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
Amarillo National Bancorp, Incorporated
American Savings Bank, FSB
Associated Banc-Corp
Astoria Financial Corporation
Banco Bilbao Vizcaya Argentaria Puerto Rico
BancorpSouth, Inc.
BancWest Corporation
Bank of America Corporation
Bank of Hawaii Corporation
Bank of New York Mellon Corporation (The)
BB&T Corporation
BBVA USA Bancshares, Inc.
BMO Bankcorp, Inc.
BMW Bank of North America
BOK Financial Corporation
Chevy Chase Bank F.S.B.
Citigroup Inc.
Citizens Financial Group, Inc.
Citizens Republic Bancorp, Inc.
City National Corporation
Colonial BancGroup, Inc. (The)
Comerica Incorporated
Commerce Bancshares, Inc.
Cullen/Frost Bankers, Inc.
Doral Financial Corporation
Federal Deposit Insurance Corp.
Fifth Third Bancorp
First BanCorp
First Citizens BancShares, Inc.
First Horizon National Corporation
First Midwest Bancorp, Inc.
First National of Nebraska, Inc.
FirstMerit Corporation
Flagstar Bancorp, Inc.
Fulton Financial Corporation
Goldman Sachs Group, Inc. (The)
Hancock Whitney Corporation
HSBC USA Inc.
Hudson Valley Holding Corp.
Huntington Bancshares Incorporated
Independent Bank Corporation
Integra Bank Corporation
INTRUST Financial Corporation
JPMorgan Chase & Co.
KeyCorp
M&T Bank Corporation
Marshall & Ilsley Corporation
Merrill Lynch & Co., Inc.
Morgan Stanley
MUFG Americas Holdings Corporation
National City Corporation
New York Community Bancorp, Inc.
Northern Trust Corporation
Old National Bancorp
Pacific Capital Bancorp
People's United Financial Inc.
PNC Financial Services Group, Inc.
Popular, Inc.
Prudential Bank & Trust, FSB
RBC USA Holdco Corporation
Regions Financial Corporation
Santander Bancorp
Santander Holdings USA, Inc.
South Financial Group, Inc. (The)
State Street Corporation
SunTrust Banks, Inc.
Susquehanna Bancshares, Inc.
SVB Financial Group
Synovus Financial Corp.
TCF Financial Corporation
TD Bank US Holding Company
Trustmark Corporation
U.S. Bancorp
UCBH Holdings, Inc.
UMB Financial Corporation
United Bankshares, Inc.
United States of America, Government of
Valley National Bancorp
Wachovia Corporation
Webster Financial Corporation
Wells Fargo & Company
Western Alliance Bancorporation
Whitney Holding Corporation
Wilmington Trust Corporation
Zions Bancorporation
Announcement:

Moody's will assign backed-Aaa ratings to debt securities covered by the FDIC's Guarantee

24 Nov 2008
Moody's will assign backed-Aaa ratings to debt securities covered by the FDIC's Guarantee

New York, November 24, 2008 -- Moody's announced that it will assign backed-Aaa and backed Prime-1 ratings to eligible debt securities covered by the Federal Deposit Insurance Corporation's (FDIC) guarantee under the Debt Guarantee Program component of the Temporary Liquidity Guarantee Program established in the United States. To be eligible for the guarantee, debt must be senior, unsecured and issued between October 14, 2008 and June 30, 2009 and, if issued after December 5, 2008, must have a stated maturity of at least 31 days.

The backed-Aaa rating reflects that the FDIC guarantee is unconditional and irrevocable and backed by the full faith and credit of the Aaa-rated United States government. The outlook for the backed-Aaa ratings is stable, in line with that of the US government.

Moody's will assign backed -Aaa and backed Prime-1 ratings with a stable outlook only to those issuers that are currently not rated at that level and participate in the program. Backed-Aaa ratings will only be assigned to those obligations maturing prior to the expiration of the FDIC guarantee on June 30, 2012. To reflect the stand-alone credit profile of the issuers and the exposure of creditors once the guarantee is withdrawn, Moody's will also maintain the stand-alone short-term ratings of the issuers. The backed Prime-1 rating will be withdrawn upon maturity of short term debt guaranteed under the program.

The FDIC's obligation under this program will be triggered by an uncured payment default on the guaranteed obligations, and the FDIC will satisfy the guarantee obligation by making scheduled interest and principal payments under the terms of the guaranteed debt instrument. Moody's believes this feature of the guarantee program ensures timely payment.

Moody's views this guarantee positively for Bank Financial Strength Ratings as well as for banks' non-guaranteed debt issues, as it should restore market confidence -- at least during the guarantee period -- in the institutions' liquidity. However, as such support had been already factored into the current ratings and given the temporary nature of the guarantee (until June 30, 2012) this will not impact the long-term bank deposit ratings or debt maturing after the end of the guarantee period.

In addition, the implementation of the guarantee program scheme does not threaten the Aaa rating of the United States government. The likelihood that a situation could unfold where a large-scale activation of the guarantee would materially impair the United States government's balance sheet is sufficiently remote as not to weigh on its Aaa rating.

Key terms of the guarantee:

Under the program the FDIC will guarantee all senior unsecured debt which satisfies certain eligibility requirements (including, in the case of debt issued after December 5 2008, a minimum stated maturity of at least 31 days) issued by insured depository institutions and certain affiliates and holding companies between October 14, 2008 and June 30, 2009. The guarantee expires on June 30, 2012 and participating entities have until December 5, 2008 to opt out of the guarantee program.

There are various limitations on the scope of the guarantee, including (among others):

The maximum amount of debt that is guaranteed under the program for each participating entity is subject to a cap that is generally equal to 125% of the participating entity's senior unsecured debt outstanding at September 30, 2008 and maturing between this date and June 30, 2009 (including debt with a stated maturity of 30 days or less).

The holding company's capacity under this cap may be applied to a subsidiary insured depository (leaving the holding company with no capacity under the program). This does not apply in reverse, a holding company cannot utilize an insured depository's capacity under the cap.

For insured depositories which had no senior unsecured debt outstanding at September 30, 2008 the alternative debt guarantee cap is 2% of total liabilities. For other participating entities that had no senior unsecured debt outstanding at September 30, 2008, the cap will be determined on a case-by-case basis. The cap for any entity that becomes an eligible institution for the program after October 13, 2008 will also be evaluated on a case-by-case basis.

New York
Craig A. Emrick
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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

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

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

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

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

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