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Moody's assigns provisional ratings to prime RMBS issued by OBX 2021-J1

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Rating Action: Moody's assigns provisional ratings to prime RMBS issued by OBX 2021-J1Global Credit Research - 22 Apr 2021New York, April 22, 2021 -- Moody's Investors Service, ("Moody's") has assigned provisional ratings to fifty-eight classes of residential mortgage-backed securities (RMBS) issued by OBX 2021-J1. The ratings range from (P)Aaa (sf) to (P)B2 (sf).OBX 2021-J1 is a securitization of prime residential mortgages. The pool is comprised of 367 loans, of which there are 366 30-year and one 28-year fixed rate mortgage.This transaction represents the first prime jumbo issuance by Onslow Bay Financial LLC (the sponsor). The transaction includes 367 fixed rate, first lien mortgages with an aggregate loan balance of approximately $353,840,244. The pool consists of 100% non -conforming mortgage loans. The mortgage loans for this transaction have been acquired by the sponsor and the seller, Onslow Bay Financial LLC, from Bank of America, National Association (BANA). BANA acquired the mortgage loans through its whole loan purchase program from various originators. Approximately, 94.2% of the loans in the pool were underwritten to BANA whole loan purchase program's guidelines, and the remaining 5.8% were underwritten to loanDepot's guidelines. All the loans are designated as safe harbor qualified mortgages (QM) and meet Appendix Q to the QM rules. Shellpoint Mortgage Servicing (SMS) will service the loans and Wells Fargo Bank, N.A. (Aa2) will be the master servicer. SMS will be responsible for advancing principal and interest and other corporate advances, with the master servicer backing up SMS' advancing obligations if SMS cannot fulfill them.Three third-party review (TPR) firms verified the accuracy of the loan level information that we received from the sponsor. These firms conducted detailed credit, property valuation, data accuracy and compliance reviews on 100% of the mortgage loans in the collateral pool. The TPR results indicate that there are no material compliance, credit, or data issues and no appraisal defects.We analyzed the underlying mortgage loans using Moody's Individual Loan Analysis (MILAN) model. We also compared the collateral pool to other prime jumbo securitizations. In addition, we adjusted our expected losses based on qualitative attributes, including the financial strength of the representation and warranties (R&W) provider and TPR results.OBX 2021-J1 has a shifting interest structure in which subordinates will receive no unscheduled principal payment (prepayment) during the first five years, which protects and accelerates the pay-down of the senior classes and therefore protects the senior classes from losses. The transaction also has a senior subordination floor and a subordination lockout percentage, which accelerates the pay-down of the senior and senior subordinate classes if losses exceed certain thresholds.The complete rating actions are as follows:Issuer: OBX 2021-J1Cl. A-1, Assigned (P)Aaa (sf)Cl. A-2, Assigned (P)Aaa (sf)Cl. A-3, Assigned (P)Aaa (sf)Cl. A-4, Assigned (P)Aaa (sf)Cl. A-5, Assigned (P)Aaa (sf)Cl. A-6, Assigned (P)Aaa (sf)Cl. A-7, Assigned (P)Aaa (sf)Cl. A-8, Assigned (P)Aaa (sf)Cl. A-9, Assigned (P)Aaa (sf)Cl. A-10, Assigned (P)Aaa (sf)Cl. A-11, Assigned (P)Aaa (sf)Cl. A-12, Assigned (P)Aaa (sf)Cl. A-13, Assigned (P)Aaa (sf)Cl. A-14, Assigned (P)Aaa (sf)Cl. A-15, Assigned (P)Aaa (sf)Cl. A-16, Assigned (P)Aaa (sf)Cl. A-17, Assigned (P)Aaa (sf)Cl. A-18, Assigned (P)Aaa (sf)Cl. A-19, Assigned (P)Aaa (sf)Cl. A-20, Assigned (P)Aaa (sf)Cl. A-21, Assigned (P)Aaa (sf)Cl. A-22, Assigned (P)Aaa (sf)Cl. A-23, Assigned (P)Aaa (sf)Cl. A-24, Assigned (P)Aaa (sf)Cl. A-IO1*, Assigned (P)Aaa (sf)Cl. A-IO2*, Assigned (P)Aaa (sf)Cl. A-IO3*, Assigned (P)Aaa (sf)Cl. A-IO4*, Assigned (P)Aaa (sf)Cl. A-IO5*, Assigned (P)Aaa (sf)Cl. A-IO6*, Assigned (P)Aaa (sf)Cl. A-IO7*, Assigned (P)Aaa (sf)Cl. A-IO8*, Assigned (P)Aaa (sf)Cl. A-IO9*, Assigned (P)Aaa (sf)Cl. A-IO10*, Assigned (P)Aaa (sf)Cl. A-IO11*, Assigned (P)Aaa (sf)Cl. A-IO12*, Assigned (P)Aaa (sf)Cl. A-IO13*, Assigned (P)Aaa (sf)Cl. A-IO14*, Assigned (P)Aaa (sf)Cl. A-IO15*, Assigned (P)Aaa (sf)Cl. A-IO16*, Assigned (P)Aaa (sf)Cl. A-IO17*, Assigned (P)Aaa (sf)Cl. A-IO18*, Assigned (P)Aaa (sf)Cl. A-IO19*, Assigned (P)Aaa (sf)Cl. A-IO20*, Assigned (P)Aaa (sf)Cl. A-IO21*, Assigned (P)Aaa (sf)Cl. A-IO22*, Assigned (P)Aaa (sf)Cl. A-IO23*, Assigned (P)Aaa (sf)Cl. A-IO24*, Assigned (P)Aaa (sf)Cl. A-IO25*, Assigned (P)Aaa (sf)Cl. B-1, Assigned (P)Aa3 (sf)Cl. B-IO1*, Assigned (P)Aa3 (sf)Cl. B-1A, Assigned (P)Aa3 (sf)Cl. B-2, Assigned (P)A3 (sf)Cl. B-IO2*, Assigned (P)A3 (sf)Cl. B-2A, Assigned (P)A3 (sf)Cl. B-3, Assigned (P)Baa3 (sf)Cl. B-4, Assigned (P)Ba2 (sf)Cl. B-5, Assigned (P)B2 (sf)*Reflects Interest-Only ClassesRATINGS RATIONALESummary Credit Analysis and Rating RationaleMoody's expected loss for this pool in a baseline scenario is 0.22% at the mean, 0.10% at the median, and reaches 2.59% at a stress level consistent with our Aaa ratings.The coronavirus pandemic has had a significant impact on economic activity. Although global economies have shown a remarkable degree of resilience to date and are returning to growth, the uneven effects on individual businesses, sectors and regions will continue throughout 2021 and will endure as a challenge to the world's economies well beyond the end of the year. While persistent virus fears remain the main risk for a recovery in demand, the economy will recover faster if vaccines and further fiscal and monetary policy responses bring forward a normalization of activity. As a result, there is a heightened degree of uncertainty around our forecasts. Our analysis has considered the effect on the performance of consumer assets from a gradual and unbalanced recovery in U.S. economic activity.We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.We increased our model-derived median expected losses by 10.0% (6.0% for the mean) and our Aaa losses by 2.5% to reflect the likely performance deterioration resulting from a slowdown in US economic activity in 2020 due to the coronavirus outbreak. These adjustments are lower than the 15% median expected loss and 5% Aaa loss adjustments we made on pools from deals issued after the onset of the pandemic until February 2021. Our reduced adjustments reflect the fact that the loan pool in this deal does not contain any loans to borrowers who are not currently making payments. For newly originated loans, post-COVID underwriting takes into account the impact of the pandemic on a borrower's ability to repay the mortgage. For seasoned loans, as time passes, the likelihood that borrowers who have continued to make payments throughout the pandemic will now become non-cash flowing due to COVID-19 continues to decline.We base our ratings on the certificates on the credit quality of the mortgage loans, the structural features of the transaction, our assessments of the origination quality and servicing arrangement, the strength of the third-party due diligence and the R&W framework of the transaction.Collateral DescriptionWe assessed the collateral pool as of the cut-off date of April 1, 2021. OBX 2021-J1 is a securitization of 367 prime residential mortgage loans with an aggregate principal balance of approximately $353,840,244. The pool comprises 366 30-year and one 28-year fixed rate mortgages.Overall, the credit quality of the mortgage loans backing this transaction is similar to recently-issued prime jumbo transactions. The WA FICO for the aggregate pool is 779 with a WA LTV of 63.3% and WA CLTV of 63.1%. Approximately 16.7% (by loan balance) of the pool has a LTV ratio greater than 75%. High LTV loans generally have a higher probability of default and higher loss severity compared to lower LTV loans. There is no loan in the pool having LTV greater than 80%.Exterior-only appraisals: In response to the COVID-19 national emergency, many originators/aggregators have temporarily transitioned to allowing exterior-only appraisals, instead of a full interior and exterior inspection of the subject property, on many mortgage transactions. There are 7 loans in the pool, 1.73% by aggregate loan balance, that do not have a full appraisal that includes an exterior and an interior inspection of the property. Instead, these loans have an exterior-only appraisal. We did not make any adjustments to our losses for such loans primarily because of strong credit characteristics such as high FICO score, low LTV and DTI ratios, and significant liquid cash reserves and because such loans comprise a de minimis percentage of loan pool, by loan balance. In addition, none of these borrowers have any prior history of delinquency.Loans with delinquency and forbearance history: As of the cut-off date, no borrower