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Operating Lease and Pension Interest Rates - December 2020

·30 min read

<!DOCTYPE html> <html lang="" xml:lang=""> <head> <title>DOCUMENT SUBTYPE</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <meta name="generator" content="pdftohtml 0.36"/> <meta name="author" content="Josh Hardin"/> <meta name="keywords" content=""/> <meta name="date" content="2021-01-06T17:48:57+00:00"/> <meta name="subject" content=""/> <style type="text/css"> <!-- .xflip { -moz-transform: scaleX(-1); -webkit-transform: scaleX(-1); -o-transform: scaleX(-1); transform: scaleX(-1); filter: fliph; } .yflip { -moz-transform: scaleY(-1); -webkit-transform: scaleY(-1); -o-transform: scaleY(-1); transform: scaleY(-1); filter: flipv; } .xyflip { -moz-transform: scaleX(-1) scaleY(-1); -webkit-transform: scaleX(-1) scaleY(-1); -o-transform: scaleX(-1) scaleY(-1); transform: scaleX(-1) scaleY(-1); filter: fliph + flipv; } --> </style> </head> <body bgcolor="#A0A0A0" vlink="blue" link="blue"> <!-- Page 1 --> <a name="1"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft00{font-size:10px;font-family:Times;color:#ffffff;} .ft01{font-size:10px;font-family:Times;color:#000000;} .ft02{font-size:25px;font-family:Times;color:#0090c5;} .ft03{font-size:16px;font-family:Times;color:#0090c5;} .ft04{font-size:16px;font-family:Times;color:#0090c5;} .ft05{font-size:11px;font-family:Times;color:#ffffff;} .ft06{font-size:10px;font-family:Times;color:#0090c5;} .ft07{font-size:8px;font-family:Times;color:#000000;} .ft08{font-size:31px;font-family:Times;color:#000000;} .ft09{font-size:29px;font-family:Times;color:#000000;} .ft010{font-size:13px;font-family:Times;color:#000000;} .ft011{font-size:16px;font-family:Times;color:#4f81bc;} .ft012{font-size:11px;font-family:Times;color:#000000;} .ft013{font-size:14px;font-family:Times;color:#ffffff;} .ft014{font-size:14px;font-family:Times;color:#000000;} .ft015{font-size:14px;font-family:Times;color:#000000;} .ft016{font-size:10px;font-family:Times;color:#0090c5;} .ft017{font-size:11px;font-family:Times;color:#0090c5;} .ft018{font-size:4px;font-family:Times;color:#0090c5;} .ft019{font-size:11px;font-family:Times;color:#0078bd;} .ft020{font-size:10px;font-family:Times;color:#0000ff;} .ft021{font-size:10px;font-family:Times;color:#7b797b;} .ft022{font-size:10px;line-height:15px;font-family:Times;color:#000000;} .ft023{font-size:8px;line-height:13px;font-family:Times;color:#000000;} .ft024{font-size:13px;line-height:26px;font-family:Times;color:#000000;} .ft025{font-size:10px;line-height:19px;font-family:Times;color:#0090c5;} .ft026{font-size:10px;line-height:14px;font-family:Times;color:#0090c5;} --> </style> <div id="page1-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1259907001.png" alt="background image"/> <p style="position:absolute;top:32px;left:257px;white-space:nowrap" class="ft00">&#160;</p> <p style="position:absolute;top:1140px;left:229px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:230px;left:52px;white-space:nowrap" class="ft02"><b>MARKET&#160;&#160;</b></p> <p style="position:absolute;top:260px;left:52px;white-space:nowrap" class="ft02"><b>OUTLOOK&#160;</b></p> <p style="position:absolute;top:292px;left:52px;white-space:nowrap" class="ft03"><i><b>Operating&#160;Leases&#160;</b></i></p> <p style="position:absolute;top:313px;left:52px;white-space:nowrap" class="ft03"><i><b>&#160;-&#160;Monthly</b></i><b>&#160;</b></p> <p style="position:absolute;top:33px;left:52px;white-space:nowrap" class="ft05"><chron>JANUARY&#160;6,&#160;2021</chron>&#160;</p> <p style="position:absolute;top:48px;left:52px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:62px;left:52px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:123px;left:52px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:169px;left:52px;white-space:nowrap" class="ft022">&#160;<br/>&#160;</p> <p style="position:absolute;top:25px;left:710px;white-space:nowrap" class="ft06"><b>CAPI&#160;TAL&#160;&#160;MARKETS&#160;RESEARCH&#160;</b></p> <p style="position:absolute;top:38px;left:548px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:1078px;left:38px;white-space:nowrap" class="ft023">Moody’s&#160;Analytics markets&#160;and&#160;distributes all&#160;Moody’s&#160;Capital&#160;Markets&#160;Research,&#160;Inc.&#160;&#160;materials.