No related data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND THE DOCUMENTS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, THE “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL CAREFULLY MAKE HIS OWN RESEARCH AND EVALUATION OF EACH SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE.
MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE INCONVENIENT AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE ANY CREDIT RATINGS, RATINGS, OTHER OPINIONS OR PUBLICATIONS OF MOODY’S WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL ADVISOR OR OTHER PROFESSIONAL.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, RECONDITIONED, TRANSMITTED, TRANSFERRED, DISTRIBUTED , REDISTRIBUTED OR RESOLD, OR STORED FOR FUTURE USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER, OR BY ANY MEANS, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF MOODY’S .
MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANYONE AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN A MANNER THAT COULD CONSIDER AS A REFERENCE.
All information contained herein is obtained by MOODY’S from sources believed to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any case independently verify or validate the information received as part of the rating process or the preparation of its Publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage whatsoever , arising out of or relating to the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is informed in advance of the possibility of such loss or damage, including but not limited to: (a) any loss of actual or potential profits or (b) any loss or damage occurring when the financial instrument concerned does not not subject to a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage to any person or entity, including but not limited to limit, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, cannot be excluded by law) on the part of, or any contingency within the control or beyond the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY CREDIT RATING, RATINGS, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER.
Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold credit ratings from Moody’s Investors Service and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.
Additional Terms for Australia Only: Any publication in Australia of this material is in accordance with 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 94 105 136 972 AFSL 383569 (if applicable). This document is intended for supply only to “wholesale customers” 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 to the document as a representative of a “wholesale customer” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion of the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in detail.
Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a wholly owned subsidiary 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 wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the 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 therefore 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 stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.
MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.