under any mortgage loan is currently in an active COVID-19 related forbearance plan. None of the borrowers have previously entered into a COVID-19 related forbearance plan. In the event that after the cut-off date a borrower enters into or requests an active COVID-19 related forbearance plan, such loan will remain in the mortgage pool and the servicer will be required to make advances in respect of delinquent interest and principal (as well as other servicing advances) on such mortgage loan during the forbearance period (to the extent such advances are deemed recoverable) and the loan will be considered delinquent for all purposes under the transaction documents. There were four borrowers reported with recent 30-day delinquency, of which three were due to borrower confusion under servicing transfer, and one was due to borrower paid an incorrect amount but corrected afterwards.Origination Quality and Underwriting GuidelinesThere are 11 originators in the transaction. The largest originators in the pool with more than 10% by loan balance are Guaranteed Rate (31.0%), Guild Mortgage Company LLC (16.7%) and Fairway Independent Mortgage Corporation (13.5%).The seller, Onslow Bay Financial LLC, acquired the mortgage loans from Bank of America, National Association (BANA). As of the cut-off date, approximately 94.2% of the mortgage loans (by loan balance) were acquired by BANA from various mortgage loan originators or sellers through Bank of America whole loan purchase program, and the remaining 5.8% were underwritten to loanDepot's guidelines. These mortgage loans have principal balances in excess of the requirements for purchase by Fannie Mae and Freddie Mac (i.e. 100% of the loans in the pool are prime jumbo loans) and were generally acquired pursuant to the underwriting criteria of BANA whole loan purchase program. In addition, approximately 5.8% of the mortgage loans (by loan balance) were acquired by BANA but originated pursuant to the guidelines of loanDepot. The BANA acquisition criteria does not apply to the eligibility criteria, underwriting, or origination or acquisition of these mortgage loans.We increased our base case and Aaa loss expectations for all loans underwritten to BANA whole loan purchase program, which include loans originated by Guaranteed Rate, Guild Mortgage Company LLC and Fairway Independent Mortgage Corporation, because we do not have performance available for the jumbo loans underwritten to BANA guidelines and securitized through OBX platform, and we have been considering such mortgage loans to have been acquired to slightly less conservative prime jumbo underwriting standards. We did not make any adjustments to our loss levels for loans originated by loanDepot as these loans were underwritten to its own guidelines. We considered loanDepot's performance history and risk management as adequate.Servicing arrangementShellpoint Mortgage Servicing (SMS) will service all the mortgage loans in the transaction. Wells Fargo Bank, N.A. (Wells Fargo) will serve as the master servicer.Shellpoint is generally obligated to fund monthly advances of cash (to the extent such advances are deemed recoverable) and to make interest payments to compensate in part for any shortfall in interest payments due to prepayment of the mortgage loans. The master servicer will monitor the performance of the servicer and will be obligated to fund any required advance and interest shortfall payments if a servicer fails in its obligation to do so.As of the cut-off date, no borrower under any mortgage loan is currently in an active COVID-19 related forbearance plan with the servicer. None of the borrowers of the mortgage loans (by aggregate loan balance as of the cut-off date) have previously entered into a COVID-19 related forbearance plan with the servicer. In the event that after the cut-off date a borrower enters into or requests an active COVID-19 related forbearance plan, such mortgage loan will remain in the mortgage pool and the servicer will be required to make advances in respect of delinquent interest and principal (as well as other servicing advances) on such mortgage loan during the forbearance period (to the extent such advances are deemed recoverable) and the mortgage loan will be considered delinquent for all purposes under the transaction documents. At the end of the forbearance period, as with any other modification, to the extent the related borrower is not able to make a lump sum payment of the