&#160;&#160;Moody’s&#160;Capital&#160;Markets&#160;Research,&#160;Inc&#160;&#160;is&#160;&#160;a&#160;subsidiary&#160;of&#160;Moody’s&#160;Corporation.&#160;&#160;Moody’s&#160;<br/>Analytics&#160;&#160;does&#160;not&#160;provide&#160;investment&#160;&#160;advisory&#160;services&#160;&#160;or&#160;products.&#160;For&#160;further&#160;&#160;detail,&#160;please see&#160;the last&#160;page.&#160;</p> <p style="position:absolute;top:242px;left:229px;white-space:nowrap" class="ft08">Operating&#160;Lease and&#160;Pension&#160;Interest&#160;Rates</p> <p style="position:absolute;top:244px;left:766px;white-space:nowrap" class="ft09">&#160;</p> <p style="position:absolute;top:297px;left:229px;white-space:nowrap" class="ft010">&#160;</p> <p style="position:absolute;top:325px;left:229px;white-space:nowrap" class="ft011"><b>Operating&#160;Lease and&#160;Pension&#160;Interest&#160;Rates&#160;Used in&#160;Standard&#160;Adjustments&#160;&#160;</b></p> <p style="position:absolute;top:346px;left:229px;white-space:nowrap" class="ft012">-&#160;Report&#160;Date:&#160;December&#160;31,&#160;2020&#160;</p> <p style="position:absolute;top:370px;left:229px;white-space:nowrap" class="ft010">Median&#160;yields&#160;for&#160;regular&#160;coupon&#160;(no&#160;zero&#160;coupons&#160;or&#160;floating&#160;rate)&#160;bonds&#160;rated&#160;by&#160;Moody’s&#160;with&#160;maturities&#160;</p> <p style="position:absolute;top:387px;left:229px;white-space:nowrap" class="ft010">between&#160;six&#160;and&#160;eight&#160;years&#160;and&#160;outstanding&#160;values&#160;of&#160;more&#160;than&#160;<money>$50&#160;million</money>.&#160; Each&#160;observation&#160;is&#160;unweighted&#160;</p> <p style="position:absolute;top:405px;left:229px;white-space:nowrap" class="ft024">in&#160;the&#160;sample,&#160;and&#160;the&#160;yields&#160;are&#160;calculated&#160;for&#160;end-of-month&#160;values.&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:487px;left:236px;white-space:nowrap" class="ft013"><b>Rating&#160;</b></p> <p style="position:absolute;top:487px;left:341px;white-space:nowrap" class="ft013"><b>12/31/2020&#160;</b></p> <p style="position:absolute;top:508px;left:236px;white-space:nowrap" class="ft014"><b>Aaa&#160;</b></p> <p style="position:absolute;top:508px;left:392px;white-space:nowrap" class="ft015">0.94&#160;</p> <p style="position:absolute;top:531px;left:236px;white-space:nowrap" class="ft014"><b>Aa1&#160;</b></p> <p style="position:absolute;top:531px;left:392px;white-space:nowrap" class="ft015">1.07&#160;</p> <p style="position:absolute;top:553px;left:236px;white-space:nowrap" class="ft014"><b>Aa2&#160;</b></p> <p style="position:absolute;top:553px;left:392px;white-space:nowrap" class="ft015">1.40&#160;</p> <p style="position:absolute;top:575px;left:236px;white-space:nowrap" class="ft014"><b>Aa3&#160;</b></p> <p style="position:absolute;top:576px;left:392px;white-space:nowrap" class="ft015">1.19&#160;</p> <p style="position:absolute;top:598px;left:236px;white-space:nowrap" class="ft014"><b>A1&#160;</b></p> <p style="position:absolute;top:598px;left:392px;white-space:nowrap" class="ft015">1.93&#160;</p> <p style="position:absolute;top:621px;left:236px;white-space:nowrap" class="ft014"><b>A2&#160;</b></p> <p style="position:absolute;top:621px;left:392px;white-space:nowrap" class="ft015">1.77&#160;</p> <p style="position:absolute;top:643px;left:236px;white-space:nowrap" class="ft014"><b>A3&#160;</b></p> <p style="position:absolute;top:643px;left:392px;white-space:nowrap" class="ft015">1.86&#160;</p> <p style="position:absolute;top:665px;left:236px;white-space:nowrap" class="ft014"><b>Baa1&#160;</b></p> <p style="position:absolute;top:666px;left:392px;white-space:nowrap" class="ft015">1.87&#160;</p> <p style="position:absolute;top:688px;left:236px;white-space:nowrap" class="ft014"><b>Baa2&#160;</b></p> <p style="position:absolute;top:688px;left:392px;white-space:nowrap" class="ft015">1.90&#160;</p> <p style="position:absolute;top:711px;left:236px;white-space:nowrap" class="ft014"><b>Baa3&#160;</b></p> <p style="position:absolute;top:711px;left:392px;white-space:nowrap" class="ft015">2.46&#160;</p> <p style="position:absolute;top:733px;left:236px;white-space:nowrap" class="ft014"><b>Ba1&#160;</b></p> <p style="position:absolute;top:733px;left:392px;white-space:nowrap" class="ft015">3.71&#160;</p> <p style="position:absolute;top:755px;left:236px;white-space:nowrap" class="ft014"><b>Ba2&#160;</b></p> <p