Cross-Sector: Market Data Highlights
CROSS-SECTOR
DATA REPORT
25 August 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. 24
Aug. 17
Senior Ratings
Colgate-Palmolive Company
Aa2
Baa2
Aa3
JPMorgan Chase & Co.
A3
Baa1
A2
Citigroup Inc.
Baa1
Baa2
A3
Morgan Stanley
Baa1
Baa2
A1
AT&T Inc.
Baa2
Baa3
Baa2
Ally Financial Inc.
Ba1
Ba2
Baa3
John Deere Capital Corporation
A2
A3
A2
McDonald's Corporation
Aa1
Aa2
Baa1
HCA Inc.
Baa3
Ba1
Baa3
Occidental Petroleum Corporation
Baa2
Baa3
Ba1
CDS Implied Rating Declines
Issuer
Aug. 24
Aug. 17
Senior Ratings
Motorola Solutions, Inc.
Baa1
A3
Baa3
Boeing Company (The)
Ba1
Baa3
Baa2
Exxon Mobil Corporation
Aa2
Aa1
Aa2
Bristol-Myers Squibb Company
Aa2
Aa1
A2
Johnson & Johnson
Aa1
Aaa
Aaa
Merck & Co., Inc.
A1
Aa3
A1
American Express Company
A2
A1
A2
Cox Communications, Inc.
A2
A1
Baa2
Consolidated Edison Company of New York , Inc.
Baa1
A3
Baa1
PNC Financial Services Group, Inc.
A1
Aa3
A3
CDS Spread Increases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Rite Aid Corporation
Caa2
1,850
1,451
399
Staples, Inc.
Caa2
1,729
1,520
210
Anywhere Real Estate Group LLC
B2
742
604
137
Carnival Corporation
B3
1,068
938
130
United Airlines, Inc.
Ba3
830
727
103
Beazer Homes USA, Inc.
B3
721
618
103
Dish DBS Corporation
B3
1,381
1,289
92
American Airlines Group Inc.
Caa1
1,394
1,306
88
United Airlines Holdings, Inc.
Ba3
888
804
84
Kohl's Corporation
Baa2
458
382
75
CDS Spread Decreases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Colgate-Palmolive Company
Aa3
38
101
-63
Nabors Industries , Inc.
Caa2
634
676
-43
Occidental Petroleum Corporation
Ba1
115
150
-35
TRW Automotive Inc.
Ba1
338
366
-28
Brunswick Corporation
Baa2
156
181
-25
Philip Morris International Inc.
A2
129
152
-23
Travel + Leisure Co.
B1
378
401
-23
Masco Corporation
Baa2
158
180
-22
Eversource Energy
Baa1
95
112
-17
SITE Centers Corp.
Baa3
167
182
-15
Source: Moody's, CMA
CDS Spreads
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
2 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
CDS Implied Rating Rises
Issuer
Aug. 24
Aug. 17
Senior Ratings
Spain , Government of
Aa3
A1
Baa1
CaixaBank, S.A.
A3
Baa1
Baa1
UniCredit Bank AG
Baa1
Baa2
A2
Swedbank AB
A2
A3
Aa3
Alpha Services and Holdings S.A.
B1
B2
B3
Hamburg Commercial Bank AG
Ba1
Ba2
Baa1
National Bank of Greece S.A.
B1
B2
B1
Banco BPI S.A.
Baa2
Baa3
Baa2
Novo Banco, S.A.
Baa3
Ba1
B3
Schneider Electric SE
Aa1
Aa2
A3
CDS Implied Rating Declines
Issuer
Aug. 24
Aug. 17
Senior Ratings
ABN AMRO Bank N.V.
A2
A1
A1
Standard Chartered PLC
Baa2
Baa1
A3
Credit Agricole S.A.
A2
A1
Aa3
ING Bank N.V.
Aa3
Aa2
A1
Banque Federative du Credit Mutuel
A3
A2
Aa3
ING Groep N.V.
Baa1
A3
Baa1
Commerzbank AG
Baa2
Baa1
A2
Lloyds Bank plc
A2
A1
A1
Dexia Credit Local
Aa2
Aa1
Baa3
Santander UK plc
A3
A2
A1
CDS Spread Increases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Novafives S.A.S.
