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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 OBLIGATIONS, OR DEBT OR DEBT SECURITIES, AND SECURITIES PRODUCTS, AND PPU MATERIALS LIKE DEBT MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY FAIL TO FULFILL ITS CONTRACTUAL FINANCIAL OBLIGATIONS AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS TO WHICH MOODY’S ASSIGNS A CREDIT RATING, SEE THE APPLICABLE MOODY’S OBLIGATIONS AND DEFINITIONS. CREDIT RATING DOES NOT ADDRESS ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, REAL ESTATE APPRAISALS (“ESTIMATES”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY INCLUDE QUANTITATIVE MODEL-BASED CREDIT RISK ASSESSMENTS 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 OTHER OPINIONS ARE PROVIDED TO THE PUBLIC. MOODY’S CREDIT RATINGS, APPRAISALS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S PROVIDES ITS CREDIT RATINGS, APPRAISALS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, CAREFULLY, PERFORM HIS OWN EVALUATION STUDY.
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Moody’s Investors Service, Inc., a subsidiary of the credit rating agency Moody’s Corporation (“MCO”), hereby announces that the majority of 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, before assigning any credit rating, agreed to pay Moody’s Investors Service, Inc. for credit rating opinions and services it provides ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address credit rating independence and Moody’s Investors Service’s credit rating process. Information about certain relationships that may exist between directors of MKO and rated entities, and between entities that have a credit rating from Moody’s Investors Service and that have also publicly reported to the SEC an ownership stake in MKO greater than 5%, is published annually at www . .moodys.com entitled “Investor Relations — Corporate Governance — Director and Shareholder Association Policy”.
Additional conditions for Australia only: Any publication of this document in Australia is subject to the Australian Financial Services License of MOODY’S subsidiary Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 97 91 383569 ( if applicable). This document is intended only for “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. 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 an entity that represent that you will not directly or indirectly distribute 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 the issuer’s debt obligations and not of the issuer’s equity securities or any form security available to small investors.
Additional terms for Japan only: Moody’s Japan KK (“MJKK”) is a subsidiary of the credit rating agency 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 the credit rating agency MJKK. ISFR is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by the IFRS are not non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity other than NRSRO and, accordingly, the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Financial Services Agency of Japan and their registration numbers are FSA Commissioner (Ratings) no. 2 and 3.
MJKK or IFRS (if applicable) hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by MJKK or IFRS (if applicable) have prior to the granting of any credit rating , agreed to pay MJKK or MSFJ (as the case may be) for credit rating opinions and services rendered to it in the range of ¥100,000 to approximately ¥550,000,000.
MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.
