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Rating Action:

Moody's withdraws ratings on 85 RMBS deals

30 Dec 2010

New York, December 30, 2010 -- Moody's Investors Service has withdrawn the ratings of 85 RMBS transactions.

RATINGS RATIONALE

The credit rating has been withdrawn because Moody's Investors Service believes it has insufficient or otherwise inadequate information to support the maintenance of the credit rating. Please refer to Moody's Investors Service Withdrawal Policy, which can be found on our website, www.moodys.com.

Methodologies and factors that may have been considered in the process of rating these issuances can also be found in the Ratings Methodologies subdirectory. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Complete rating actions follow:

Issuer: Bankers Trust Co 1988-02

D, Withdrawn (sf); previously on Jun 28, 1988 Assigned Aaa (sf)

Issuer: Bear Stearns Structured Sec Inc. 1997-03

A-1, Withdrawn (sf); previously on Nov 28, 1997 Assigned Aaa (sf)

A-2, Withdrawn (sf); previously on Nov 28, 1997 Assigned Aaa (sf)

Issuer: Carteret Savings Bank FA (1988)

Mtge backed MTN, Withdrawn (sf); previously on Oct 26, 1988 Assigned Aaa (sf)

Issuer: Chase Mtg Finance Corp 1993I

A-X, Withdrawn (sf); previously on Mar 31, 1995 Assigned Aaa (sf)

Issuer: Citibank Pass-Through Certificates 1995-SA1

BA-1, Withdrawn (sf); previously on Nov 3, 1997 Confirmed at Aa2 (sf)

BA-2, Withdrawn (sf); previously on Nov 3, 1997 Confirmed at Ba3 (sf)

Issuer: Cititrust I

A1, Withdrawn (sf); previously on Mar 20, 1992 Assigned Aaa (sf)

Issuer: CMO HOLDINGS LTD., Class A-1 Notes, Class A-2 Notes and Class A-3 Notes, Series 2003-1

Cl. A-3, Withdrawn (sf); previously on Jun 30, 2003 Assigned Aaa (sf)

Issuer: CMO Trust 17

A-2, Withdrawn (sf); previously on Jan 23, 1987 Assigned Aaa (sf)

B, Withdrawn (sf); previously on Jan 23, 1987 Assigned Aaa (sf)

Issuer: CMO Trust 29

A, Withdrawn (sf); previously on May 26, 1987 Assigned Aaa (sf)

B, Withdrawn (sf); previously on May 26, 1987 Assigned Aaa (sf)

Issuer: CMO Trust 35

A, Withdrawn (sf); previously on Sep 25, 1987 Assigned Aaa (sf)

B, Withdrawn (sf); previously on Sep 25, 1987 Assigned Aaa (sf)

Issuer: CMO Trust 44

E, Withdrawn (sf); previously on Jun 28, 1988 Assigned Aaa (sf)

F, Withdrawn (sf); previously on Jun 28, 1988 Assigned Aaa (sf)

Issuer: CMO Trust 50

CL- B, Withdrawn (sf); previously on Sep 30, 1988 Assigned Aaa (sf)

CL- R, Withdrawn (sf); previously on Sep 30, 1988 Assigned Aaa (sf)

Issuer: CMO Trust 52

CL- R, Withdrawn (sf); previously on Oct 26, 1988 Assigned Aaa (sf)

Issuer: Coast S&L 1988-01

A, Withdrawn (sf); previously on Jan 27, 1992 Upgraded to Aaa (sf)

Issuer: Coast S&L 1988-02

A, Withdrawn (sf); previously on Jan 27, 1992 Upgraded to Aaa (sf)

Issuer: Conventional Mtg Conduit Inc 1993-1

Fast Pay Sr, Withdrawn (sf); previously on Dec 2, 1993 Assigned Aaa (sf)

Slow Pay Jr, Withdrawn (sf); previously on Dec 2, 1993 Assigned Baa2 (sf)

Slow Pay Sr, Withdrawn (sf); previously on Dec 2, 1993 Assigned Aaa (sf)

Issuer: Dean Witter Mtg Cap Corp Ser 1

I-O, Withdrawn (sf); previously on Mar 31, 1987 Assigned Aaa (sf)

Issuer: DBL CMO Trust Series P (1988)

5, Withdrawn (sf); previously on May 27, 1988 Assigned Aaa (sf)

6, Withdrawn (sf); previously on May 27, 1988 Assigned Aaa (sf)

Issuer: DBL CMO Trust Series X

Cl.3, Withdrawn (sf); previously on Nov 21, 1988 Assigned Aaa (sf)

Issuer: DBL CMO Trust Series Y

3, Withdrawn (sf); previously on Dec 19, 1988 Assigned Aaa (sf)

Issuer: DLJ Mtg Acpt Corp 1989-01

Cl. E, Withdrawn (sf); previously on Apr 27, 1989 Assigned Aaa (sf)

Cl. F, Withdrawn (sf); previously on Apr 27, 1989 Assigned Aaa (sf)

Cl. R, Withdrawn (sf); previously on Apr 27, 1989 Assigned Aaa (sf)

