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DEFINITIONS: |
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For the purposes of this document, the terms below are defined as follows: |
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International Organization of Securities Commissions’ Code of
Conduct Fundamentals for Credit Rating Agencies (“IOSCO Code”) is a
framework Code of Conduct published on December 23, 2004 by the
International Organization of Securities Commissions. It was
developed through cooperative efforts of international securities
regulatory authorities, rating agencies, Issuers and other market
participants. Moody's has publicly endorsed the IOSCO Code. |
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International Organization of Securities Commissions’ Principles
Regarding the Activities of Credit Rating Agencies (“IOSCO
Principles”) is a set of broad principles developed by the
international regulatory community and published on September 25,
2003. The IOSCO Principles is the document upon which the IOSCO Code
is based.
Moody's has publicly endorsed the IOSCO Principles. |
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Moody's is Moody’s Investors Service, Inc., each of its
wholly-owned subsidiaries, and any specifically identified
partially owned subsidiaries or other affiliated entities.
Moody’s primary business is the issuance of credit ratings on an
alphanumeric scale ranging from Aaa to C, together with related
research for the
purposes of evaluating the credit risk of Issuers of debt and
debt-like securities. |
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Moody's Corporation is the listed parent company of
Moody’s. |
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An Employee is any individual who works for Moody’s in any capacity. |
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An Analyst is an Employee whose primary function is
participation in the Credit Rating analysis process. |
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Management or Managers are those Employees who have personnel
management responsibilities. |
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Moody's Code of Professional Conduct (“Moody’s Code” or
the “Code”) is this code of conduct for Moody’s Credit Rating
business. The Moody’s Code governs the conduct of: |
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A)
Moody’s. |
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B) all
Moody’s Employees whether employed by Moody’s in a full-time or
part-time capacity. |
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An Issuer is any entity that issues debt, a credit commitment or debt-like securities. |
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A Credit Rating is
Moody's current opinion regarding the relative future
creditworthiness of an entity, a credit commitment, a debt or
debt-like security, or an Issuer of such obligations, as determined
by a rating committee and expressed using its established Aaa to C
alphanumeric rating scale, or other Credit Rating scales as
identified from time to time by Moody’s. |
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Unsolicited Credit Ratings are those Credit Ratings published under the following two conditions: |
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A) The Credit Rating is a first-time assignment
related to a given Issuer. |
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B) The Credit Rating was not
requested by the Issuer, and was initiated by
Moody's. |
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