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Rating Action:

Moody's upgrades the holding company debt ratings of eight European insurance groups following a change in methodology

30 May 2018

London, 30 May 2018 -- Moody's Investors Service has today upgraded by one notch the debt ratings of the following insurance holding companies:

- Ageas SA/NV and Ageasfinlux S.A.

- Atradius Finance B.V.

- Bupa Finance Plc

- Coface SA

- Legal & General Group Plc and Legal & General Finance plc

- NN Group N.V.

- Sampo Plc and If Property & Casualty Insurance Holding Ltd

- Storebrand ASA

At the same time, Moody's upgraded to Ba2(hyb) from Ba3(hyb) the rating of the CASHES issued by BNP Paribas Fortis SA/NV.

Insurance Financial Strength Ratings have not been impacted by this rating action. A full list of ratings impacted is available at the end of this press release.

RATINGS RATIONALE

This rating action follows yesterday's publication of a new cross sector methodology for assigning instrument ratings for insurers (Assigning Instrument Ratings for Insurers, https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1093824). In this methodology, Moody's has modified its guidance for rating certain insurance holding company instruments, and specifically now applies narrower notching for certain insurance groups domiciled in locations with enhanced regulatory supervision at a group-wide level.

With respect to European insurers, Moody's considers that Solvency II, the regulatory regime in effect in the European Union and in Norway, is one of the regulatory regimes which provides enhanced group supervision. Solvency II includes key features such as (i) inclusion of the holding company within regulatory oversight, notably through regulatory capital requirements which apply to groups on a consolidated basis in addition to regulatory requirements at the operating company level, and (ii) group-wide risk-assessment and risk-reporting requirements.

The rating actions on Ageas, Atradius, Bupa, Coface, Legal & General Group, NN Group, Sampo and Storebrand groups reflect their domicile in the European Union or Norway and the fact that most of their operations are supervised under Solvency II or equivalent regulatory regimes, as detailed below.

Ageas SA/NV and Ageasfinlux S.A.

Ageas SA/NV (Ageas) is the ultimate holding company of the Ageas Group. It is domiciled in Belgium and subject to group supervision under the Solvency II regime.

Ageas runs its insurance operations and holds its accounting and regulatory capital primarily in Belgium (46% of 2017 operating profit and approx. 85% of 2017 eligible own funds under Solvency II) via its largest operating subsidiary AG Insurance (Insurance Financial Strength Rating A2 stable) and secondly in Europe ex-Belgium (23% of 2017 operating profit from UK, Portugal, France and Luxembourg), where it holds both consolidated operations and joint ventures with local partners. The Group also holds minority interests and joint ventures in Asia (31% of 2017 operating profit), where insurance operations are mostly run by local banking partners.

Ageasfinlux S.A. is a conduit of Ageas Group. Ageas SA/NV is the co-obligor in the debt issued by Ageasfinlux S.A.

BNP Paribas Fortis SA/NV (CASHES)

Convertible And Subordinated Hybrid Equity-linked Securities (CASHES) were issued by Fortis Bank SA/NV (subsequently renamed BNP Paribas Fortis SA/NV). However, Moody's rating of CASHES derives from Ageas' credit quality as the terms and conditions of the CASHES include a mandatory deferral trigger tied to dividend payments on Ageas' ordinary shares.

CASHES are deeply subordinated securities, which can be redeemed only via conversion into Ageas common shares. BNP Paribas Fortis already owns the equivalent amount of Ageas shares to redeem the residual amount of CASHES. If Ageas does not pay dividend or the dividend yield is below 0.5%, coupons are mandatorily paid with newly issued Ageas common shares. The coupon payment is suspended if Ageas cannot issue the shares. As a result, Moody's rating of the CASHES reflects a higher risk of coupon deferral than for other securities. This action mirrors the upgrade of Ageas' FRESH securities.

At the end of 2017, the outstanding amount of CASHES was €821 million, out of which €205 million were included in BNP Paribas Fortis SA/NV's Tier 1 capital.

Atradius Finance B.V.

