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Rating Action: Moody's assigns conditional appraisement to Chic A-1 issued by J.P. Morgan Mortgage Assurance 2022-LTV1Global Acclaim Research - 25 Feb 2022New York, February 25, 2022 -- Moody's Investors Annual ("Moody's") has assigned a conditional appraisement to chic A-1 of residential mortgage-backed antithesis (RMBS) issued by J.P. Morgan Mortgage Assurance (JPMMT) 2022-LTV1.JPMMT 2022-LTV1 is the third prime colossal transaction in 2022 issued by J.P. Morgan Mortgage Acquisition Corporation (JPMMAC), the sponsor and mortgage accommodation seller, with the basal loans originated by assorted originators. The abounding boilerplate (WA) loan-to-value (LTV) acclimation of the mortgage basin is about 88.0%, which is in band with those of the added JPMMT LTV transactions, but college than added above-mentioned JPMMT affairs with WA LTVs of about 70% on average. Otherwise, the acclaim characteristics of the mortgage loans abetment this transaction are agnate to contempo JPMMT affairs that we accept rated.JPMMT 2022-LTV1 has a consecutive acquittal structure, admitting arch is paid pro-rata amidst the chief bonds until a activate accident has occurred; this anatomy is added benign to chief bondholders than the alive absorption anatomy that is archetypal of prime colossal transactions. The transaction additionally has a accession allurement application fee structure.We abject our ratings on the certificates on the acclaim affection of the mortgage loans, the structural appearance of the transaction, our assessments of the alpha affection and application arrangement, the backbone of the third-party assay (TPR) and the representations and warranties (R&W) framework of the transaction.The complete appraisement accomplishments are as follows:Issuer: J.P. Morgan Mortgage Assurance 2022-LTV1CI. A-1, Assigned (P)Aaa (sf)RATINGS RATIONALEMoody's accepted accident for this basin in a baseline scenario-mean is 1.65%, in a baseline scenario-median is 1.25% and alcove 10.45% at a accent akin constant with our Aaa ratings.Collateral DescriptionWe adjourned the accessory basin as of February 1, 2022, the absolute date. The accord will be backed by 558 absolutely amortizing fixed-rate prime colossal non-conforming mortgage loans with an accumulated contributed arch antithesis (UPB) of about $535,210,600 and an aboriginal appellation to ability of up to 30 years.All the loans except for 71 loans were underwritten pursuant to the new accepted QM rule. The added loans in the basin either accommodated Appendix Q to the QM rules or are articular as bureau safe anchorage QM or QM-rebuttable presumption.There are 487 loans originated pursuant to the new accepted QM aphorism in this pool. The third-party assay absolute that the loans' APRs met the QM rule's thresholds (APOR 1.5%). Furthermore, these loans are about underwritten and authentic pursuant to the QM rule's assay safe anchorage via a mix of the Fannie Mae Single Family Selling Guide, the Freddie Mac Single-Family Seller/Servicer Guide, and the applicative affairs overlays. As allotment of the alpha affection assay and based on the affidavit advice we accustomed in the ASF tape, we assured that these loans were absolutely authentic and therefore, we ran these loans as "full documentation" loans in our MILAN model.Approximately 12.5% of the mortgage loans by antithesis are appointed as safe anchorage Qualified Mortgages (QM) and accommodated Appendix Q to the QM rules, 0.05% and 0.15% of the mortgage loans by antithesis are appointed as bureau safe anchorage QM and QM-rebuttal presumption, respectively. About 86.8% of the mortgage loans by antithesis are appointed as Safe Anchorage APOR loans, for which mortgage loans are not underwritten to accommodated Appendix Q but amuse AUS with added overlays of originators and 0.5% of the mortgage loans by antithesis are appointed as QM-rebuttal anticipation APOR loans.The WA primary borrower FICO is about 764. The borrowers accept aerial annual incomes (averaging about $25,697) and abundant aqueous banknote affluence (averaging about $190,775) which accept been absolute as allotment of the underwriting activity and brash by the TPR firms. About 47.2% of the mortgage loans (by UPB) were originated in California which includes city statistical areas (MSAs) Los Angeles (17.0% by UPB) and San Francisco (8.7% by UPB). The aerial geographic absorption in high-cost MSAs is reflected in the aerial boilerplate antithesis of the basin ($959,159).As of the absolute date, none of the borrowers of the mortgage loans accept inquired about or requested abstinence affairs with the accompanying servicer or had ahead entered into a COVID-19 accompanying abstinence plan with the accompanying servicer. Assertive borrowers may become accountable to abstinence affairs or added acquittal abatement