info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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
Alexandria Industrial Dev. Auth., VA
ALLETE, Inc.
Ameren Illinois Company
Avista Corp.
Beaver (County of) PA, Industrial Devel Auth
Becker (City of) MN
Black Hills Power, Inc.
Boone (County of) KY
Brazos River Authority, TX
Burlington (City of) KS
CenterPoint Energy Houston Electric, LLC
Central Maine Power Company
Citrus (County of) FL
Clarion (County of) PA, I.D.A.
Cleveland Electric Illuminating Company (The)
Cohasset (City of) MN
Colonial Gas Company
Commonwealth Edison Company
Connecticut Development Authority
Connecticut Light and Power Company (The)
Consumers Energy Company
Converse (County of) WY
Dayton Power & Light Company
Delaware Economic Development Authority
Delmarva Power & Light Company
DTE Electric Company
DTE Gas Company
Duke Energy Carolinas, LLC
Duke Energy Florida, LLC.
Duke Energy Indiana, LLC.
Duke Energy Ohio, Inc.
Duke Energy Progress, LLC
Duquesne Light Company
EL Investment Company, LLC
El Paso Electric Company
Emery (County of) UT
Entergy Arkansas, LLC
Entergy Gulf States Louisiana, LLC
Entergy Mississippi, LLC
Entergy Texas, Inc.
Evergy Kansas Central, Inc.
Evergy Kansas South, Inc.
Florida Power & Light Company
Forsyth (City of) MT
Forsyth (City of) MT, Rosebud County
FortisBC Energy Inc.
Gaston (Cnty of) NC, I.F. & P.C.F.A.
Green Mountain Power Corporation
Gulf Coast Waste Disposal Authority, TX
Illinois Development Finance Authority
Illinois Power Company
Independence (County of) AR
Indiana Finance Authority
Indianapolis Power & Light Company
International Transmission Company
ITC Midwest LLC
Jacksonville (City of) FL
Jefferson (County of) AR
Jersey Central Power & Light Company
Lawrence County Industrial Dev. Auth., PA
Lincoln (County of) WY
Luzerne County Industrial Dev. Auth., PA
Manatee (County of) FL
Maricopa (County of) AZ, Poll. Ctrl. Corp.
Martin (County of) FL
Maryland Economic Development Corporation
Massachusetts Electric Company
Matagorda County Navigation District 1, TX
Metropolitan Edison Company
Miami-Dade County Industrial Dev. Auth., FL
Michigan Electric Transmission Company, LLC
Michigan Strategic Fund
Mississippi Business Finance Corporation
Missouri Environ. Imp. & Energy Res. Auth
Monongahela Power Company
Monroe (County of) MI, Economic Dev. Corp.
Montgomery County Industrial Dev Auth, PA
Morrow (Port of) OR
Mount Vernon (City of) IN
Narragansett Electric Company
New Hampshire (State of) Business Fin. Auth.
New Hampshire St. Business Finance Authority
New Jersey Economic Development Authority
New Jersey-American Water Company, Inc.
New York State Energy Research & Dev. Auth.
Niagara Mohawk Power Corporation
Northern Illinois Gas Company
Northern States Power Company (Minnesota)
Northern States Power Company (Wisconsin)
Northwest Natural Gas Company
NorthWestern Corporation
Ohio Air Quality Development Authority
Ohio Edison Company
Ohio Water Development Authority
PacifiCorp
Pennsylvania Economic Dev. Fin. Auth.
Pennsylvania Electric Company
Pennsylvania Power Company
Pennsylvania-American Water Company
Person County Industrial Facilities & P
Petersburg (City of) IN
Pope (County of) AR
Portland General Electric Company
Potomac Edison Company (The)
Potomac Electric Power Company
Prince George's (County of) MD
Public Service Company of Colorado
Public Service Company of New Hampshire
Public Service Electric and Gas Company
Puget Sound Energy, Inc. (Old)
Putnam County Development Authority, FL
Reliant Energy HL&P
Rochester Gas & Electric Corporation
Salem (County of) NJ, Pollution Ctrl Fin Auth
San Diego Gas & Electric Company
South Jersey Gas Company
Southern California Edison Company
Southern California Gas Company
Southern Connecticut Gas Company
Southern Indiana Gas & Electric Company
Spire Missouri Inc.
St. Charles (Parish of) LA
St. Clair (County of) MI, Econ. Dev. Corp.
St. Lucie (County of) FL
Superior (City of) WI
Superior Water, Light and Power Company
Sweetwater (County of) WY
System Energy Resources, Inc.
Toledo Edison Company
Tucson Electric Power Company
Union Electric Company
Virginia Electric and Power Company
Wake County I.F. & P.C.F.A., NC (The)
Wamego (City of) KS
Warrick (County of) IN
Washington Natural Gas Company
West Penn Power Company
York (County of) SC
York County Industrial Development Auth., PA
Rating Action:

