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THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATS AFFILIATES ARE THEIR CURRENT VIEWS OF THE RELATIVE ENTITY’S FUTURE CREDIT RISK, COMMITMENTS OF CREDIT OR DEBT OR SIMILAR SECURITIES AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (collectively, “PUBLISHMENTS “) MAY INCLUDE SUCH CURRENT VIEWS. MOODY’S DEFINES CREDIT RISK AS THE RISK OF AN ENTITY’S FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN MATURING AND POSSIBLE ESTIMATED FINANCIAL LOSS IN THE EVENT OF A NON-PERFORMANCE OR DETERIORATION. CONSULT THE PUBLICATION OF APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT INVOLVE ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT REVIEWS (“RATES”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE ESTIMATES BASED ON CREDIT RISK 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 AND DO NOT PROVIDE PURCHASE RECOMMENDATIONS , THE SALE OR HOLDING OF PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR A 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 HIS OWN STUDY AND EVALUATION OF EACH SECURITY IN CONSIDERATION ‘PURCHASE, HOLDING OR SALE.
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Japan Only Additional Terms: Moody’s Japan KK (“MJKK”) is a wholly owned credit rating agency 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 credit rating agency wholly owned subsidiary of MJKK. MSFJ is not a nationally recognized statistical evaluation 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 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 (Rating) No. 2 and 3 respectively.
MJKK or MSFJ (as appropriate) declares that most issuers of debt securities (including corporate and municipal bonds, debentures, bills and commercial papers) and preferred stock rated by MJKK or MSFJ (as appropriate) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and services rendered by it in fees ranging from JPY 100,000 to approximately JPY 550,000,000.
MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.