affairs afterward the blow date. In the accident a borrower requests or enters a COVID-19 accompanying abstinence plan afterwards the absolute date but above-mentioned to the closing date, JPMMAC will abolish such mortgage accommodation from the mortgage basin and abode the accompanying closing date barter amount. If afterwards the closing date a borrower enters into or requests a COVID-19 accompanying abstinence plan, such mortgage accommodation (and the risks associated with it) will abide in the mortgage pool.Aggregation/Origination QualityWe accede JPMMAC's accession belvedere to be able and we did not administer a abstracted loss-level acclimation for accession quality. In accession to reviewing JPMMAC accession quality, we accept additionally brash the alpha affection of originators accidental a cogent allotment of the accessory basin (above 10%) and MAXEX Clearing LLC (an aggregator).loanDepot.com, LLC (loanDepot) and United Wholesale Mortgage, LLC (UWM) sold/originated about 52.1% and 11.4% of the mortgage loans (by UPB) in the pool. The actual originators anniversary annual for beneath than 10.0% (by UPB) in the pool. About 5.0% and 3.0% (by UPB) of the mortgage loans were acquired by JPMMAC from MAXEX Cleaning, LLC and Verus Mortgage Assurance 1A (aggregators), respectively, which purchased such mortgage loans from the accompanying originators or from an detached third affair which anon or alongside purchased such mortgage loans from the accompanying originators.We added our abject case and Aaa accident expectations for assertive originators of non-conforming loans area we do not accept bright acumen into the underwriting practices, affection ascendancy and acclaim accident administration - except actuality aloof for CrossCountry Mortgage, LLC, Guaranteed Rate, Inc., Caliber Home Loans, Inc., Finance of America Mortgage LLC, and loanDepot beneath the old QM guidelines and additionally, we were aloof for Rocket Mortgage, LLC. beneath the new QM guidelines.loanDepot originated about 52.1% of the mortgage loans by basin balance. 289 loans out of the 291 loanDepot originated loans in the basin are pursuant to the new QM rule. To amuse the new rule, loanDepot implemented its non-agency JumboAdvantage Express affairs for applications on or afterwards March 1, 2021. Beneath the program, the APR on all loans will not beat the boilerplate prime activity bulk (APOR) 1.5%, and assets and asset affidavit will be absolute by the following, brash to accommodated the assay safe anchorage accoutrement of the new QM Aphorism anchorage via a mix of the Fannie Mae Single Family Selling Guide, the Freddie Mac Single-Family Seller/ Servicer Guide, and the applicative affairs overlays. We activated an acclimation for loanDepot loans originated beneath the new QM rules as added time is bare to absolutely appraise this alpha program.The accommodation basin abetment this transaction includes 57 UWM loans originated pursuant to the new accepted QM rule. To amuse the new rule, UWM implemented its prime colossal underwriting overlays over the GSE Automated Underwriting System (AUS) for applications on or afterwards March 1, 2021. Beneath UWM's new accepted QM underwriting, the APR on all loans will not beat the boilerplate prime activity bulk (APOR) 1.5%, and assets and asset affidavit will be absolute by the following, brash to accommodated the assay safe anchorage accoutrement of the new QM Rule: (i) applicative overlays, (ii) one of (x) Fannie Mae Single Family Selling Guide or (y) Freddie Mac guidelines and (iii) Desktop Underwriter.Servicing ArrangementWe accede the application acclimation for this basin to be adequate, due to the attendance of a able adept servicer, Nationstar Mortgage LLC (Nationstar; B1 abiding issuer rating, with abiding outlook).loanDepot (subserviced by Cenlar FSB), JPMorgan Chase Bank, National Association (JPMCB) and United Wholesale Mortgage, LLC (subserviced by Cenlar FSB), and are the arch servicers in this transaction and will annual about 52.1%, 36.6% and 11.4% (by UPB), respectively. NewRez LLC f/k/a New Penn Financial, LLC d/b/a Shellpoint Mortgage Application will act as acting servicer for the mortgage loans serviced by JPMCB from the closing date until the application alteration date, which is accepted to activity on or about April 1, 2022 (but which may activity afterwards such date).The servicers are adapted to beforehand P&I on the mortgage loans. To the admeasurement that the servicers are clumsy to do so, the adept servicer will be answerable to accomplish such advances. In the accident that the adept servicer, Nationstar, is clumsy to accomplish such advances, the antithesis administrator, Citibank, N.A. (long-term deposits/long-term chief apart Aa3, Stable, abiding CR appraisal Aa3(cr), BCA baa1, and abbreviate appellation drop P-1) will be answerable to do so to the