Moody's upgrades most senior secured ratings of investment-grade regulated utilities by one notch

03 Aug 2009

Approximately $91 billion of debt securities upgraded

New York, August 03, 2009 -- Moody's Investors Service has upgraded the majority of senior secured debt ratings of investment-grade regulated utilities by one notch. The senior secured debt upgraded includes first mortgage bonds, other first lien mortgage bonds, and securities backed by first lien mortgage bonds.

"This rating action widens the notching between most senior secured debt ratings and senior unsecured debt ratings of investment-grade regulated utilities to two notches from one previously," said Moody's Vice President-Senior Credit Officer Michael Haggarty. "The wider notching is based on our analysis of the history of regulated utility defaults, which indicates that regulated utilities have defaulted at a lower rate and experienced lower loss given default rates than non-financial, non-utility corporate issuers."

This historical analysis was outlined in "Default, Recovery, and Credit Loss Rates for Regulated Utilities, 1983-2008," a report published by Moody's in April along with a request for comment to market participants on the possible implementation of wider notching of ratings in the utility sector.

"The study of defaults and the significant disparity in the magnitude of loss given defaults provides a compelling rationale for placing an additional notch between the senior secured and senior unsecured ratings," said Haggarty. There are certain limited exceptions to the wider notching, including senior secured ratings currently under review for possible downgrade or issuers with negative rating outlooks.

For more information, please see "Proposed Wider Notching Between Certain Senior Secured Debt Ratings and Senior Unsecured Debt Ratings for Investment Grade Regulated Utilities," Moody's Special Comment, May 2009.

Senior secured debt ratings upgraded include:

