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Cross-Sector: Market Data Highlights

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CROSS-SECTOR

DATA REPORT

1 September 2022

CLIENT SERVICES

Americas

1-212-553-1653

Asia Pacific

852-3551-3077

Japan

81-3-5408-4100

EMEA

44-20-7772-5454

ABOUT CAPITAL MARKETS RESEARCH

Analyses from Moody’s Capital Markets
Research, Inc. (CMR) focus on explaining
signals from the credit and equity markets.
The publications address whether market
signals, in the opinion of the group’s analysts,
accurately reflect the risks and investment
opportunities associated with issuers and
sectors. CMR research thus complements the
fundamentally-oriented research offered by
Moody’s Investors Service (MIS), the rating
agency.

CMR is part of Moody’s Analytics, which
is one of the two operating businesses
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Investors Service and operates on an arm’s
length basis from the ratings business.
CMR does not provide investment advisory
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View the CMR FAQ 
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Cross-Sector

Market Data Highlights

The latest market data from Weekly Market Outlook. Click

here

 for access to the full WMO.

SPREADS

https://www.moodys.com/market-implied-ratings/chart-room

Figure X. 5-Year Median Spreads (High Grade)

0

200

400

600

800

0

200

400

600

800

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Spread (bp)

Spread (bp)

Aa2

A2

Baa2

Source: Moody's

Figure 1: 5-Year Median Spreads-Global Data (High Grade)

Figure X. 5-Year Median Spreads (High Yield)

0

400

800

1,200

1,600

2,000

0

400

800

1,200

1,600

2,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Spread (bp)

Spread (bp)

Ba2

B2

Caa-C

Source: Moody's

Figure 2: 5-Year Median Spreads-Global Data (High Yield)

Moody’s Analytics markets and distributes all Moody’s Capital Markets Research, Inc. materials. Moody’s Capital Markets
Research,Inc. is a subsidiary of Moody’s Corporation. Moody’s Analytics does not provide investment advisory services or
products. For further detail, please see the last page.

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS MOVERS  

CDS Implied Rating Rises
Issuer

Aug. 31

Aug. 24

Senior Ratings

Emerson Electric Company

Aa2

A1

A2

Intuit Inc.

Aa3

A2

A3

Philip Morris International Inc.

Baa2

Baa3

A2

Southern  California  Edison Company

Baa2

Baa3

Baa2

Consolidated Edison  Company of  New York , Inc.

A3

Baa1

Baa1

Cargill, Incorporated

A2

A3

A2

Kinder Morgan Energy Partners, L.P.

Aa3

A1

Baa2

Boston Properties  Limited Partnership

A3

Baa1

Baa1

Kimco Realty Corporation

Aa3

A1

Baa1

Ventas Realty, Limited Partnership

Baa2

Baa3

Baa1

CDS Implied Rating Declines
Issuer

Aug. 31

Aug. 24

Senior Ratings

JPMorgan Chase & Co.

Baa1

A3

A2

Citigroup Inc.

Baa2

Baa1

A3

Morgan Stanley

Baa2

Baa1

A1

Campbell Soup Company

A3

A2

Baa2

AT&T Inc.

Baa3

Baa2

Baa2

Ally Financial Inc.

Ba2

Ba1

Baa3

Comcast Corporation

Baa1

A3

A3

Oracle Corporation

Baa3

Baa2

Baa2

Citibank, N.A.

Baa3

Baa2

Aa3

McDonald's Corporation

Aa2

Aa1

Baa1

CDS Spread Increases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Anywhere Real Estate  Group LLC

B2

833

742

91

American Airlines Group Inc.

Caa1

1,468

1,394

74

Nordstrom, Inc.

Ba1

594

521

73

SLM Corporation

Ba1

552

483

68

Service Properties Trust

B1

434

372

62

Rite Aid Corporation

Caa2

1,908

1,850

58

Liberty Interactive LLC

B2

1,280

1,225

55

Gap, Inc.  (The)

Ba3

656

606

51

Delta Air Lines, Inc.

Baa3

503

453

50

DPL Inc.

Ba1

284

234

50

CDS Spread Decreases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Staples, Inc.

Caa2

1,670

1,729

-59

Wendy's International, LLC

Caa2

254

284

-30

Hasbro, Inc.

Baa2

93

111

-17

Crown Castle Inc.

Baa3

131

146

-15

Emerson Electric Company

A2

44

57

-14

Mattel, Inc.

Ba2

288

302

-14

Sysco Corporation

Baa1

105

118

-13

First Industrial, L.P.