Atradius Insurance Holding N.V. (Atradius) is the Netherlands based holding company for the group of insurance operating companies that primarily include Atradius Crédito y Caución S.A. (ACyC, Insurance Financial Strength Rating A2 stable), Atradius Trade Credit Insurance Inc. (ATCI, Insurance Financial Strength Rating A2 stable) and Atradius Reinsurance DAC (AtradiusRe, Insurance Financial Strength Rating A2 stable). Atradius is subject to group supervision under the Solvency II regime, through Grupo Catalana Occidente (GCO), its ultimate parent, that is domiciled in Spain. Atradius earns a significant majority of its premium, and similarly holds its capital, within subsidiaries domiciled under Solvency II group supervision.

Atradius Finance B.V. is the financing company of the Atradius group. The debt issued by Atradius Finance B.V. is backed by Atradius N.V.

Bupa Finance Plc

Bupa Finance Plc is a financing and intermediate holding company of the BUPA Group, whose ultimate parent is BUPA Ltd. Both BUPA Ltd. and Bupa Finance Plc are domiciled in UK and the group is subject to group supervision under the Solvency II regime.

BUPA Group is a UK-based international healthcare group which in 2017 generated total revenues of GBP12.2 billion. While 27% of revenues are sourced from healthcare provision, around 73% of revenues are originated from gross premiums in private medical insurance, primarily in Australia (45% of gross premiums), UK (26%) and Spain (13%), which are the countries where BUPA Group holds the vast majority of its accounting and regulatory capital. Moody's also notes that each of the above countries has a regulatory regime providing enhanced group supervision.

Coface SA

Coface SA is the ultimate holding company of the Coface Group of insurance operating entities. It is domiciled in France and is subject to group supervision under the Solvency II regime. Coface SA earns a significant majority of its premium, and similarly holds its capital, within subsidiaries domiciled under Solvency II group supervision, primarily Compagnie Francaise d'Assurance pour le Comm. (Insurance Financial Strength Rating A2 stable) that is also domiciled in France.

Coface SA's subordinated notes are backed by the group's lead insurance subsidiary, Compagnie Francaise d'Assurance pour le Comm., on a subordinated basis, and are therefore, because of their link to the operating company, not subject to further uplift due to narrower notching of holding company debt.

Legal & General Group Plc and Legal & General Finance plc

Legal & General Group Plc is the ultimate holding company of the Legal & General Group. It is domiciled in the UK and subject to group supervision under the Solvency II regime.

Legal & General is an insurance (83% of 2017 operating profits from divisions) and asset management (17% of operating profits from divisions) group, and generates the vast majority of its revenues in the UK (81% of gross premiums in 2017).

Legal & General Finance plc is the financing holding company of the Legal & General Group. All debts issued by Legal & General Finance plc are backed by Legal & General Group Plc.

NN Group N.V.

NN Group N.V. is the ultimate holding company of the NN Group. It is domiciled in the Netherlands and subject to group supervision under the Solvency II regime. The main subsidiaries of the group are operating in the Netherlands, with smaller operations in Continental Europe ex-Netherlands and Japan. The group also owns an asset manager and a domestic bank.

NN Group's earnings and dividends are primarily sourced via insurance operations in the Netherlands (58% of 2017 operating result on continuing operations and 62% of 2017 dividends upstreamed to the parent) and Continental Europe (16% of 2017 operating result on continuing operations and 12% of 2017 dividends upstreamed to the parent).

Sampo Plc and If Property & Casualty Insurance Holding Ltd

Sampo Plc is the ultimate holding company of Sampo group. Sampo Plc is domiciled in Finland and therefore subject to group supervision under the Solvency II regime, as is the group. Additionally, all of its subsidiaries (If P&C Group; Mandatum Life Insurance Company; minority shareholdings at Topdanmark A/S and Nordea Bank AB) are also domiciled in EU jurisdictions.

Sampo group is primarily an insurance group with 60% of 2017 profits before taxes and 63% of 2017 dividends upstreamed to the parent being originated by insurance entities. The remaining portion reflects pro-quota earnings and dividends sourced from Sampo's shareholding in Nordea Bank.

Storebrand ASA

Storebrand ASA is the ultimate holding company of the Storebrand Group. It is domiciled in Norway and subject to group supervision under the Solvency II regime. The most material subsidiary of Storebrand Group is Storebrand Livsforsikring AS (Insurance Financial Strength Rating Baa1 positive), which is also domiciled in Norway, has material operations in Sweden and is the largest contributor of earnings and regulatory capital to the group.