ALLETE, Inc. upgraded to A2 from A3

Avista Corp., upgraded to Baa1 from Baa2

Black Hills Power, Inc., upgraded to A3 from Baa1

CenterPoint Energy Houston Electric LLC, upgraded to Baa1 from Baa2

Central Illinois Public Service Company, upgraded to Baa2 from Baa3

Central Maine Power Company, upgraded to A2 from A3

Cleveland Electric Illuminating Company (The), upgraded to Baa1 from Baa2

Colonial Gas Company, upgraded to A1 from A2

Commonwealth Edison Company, upgraded to Baa1 from Baa2

Connecticut Light & Power, upgraded to A2 from A3

Consumers Energy Company, upgraded to A3 from Baa1

Dayton Power & Light Company, upgraded to Aa3 from A1

Delmarva Power & Light Company, upgraded to A3 from Baa1

Detroit Edison Company (The), upgraded to A2 from A3

Duke Energy Carolinas, LLC, upgraded to A1 from A2

Duke Energy Indiana, Inc., upgraded to A2 from A3

Duke Energy Ohio, Inc., upgraded to A2 from A3

Duquesne Light Company, upgraded to A3 from Baa1

Entergy Arkansas, Inc., upgraded to A3 from Baa1

Entergy Gulf States Louisiana, LLC, upgraded to Baa1 from Baa2

Entergy Louisiana, LLC, upgraded to A3 from Baa1

Entergy Mississippi, Inc., upgraded to Baa1 from Baa2

Entergy Texas, Inc., upgraded to Baa2 from Baa3

Florida Power & Light Company, upgraded to Aa2 from Aa3

Green Mountain Power Corporation, upgraded to A2 from A3

Illinois Power Company, upgraded to Baa2 from Baa3

Indianapolis Power & Light Company, upgraded to A3 from Baa1

International Transmission Company, upgraded to A2 from A3

ITC Midwest LLC, upgraded to A2 from A3

Jersey Central Power & Light Company, upgraded to A3 from Baa1

Kansas Gas and Electric Company, upgraded to Baa1 from Baa2

Laclede Gas Company, upgraded to A2 from A3

Massachusetts Electric Company, upgraded to A1 from A2

Metropolitan Edison Company, upgraded to A3 from Baa1

Michigan Consolidated Gas Company, upgraded to A2 from A3

Michigan Electric Transmission Company, LLC, upgraded to A2 from A3

Monongahela Power Company, upgraded to Baa1 from Baa2

Narragansett Electric Company, upgraded to A1 from A2

New Jersey-American Water Company, Inc., upgraded to A2 from A3

Niagara Mohawk Power Corporation, upgraded to A1 from A2

Northern Illinois Gas Company, upgraded to Aa3 from A1

Northern States Power Company (Minnesota), upgraded to A1 from A2

Northern States Power Company (Wisconsin), upgraded to A1 from A2

Northwest Natural Gas Company, upgraded to A1 from A2

Northwestern Corporation, upgraded to A3 from Baa1

Ohio Edison Company, upgraded to A3 from Baa1

PacifiCorp, upgraded to A2 from A3

Pennsylvania-American Water Company, upgraded to A2 from A3

Pennsylvania Electric Company, upgraded to A3 from Baa1

Pennsylvania Power Company, upgraded to A3 from Baa1

Portland General Electric Company, upgraded to A3 from Baa1

Potomac Edison Company (The), upgraded to Baa1 from Baa2

Potomac Electric Power Company, upgraded to A3 from Baa1

Progress Energy Carolinas, Inc., upgraded to A1 from A2

Progress Energy Florida, Inc., upgraded to A1 from A2

Public Service Company of Colorado, upgraded to A2 from A3

Public Service Company of New Hampshire, upgraded to A3 from Baa1

Public Service Electric and Gas Company, upgraded to A2 from A3

Puget Sound Energy, Inc., upgraded to Baa1 from Baa2

Rochester Gas & Electric Corporation, upgraded to A3 from Baa1

San Diego Gas & Electric Company, upgraded to Aa3 from A1

South Jersey Gas Company, upgraded to A2 from A3

Southern California Edison Company, upgraded to A1 from A2

Southern California Gas Company, upgraded to Aa3 from A1

Southern Connecticut Gas Company, upgraded to A3 from Baa1

Southern Indiana Gas & Electric Company, upgraded to A2 from A3

Superior Water, Light and Power Company, upgraded to A2 from A3

System Energy Resources, Inc., upgraded to Baa2 from Baa3

Terasen Gas Inc., upgraded to A1 from A2

Toledo Edison Company, upgraded to Baa1 from Baa2

Tucson Electric Power Company, upgraded to Baa1 from Baa2

Union Electric Company, upgraded to A3 from Baa1

West Penn Power Company, upgraded to Baa1 from Baa2

Westar Energy, Inc., upgraded to Baa1 from Baa2

Senior secured shelf ratings upgraded include:

El Paso Electric Company, upgraded to (P)A3 from (P)Baa1

Virginia Electric and Power Company, upgraded to (P)A2 from (P)A3

* * * * *

NOTE TO JOURNALISTS ONLY: For more information please contact New York Press Information +1-212-553-0376; EMEA Press Information in London +44-20-7772-5456; Juan Pablo Soriano in Madrid +34-91-310-1454; Alex Cataldo in Milan +39-02-914-81-100; Eric de Bodard in Paris +33-1-5330-1020; Detlef Scholz in Frankfurt +49-69-707-30-700; Mardig Haladjian in Limassol +357-25-586-586; Alex Sazhin in Moscow +7-495-228-60-60; Petr Vins in Prague +4202 2422 2929; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635; Hong Kong Press Information +852-2916-1150; Hector Lim in Sydney +612 9270 8102; Luiz Tess in São Paulo +5511-3043-7300; Alberto Jones Tamayo in Mexico City +5255-1253-5700; Daniel Rúas in Buenos Aires +54 11-4816-2332 ext. 105; Leon Claassen in Johannesburg +27-11-217-5470; Jehad el-Nakla in Dubai +971 4 401 9536; or visit our web site at www.moodys.com

New York
Michael G. Haggarty
VP - Senior Credit Officer
Global Infrastructure Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
William L. Hess
Managing Director
Global Infrastructure Finance
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.

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