No Associated Knowledge.

© 2022 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.


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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All info contained herein is obtained by MOODY’S from sources believed by it to be correct and dependable. Due to the potential for human or mechanical error in addition to different elements, nevertheless, all info contained herein is supplied “AS IS” with out guarantee of any variety. MOODY’S adopts all essential measures in order that the knowledge it makes use of in assigning a credit standing is of adequate high quality and from sources MOODY’S considers to be dependable together with, when acceptable, unbiased third-party sources. Nonetheless, MOODY’S isn’t an auditor and can’t in each occasion independently confirm or validate info acquired within the score course of or in making ready its Publications.

To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility to any particular person or entity for any oblique, particular, consequential, or incidental losses or damages in any respect arising from or in reference to the knowledge contained herein or the usage of or incapability to make use of any such info, even when MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers is suggested upfront of the potential for such losses or damages, together with however not restricted to: (a) any lack of current or potential income or (b) any loss or injury arising the place the related monetary instrument isn’t the topic of a specific credit standing assigned by MOODY’S.

To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages brought about to any particular person or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or another kind of legal responsibility that, for the avoidance of doubt, by legislation 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 from or in reference to the knowledge contained herein or the usage of or incapability to make use of any such info.

NO 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 IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Traders Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and industrial paper) and most well-liked inventory rated by Moody’s Traders Service, Inc. have, previous to project of any credit standing, agreed to pay to Moody’s Traders Service, Inc. for credit score scores opinions and companies rendered by it charges starting from $1,000 to roughly $5,000,000. MCO and Moody’s Traders Service additionally keep insurance policies and procedures to handle the independence of Moody’s Traders Service credit score scores and credit standing processes. Data concerning sure affiliations that will exist between administrators of MCO and rated entities, and between entities who maintain credit score scores from Moody’s Traders Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com below the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”

Extra phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Providers License of MOODY’S affiliate, Moody’s Traders 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 solely to “wholesale purchasers” inside the which means of part 761G of the Firms Act 2001. By persevering with to entry this doc from inside 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” inside the which means of part 761G of the Firms Act 2001. MOODY’S credit standing is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of safety that’s obtainable to retail buyers.

Extra phrases for Japan solely: Moody’s Japan Ok.Ok. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Ok., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Ok.Ok. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ isn’t a Nationally Acknowledged Statistical Ranking Group (“NRSRO”). Due to this fact, credit score scores assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that’s not a NRSRO and, consequently, the rated obligation is not going to qualify for sure varieties of therapy below U.S. legal guidelines. MJKK and MSFJ are credit standing companies registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) 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 industrial paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, previous to project of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score scores opinions and companies rendered by it charges starting from JPY100,000 to roughly JPY550,000,000.

MJKK and MSFJ additionally keep insurance policies and procedures to handle Japanese regulatory necessities.