No related data.
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Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold credit ratings from Moody’s Investors Service and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published each year on www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.
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Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a wholly owned subsidiary credit rating agency of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. 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 stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.
MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.