structure and legal protections of each transaction which provide for the timely payment of principal and interest and on Moody's long-term counterparty risk assessment of BoM, currently Aa2 cr. Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews. Moody's short-term CR assessment of the Bank of Montreal, currently P-1(cr), has replaced the short-term senior unsecured rating of the Bank of Nova Scotia as an input to the short-term rating of the debts listed below. The short-term ratings remain VMIG 1.

CUSIP; Issuer

161693AA4; Chaska (City of) MN

207910BQ2; Connecticut Development Authority

Debts Jointly Supported by the Bank of Montreal and Underlying Obligor: Moody's has upgraded the long term JDA ratings of the debts listed below to Aa1 from Aa2. Each of these debts is supported by a letter of credit provided by BoM. These ratings are based on the structure and legal protections of each transaction which provide for the timely payment of principal and interest , Moody's long-term counterparty risk assessment of BoM , currently Aa2 cr, Moody's long-term underlying rating of each debt and Moody's assessment of the correlation between default by BoM and the underlying obligor (currently moderate). Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews. Moody's short-term CR assessment of the BoM, currently P-1(cr), has replaced the short-term senior unsecured rating of the BoM as an input to the short-term ratings of the debts listed below. The short-term ratings remain VMIG 1.

CUSIP; Issuer

167562LZ8; Chicago (City of) IL Midway Airport Ent.

167562JW8; Chicago (City of) IL Midway Airport Ent.

Debts supported by Canadian Imperial Bank of Commerce: Moody's has upgraded the long term ratings of the debts listed below to Aa2 from Aa3. These debts are supported by letters of credit provided by the Canadian Imperial Bank of Commerce (CIBC). The long-term ratings are based on the structure and legal protections of the transaction which provide for the timely payment of principal and interest and on Moody's long-term counterparty risk assessment of CIBC (Aa2 cr). These rating were placed under review for upgrade on March 17, 2015. The actions announced herein conclude that review. Moody's short-term CR assessment of CIBC, currently P-1(cr), has replaced the short-term senior unsecured rating of the CIBC as an input to the short-term ratings of the debts listed below. The short-term ratings remain VMIG 1.

CUSIP; Issuer

735260AH4; Portland (Port of) OR

291147CE4; Emery (County of) UT

Debts Supported by Royal Bank of Canada: Moody's has upgraded the long term ratings of the debts listed below to Aa2 from Aa3. Each of these debts is supported by a letter of credit provided by the Royal Bank of Canada (RBC). These ratings are based on the structure and legal protections of each transaction which provide for the timely payment of principal and interest and on Moody's long-term counterparty risk assessment of RBC , currently Aa2(cr). Each of these ratings was placed under review for upgrade on March 17, 2015. The actions announced herein conclude those reviews. Moody's short-term CR assessment of RBC, currently P-1(cr), has replaced the short-term senior unsecured rating of RBC as an input to the short-term rating of the debts listed below. The short-term ratings remain VMIG 1.

CUSIP; Issuer

25484JAH3; District of Columbia

25484JAJ9; District of Columbia

64578CBN0; New Jersey Economic Development Authority

717883NH1; Philadelphia School District, PA

76911TAE4; Riverside County Industrial Dev. Auth., CA

Debt Jointly Supported by RBC and Underlying Obligor: Moody's has upgraded the long term jointly supported rating of the debt listed below to Aa2 from Aa3. This debt is supported by a letter of credit provided by RBC. The rating is based on the structure and legal protections of the transaction which provide for the timely payment of principal and interest , Moody's long-term counterparty risk assessment of RBC (Aa2 cr), Moody's long-term underlying rating of the debt and Moody's assessment of the correlation between default by RBC and the underlying obligor. This ratings was placed under review for upgrade on March 17, 2015. The action announced herein concludes that review. Moody's short-term CR assessment of RBC, currently P-1(cr), has replaced the short-term senior unsecured rating of RBC as an input to the short-term rating of the debts listed below. The short-term rating remain VMIG 1.

CUSIP; Issuer

246352FH6; Delaware River Port Authority, PA

What could Change the Ratings Up or Down

The ratings discussed herein that are not based on joint support would be revised up or down as a result in a change in Moody's counterparty risk assessment of the applicable bank.

The ratings discussed herein that are based on a joint default analysis (JDA) could be revised up or down based on a change in Moody's long-term counterparty risk assessment of the applicable bank, Moody's long-term rating of the underlying obligation or Moody's assessment of the correlation between default by the bank and by the underlying obligor.

RATING METHODOLOGY

The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Thomas Jacobs
Senior Vice President
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades long-term ratings of municipal VRDBs supported by Canadian banks
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.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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

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

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

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

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

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

​​​​
Moodys.com