style="position:absolute;top:756px;left:392px;white-space:nowrap" class="ft015">4.16&#160;</p> <p style="position:absolute;top:778px;left:236px;white-space:nowrap" class="ft014"><b>Ba3&#160;</b></p> <p style="position:absolute;top:778px;left:392px;white-space:nowrap" class="ft015">4.11&#160;</p> <p style="position:absolute;top:801px;left:236px;white-space:nowrap" class="ft014"><b>B1&#160;</b></p> <p style="position:absolute;top:801px;left:392px;white-space:nowrap" class="ft015">4.41&#160;</p> <p style="position:absolute;top:823px;left:236px;white-space:nowrap" class="ft014"><b>B2&#160;</b></p> <p style="position:absolute;top:823px;left:392px;white-space:nowrap" class="ft015">4.84&#160;</p> <p style="position:absolute;top:845px;left:236px;white-space:nowrap" class="ft014"><b>B3&#160;</b></p> <p style="position:absolute;top:846px;left:392px;white-space:nowrap" class="ft015">5.40&#160;</p> <p style="position:absolute;top:868px;left:236px;white-space:nowrap" class="ft014"><b>Caa&#160;</b></p> <p style="position:absolute;top:868px;left:392px;white-space:nowrap" class="ft015">6.28&#160;</p> <p style="position:absolute;top:260px;left:50px;white-space:nowrap" class="ft026">&#160;<br/>&#160;<br/>&#160;<br/>&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:356px;left:50px;white-space:nowrap" class="ft017">&#160;</p> <p style="position:absolute;top:370px;left:50px;white-space:nowrap" class="ft017">Moody’s</p> <p style="position:absolute;top:377px;left:98px;white-space:nowrap" class="ft018">&#160;</p> <p style="position:absolute;top:370px;left:100px;white-space:nowrap" class="ft017">Capital</p> <p style="position:absolute;top:377px;left:139px;white-space:nowrap" class="ft018">&#160;</p> <p style="position:absolute;top:370px;left:142px;white-space:nowrap" class="ft017">Markets</p> <p style="position:absolute;top:377px;left:185px;white-space:nowrap" class="ft018">&#160;</p> <p style="position:absolute;top:386px;left:50px;white-space:nowrap" class="ft017">Research,</p> <p style="position:absolute;top:393px;left:102px;white-space:nowrap" class="ft018">&#160;</p> <p style="position:absolute;top:386px;left:106px;white-space:nowrap" class="ft017">Inc.&#160;</p> <p style="position:absolute;top:410px;left:50px;white-space:nowrap" class="ft019"><i>Contact:&#160;</i></p> <p style="position:absolute;top:428px;left:50px;white-space:nowrap" class="ft020"><a href="mailto:help@moodys.com"><a href="mailto:help@moodys.com">help@moodys.com</a></a></p> <p style="position:absolute;top:428px;left:144px;white-space:nowrap" class="ft021"><a href="mailto:help@moodys.com">&#160;</a></p> <p style="position:absolute;top:442px;left:50px;white-space:nowrap" class="ft021"><PhoneNo>212.553.4399</PhoneNo></p> <p style="position:absolute;top:443px;left:118px;white-space:nowrap" class="ft01">&#160;</p> </div> <!-- Page 2 --> <a name="2"></a> <style type="text/css"> <!-- p {margin: 0; padding: 0;} .ft027{font-size:7px;font-family:Times;color:#808080;} .ft028{font-size:8px;line-height:18px;font-family:Times;color:#000000;} .ft029{font-size:10px;line-height:14px;font-family:Times;color:#000000;} --> </style> <div id="page2-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1259907002.png" alt="background image"/> <p style="position:absolute;top:32px;left:257px;white-space:nowrap" class="ft00">&#160;</p> <p style="position:absolute;top:32px;left:283px;white-space:nowrap" class="ft00">&#160;</p> <p style="position:absolute;top:1135px;left:229px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:72px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:117px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:179px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;</p> <p style="position:absolute;top:210px;left:101px;white-space:nowrap" class="ft01">&#160;&#160;&#160;&#160;</p> <p style="position:absolute;top:224px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:285px;left:67px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:301px;left:101px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:301px;left:142px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:301px;left:185px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:317px;left:67px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:331px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:377px;left:67px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:392px;left:101px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:392px;left:142px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:392px;left:185px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:408px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;</p> <p