Caa2
1,574
1,241
333
Casino Guichard-Perrachon SA
Caa1
2,829
2,620
208
Jaguar Land Rover Automotive Plc
B1
987
839
148
Ardagh Packaging Finance plc
Caa1
1,058
921
137
Boparan Finance plc
Caa3
1,981
1,846
135
Iceland Bondco plc
Caa2
1,125
1,037
87
thyssenkrupp AG
B1
543
491
52
Marks & Spencer p.l.c.
Ba1
389
343
47
Renault S.A.
Ba2
345
309
36
Deutsche Lufthansa Aktiengesellschaft
Ba2
453
418
36
CDS Spread Decreases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Vedanta Resources Limited
B3
1,712
1,920
-208
Vue International Bidco plc
C
640
764
-124
Evonik Industries AG
Baa2
109
124
-14
Sappi Papier Holding GmbH
Ba2
278
286
-8
Stagecoach Group Plc
Baa3
197
204
-7
Hamburg Commercial Bank AG
Baa1
232
236
-4
3i Group plc
Baa1
88
91
-4
BAWAG P.S.K. AG
A2
107
110
-3
Avon Products, Inc.
Ba3
330
333
-3
Permanent tsb p.l.c.
Baa2
213
217
-3
Source: Moody's, CMA
CDS Spreads
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
3 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
CDS Implied Rating Rises
Issuer
Aug. 24
Aug. 17
Senior Ratings
China , Government of
A2
A3
A1
Korea , Government of
Aa1
Aa2
Aa2
China Development Bank
A3
Baa1
A1
Westpac Banking Corporation
A2
A3
Aa3
National Australia Bank Limited
A2
A3
Aa3
Thailand , Government of
A1
A2
Baa1
Australia and New Zealand Banking Grp . Ltd.
A1
A2
Aa3
New Zealand , Government of
Aaa
Aa1
Aaa
Singapore , Government of
Aaa
Aa1
Aaa
Suncorp-Metway Limited
Baa1
Baa2
A1
CDS Implied Rating Declines
Issuer
Aug. 24
Aug. 17
Senior Ratings
India , Government of
Baa3
Baa2
Baa3
Export-Import Bank of India
Baa2
Baa1
Baa3
Telekom Malaysia Berhad
A3
A2
A3
Japan , Government of
Aaa
Aaa
A1
Australia , Government of
Aaa
Aaa
Aaa
Indonesia , Government of
Baa2
Baa2
Baa2
Sumitomo Mitsui Banking Corporation
Aa3
Aa3
A1
Commonwealth Bank of Australia
A2
A2
Aa3
Philippines , Government of
Baa2
Baa2
Baa2
Korea Development Bank
Aa2
Aa2
Aa2
CDS Spread Increases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Pakistan , Government of
B3
2,253
1,748
505
SoftBank Group Corp.
Ba3
471
428
44
Reliance Industries Limited
Baa2
113
95
18
India , Government of
Baa3
126
109
17
ICICI Bank Limited
Baa3
116
99
17
State Bank of India
Baa3
116
101
16
Export-Import Bank of India
Baa3
103
88
15
IDBI Bank Ltd
Ba2
117
102
15
Tenaga Nasional Berhad
A3
77
66
11
Telekom Malaysia Berhad
A3
74
63
11
CDS Spread Decreases
Issuer
Senior Ratings
Aug. 24
Aug. 17
Spread Diff
Development Bank of Kazakhstan
Baa2
277
290
-13
Flex Ltd.
Baa3
119
129
-9
SK Hynix Inc.
