Cross-Sector: Market Data Highlights
CROSS-SECTOR
DATA REPORT
1 September 2022
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Cross-Sector
Market Data Highlights
The latest market data from Weekly Market Outlook. Click
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.
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
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
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
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
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
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
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
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
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
MOODY'S ANALYTICS
CROSS-SECTOR
© 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.
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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 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
such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or
damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of 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 liability for any direct or compensatory
losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the
avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,
representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
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 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
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.
© 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
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
11 1 September 2022
Cross-Sector: Market Data Highlights
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
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 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
such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or
damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of 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 liability for any direct or compensatory
losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the
avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,
representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
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 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
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.
For Publications Issued by Moody’s Capital Markets Research, Inc. only:
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
at the time of publication of this report. There is no assurance that any predicted results will actually occur. Past performance is no guarantee of future results.
The analysis in this report has not been made available to any issuer prior to publication.
When making an investment decision, investors should use additional sources of information and consult with their investment advisor. Investing in securities involves certain risks
including possible fluctuations in investment return and loss of principal. Investing in bonds presents additional risks, including changes in interest rates and credit risk.
Moody's Capital Markets Research, Inc. , is a subsidiary of MCO. Please note that Moody’s Analytics, Inc. , an affiliate of Moody’s Capital Markets Research, Inc. and a subsidiary of
MCO, provides a wide range of research and analytical products and services to corporations and participants in the financial markets. Customers of Moody’s Analytics, Inc. may
include companies mentioned in this report. Please be advised that a conflict may exist and that any investment decisions you make are your own responsibility. The Moody’s
Analytics logo is used on certain Moody’s Capital Markets Research, Inc. products for marketing purposes only. Moody’s Analytics, Inc. is a separate company from Moody’s Capital
Markets Research, Inc.
12 1 September 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
REPORT NUMBER
1340935
13 1 September 2022
Cross-Sector: Market Data Highlights