style="position:absolute;top:438px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;<br/>&#160;</p> <p style="position:absolute;top:483px;left:101px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:483px;left:142px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:483px;left:185px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:499px;left:67px;white-space:nowrap" class="ft022">&#160;<br/>&#160;</p> <p style="position:absolute;top:26px;left:686px;white-space:nowrap" class="ft06"><b>CAPI&#160;TAL&#160;&#160;MARKETS&#160;RESEARCH&#160;</b></p> <p style="position:absolute;top:39px;left:524px;white-space:nowrap" class="ft01">&#160;</p> <p style="position:absolute;top:1144px;left:54px;white-space:nowrap" class="ft027"><chron>JANUARY&#160;6,&#160;&#160;2021</chron>&#160;</p> <p style="position:absolute;top:1145px;left:546px;white-space:nowrap" class="ft027">CAPITAL&#160;&#160;MARKETS&#160;RESEARCH,&#160;INC.&#160;&#160;/&#160; MARKET&#160;OUTLOOK&#160;&#160;&#160;/&#160; <a href="http://MOODYS.COM">MOODYS.COM</a>&#160;</p> <p style="position:absolute;top:80px;left:384px;white-space:nowrap" class="ft010">&#160;</p> <p style="position:absolute;top:110px;left:384px;white-space:nowrap" class="ft07">&#160;</p> <p style="position:absolute;top:134px;left:384px;white-space:nowrap" class="ft07">&#160;</p> <p style="position:absolute;top:158px;left:384px;white-space:nowrap" class="ft07">&#160;</p> <p style="position:absolute;top:182px;left:384px;white-space:nowrap" class="ft07">&#160;</p> <p style="position:absolute;top:200px;left:53px;white-space:nowrap" class="ft028">©&#160;2021&#160;Moody’s&#160;Corporation,&#160;Moody’s&#160;Investors&#160;Service,&#160;Inc.,&#160;Moody’s&#160;Analytics,&#160;Inc.&#160;and/or&#160;their&#160;licensors&#160;and&#160;affiliates&#160;(collectively,&#160;“MOODY’S”).&#160;All&#160;rights&#160;reserved.&#160;<br/>CREDIT&#160;RATINGS&#160;ISSUED&#160;BY&#160;MOODY'S&#160;CREDIT&#160;RATINGS&#160;AFFILIATES&#160;ARE THEIR&#160;CURRENT&#160;OPINIONS&#160;OF&#160;THE&#160;RELATIVE&#160;FUTURE&#160;CREDIT&#160;RISK&#160;OF&#160;ENTITIES,&#160;CREDIT&#160;COMMITMENTS,&#160;OR&#160;DEBT&#160;</p> <p style="position:absolute;top:230px;left:53px;white-space:nowrap" class="ft07">OR&#160;DEBT-LIKE SECURITIES,&#160;AND&#160;MATERIALS,&#160;PRODUCTS,&#160;SERVICES&#160;AND&#160;INFORMATION&#160;PUBLISHED&#160;BY&#160;MOODY’S&#160;(COLLECTIVELY,&#160;“PUBLICATIONS”)&#160;MAY&#160;INCLUDE&#160;SUCH&#160; CURRENT&#160;</p> <p style="position:absolute;top:242px;left:53px;white-space:nowrap" class="ft07">OPINIONS.&#160;MOODY’S&#160;DEFINES&#160;CREDIT&#160;RISK&#160;AS&#160;THE RISK&#160;THAT&#160;AN&#160;ENTITY&#160;MAY&#160;NOT&#160;MEET&#160;ITS&#160;CONTRACTUAL&#160;FINANCIAL&#160;OBLIGATIONS&#160;AS&#160;THEY&#160;COME&#160;DUE&#160;AND&#160;ANY&#160;ESTIMATED&#160;</p> <p style="position:absolute;top:254px;left:53px;white-space:nowrap" class="ft07">FINANCIAL&#160;LOSS&#160;IN&#160;THE&#160;EVENT&#160;OF&#160;DEFAULT&#160;OR&#160;IMPAIRMENT.&#160;SEE APPLICABLE MOODY’S&#160;RATING&#160;SYMBOLS&#160;AND&#160;DEFINITIONS&#160;PUBLICATION&#160;FOR&#160;INFORMATION&#160;ON&#160;THE&#160;TYPES&#160;OF&#160;</p> <p style="position:absolute;top:266px;left:53px;white-space:nowrap" class="ft07">CONTRACTUAL&#160;FINANCIAL&#160;OBLIGATIONS&#160;ADDRESSED&#160;BY&#160;MOODY’S&#160;CREDIT&#160;RATINGS.&#160;CREDIT&#160;RATINGS&#160;DO&#160;NOT&#160;ADDRESS&#160;ANY&#160;OTHER&#160;RISK,&#160;INCLUDING&#160;BUT&#160;NOT&#160;LIMITED&#160;TO:&#160;</p> <p style="position:absolute;top:278px;left:53px;white-space:nowrap" class="ft07">LIQUIDITY&#160;RISK,&#160;MARKET&#160;VALUE RISK,&#160;OR&#160;PRICE VOLATILITY.&#160;CREDIT&#160;RATINGS,&#160;NON-CREDIT&#160;ASSESSMENTS&#160;(“ASSESSMENTS”),&#160;&#160;AND&#160; OTHER&#160;OPINIONS INCLUDED IN&#160;MOODY’S&#160;</p> <p style="position:absolute;top:290px;left:53px;white-space:nowrap" class="ft07">PUBLICATIONS&#160;ARE NOT&#160;STATEMENTS&#160;&#160;OF&#160;CURRENT&#160;OR&#160;HISTORICAL&#160;FACT.