Storebrand Group's earnings are primarily sourced via insurance (68% of 2017 profits before amortisation and writedowns) and asset management operations (28% of profits before amortisation and writedowns), and generated mostly in Norway (81% of 2017 profits before amortisation including asset management operations) and Sweden (17%).

WHAT COULD CHANGE THE RATINGS UP/ DOWN

Ageas SA/NV and Ageasfinlux S.A.

Moody's noted that the following factors could exert upward pressure on the ratings: (i) a favourable resolution of outstanding legal disputes and (ii) a material improvement of the credit standing of the operating companies, notably through an upgrade of the A2 insurance financial strength rating of AG Insurance.

Conversely, a downgrade is unlikely in the short-term given the positive outlook, however negative pressure on the rating may be the result of: (i) a negative outcome of the settlement agreement filed in the Netherlands and/or of any remaining legal dispute which could, in adverse scenarios, materially affect the financial resources of the holding company, and (ii) a deterioration of the financial strength of the operating companies, principally evidenced by a downgrade of the A2 Insurance Financial Strength Rating of AG Insurance.

In addition to that, high growth in operations located in jurisdictions which are not subject to group supervision (e.g., in Asia), which would make these operations a much significant contributor to the group's earnings and profits, could also result in an increased notching between the insurance financial strength rating of AG Insurance and the ratings of Ageas.

Atradius Finance B.V.

Moody's noted that the following factors could place upward pressure on Atradius Finance B.V.'s ratings: (i) meaningful improvement in market share without deterioration in profitability and quality of exposure, (ii) improvement in the group's business diversification towards a higher proportion of fee-based services, and (iii) increased goegraphic diversification.

Conversely, Moody's noted that the following factors could place downward pressure on Atradius Finance B.V.'s ratings: (i) material deterioration in underwriting profitability, with a 5-year combined ratio consistently above 95% through-the--cycle, (ii) material decline in capital adequacy, including Solvency II capital coverage consistently below 175% and/or considerable volatility in stressed scenarios, (iii) significant erosion of the company's market position and franchise, and (iv) meaningful weakening in the credit profile of GCO or the Spanish sovereign.

Bupa Finance Plc

Bupa Finance Plc is evaluated on a consolidated basis as part of BUPA Ltd. Moody's noted that while there is unlikely to be positive rating pressure on Bupa Group's ratings over the near-to-medium term, the following factors could positively influence the group's credit profile: (i) continued improvements in geographical or business line diversification, or both, (ii) improved statutory profitability metrics, with returns on capital in the low double-digit percentage range, (iii) reducing adjusted financial leverage to below 25%, in combination with EBITDA coverage above 7x.

Conversely, the following factors that could lead to a downgrade: (i) a material loss of market share in Australia, the UK or Spain as a result of regulatory changes, political actions or reputational damage, (ii) Solvency II capital coverage falling below 155% at a group level on a sustained basis, (iii) a sustained deterioration in the underwriting profitability of Bupa Group's core insurance operations, with a meaningful reduction in operating cash flow, (iv) adjusted financial leverage greater than 40%.

Coface SA

Moody's noted that the following factors could place upward pressure on Cofaces SA's ratings: (i) improvement in the groups business diversification towards a higher proportion of fee-based services, (ii) meaningful improvement in market share without deterioration in profitability and quality of exposure, (iii) higher levels of actual and target capitalisation, together with a reduced level of investment risk.

Conversely, Moody's noted that the following factors could place downward pressure on Cofaces SA's ratings: (i) material deterioration in underwriting profitability, with a 5-year combined ratio consistently above 95% through-the cycle, (ii) a significant deterioration in the economic capital with a Solvency II ratio consistently below 130% and/or considerable volatility in stressed scenarios, (iii) financial leverage consistently exceeding 30% or a significant increase in the company's operational debt, (iv) significant erosion of the company's market position and franchise, (v) material deterioration in asset quality, including meaningful increase in exposure to low investment grade and non-investment grade fixed income securities.