admeasurement such beforehand is bent by the antithesis ambassador to be recoverable. The application fee for loans in this transaction will be predominantly based on a accession allurement fee anatomy with a annual abject fee of $40 per loan.Third-Party ReviewThe transaction allowances from a TPR on 100% of the loans for authoritative compliance, credit, acreage appraisal and abstracts integrity. The TPR after-effects affirm acquiescence with the originator's underwriting guidelines for the all-inclusive majority of loans, no actual authoritative acquiescence issues, and no actual acreage appraisal issues. The loans that had exceptions to the originator's underwriting guidelines had cogent compensating factors that were documented.R&W FrameworkOur assay of the R&W framework considers the banking backbone of the R&W providers, ambit of R&Ws (including qualifiers and sunsets) and administration mechanisms. JPMMT 2022-LTV1's R&W framework is in band with that of added JPMMT affairs we accept rated area an absolute analyst is called at closing, and costs and abode of assay are acutely categorical at issuance. The loan-level R&Ws accommodated or beat the baseline set of credit-neutral R&Ws we accept articular for US RMBS. The R&W framework is "prescriptive", whereby the transaction abstracts set alternating abundant tests for anniversary R&W.The originators and the aggregators anniversary accomplish a absolute set of R&Ws for their loans. The creditworthiness of the R&W provider determines the anticipation that the R&W provider will be accessible and accept the banking backbone to repurchase abnormal loans aloft anecdotic a breach. JPMMAC does not backstop the artist R&Ws, except for assertive "gap" R&Ws accoutrement the aeon from the date as of which such R&W is fabricated by an artist or an aggregator, respectively, to the absolute date or closing date. In this transaction, we've adapted our abject case and Aaa accident expectations for R&W providers that are unrated and/or financially weaker entities.Transaction StructureJPMMT 2022-LTV1 appearance a consecutive acquittal structure, admitting arch is paid pro-rata amidst the chief bonds until a activate accident has occurred; this anatomy is added benign to chief bondholders than the alive absorption anatomy that is archetypal of prime colossal transactions. In addition, the balance beforehand in this transaction can be acclimated to blot losses, admitting archetypal alive absorption structures do not annual from balance spread.Interest payments to the bonds will be fabricated application the absorption remittance bulk and arch payments will be fabricated application the arch remittance amount. Although the transaction has abstracted absorption and arch waterfalls, arch can be acclimated to balance absorption shortfalls. Any balance beforehand will be acclimated to awning accepted period's accomplished loss, balance above-mentioned period's accomplished losses, pay Chic XS certificates, balance contributed assurance costs with any actual amounts actuality acclimated to armamentarium an Absorption Reserve Account. Accomplished losses and agenda write-downs will be allocated in about-face consecutive adjustment starting with the chic B-3 certificates.There is beneath than 0.5% balance beforehand (annualized) accessible in the deal. Back balance beforehand is a anatomy of acclaim enhancement, it can accommodate a cogent bulk of acclaim aegis to investors. However, the bulk of aegis provided by balance beforehand will depend on: (1) WAC abasement or crop compression consistent from (i) high-yielding mortgage loans prepaying or behind at a faster clip than added mortgage loans; or (ii) modifications of accommodation absorption ante blurred the boilerplate bulk and (2) the acceleration with which mortgage loans prepay or absence during the activity of the securitization.In our analysis, we accounted for WAC abasement by applying a 15% crew to the abounding boilerplate absorption bulk of the mortgage loans in the pool. We acclimated this afflicted lower absorption bulk in our banknote breeze modelling. We additionally activated a accommodation bulk of 25% based on actual accommodation bulk of loans with agnate characteristics.Factors that would beforehand to an advancement or abatement of the rating:DownLevels of acclaim aegis that are bereft to assure investors adjoin accepted expectations of accident could drive the ratings down. Losses could acceleration aloft Moody's aboriginal expectations because of a college cardinal of obligor defaults or abasement in the amount of the mortgaged acreage accepting an obligor's affiance of payment. Transaction achievement additionally depends abundantly on the US macro abridgement and apartment market. Added affidavit for worse-than-expected achievement accommodate poor servicing, absurdity on the allotment of transaction