&#160;MOODY’S&#160;PUBLICATIONS&#160;MAY&#160;ALSO&#160;INCLUDE QUANTITATIVE MODEL-BASED&#160;ESTIMATES OF&#160;CREDIT&#160;RISK&#160;AND&#160;</p> <p style="position:absolute;top:302px;left:53px;white-space:nowrap" class="ft07">RELATED&#160;OPINIONS&#160;OR&#160;COMMENTARY&#160;PUBLISHED BY&#160;MOODY’S&#160;ANALYTICS,&#160;INC.&#160;AND/OR&#160;ITS&#160;AFFILIATES.&#160;MOODY’S CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;OTHER&#160;OPINIONS AND&#160;</p> <p style="position:absolute;top:314px;left:53px;white-space:nowrap" class="ft07">PUBLICATIONS&#160;DO&#160;NOT&#160;CONSTITUTE OR&#160;PROVIDE INVESTMENT&#160;OR&#160;FINANCIAL&#160;ADVICE,&#160;AND&#160;MOODY’S&#160;CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;&#160;OTHER&#160;OPINIONS&#160;AND&#160; PUBLICATIONS&#160;ARE&#160;</p> <p style="position:absolute;top:326px;left:53px;white-space:nowrap" class="ft07">NOT&#160;AND&#160;DO NOT&#160;PROVIDE&#160;RECOMMENDATIONS&#160;TO&#160;PURCHASE,&#160;SELL,&#160;OR&#160;HOLD&#160;PARTICULAR&#160;SECURITIES.&#160;MOODY’S CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;OTHER&#160;OPINIONS AND&#160;&#160;</p> <p style="position:absolute;top:338px;left:53px;white-space:nowrap" class="ft07">PUBLICATIONS&#160;DO&#160;NOT&#160;COMMENT&#160;ON&#160;THE SUITABILITY&#160;OF&#160;AN&#160;INVESTMENT&#160;&#160;FOR&#160;ANY&#160;PARTICULAR&#160;INVESTOR.&#160;MOODY’S&#160;ISSUES ITS CREDIT&#160;RATINGS,&#160;ASSESSMENTS&#160;&#160;AND&#160;OTHER&#160;</p> <p style="position:absolute;top:350px;left:53px;white-space:nowrap" class="ft07">OPINIONS&#160;AND&#160;PUBLISHES&#160; ITS&#160;PUBLICATIONS&#160;WITH&#160;THE EXPECTATION&#160;AND&#160;UNDERSTANDING&#160;THAT&#160;EACH&#160;INVESTOR&#160;WILL,&#160;WITH&#160;DUE CARE,&#160;MAKE&#160;ITS&#160;OWN&#160;STUDY&#160;AND&#160;EVALUATION&#160;</p> <p style="position:absolute;top:362px;left:53px;white-space:nowrap" class="ft028">OF&#160;EACH&#160;SECURITY&#160;THAT&#160;IS&#160;UNDER&#160;CONSIDERATION&#160;FOR&#160;PURCHASE, HOLDING, OR&#160;SALE.&#160;&#160;<br/>MOODY’S&#160;CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;&#160;OTHER&#160;OPINIONS,&#160;AND&#160;PUBLICATIONS&#160;ARE NOT&#160;INTENDED&#160;FOR&#160;USE BY&#160;RETAIL&#160;INVESTORS&#160;AND&#160;IT&#160;WOULD&#160;BE RECKLESS&#160;AND&#160;</p> <p style="position:absolute;top:392px;left:53px;white-space:nowrap" class="ft07">INAPPROPRIATE FOR&#160;RETAIL&#160;INVESTORS&#160;TO&#160;USE MOODY’S&#160;CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;OTHER&#160;OPINIONS&#160;OR&#160; PUBLICATIONS&#160;WHEN MAKING&#160;AN INVESTMENT&#160;DECISION.&#160;IF&#160;IN&#160;</p> <p style="position:absolute;top:404px;left:53px;white-space:nowrap" class="ft028">DOUBT&#160;YOU&#160;SHOULD&#160;CONTACT&#160;YOUR&#160;FINANCIAL&#160;OR&#160;OTHER&#160;PROFESSIONAL&#160;ADVISER.&#160;<br/>ALL&#160;INFORMATION&#160;CONTAINED&#160;HEREIN&#160;IS&#160;PROTECTED&#160;BY&#160;LAW,&#160;INCLUDING&#160;BUT&#160;NOT&#160;LIMITED&#160;TO,&#160;COPYRIGHT&#160;LAW,&#160;AND&#160;NONE OF&#160;SUCH&#160;INFORMATION&#160;MAY&#160;BE COPIED&#160;OR&#160;</p> <p style="position:absolute;top:434px;left:53px;white-space:nowrap" class="ft07">OTHERWISE REPRODUCED,&#160;REPACKAGED,&#160;FURTHER&#160;TRANSMITTED,&#160;TRANSFERRED,&#160;DISSEMINATED,&#160;REDISTRIBUTED&#160;OR&#160;RESOLD,&#160;OR&#160;STORED&#160;FOR&#160;SUBSEQUENT&#160;USE FOR&#160;ANY&#160;SUCH&#160;</p> <p style="position:absolute;top:446px;left:53px;white-space:nowrap" class="ft028">PURPOSE,&#160;IN WHOLE&#160;OR&#160;IN PART,&#160;IN ANY&#160;FORM&#160;OR&#160;MANNER&#160;OR&#160;BY&#160;ANY&#160;MEANS&#160;WHATSOEVER,&#160;BY&#160;ANY&#160;PERSON&#160;WITHOUT&#160;MOODY’S&#160;PRIOR&#160;WRITTEN&#160;CONSENT.&#160;<br/>MOODY’S&#160;CREDIT&#160;RATINGS,&#160;ASSESSMENTS,&#160;&#160;OTHER&#160;OPINIONS&#160;AND&#160;PUBLICATIONS&#160;ARE&#160;NOT&#160;INTENDED&#160;FOR&#160;USE&#160;BY&#160;ANY&#160;PERSON AS&#160;A&#160;BENCHMARK&#160;AS&#160;THAT&#160;TERM&#160;IS&#160;DEFINED&#160;FOR&#160;</p> <p style="position:absolute;top:476px;left:53px;white-space:nowrap" class="ft028">REGULATORY&#160;PURPOSES&#160;AND&#160;MUST&#160;NOT&#160;BE USED&#160;IN&#160;ANY&#160;WAY&#160;THAT&#160;COULD&#160;RESULT&#160;IN&#160;THEM&#160;BEING&#160;CONSIDERED&#160;A&#160;BENCHMARK.&#160;<br/>All&#160;information&#160;contained&#160;herein&#160;is&#160;obtained&#160;by&#160;MOODY’S&#160;from&#160;sources&#160;believed&#160;by&#160;it&#160;to&#160;be accurate and&#160;reliable.