Legal & General Group Plc and Legal & General Finance plc

Moody's noted that positive rating pressure on Legal & General Group Plc and Legal & General Finance plc's ratings could arise in case of (i) a substantial improvement in the group's geographic diversification of revenues and profit and/or, (ii) an adjusted financial leverage and total leverage consistently below 25% and 30% respectively and earnings coverage above 10x, and/or (iii) a material improvement in solvency.

Conversely negative rating pressure could arise from (i) a material deterioration in the group's solvency and/or, (ii) an adjusted financial leverage consistently above 30% and earnings coverage below 6x and/or (iii) a material deterioration of bottom line consolidated earnings and underlying profits. High growth in operations located in jurisdictions which are not subject to group supervision (e.g., in the US), which would make these operations a much more significant contributor to the group's earnings and profits, could also result in an increased notching between the insurance financial strength rating of the group's main operation and the debt ratings of Legal & General Group Plc and Legal & General Finance plc.

NN Group N.V.

Moody's noted that an upgrade may result from the combination of (i) a significant improvement of NN Group's business profile with reduced exposure to guaranteed policies and/or reduced uncertainty of litigation risks in the Netherlands, (ii) improvement in long-term profitability of domestic operations, particularly Netherlands Life, with material new business value offsetting the contraction of the individual life policies with no deterioration in NN Group's financial profile, and (iii) substantial improvement in the market position in international markets with no deterioration in NN Group's capitalisation and profitability.

Conversely, downward pressure on the ratings could result from: (i) a significant reduction in capitalisation, for example as evidenced by a Solvency II coverage ratio below 150%, (ii) a deterioration in profitability with return on capital consistently below 3%, (iii) significant deterioration in financial flexibility metrics with financial and total leverage consistently above 35% and an earnings coverage ratio below 5x.

Sampo Plc and If Property & Casualty Insurance Holding Ltd

Moody's noted that positive rating pressure for If P&C Group could arise from a combination of: (i) enhanced market position, (ii) enhanced capital adequacy with gross underwriting leverage of below 3x whilst reporting Solvency II coverage consistently above 200%, (iii) reported combined ratio consistently around 85% and return on capital above 20%, (iv) adjusted financial leverage consistently below 15%.

With regard to Sampo Plc, positive rating pressure could arise from: (i) an upgrade of If P&C Insurance Ltd. (Publ)'s (IF P&C) A1 IFSR and/or (ii) meaningfully enhanced and sustained diversification of dividend sources for the parent company.

Conversely, negative rating pressure for If P&C Group could arise from: (i) meaningfully reduced capital adequacy with gross underwriting leverage of above 6x on a sustained basis and Solvency II coverage below 150% and/or (ii) meaningful deterioration in profitability with the combined ratio above 95% and return on capital below 10% and/or (iii) adjusted financial leverage consistently above 25%.

With regard to Sampo, negative rating pressure could arise from a downgrade of If P&C's A1 IFSR.

Storebrand ASA

Moody's noted that positive rating pressure could occur in the event of an un upgrade of the Baa1 Insurance Financial Strength Rating on Storebrand Livsforsikring AS.

Conversely, a downgrade is unlikely given the positive outlook, however the ratings could be affirmed with a stable outlook in case the outlook on Storebrand Livsforsikring AS was stabilised.

LIST OF AFFECTED RATINGS

Issuer: If Property & Casualty Insurance Holding Ltd

..Upgrades:

....Subordinate Regular Bond/Debenture, upgraded to Baa1(hyb) from Baa2(hyb)

..Outlook Action:

....Outlook remains Stable

Issuer: Sampo Plc

..Upgrades:

....Long-term Issuer Rating, upgraded to A3 from Baa1

....Senior Unsecured Regular Bond/Debenture, upgraded to A3 from Baa1

....Senior Unsecured Medium-Term Note Program, upgraded to (P)A3 from (P)Baa1

..Affirmations:

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook remains Stable

Issuer: Storebrand ASA

..Upgrades:

....Long-term Issuer Rating, upgraded to Baa3 from Ba1

....Senior Unsecured Regular Bond/Debenture, upgraded to Baa3 from Ba1

..Outlook Action:

....Outlook remains Positive

Issuer: Ageas SA/NV

..Upgrade:

....Long-term Issuer Rating, upgraded to Baa2 from Baa3

..Outlook Action:

....Outlook remains Positive

Issuer: Ageasfinlux S.A.