Baa2

165

178

-13

Intuit Inc.

A3

51

63

-12

United States Cellular Corporation

Ba2

240

252

-12

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

2          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS Implied Rating Rises
Issuer

Aug. 31

Aug. 24

Senior Ratings

Coca-Cola HBC Finance B.V .

A1

Baa2

Baa1

Piraeus Financial Holdings S.A.

B2

Caa1

Caa1

UniCredit Bank   Austria  AG

A3

Baa1

Baa1

Alpha Services and Holdings S.A.

Ba3

B1

B3

NXP B.V.

Aa3

A1

Baa3

Deutsche Lufthansa Aktiengesellschaft

B1

B2

Ba2

ASML Holding N.V.

Aa1

Aa2

A2

Wm Morrison Supermarkets Limited

Baa3

Ba1

B1

Vedanta Resources Limited

Caa3

Ca

B3

Novafives S.A.S.

Caa3

Ca

Caa2

CDS Implied Rating Declines
Issuer

Aug. 31

Aug. 24

Senior Ratings

SSE plc

Baa1

A2

Baa1

Orsted A/S

A2

Aa3

Baa1

Deutsche Bank AG

Baa3

Baa2

A2

BNP Paribas

A3

A2

Aa3

Intesa Sanpaolo S.p.A .

Baa3

Baa2

Baa1

HSBC Holdings plc

Baa2

Baa1

A3

Barclays PLC

Baa3

Baa2

Baa2

CaixaBank, S.A.

Baa1

A3

Baa1

Banco Bilbao Vizcaya Argentaria, S.A.

Baa1

A3

A3

Natixis

A3

A2

A1

CDS Spread Increases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Iceland  Bondco plc

Caa2

1,283

1,125

159

Boparan Finance plc

Caa3

2,124

1,981

143

Casino Guichard-Perrachon SA

Caa1

2,965

2,829

136

Ardagh Packaging Finance plc

Caa1

1,113

1,058

56

RCI Banque

Baa2

219

168

50

thyssenkrupp AG

B1

580

543

37

Bankinter, S.A.

Baa1

161

129

32

Centrica plc

Baa2

142

110

32

Sappi Papier Holding GmbH

Ba2

310

278

32

Marks & Spencer p.l.c.

Ba1

417

389

28

CDS Spread Decreases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Piraeus Financial Holdings S.A.

Caa1

571

869

-299

Vedanta Resources Limited

B3

1,441

1,712

-272

Coca-Cola HBC Finance B.V .

Baa1

58

113

-55

Alpha Services and Holdings S.A.

B3

391

426

-36

Wm Morrison Supermarkets Limited

B1

170

181

-11

UniCredit Bank  AG

A2

82

90

-7

UniCredit Bank   Austria  AG

Baa1

74

81

-7

Jaguar Land Rover Automotive Plc

B1

981

987

-6

Greece , Government of

Ba3

161

163

-2

ASML Holding N.V.

A2

35

37

-2

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

3          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

CDS Implied Rating Rises
Issuer

Aug. 31

Aug. 24

Senior Ratings

India , Government of

Baa2

Baa3

Baa3

Commonwealth Bank of Australia

A1

A2

Aa3

Korea  Development Bank

Aa1

Aa2

Aa2

Export-Import Bank of Korea  (The)

Aa1

Aa2

Aa2

Export-Import Bank of China  (The)

A2

A3

A1

Kyushu Electric Power Company, Incorporated

Aaa

Aa1

Baa3

Shinhan Bank

Aa1

Aa2

Aa3

Chubu Electric Power Company, Incorporated

Aaa

Aa1

A3

Kazakhstan , Government of

Ba1

Ba2

Baa2

Woori Bank

Aa1

Aa2

A1

CDS Implied Rating Declines
Issuer

Aug. 31

Aug. 24

Senior Ratings

China , Government of

A3

A2

A1

China  Development Bank

Baa1

A3

A1

Thailand , Government of

A2

A1

Baa1

Japan , Government of

Aaa

Aaa

A1

Australia , Government of

Aaa

Aaa

Aaa

Korea , Government of

Aa1

Aa1

Aa2

Indonesia , Government of

Baa2

Baa2

Baa2

Australia and New Zealand Banking Grp . Ltd.