&#160;Because of&#160;the&#160;possibility&#160;of&#160;human&#160;or&#160;mechanical&#160;error&#160;as&#160;well&#160;as&#160;other&#160;factors,&#160;</p> <p style="position:absolute;top:506px;left:53px;white-space:nowrap" class="ft07">however,&#160;all&#160;information&#160;contained&#160;herein&#160;is&#160;provided&#160;“AS&#160;IS”&#160;without&#160;warranty&#160;of&#160;any&#160;kind.&#160;MOODY'S&#160;adopts&#160;all&#160;necessary&#160;measures&#160;so&#160;that&#160;the&#160;information&#160;it&#160;uses&#160;in&#160;assigning&#160;a credit&#160;rating&#160;is&#160;</p> <p style="position:absolute;top:518px;left:53px;white-space:nowrap" class="ft07">of&#160;sufficient&#160;quality&#160;and&#160;from&#160;sources&#160;MOODY'S&#160;considers&#160;to&#160;be reliable including,&#160;when&#160;appropriate,&#160;independent&#160;third-party&#160;sources.&#160;However,&#160;MOODY’S&#160;is&#160;not&#160;an&#160;auditor&#160;and&#160;cannot&#160;in&#160;every&#160;</p> <p style="position:absolute;top:530px;left:53px;white-space:nowrap" class="ft028">instance&#160;independently&#160;verify&#160;or&#160;validate&#160;information&#160;received&#160;in&#160;the&#160;rating&#160;process&#160;or&#160;in&#160;preparing&#160;its&#160;Publications.&#160;&#160;<br/>To&#160;the&#160;extent permitted&#160;by&#160;law,&#160;MOODY’S&#160;and&#160;its&#160;directors,&#160;officers,&#160;employees,&#160;agents,&#160;representatives,&#160;licensors&#160;and&#160;suppliers&#160;disclaim&#160;liability&#160;to&#160;any&#160;person&#160;or&#160;entity&#160;for&#160;any&#160;indirect,&#160;special,&#160;</p> <p style="position:absolute;top:560px;left:53px;white-space:nowrap" class="ft07">consequential,&#160;or&#160;incidental&#160;losses&#160;or&#160;damages&#160;whatsoever&#160;arising&#160;from&#160;or&#160;in&#160;connection&#160;with&#160;the&#160;information&#160;contained&#160;herein&#160;or&#160;the&#160;use&#160;of&#160;or&#160;inability&#160;to&#160;use&#160;any&#160;such&#160;information,&#160;even&#160;if&#160;</p> <p style="position:absolute;top:572px;left:53px;white-space:nowrap" class="ft07">MOODY’S&#160;or&#160;any&#160;of&#160;its&#160;directors,&#160;officers,&#160;employees,&#160;agents,&#160;representatives,&#160;licensors&#160;or&#160;suppliers&#160;is&#160;advised&#160;in&#160;advance of&#160;the&#160;possibility&#160;of&#160;such&#160;losses or&#160;damages,&#160;including&#160;but&#160;not&#160;limited&#160;to:&#160;</p> <p style="position:absolute;top:584px;left:53px;white-space:nowrap" class="ft028">(a)&#160;any&#160;loss&#160;of&#160;present&#160;or&#160;prospective profits&#160;or&#160;(b)&#160;any&#160;loss&#160;or&#160;damage arising&#160;where the relevant&#160;financial&#160;instrument&#160;is&#160;not the&#160;subject of&#160;a&#160;particular&#160;credit rating&#160;assigned&#160;by&#160;MOODY’S.&#160;<br/>To&#160;the&#160;extent permitted&#160;by&#160;law,&#160;MOODY’S&#160;and&#160;its&#160;directors,&#160;officers,&#160;employees,&#160;agents,&#160;representatives,&#160;licensors&#160;and&#160;suppliers&#160;disclaim&#160;liability&#160;for&#160;any&#160;direct&#160;or&#160;compensatory&#160;losses or&#160;</p> <p style="position:absolute;top:614px;left:53px;white-space:nowrap" class="ft07">damages&#160;caused&#160;to&#160;any&#160;person&#160;or&#160;entity,&#160;including&#160;but&#160;not&#160;limited&#160;to&#160;by&#160;any&#160;negligence (but&#160;excluding&#160;fraud,&#160;willful&#160;misconduct or&#160;any&#160;other&#160;type&#160;of&#160;liability&#160;that,&#160;for&#160;the&#160;avoidance&#160;of&#160;doubt,&#160;by&#160;</p> <p style="position:absolute;top:626px;left:53px;white-space:nowrap" class="ft07">law&#160;cannot be&#160;excluded)&#160;on&#160;the&#160;part of,&#160;or&#160;any&#160;contingency&#160;within&#160;or&#160;beyond&#160;the&#160;control&#160;of,&#160;MOODY’S&#160;or&#160;any&#160;of&#160;its&#160;directors,&#160;officers,&#160;employees,&#160;agents,&#160;representatives,&#160;licensors or&#160;suppliers,&#160;</p> <p style="position:absolute;top:638px;left:53px;white-space:nowrap" class="ft028">arising&#160;from&#160;or&#160;in&#160;connection&#160;with&#160;the&#160;information&#160;contained&#160;herein&#160;or&#160;the&#160;use&#160;of&#160;or&#160;inability&#160;to&#160;use&#160;any&#160;such&#160;information.