..Upgrades:

....Backed Junior Subordinated Conv./Exch. Bond/Debenture, upgraded to Ba2(hyb) from Ba3(hyb)

..Outlook Action:

....Outlook remains Positive

Issuer: NN Group N.V.

..Upgrades:

....Long-term Issuer Rating, upgraded to Baa1 from Baa2

....Senior Unsecured Regular Bond/Debenture, upgraded to Baa1 from Baa2

....Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa1 from (P)Baa2

....Subordinate Regular Bond/Debenture, upgraded to Baa2(hyb) from Baa3(hyb)

..Outlook Action:

....Outlook remains Stable

Issuer: Bupa Finance Plc

..Upgrades:

....Subordinate Regular Bond/Debenture, upgraded to Baa1(hyb) from Baa2(hyb)

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to A3 from Baa1

..Outlook Actions:

....Outlook remains Stable

Issuer: Atradius Finance B.V.

..Upgrade:

....Backed Subordinate Regular Bond/Debenture, upgraded to Baa2(hyb) from Baa3(hyb)

..Outlook Action:

....Outlook remains Stable

Issuer: Coface SA

..Upgrade:

....Long-term Issuer Rating, upgraded to Baa1 from Baa2

..Affirmation:

....Commercial Paper, affirmed P-2

..Outlook Action:

....Outlook remains Stable

Issuer: Legal & General Group Plc

..Upgrades:

....Long-term Issuer Rating, upgraded to A2 from A3

....Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Subordinate Regular Bond/Debenture, upgraded to A3(hyb) from Baa1(hyb)

....Subordinate Medium-Term Note Program, upgraded to (P)A3 from (P)Baa1

....Junior Subordinated Regular Bond/Debenture, upgraded to A3(hyb) from Baa1(hyb)

..Outlook Action:

....Outlook remains Stable

Issuer: Legal & General Finance plc

..Upgrades:

....Long-term Issuer Rating, upgraded to A2 from A3

....Backed Commercial Paper, upgraded to P-1 from P-2

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to A2 from A3

..Outlook Actions:

....Outlook remains Stable

Issuer: BNP Paribas Fortis SA/NV

..Upgrade:

....Junior Subordinated Conv./Exch. Bond/Debenture, upgraded to Ba2(hyb) from Ba3(hyb)

The principal methodology used in rating Sampo Plc, Bupa Finance Plc and If Property & Casualty Insurance Holding Ltd was Property and Casualty Insurers published in May 2018.

The principal methodology used in rating Storebrand ASA, Legal & General Group Plc, Legal & General Finance plc and NN Group N.V. was Life Insurers published in May 2018.

The principal methodologies used in rating Ageas SA/NV and Ageasfinlux S.A. were Property and Casualty Insurers published in May 2018, and Life Insurers published in May 2018.

The principal methodology used in rating Atradius Finance B.V. and Coface SA was Trade Credit Insurers published in May 2018.

The principal methodology used in rating BNP Paribas Fortis SA/NV was Banks published in April 2018.

Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

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.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

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 rating analyst and the Moody's legal entity that has issued the ratings.

The person who approved Sampo Plc, If Property & Casualty Insurance Holding Ltd, Storebrand ASA, Ageas SA/NV, Ageasfinlux S.A., NN Group N.V., Atradius Finance B.V., Coface SA and Bupa Finance Plc credit ratings is Antonello Aquino, Associate Managing Director, Financial Institutions Group, JOURNALISTS: 44 20 7772 5456, Client Service: 44 20 7772 5454.

The person who approved Legal & General Group Plc and Legal & General Finance plc credit ratings is Simon Harris, MD-Gbl Ins and Mgd Invests, Financial Institutions Group, JOURNALISTS: 44 20 7772 5456, Client Service: 44 20 7772 5454.

The person who approved BNP Paribas Fortis SA/NV credit ratings is Nicholas Hill, MD - Banking, Financial Institutions Group, JOURNALISTS: 44 20 7772 5456, Client Service: 44 20 7772 5454.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

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.

Benjamin Serra
Senior Vice President
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Simon Harris
MD-Gbl Ins and Mgd Invests
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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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