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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.
MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR RETAIL INVESTORS AND IT WOULD BE IMPROPER AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL ADVISOR OR OTHER PROFESSIONAL.
ALL INFORMATION CONTAINED IN THIS DOCUMENT IS PROTECTED BY LAW, INCLUDING, BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKED, TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD , OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MEANS OR BY ANY MEANS, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED TO BE USED AS A BENCHMARK BY ANYONE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN ANY MANNER THAT RESULTS IN CONSIDERING IT AS A REFERENCE INDEX.
MOODY’S obtains all info contained on this doc from sources it believes to be correct and dependable. Nonetheless, attributable to the potential of human or mechanical error, in addition to different components, all info on this doc is supplied “AS IS” with out guarantee of any sort. MOODY’S adopts all the mandatory measures in order that the knowledge it makes use of to assign a credit standing is of adequate high quality and from sources that MOODY’S considers dependable, together with, the place acceptable, impartial third-party sources. Nonetheless, MOODY’S will not be an auditor and can’t in all circumstances independently confirm or validate the knowledge acquired within the ranking course of or within the preparation of your Publications.
To the extent permitted by regulation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors, and suppliers disclaim any legal responsibility to any individual or entity for any oblique, particular, consequential, or incidental loss or injury arising out of or in reference to the knowledge contained herein or the use or incapacity to make use of such info, even when MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors, or suppliers are knowledgeable prematurely of the potential of such loss or injury, together with however not restricted to: (a) any lack of current or future earnings or (b) any loss or injury arising when the monetary instrument in query will not be topic to a selected credit standing assigned by MOODY’S.
To the extent permitted by regulation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim any legal responsibility for direct or compensatory loss or injury brought on to any individual or entity, together with, with out limitation, negligence (however excluding fraud, willful misconduct or every other legal responsibility which, for the avoidance of doubt, by regulation can’t be excluded) on the a part of, or any contingency inside or past the management of MOODY’S or any of its administrators , officers, workers, brokers, representatives, licensors or suppliers, arising out of or in reference to the knowledge contained herein or the use or incapacity to make use of such info.
MOODY’S DOES NOT OFFER OR MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IN ANY WAY OR MANNER.
Moody’s Buyers Service, Inc., a credit standing company wholly owned subsidiary of Moody’s Company (“MCO”), hereby discloses that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most well-liked inventory rated by Moody’s Buyers Service, Inc. have agreed, previous to the project of any credit standing, to pay Moody’s Buyers Service, Inc. for credit standing opinions and providers supplied by Moody’s Buyers Service, Inc., at charges starting from between $1,000 and roughly $5,000,000. The MCO and Moody’s Buyers Service additionally preserve insurance policies and procedures to handle the independence of Moody’s Buyers Service’s credit score scores and credit standing processes. Details about sure affiliations which will exist between MCO administrators and rated entities, and between entities which have Moody’s Buyers Service credit score scores and have additionally publicly reported to the SEC an curiosity in MCOs of greater than 5%, is revealed yearly at www. . .moodys.com beneath the heading “Investor Relations — Company Governance — Director and Shareholder Membership Coverage”.
Further Phrases for Australia Solely: Any publication in Australia of this doc is made pursuant to the Australian Monetary Companies License of MOODY’S Affiliate, Moody’s Buyers Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be supplied to “wholesale purchasers” throughout the which means of part 761G of the Firms Act 2001 solely. By persevering with to entry this doc from Australia, you signify to MOODY’S that you’re or are accessing the doc as a consultant of, a “wholesale consumer” and that neither you nor the entity you signify will instantly or not directly disseminate this doc or its contents to “retail purchasers” throughout the which means of part 761G of the Firms Act 2001. The credit standing of MOODY’S is an opinion as to the creditworthiness of an issuer’s debt obligation, not the issuer’s fairness securities or any type of safety that’s out there to retail traders.
Further Phrases for Japan Solely: Moody’s Japan KK (“MJKK”) is a credit standing company wholly owned subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Abroad Holdings Inc., an entirely owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is an entirely owned subsidiary of MJKK. MSFJ will not be a nationally acknowledged statistical ranking group (“NRSRO”). Subsequently, the credit score scores assigned by MSFJ are Credit score Scores not NRSROs. Non-NRSRO credit score scores are assigned by an entity that isn’t an NRSRO, and consequently, the rated obligation won’t qualify for sure varieties of therapy beneath US regulation. MJKK and MSFJ are credit standing companies registered with the Japan Monetary Companies Company and their registration numbers are FSA Commissioner (Scores) No. 2 and three respectively.
MJKK or MSFJ (as relevant) hereby disclose that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes, and business paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, previous to of any credit standing project, you’ve got agreed to pay MJKK or MSFJ (as relevant) for credit standing opinions and providers supplied by it, charges starting from JPY 100,000 to roughly JPY 550,000,000.
MJKK and MSFJ additionally preserve insurance policies and procedures to handle Japanese regulatory necessities.