&#160;<br/>NO&#160;WARRANTY,&#160;EXPRESS&#160;OR&#160;IMPLIED,&#160;AS&#160;TO&#160;THE ACCURACY,&#160;TIMELINESS,&#160;COMPLETENESS,&#160;MERCHANTABILITY&#160;OR&#160;FITNESS&#160;FOR&#160;ANY&#160;PARTICULAR&#160;PURPOSE&#160;OF&#160;ANY&#160;CREDIT&#160;RATING,&#160;</p> <p style="position:absolute;top:668px;left:53px;white-space:nowrap" class="ft028">ASSESSMENT,&#160;&#160;OTHER&#160;OPINION&#160;OR&#160;INFORMATION&#160;IS&#160;GIVEN&#160;OR&#160;MADE BY&#160;MOODY’S&#160;IN&#160;ANY&#160;FORM&#160;OR&#160;MANNER&#160;WHATSOEVER.&#160;<br/>Moody’s <org>Investors Service,&#160;Inc</org>.,&#160;a&#160;wholly-owned&#160;credit&#160;rating&#160;agency&#160;subsidiary&#160;of&#160;Moody’s&#160;Corporation&#160;(“MCO”),&#160;hereby&#160;discloses that&#160;most&#160;issuers of&#160;debt&#160;securities (including&#160;corporate&#160;and&#160;</p> <p style="position:absolute;top:698px;left:53px;white-space:nowrap" class="ft07">municipal&#160;bonds,&#160;debentures,&#160;notes&#160;and&#160;commercial&#160;paper)&#160;and&#160;preferred&#160;stock&#160;rated&#160;by&#160;Moody’s&#160;Investors&#160;Service,&#160;Inc.&#160;have,&#160;prior&#160;to&#160;assignment of&#160;any&#160;credit rating,&#160;agreed&#160;to&#160;pay&#160;to Moody’s&#160;</p> <p style="position:absolute;top:710px;left:53px;white-space:nowrap" class="ft07">Investors&#160;Service,&#160;Inc.&#160;for&#160;credit&#160;ratings&#160;opinions&#160;and&#160;services&#160;rendered&#160;by&#160;it&#160;fees&#160;ranging&#160;from&#160;<money>$1,000</money>&#160;to&#160;approximately&#160;<money>$5,000,000</money>.&#160;MCO&#160;and&#160;Moody’s&#160;Investors&#160;Service&#160;also&#160;maintain&#160;policies&#160;</p> <p style="position:absolute;top:722px;left:53px;white-space:nowrap" class="ft07">and&#160;procedures&#160;to&#160;address&#160;the independence of&#160;Moody’s&#160;Investors&#160;Service&#160;credit&#160;ratings&#160;and&#160;credit&#160;rating&#160;processes.&#160;Information&#160;regarding&#160;certain&#160;affiliations&#160;that&#160;may&#160;exist&#160;between&#160;directors&#160;of&#160;</p> <p style="position:absolute;top:734px;left:53px;white-space:nowrap" class="ft07">MCO&#160;and&#160;rated&#160;entities,&#160;and&#160;between&#160;entities&#160;who&#160;hold&#160;credit&#160;ratings&#160;from&#160;Moody’s&#160;Investors&#160;Service and&#160;have also&#160;publicly&#160;reported&#160;to&#160;the SEC&#160;an&#160;ownership&#160;interest&#160;in&#160;MCO&#160;of&#160;more than&#160;5%,&#160;</p> <p style="position:absolute;top:746px;left:53px;white-space:nowrap" class="ft028">is&#160;posted&#160;annually&#160;at&#160;<a href="http://www.moodys.com">www.moodys.com</a>&#160;under&#160;the heading&#160;“Investor&#160;Relations&#160;—&#160;Corporate Governance&#160;—&#160;Director&#160;and&#160;Shareholder&#160;Affiliation&#160;Policy.”&#160;&#160;&#160;<br/>Additional&#160;terms&#160;for&#160;Australia&#160;only:&#160;Any&#160;publication&#160;into&#160;Australia&#160;of&#160;this&#160;document&#160;is&#160;pursuant&#160;to&#160;the&#160;Australian&#160;Financial&#160;Services&#160;License&#160;of&#160;MOODY’S&#160;affiliate,&#160;Moody’s&#160;Investors&#160;Service Pty&#160;</p> <p style="position:absolute;top:776px;left:53px;white-space:nowrap" class="ft07">Limited&#160;ABN&#160;61&#160;003&#160;399&#160;657AFSL&#160;336969&#160;and/or&#160;Moody’s&#160;Analytics&#160;Australia&#160;Pty&#160;Ltd&#160;ABN&#160;94&#160;105&#160;136&#160;972&#160;AFSL&#160;383569&#160;(as&#160;applicable).&#160;This&#160;document&#160;is&#160;intended&#160;to&#160;be provided&#160;only&#160;to&#160;</p> <p style="position:absolute;top:788px;left:53px;white-space:nowrap" class="ft07">“wholesale&#160;clients”&#160;within&#160;the&#160;meaning&#160;of&#160;section&#160;761G&#160;of&#160;the&#160;Corporations&#160;Act 2001.&#160;By&#160;continuing&#160;to&#160;access&#160;this&#160;document from&#160;within&#160;Australia,&#160;you&#160;represent to&#160;MOODY’S&#160;that&#160;you&#160;are,&#160;or&#160;</p> <p style="position:absolute;top:800px;left:53px;white-space:nowrap" class="ft07">are accessing&#160;the document&#160;as&#160;a&#160;representative of,&#160;a&#160;“wholesale client”&#160;and&#160;that&#160;neither&#160;you&#160;nor&#160;the entity&#160;you&#160;represent&#160;will&#160;directly&#160;or&#160;indirectly&#160;disseminate&#160;this&#160;document or&#160;its&#160;contents&#160;to&#160;</p> <p style="position:absolute;top:812px;left:53px;white-space:nowrap" class="ft07">“retail&#160;clients”&#160;within&#160;the meaning&#160;of&#160;section&#160;761G&#160;of&#160;the&#160;Corporations&#160;Act 2001.