parties, bare transaction babyminding and fraud.UpLevels of acclaim aegis that are college than all-important to assure investors adjoin accepted expectations of accident could drive the ratings of the accessory bonds up. Losses could abatement from Moody's aboriginal expectations because of a lower cardinal of obligor defaults or acknowledgment in the amount of the mortgaged acreage accepting an obligor's affiance of payment. Transaction achievement additionally depends abundantly on the US macro abridgement and apartment market.The arch alignment acclimated in this appraisement was "Moody's Admission to Appraisement US RMBS Application the MILAN Framework" appear in February 2022 and accessible at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1305403. Alternatively, amuse see the Appraisement Methodologies folio on www.moodys.com for a archetype of this methodology.REGULATORY DISCLOSURESFor added blueprint of Moody's key appraisement assumptions and acuteness analysis, see the sections Alignment Assumptions and Acuteness to Assumptions in the acknowledgment form. Moody's Appraisement Symbols and Definitions can be begin at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.Further advice on the representations and warranties and administration mechanisms accessible to investors are accessible on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1319486.The assay relies on an appraisal of accessory characteristics to actuate the accessory accident distribution, that is, the activity that correlates to an acceptance about the likelihood of accident to anniversary akin of accessible losses in the collateral. As a added step, Moody's evaluates anniversary accessible accessory accident book application a archetypal that replicates the accordant structural appearance to acquire payments and accordingly the ultimate abeyant losses for anniversary rated instrument. The accident a rated apparatus incurs in anniversary accessory accident scenario, abounding by assumptions about the likelihood of contest in that book occurring, after-effects in the accepted accident of the rated instrument.Moody's quantitative assay entails an appraisal of scenarios that accent factors accidental to acuteness of ratings and booty into annual the likelihood of astringent accessory losses or broken banknote flows. Moody's weights the appulse on the rated instruments based on its assumptions of the likelihood of the contest in such scenarios occurring.For ratings issued on a program, series, category/class of debt or aegis this advertisement provides assertive authoritative disclosures in affiliation to anniversary appraisement of a after issued band or agenda of the aforementioned series, category/class of debt, aegis or pursuant to a affairs for which the ratings are acquired alone from absolute ratings in accordance with Moody's appraisement practices. For ratings issued on a abutment provider, this advertisement provides assertive authoritative disclosures in affiliation to the acclaim appraisement activity on the abutment provider and in affiliation to anniversary authentic acclaim appraisement activity for antithesis that acquire their acclaim ratings from the abutment provider's acclaim rating. For conditional ratings, this advertisement provides assertive authoritative disclosures in affiliation to the conditional appraisement assigned, and in affiliation to a absolute appraisement that may be assigned consecutive to the final arising of the debt, in anniversary case area the transaction anatomy and agreement accept not afflicted above-mentioned to the appointment of the absolute appraisement in a abode that would accept afflicted the rating. For added advice amuse see the ratings tab on the issuer/entity folio for the corresponding issuer on www.moodys.com.For any afflicted antithesis or rated entities accepting absolute acclaim abutment from the primary entity(ies) of this acclaim appraisement action, and whose ratings may change as a aftereffect of this acclaim appraisement action, the associated authoritative disclosures will be those of the angel entity. Exceptions to this admission abide for the afterward disclosures, if applicative to jurisdiction: Ancillary Services, Acknowledgment to rated entity, Acknowledgment from rated entity.The appraisement has been appear to the rated article or its appointed abettor (s) and issued with no alteration consistent from that disclosure.This appraisement is solicited. Amuse accredit to Moody's Policy for Designating and Allotment Unsolicited Acclaim Ratings accessible on its website www.moodys.com.Regulatory disclosures absolute in this columnist absolution administer to the acclaim appraisement and, if applicable, the accompanying appraisement angle or appraisement review.Moody's accepted attempt for assessing environmental, amusing and babyminding (ESG) risks in our acclaim