Issuer: DLJ Mtg Acpt Corp 1991-01 (Citizens)

A-1, Withdrawn (sf); previously on Jan 25, 1991 Assigned Aa2 (sf)

Issuer: Fannie Mae 1991-038

M, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1990-027 Class Z

Z, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1990-098

J, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1991-18

Class H, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1992-34

Class G, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1992-G043

Z, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust 1992-G7

Class JQ, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Fannie Mae REMIC Trust G27

Cl. 27-JQ, Withdrawn (sf); previously on Oct 17, 2001 Assigned Aaa (sf)

Issuer: Fannie Mae REMIC Trust G29

Cl. 29-O, Withdrawn (sf); previously on Nov 5, 1991 Assigned Aaa (sf)

Issuer: Fannie Mae REMIC Trust G32

Cl. 32-L, Withdrawn (sf); previously on Nov 5, 1991 Assigned Aaa (sf)

Issuer: Federal Home Loan Mortgage Corp., Series G054

C, Withdrawn (sf); previously on Oct 8, 1996 Assigned Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1991-74

Cl. L, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association 1989-72

Cl. E, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association 1991-83

J, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1990-51

Cl. H, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1990-78

Cl. J, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1991-142

Cl. PL, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1991-93

Cl. M, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1992-131

Cl. KB, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mortgage Association Ser. 1992-36

Cl. PM, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mtg Assn Trust 1991-076

76-Z, Withdrawn (sf); previously on Jan 13, 1992 Assigned Aaa (sf)

Issuer: Federal National Mtg Assn Trust 1991-125-Z

Z, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mtg Assn Trust 1991-092-Z

-Z, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mtg Assn Trust 1992-011-E

E, Withdrawn (sf); previously on May 15, 1998 Confirmed at Aaa (sf)

Issuer: Federal National Mtg Assn Trust G50-E

50-E, Withdrawn (sf); previously on Jan 13, 1992 Assigned Aaa (sf)

Issuer: Glendale Fed S&L 1989-02

A, Withdrawn (sf); previously on Apr 14, 1994 Upgraded to Aaa (sf)

Issuer: GNMA II Mortgage Backed Securities Due 1/20/30, GNMA Pool No. 80365

A, Withdrawn (sf); previously on Dec 21, 2000 Assigned Aaa (sf)

Issuer: GNMA II Mortgage Backed Securities Due 11/20/27, GNMA Pool No. 80134

A, Withdrawn (sf); previously on Apr 1, 1999 Assigned Aaa (sf)

Issuer: GNMA II Mortgage Backed Securities Due 12/20/27, GNMA Pool No. 80143

A, Withdrawn (sf); previously on Sep 15, 1999 Assigned Aaa (sf)

Issuer: GS Trust 2 Series F

2, Withdrawn (sf); previously on Aug 27, 1987 Assigned Aaa (sf)

3, Withdrawn (sf); previously on Aug 27, 1987 Assigned Aaa (sf)

Issuer: GS Trust 3 Series B

3, Withdrawn (sf); previously on Sep 29, 1987 Assigned Aaa (sf)

6, Withdrawn (sf); previously on Sep 29, 1987 Assigned Aaa (sf)

Issuer: Guaranteed Mtg Corp III Series L

5, Withdrawn (sf); previously on Jun 3, 1988 Assigned Aaa (sf)

Issuer: KPAC I Mtg 1987-B

B-1 PO, Withdrawn (sf); previously on Mar 31, 1987 Assigned Aaa (sf)

B-2 IO, Withdrawn (sf); previously on Mar 31, 1987 Assigned Aaa (sf)

Issuer: Linfin Corporation Ser. 1988

1, Withdrawn (sf); previously on Jul 11, 1988 Assigned Aaa (sf)

Issuer: LF Rothschild Mtg Trust VII

E, Withdrawn (sf); previously on Nov 14, 1988 Assigned Aaa (sf)

H, Withdrawn (sf); previously on Nov 14, 1988 Assigned Aaa (sf)

Issuer: LF Rothschild Mtg Trust IX

C, Withdrawn (sf); previously on Dec 22, 1988 Assigned Aaa (sf)

F, Withdrawn (sf); previously on Dec 22, 1988 Assigned Aaa (sf)

Issuer: ML Trust XLIV

G, Withdrawn (sf); previously on Aug 28, 1990 Assigned Aaa (sf)

L, Withdrawn (sf); previously on Aug 28, 1990 Assigned Aaa (sf)

Issuer: ML Trust XLVII

Z, Withdrawn (sf); previously on Oct 29, 1990 Assigned Aaa (sf)

Issuer: PaineWebber CMO Trust Series K

2, Withdrawn (sf); previously on May 2, 1988 Assigned Aaa (sf)

3, Withdrawn (sf); previously on May 2, 1988 Assigned Aaa (sf)

Issuer: PaineWebber CMO Trust Series M

2, Withdrawn (sf); previously on Aug 29, 1988 Assigned Aaa (sf)

3, Withdrawn (sf); previously on Aug 29, 1988 Assigned Aaa (sf)