&#160;MOODY’S&#160;credit rating&#160;is&#160;an&#160;opinion&#160;as&#160;to&#160;the&#160;creditworthiness&#160;of&#160;a&#160;debt obligation&#160;of&#160;the&#160;issuer,&#160;not&#160;on&#160;the&#160;</p> <p style="position:absolute;top:824px;left:53px;white-space:nowrap" class="ft028">equity&#160;securities&#160;of&#160;the&#160;issuer&#160;or&#160;any&#160;form&#160;of&#160;security&#160;that&#160;is&#160;available&#160;to&#160;retail&#160;investors.&#160;<br/>Additional&#160;terms&#160;for&#160;Japan&#160;only:&#160;Moody's&#160;Japan&#160;K.K.&#160;(“MJKK”)&#160;is&#160;a wholly-owned&#160;credit&#160;rating&#160;agency&#160;subsidiary&#160;of&#160;Moody's&#160;Group&#160;Japan&#160;G.K.,&#160;which&#160;is&#160;wholly-owned&#160;by&#160;Moody’s Overseas&#160;</p> <p style="position:absolute;top:854px;left:53px;white-space:nowrap" class="ft07">Holdings&#160;Inc.,&#160;a&#160;wholly-owned&#160;subsidiary&#160;of&#160;MCO.&#160;Moody’s SF&#160;Japan&#160;K.K.&#160;(“MSFJ”)&#160;is a&#160;wholly-owned&#160;credit&#160;rating&#160;agency&#160;subsidiary&#160;of&#160;MJKK.&#160;MSFJ&#160;is&#160;not&#160;a&#160;Nationally&#160;Recognized&#160;Statistical&#160;</p> <p style="position:absolute;top:866px;left:53px;white-space:nowrap" class="ft07">Rating&#160;Organization&#160;(“NRSRO”).&#160;Therefore,&#160;credit&#160;ratings&#160;assigned&#160;by&#160;MSFJ&#160;are&#160;Non-NRSRO&#160;Credit&#160;Ratings.&#160;Non-NRSRO&#160;Credit&#160;Ratings&#160;are assigned&#160;by&#160;an&#160;entity&#160;that&#160;is&#160;not&#160;a NRSRO&#160;and,&#160;</p> <p style="position:absolute;top:878px;left:53px;white-space:nowrap" class="ft07">consequently,&#160;the rated&#160;obligation&#160;will&#160;not&#160;qualify&#160;for&#160;certain&#160;types&#160;of&#160;treatment&#160;under&#160;U.S.&#160;laws.&#160;MJKK&#160;and&#160;MSFJ&#160;are credit&#160;rating&#160;agencies&#160;registered&#160;with&#160;the Japan&#160;Financial&#160;Services&#160;Agency&#160;and&#160;</p> <p style="position:absolute;top:890px;left:53px;white-space:nowrap" class="ft028">their&#160;registration&#160;numbers&#160;are FSA&#160;Commissioner&#160;(Ratings)&#160;No.&#160;2&#160;and&#160;3&#160;respectively.&#160;<br/>MJKK&#160;or&#160;MSFJ&#160;(as applicable)&#160;hereby&#160;disclose&#160;that&#160;most&#160;issuers of&#160;debt&#160;securities (including&#160;corporate&#160;and&#160;municipal&#160;bonds,&#160;debentures,&#160;notes&#160;and&#160;commercial&#160;paper)&#160;and&#160;preferred&#160;stock&#160;rated&#160;by&#160;</p> <p style="position:absolute;top:920px;left:53px;white-space:nowrap" class="ft07">MJKK&#160;or&#160;MSFJ&#160;(as&#160;applicable)&#160;have,&#160;prior&#160;to&#160;assignment&#160;of&#160;any&#160;credit&#160;rating,&#160;agreed&#160;to&#160;pay&#160;to&#160;MJKK&#160;or&#160;MSFJ&#160;(as&#160;applicable)&#160;for&#160;credit&#160;ratings&#160;opinions&#160;and&#160;services&#160;rendered&#160;by&#160;it&#160;fees&#160;ranging&#160;from&#160;</p> <p style="position:absolute;top:932px;left:53px;white-space:nowrap" class="ft028"><money>JPY125,000</money>&#160;to&#160;approximately&#160;<money>JPY550,000,000</money>.&#160;<br/>MJKK&#160;and&#160;MSFJ&#160;also&#160;maintain&#160;policies&#160;and&#160;procedures&#160;to&#160;address&#160;Japanese regulatory&#160;requirements.&#160;</p> <p style="position:absolute;top:101px;left:60px;white-space:nowrap" class="ft029">Contact Us&#160;<br/>Americas&#160;:&#160;</p> <p style="position:absolute;top:116px;left:272px;white-space:nowrap" class="ft01"><PhoneNo>1.212.553</PhoneNo>.4399&#160;</p> <p style="position:absolute;top:140px;left:60px;white-space:nowrap" class="ft01">Europe:&#160;</p> <p style="position:absolute;top:140px;left:239px;white-space:nowrap" class="ft01">+44&#160;(0)&#160;20.7772.5588&#160;</p> <p style="position:absolute;top:163px;left:60px;white-space:nowrap" class="ft01">Asia:&#160;</p> <p style="position:absolute;top:163px;left:271px;white-space:nowrap" class="ft01">813.5408.4131&#160;</p> <p style="position:absolute;top:163px;left:654px;white-space:nowrap" class="ft01">&#160;</p> </div> </body> </html>