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THE CREDIT RATINGS ISSUED BY THE AFFILIATES OF MOODY’S CREDIT RATINGS ARE THEIR CURRENT OPINIONS REGARDING THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS 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 WILL NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. CONSULT MOODY’S PUBLICATION OF APPLICABLE RATING SYMBOLS AND DEFINITIONS FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS WHICH ARE ADDRESSED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING, BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. THE 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 CREDIT RISK ESTIMATES BASED ON QUANTITATIVE MODELS AND RELATED OPINIONS OR COMMENTS 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 OR PROVIDE RECOMMENDATIONS TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS MAKE NO 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 PERFORM, WITH DUE CARE, ITS OWN STUDY AND EVALUATION OF EACH SECURITIES UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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Moody’s Investors Service, Inc., a credit rating agency wholly owned 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 agreed, prior to the assignment of any credit rating, to pay Moody’s Investors Service, Inc. for credit rating opinions and services provided by Moody’s Investors Service, Inc., at rates ranging from between $1,000 and approximately $5,000,000. The MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service’s credit ratings and credit rating processes. Information is disclosed regarding certain affiliations that may exist between directors of MCOs and rated entities, and between entities that have credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCOs of more than 5% . annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Statutory Documents – Director and Shareholder Membership Policy”.
Additional Terms for Australia Only: Any publication in Australia of this document is made 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 to “wholesale clients” within the meaning of section 761G of the Companies Act 2001 only. By continuing to access this document from 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 Companies Act 2001. The credit rating of MOODY’S is an opinion as to the creditworthiness of an issuer’s debt obligation, not the issuer’s equity securities or any form of security that is available to retail investors.
Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a credit rating agency wholly owned subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary of MJKK. MSFJ is not a nationally recognized statistical rating organization (“NRSRO”). Therefore, the credit ratings assigned by MSFJ are Credit Ratings not NRSROs. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO, and as a result, the rated obligation will not qualify for certain types of treatment under US law. 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 of any credit rating assignment, you have agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and services provided by it, fees ranging from JPY 100,000 to approximately JPY 550,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