Issuer: PaineWebber CMO Trust Series N

3, Withdrawn (sf); previously on Dec 28, 1988 Assigned Aaa (sf)

4, Withdrawn (sf); previously on Dec 28, 1988 Assigned Aaa (sf)

7, Withdrawn (sf); previously on Dec 28, 1988 Assigned Aaa (sf)

Issuer: P-B Secured Financing 1989-1 (Mercury S&L)

A, Withdrawn (sf); previously on Jun 13, 1989 Assigned Aa2 (sf)

Issuer: P-B Secured Financing 1989-2 (Mercury S&L)

A, Withdrawn (sf); previously on Jun 12, 1989 Assigned Aa2 (sf)

Issuer: Regal Trust I/ Regal Trust II, Mortgage Certificate-Backed Certificates

I-B-1, Withdrawn (sf); previously on Oct 30, 1995 Assigned Ba3 (sf)

I-B-2, Withdrawn (sf); previously on Oct 30, 1995 Assigned B3 (sf)

Issuer: Residential Resources Inc Series 11

F, Withdrawn (sf); previously on Oct 31, 1988 Assigned Aaa (sf)

K, Withdrawn (sf); previously on Oct 31, 1988 Assigned Aaa (sf)

Issuer: Ryland Acpt Corp IV Series 64 A

D, Withdrawn (sf); previously on Jun 14, 1988 Upgraded to Aaa (sf)

E, Withdrawn (sf); previously on Jun 14, 1988 Upgraded to Aaa (sf)

F, Withdrawn (sf); previously on Jun 14, 1988 Upgraded to Aaa (sf)

G, Withdrawn (sf); previously on Jun 14, 1988 Upgraded to Aaa (sf)

Issuer: Ryland Mtg Sec 1993-01

B1-A, Withdrawn (sf); previously on Feb 23, 1993 Assigned A3 (sf)

Issuer: Salomon Bros Mtg Sec VI 1986-01

A, Withdrawn (sf); previously on Dec 29, 1986 Assigned Aaa (sf)

B, Withdrawn (sf); previously on Dec 29, 1986 Assigned Aaa (sf)

Issuer: Salomon Bros Mtg Sec VI 1987-02

I-O, Withdrawn (sf); previously on Mar 19, 1987 Assigned Aaa (sf)

P-O, Withdrawn (sf); previously on Mar 19, 1987 Assigned Aaa (sf)

Issuer: Salomon Brothers Mortgage Securities VII, Inc. - Re-REMIC Trust 2002-A

Ser. 2002-A, Withdrawn (sf); previously on Dec 21, 2004 Downgraded to Ca (sf)

Issuer: SBMS VII 1990-02 (Perpetual Savings)

A, Withdrawn (sf); previously on Jun 9, 2009 Downgraded to Baa1 (sf)

Issuer: SBMS VII 1990-03 (FNB of Chicago)

A-2, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

A-3, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

B-2, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

B-3, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

C-2, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

C-3, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

D-2, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

D-3, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

E-2, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

E-3, Withdrawn (sf); previously on Aug 11, 1993 Upgraded to Aaa (sf)

Issuer: Sears Mtg Sec Corp 1991-L MC

R, Withdrawn (sf); previously on Oct 28, 1991 Assigned Aaa (sf)

Issuer: Shearson Lehman CMO Inc Series E

4, Withdrawn (sf); previously on Jan 27, 1987 Assigned Aaa (sf)

Issuer: Shearson Lehman CMO Inc Series P

4, Withdrawn (sf); previously on Mar 29, 1988 Assigned Aaa (sf)

5, Withdrawn (sf); previously on Mar 29, 1988 Assigned Aaa (sf)

Issuer: Shearson Lehman CMO Inc Series T

3, Withdrawn (sf); previously on Sep 28, 1988 Assigned Aaa (sf)

4, Withdrawn (sf); previously on Sep 28, 1988 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 2

2 A-2, Withdrawn (sf); previously on Jun 17, 1985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 3

3 A-2, Withdrawn (sf); previously on Jun 21, 1985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 5

5 A-1, Withdrawn (sf); previously on Aug 20, 1985 Assigned Aaa (sf)

5 A-2, Withdrawn (sf); previously on Aug 20, 1985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 6

6 A-1, Withdrawn (sf); previously on Sep 20, 1985 Assigned Aaa (sf)

6 A-2, Withdrawn (sf); previously on Sep 20, 1985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 7

7 A-1, Withdrawn (sf); previously on Oct 16, 1985 Assigned Aaa (sf)

7 A-2, Withdrawn (sf); previously on Oct 16, 2985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 8

8 A-1, Withdrawn (sf); previously on Nov 18, 1985 Assigned Aaa (sf)

8 A-2, Withdrawn (sf); previously on Nov 18, 1985 Assigned Aaa (sf)

Issuer: US Acpt Corp Series 9

9 A-1, Withdrawn (sf); previously on Dec 16, 1985 Assigned Aaa (sf)

9 A-2, Withdrawn (sf); previously on Dec 16, 1985 Assigned Aaa (sf)

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Debashish Chatterjee
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's withdraws ratings on 85 RMBS deals
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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.

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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

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