A1

A1

Aa3

Sumitomo Mitsui  Banking Corporation

Aa3

Aa3

A1

Westpac Banking Corporation

A2

A2

Aa3

CDS Spread Increases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Indonesia , Government of

Baa2

113

107

7

Pakistan , Government of

B3

2,259

2,253

6

Vietnam , Government of

Ba3

135

130

6

China  Development Bank

A1

81

76

5

China , Government of

A1

71

67

4

Philippines , Government of

Baa2

102

98

4

Thailand , Government of

Baa1

60

56

4

Malayan Banking Berhad

A3

92

88

4

Honda Motor Co., Ltd.

A3

41

37

4

Malaysia , Government of

A3

77

74

3

CDS Spread Decreases
Issuer

Senior Ratings

Aug. 31

Aug. 24

Spread Diff

Flex Ltd.

Baa3

96

119

-23

Halyk Savings Bank of Kazakhstan

Ba2

440

461

-20

India , Government of

Baa3

110

126

-16

Development Bank of  Kazakhstan

Baa2

262

277

-15

Export-Import Bank of India

Baa3

97

103

-7

ICICI Bank Limited

Baa3

109

116

-7

Bank of East Asia, Limited

A3

103

109

-6

Telekom Malaysia Berhad

A3

68

74

-6

Suncorp-Metway Limited

A1

86

91

-5

SK Hynix Inc.

Baa2

166

172

-5

Source: Moody's, CMA

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

CDS Spreads

4          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

ISSUANCE

0

700

1,400

2,100

2,800

0

700

1,400

2,100

2,800

Jan Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Issuance ($B)

Issuance ($B)

2018

2019

2020

2021

2022

Source:  

Moody's  / Dealogic

Figure 6. Market Cumulative Issuance - Corporate & Financial Institutions: USD Denominated

0

200

400

600

800

1,000

0

200

400

600

800

1,000

Jan Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Issuance ($B)

Issuance ($B)

2018

2019

2020

2021

2022

Source:  

Moody's / Dealogic

Figure 7. Market Cumulative Issuance - Corporate & Financial Institutions: Euro  Denominated

5          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

3.192

0.000

3.765

Year-to-Date

1,022.541

114.234

1,173.316

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

15.963

0.000

16.209

Year-to-Date

495.813

28.087

532.604

* Difference represents issuance with pending ratings.

Source: Moody's/ Dealogic

USD Denominated

Euro Denominated

Figure 8. Issuance: Corporate & Financial Institutions

EMERGING MARKET CREDIT SPREADS

Emerging Market

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

58

123

201

630

101

158

39

46

>=3 and <5

89

158

300

710

95

130

48

41

>=5 and <7

89

211

359

918

42

96

33

27

>=7

121

244

439

719

122

240

44

26

Emerging Market Sovereign

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

44

78

122

643

25

40

15

23

>=3 and <5

26

96

225

767

29

36

22

22

>=5 and <7

44

161

278

929

19

35

17

26

>=7

71

219

445

719

83

120

37

20

Emerging Market Corporate

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

77

136

306

612

76

118

24

23

>=3 and <5

98

176

422

624

66

94

26

19

>=5 and <7

117

228

495

906

23

61

16

1

>=7

164

280

432

737

39

120

7

6

Source: Moody's

Median Spreads

Bond Counts

Median Spreads

Bond Counts

Figure 9.  Emerging Market Median  OAS

Bond Counts

Median Spreads

6          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

0

600

1,200

1,800

2,400

0

600

1,200

1,800

2,400

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Spread (bp)

Spread (bp)

A

Baa

Ba

B

Source: Moody's

Figure 10: Emerging Markets Median Credit Spreads (3-5 year duration)

MEDIAN CREDIT SPREADS

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

14

44

69

131

273

684

732

>=3 and <5

9

44

92

170

311

701

1,105

>=5 and <7

15

39

115

204

345

562

582

>=7

25

52

132

220

231

220

-

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

319

378

531

332

61

13

4

>=3 and <5

254

305

400

269

45

25

4

>=5 and <7

123

166

221

141

36

9

6

>=7

128

320

468

283

11

2

-

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

32

101

197

183

34

12

2

>=3 and <5

34

92

167

151

31

22

4

>=5 and <7

29

69

115

89

23

8

6

>=7

32

100

149

120

9

1

-

Source: Moody's

Figure 11.  Global Financial Institutions Median Credit Spreads

Median Spreads

Debt Counts

Issuer Counts

7          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

16

33

44

98

247

450

777

>=3 and <5

19

38

66

121

331

554

878

>=5 and <7

31

66

91

164

339

424

699

>=7

75

125

143

205

338

488

-

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

24

104

557

893

156

64

12

>=3 and <5

20

121

511

987

209

199

63

>=5 and <7

8

82

423

830

289

220

42

>=7

46

271

1,547

1,962

149

38

-

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

4

48

282

527

107

46

12

>=3 and <5

5

49

269

567

151

158

59

>=5 and <7

4

36

233

498

203

175

41

>=7

6

50

346

599

79

22

-

Source: Moody's

Issuer Counts

Figure 12.  Global Corporate Median Credit Spreads

Median Spreads

Debt Counts

MEDIAN 5-YEAR CDS SPREADS

 