forborne amount, the servicer may, subject to the servicing matrix, offer the borrower a repayment plan, enter into a modification with the borrower (including a modification to defer the forborne amounts) or utilize any other loss mitigation option permitted under the pooling and servicing agreement.Wells Fargo provides oversight of the servicer. We consider the presence of a strong master servicer to be a mitigant for any servicing disruptions. Our evaluation of Wells Fargo as a master servicer takes into account the bank's strong reporting and remittance procedures, servicer compliance and monitoring capabilities and servicing stability. Wells Fargo's oversight encompasses loan administration, default administration, compliance and cash management.Third Party ReviewThree independent third party review (TPR) firms, Clayton Services LLC (Clayton), Wipro Opus Risk Solutions, LLC (Opus), and Consolidated Analytics, Inc. (Consolidated Analytics), reviewed 100% of the loans in this transaction for credit, regulatory compliance, appraisal, and data integrity. The TPR results indicate that the majority of reviewed loans were in compliance with respective originators' underwriting guidelines, no material compliance or data issues, and no appraisal defects.For property valuation, the TPR firms identified all loans as either A or B level grades. There were 6 loans with B grades for appraisal review and majority of these B grades were due to exterior-only appraisals done instead of a full appraisal.For credit review, the TPR firms identified mostly A and B level grades in its review, with no C or D level grades. The credit exceptions had documented compensating factors such as high FICOs, low LTVs, low DTIs, high reserves, and long stable employment history.For compliance review, the TPR firms identified mostly A and B level grades in its review, with no C or D level grades. The identified compliance exceptions were primarily related to incorrect Right of Rescission form used and missing affiliated business disclosures. We did not make any adjustments to our credit enhancement due to regulatory compliance issues because we did not view the compliance exceptions as material.Representations and Warranties FrameworkEach originator will provide comprehensive loan level reps and warranties for their respective loans. BANA will assign each originator's R&W to the seller, who will in turn assign to the depositor, which will assign to the trust. To mitigate the potential concerns regarding the originators' ability to meet their respective R&W obligations, Onslow Bay Financing LLC (the seller) will backstop the R&Ws for all originator's loans. The R&W provider's obligation to backstop third party R&Ws will terminate 5 years after the closing date, subject to certain performance conditions. The R&W provider will also provide the gap reps. We considered the R&W framework in our analysis and found it to be adequate. We therefore did not make any adjustments to our losses based on the strength of the R&W framework.The R&W framework is adequate in part because the results of the independent TPRs revealed a high level of compliance with underwriting guidelines and regulations, as well as overall adequate appraisal quality. These results give us a clear indication that the loans do not breach the R&Ws the originators have made and that the originators are unlikely to face any material repurchase requests in the future. The loan-level R&Ws are strong and, in general, either meet or exceed the baseline set of credit-neutral R&Ws we identified for US RMBS. Among other considerations, the R&Ws address property valuation, underwriting, fraud, data accuracy, regulatory compliance, the presence of title and hazard insurance, the absence of material property damage, and the enforceability of the mortgage.In a continued effort to focus breach reviews on loans that are more likely to contain origination defects that led to or contributed to the delinquency of the loan, an additional carve out has been in recent transactions we have rated from other issuers relating to the delinquency review trigger. Similarly, in this transaction, exceptions exist for certain excluded disaster mortgage loans that trip the delinquency trigger. These excluded disaster loans include COVID-19 forbearance loans.Tail Risk & Subordination FloorThe transaction cash flows follow a shifting interest structure that allows subordinated bonds to receive principal payments