WHAT ARE CREDIT RATINGS?

Credit Ratings are Moody's current opinions of the relative future creditworthiness of entities or instruments, not statements of current or historical fact. Credit Ratings do not constitute investment or financial advice, and Credit Ratings are not recommendations to purchase, sell, or hold particular securities. Credit Ratings do not comment on the suitability of an investment for any particular investor. Moody’s issues its Credit Ratings with the expectation and understanding that each investor will make its own study and evaluation of each security that is under consideration for purchase, holding, or sale.

Moody's Credit Ratings are based on information obtained by Moody’s from sources believed by Moody’s to be accurate and reliable, including but not limited to Issuers and their agents and advisors (e.g., accountants, legal counsel, and other experts). Moody’s relies on Issuers and their agents to provide accurate, timely, and complete information.

Moody's has no obligation to perform, and does not perform, due diligence with respect to the accuracy of information it receives or obtains in connection with the rating process. Moody’s does not independently verify any such information. Nor does Moody’s audit or otherwise undertake to determine that such information is complete. Thus, in assigning a Credit Rating, Moody’s is in no way providing a guarantee or any kind of assurance with regard to the accuracy, timeliness, or completeness of factual information reflected, or contained, in the Credit Rating or any related Moody’s publication.

In the rating process, Moody's maintains independence in its relationships with Issuers and other interested entities. Moody’s does not have a fiduciary relationship with the Issuer whose security is being rated (or any other party). Nor does Moody’s act as an advisor to the Issuers it rates. Moody’s may comment on the potential credit implications of proposed structural elements of a security, but Moody’s does not participate in the actual structuring of any security under consideration for a Credit Rating.

As a matter of policy, and in keeping with its role as an independent and objective publisher of opinions, Moody’s retains complete editorial control over the content of its Credit Ratings, credit opinions, commentary, and all related publications. Moody’s reserves the right at any time to suspend, modify, lower, raise or withdraw a Credit Rating, or place it on the watchlist in accordance with Moody’s policies and procedures. Moody’s editorial control includes its right to decide whether, and when, to issue a Credit Rating or publish any information or commentary, except in those rare instances where the public disclosure of a Credit Rating has been contractually limited. (See Section 3.3 below.)