Global Median Spreads by Fine Rating Category

Aaa

Aa1

Aa2

Aa3

A1

A2

A3

Baa1

Baa2

21

30

43

48

55

62

73

87

102

Baa3

Ba1

Ba2

Ba3

B1

B2

B3

Caa

148

214

310

363

426

499

684

1,504

Global Median Spreads by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

28

43

62

102

310

499

1,283

Global Issuer Counts by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

14

54

177

346

80

50

24

Source: Moody's, CMA

Figure 13.  Global Median CDS Spreads By Rating Category

8          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

29

40

57

93

291

510

790

Europe

13

60

71

112

295

408

1,263

Asia Pacific  (ex.Japan)

23

36

76

102

170

1,284

-

Japan

-

-

30

41

79

57

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

4

23

90

209

50

31

12

Europe

10

31

85

124

22

16

9

Asia Pacific  (ex.Japan)

4

18

32

35

5

2

-

Japan

-

-

33

12

3

1

-

Source: Moody's, CMA

Issuer Counts

Figure 14.  Median CDS Spreads By Region

Median CDS Spreads

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

32

40

52

96

270

456

1,263

Financials

15

48

75

118

248

415

666

Sovereigns

15

22

66

115

205

2,259

3,071

Banks

18

60

80

125

255

391

618

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

4

22

145

318

73

49

21

Financials

14

50

97

75

15

4

3

Banks

4

36

60

30

6

3

2

Sovereigns

10

7

6

13

4

1

1

Source: Moody's, CMA

Issuer Counts

Figure 15.  Global Median CDS Spreads by Sector

Median CDS Spreads

9          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

19

44

74

101

325

-

-

Europe

13

60

79

125

161

391

618

Asia Pacific  (ex.Japan)

23

35

84

110

135

2,259

-

Japan

-

-

46

92

-

-

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

1

12

26

25

5

-

-

Europe

10

25

44

30

3

3

2

Asia Pacific  (ex.Japan)

3

13

15

12

3

1

-

Japan

-

-

11

1

-

-

-

Source: Moody's, CMA

Figure 16.  Global Financial Institutions Median CDS Spreads by Region

Median CDS Spreads

Issuer Counts

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

30

40

51

91

284

510

790

Europe

-

45

59

105

303

425

1,283

Asia Pacific  (ex.Japan)

33

38

71

96

218

308

-

Japan

-

-

30

39

79

57

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

3

11

64

184

45

31

12

Europe

-

6

41

94

19

13

7

Asia Pacific  (ex.Japan)

1

5

17

23

2

1

-

Japan

-

-

22

11

3

1

-

Source: Moody's, CMA

Median CDS Spreads

Issuer Counts

Figure 17.  Global Corporates Median CDS Spreads by Region

10          1 September 2022

Cross-Sector: Market Data Highlights

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www.moodys.com

 under the heading “Investor Relations — Corporate Governance —

Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors
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the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
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Recognized Statistical Rating 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 a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered
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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
stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services
rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000 .
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© 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.
CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT
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11          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

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
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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 information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well
as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However,
MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any
indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any
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Moody’s Investors Service, Inc. , a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most 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, prior to assignment of any credit rating,
agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000 . MCO and Moody’s
Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding
certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly
reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at

www.moodys.com

 under the heading “Investor Relations — Corporate Governance —

Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, 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 (as applicable). This document is intended
to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within 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 the entity you represent will directly or
indirectly disseminate 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 a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s
Overseas Holdings Inc. , a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally
Recognized Statistical Rating 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 a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. 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
stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services
rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000 .
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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The statements contained in this research report are based solely upon the opinions of Moody’s Capital Markets Research, Inc. and the data and information available to the authors
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12          1 September 2022

Cross-Sector: Market Data Highlights

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MOODY'S ANALYTICS

CROSS-SECTOR

REPORT NUMBER

1340935

13          1 September 2022

Cross-Sector: Market Data Highlights