under certain defined scenarios. Because a shifting interest structure allows subordinated bonds to pay down over time as the loan pool shrinks, senior bonds are exposed to increased performance volatility, known as tail risk. The transaction provides for a senior subordination floor of 1.25% of the closing pool balance, which mitigates tail risk by protecting the senior bonds from eroding credit enhancement over time. Additionally, there is a subordination lock-out amount which is 1.25% of the cut-off pool balance.Other ConsiderationsIn OBX 2021-J1, the controlling holder has the option to hire at its own expense the independent reviewer upon the occurrence of a review event. If there is no controlling holder (no single entity holds a majority of the Class Principal Amount of the most subordinate class of certificates outstanding), the trustee shall, upon receipt of a direction of the certificate holders of more than 25% of the aggregate voting interest of all certificates and upon receipt of the deposit, appoint an independent reviewer at a cost to the trust. However, if the controlling holder does not hire the independent reviewer, the holders of more than 50% of the aggregate voting interests of all outstanding certificates may direct (at their expense) the trustee to appoint an independent reviewer. In this transaction, the controlling holder can be the depositor or a seller (or an affiliate of these parties). If the controlling holder is affiliated with the depositor, seller or Sponsor, then the controlling holder may not be motivated to discover and enforce R&W breaches for which its affiliate is responsible.The servicer will not commence foreclosure proceedings on a mortgage loan unless the servicer has notified the controlling holder at least five business days in advance of the foreclosure and the controlling holder has not objected to such action. If the controlling holder objects, the servicer has to obtain three appraisals from the appraisal firms as listed in the pooling and servicing agreement. The cost of the appraisals is borne by the controlling holder. The controlling holder will be required to purchase such mortgage loan at a price equal to the highest of the three appraisals plus accrued and unpaid interest on such mortgage loan as of the purchase date. If the servicer cannot obtain three appraisals there are alternate methods for determining the purchase price. If the controlling holder fails to purchase the mortgage loan within the time frame, the controlling holder forfeits any foreclosure rights thereafter. We consider this credit neutral because a) the appraiser is chosen by the servicer from the approved list of appraisers, b) the fair value of the property is decided by the servicer, based on third party appraisals, and c) the controlling holder will pay the fair price and accrued interest.Factors that would lead to an upgrade or downgrade of the ratings:DownLevels of credit protection that are insufficient to protect investors against current expectations of loss could drive the ratings down. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults or deterioration in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud.UpLevels of credit protection that are higher than necessary to protect investors against current expectations of loss could drive the ratings up. Losses could decline from Moody's original expectations as a result of a lower number of obligor defaults or appreciation in the value of the mortgaged property securing an obligor's promise of payment. Transaction performance also depends greatly on the US macro economy and housing market.MethodologyThe principal methodology used in rating all classes except interest-only classes was "Moody's Approach to Rating US RMBS Using the MILAN Framework" published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303. The methodologies used in rating interest-only classes were "Moody's Approach to Rating US RMBS Using the MILAN Framework" published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1201303 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1279217 .The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Vincent Lai Associate Analyst Structured Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Sonny Weng Vice President - Senior Analyst Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 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. 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