Baa2
172
179
-7
Thailand , Government of
Baa1
56
62
-6
Suncorp-Metway Limited
A1
91
97
-6
China , Government of
A1
67
69
-3
China Development Bank
A1
76
79
-3
Korea Expressway Corporation
Aa2
42
45
-3
Tata Motors Limited
B1
310
313
-3
Korea , Government of
Aa2
32
34
-2
Source: Moody's, CMA
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
CDS Spreads
4 25 August 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 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Investment-Grade
High-Yield
Total*
Amount
Amount
Amount
$B
$B
$B
Weekly
23.264
5.175
28.912
Year-to-Date
1,019.349
114.234
1,169.551
Investment-Grade
High-Yield
Total*
Amount
Amount
Amount
$B
$B
$B
Weekly
14.477
0.000
14.518
Year-to-Date
479.850
28.087
516.395
* 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
70
127
215
659
105
160
40
47
>=3 and <5
89
160
317
756
97
135
48
43
>=5 and <7
88
212
390
912
41
99
32
29
>=7
126
251
416
731
123
242
45
25
Emerging Market Sovereign
Duration
A
Baa
Ba
B
A
Baa
Ba
B
>=1 and <3
41
88
136
679
24
40
15
24
>=3 and <5
28
103
236
770
30
39
22
23
>=5 and <7
40
146
294
925
18
36
16
27
>=7
84
221
431
731
84
122
38
19
Emerging Market Corporate
Duration
A
Baa
Ba
B
A
Baa
Ba
B
>=1 and <3
80
135
293
616
81
120
25
23
>=3 and <5
101
176
426
614
67
96
26
20
>=5 and <7
130
232
468
647
23
63
16
2
>=7
167
277
401
733
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 25 August 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
15
60
79
139
275
722
764
>=3 and <5
12
51
97
169
308
796
717
>=5 and <7
23
48
133
205
351
547
543
>=7
34
54
115
230
237
220
-
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
433
382
521
336
63
13
3
>=3 and <5
274
314
394
273
46
25
5
>=5 and <7
129
162
211
142
37
9
6
>=7
139
323
576
288
11
2
-
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
30
100
196
183
34
12
2
>=3 and <5
34
93
164
153
32
22
4
>=5 and <7
28
68
107
89
24
8
6
>=7
33
101
151
121
9
1
-
Source: Moody's
Figure 11. Global Financial Institutions Median Credit Spreads
Median Spreads
Debt Counts
Issuer Counts
7 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
20
43
56
109
247
469
727
>=3 and <5
26
45
66
132
317
573
887
>=5 and <7
55
82
97
171
327
401
707
>=7
85
132
149
214
334
492
-
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
24
107
550
904
156
64
11
>=3 and <5
20
120
512
992
213
199
61
>=5 and <7
8
82
418
820
279
221
46
>=7
46
264
1,496
1,941
153
39
-
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
4
49
279
531
104
46
11
>=3 and <5
5
48
269
569
153
157
55
>=5 and <7
4
35
232
489
200
177
44
>=7
6
50
341
596
82
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
41
47
54
61
73
86
103
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
Caa
146
209
298
346
402
466
636
1,389
Global Median Spreads by Broad Rating Category
Aaa
Aa
A
Baa
Ba
B
Caa
26
41
61
103
298
466
1,183
Global Issuer Counts by Broad Rating Category
Aaa
Aa
A
Baa
Ba
B
Caa
11
50
172
345
80
49
24
Source: Moody's, CMA
Figure 13. Global Median CDS Spreads By Rating Category
8 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
27
39
56
91
277
486
778
Europe
12
56
67
107
284
418
1,125
Asia Pacific (ex.Japan)
24
38
76
107
157
1,282
-
Japan
-
-
31
41
83
59
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
4
20
87
208
50
30
12
Europe
7
30
83
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
29
39
50
94
252
443
1,161
Financials
15
48
72
116
240
426
869
Sovereigns
15
21
59
110
202
2,253
3,016
Banks
15
58
75
118
252
426
764
Sector
Aaa
Aa
A
Baa
Ba
B
Caa
Corporates
4
22
143
317
73
48
21
Financials
11
46
94
75
15
4
3
Banks
1
33
58
30
6
3
2
Sovereigns
10
7
6
13
4
1
1
Source: Moody's, CMA
Figure 15. Global Median CDS Spreads by Sector
Median CDS Spreads
Issuer Counts
9 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
19
41
71
104
302
-
-
Europe
12
58
75
118
163
426
764
Asia Pacific (ex.Japan)
24
38
85
111
130
2,253
-
Japan
-
-
46
93
-
-
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
1
9
25
25
5
-
-
Europe
7
24
42
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
28
38
50
89
252
486
778
Europe
-
44
56
102
293
410
1,183
Asia Pacific (ex.Japan)
29
38
74
103
204
310
-
Japan
-
-
30
41
83
59
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
3
11
62
183
45
30
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 25 August 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.
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,
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FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S
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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 25 August 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 25 August 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
REPORT NUMBER
1340371
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Cross-Sector: Market Data Highlights