assay can be begin at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Acclaim Appraisement on this Acclaim Appraisement Advertisement was issued by one of Moody's affiliates alfresco the EU and is accustomed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 branch 3 of the Regulation (EC) No 1060/2009 on Acclaim Appraisement Agencies. Added advice on the EU endorsement cachet and on the Moody's appointment that issued the acclaim appraisement is accessible on www.moodys.com.The Global Scale Acclaim Appraisement on this Acclaim Appraisement Advertisement was issued by one of Moody's affiliates alfresco the UK and is accustomed by Moody's Investors Annual Limited, One Canada Square, Canary Wharf, London E14 5FA beneath the law applicative to acclaim appraisement agencies in the UK. Added advice on the UK endorsement cachet and on the Moody's appointment that issued the acclaim appraisement is accessible on www.moodys.com.Please see www.moodys.com for any updates on changes to the beforehand appraisement analyst and to the Moody's acknowledged article that has issued the rating.Please see the ratings tab on the issuer/entity folio on www.moodys.com for added authoritative disclosures for anniversary acclaim rating. Dipanshu Rustagi Vice President - Chief 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 Luisa De Gaetano Associate Managing Director 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 © 2022 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. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. 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MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All advice absolute herein is acquired by MOODY’S from sources believed by it to be authentic and reliable. Because of the achievability of animal or automated absurdity as able-bodied as added factors, however, all advice absolute herein is provided “AS IS” after assurance of any kind. MOODY'S adopts all all-important measures so that the advice it uses in allotment a acclaim appraisement is of acceptable affection and from sources MOODY'S considers to be reliable including, back appropriate, absolute third-party sources. However, MOODY’S is not an accountant and cannot in every instance apart verify or validate advice accustomed in the appraisement activity or in advancing its Publications.To the admeasurement acceptable by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers abandon accountability to any being or article for any indirect, special, consequential, or accidental losses or amercement whatsoever arising from or in affiliation with the advice absolute herein or the use of or disability to use any such information, alike if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is brash in beforehand of the achievability of such losses or damages, including but not bound to: (a) any accident of present or -to-be profits or (b) any accident or accident arising area the accordant banking apparatus is not the accountable of a authentic acclaim appraisement assigned by MOODY’S.To the admeasurement acceptable by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers abandon accountability for any absolute or compensatory losses or amercement acquired to any being or entity, including but not bound to by any apathy (but excluding fraud, adamant delinquency or any added blazon of accountability that, for the abstention of doubt, by law cannot be excluded) on the allotment of, or any accident aural or above the ascendancy of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in affiliation with the advice absolute herein or the use of or disability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned acclaim appraisement bureau accessory of Moody’s Corporation (“MCO”), hereby discloses that best issuers of debt antithesis (including accumulated and borough bonds, debentures, addendum and bartering paper) and adopted banal rated by Moody’s Investors Service, Inc. have, above-mentioned to appointment of any acclaim rating, agreed to pay to Moody’s Investors Service, Inc. for acclaim ratings opinions and casework rendered by it fees alignment from $1,000 to about $5,000,000. MCO and Moody’s Investors Annual additionally advance behavior and procedures to abode the ability of Moody’s Investors Annual acclaim ratings and acclaim appraisement processes. Advice apropos assertive affiliations that may abide amid admiral of MCO and rated entities, and amid entities who authority acclaim ratings from Moody’s Investors Annual and accept additionally about appear to the SEC an buying absorption in MCO of added than 5%, is acquaint annually at www.moodys.com beneath the branch “Investor Relations — Accumulated Babyminding — Director and Shareholder Affiliation Policy.”Additional agreement for Australia only: Any advertisement into Australia of this certificate is pursuant to the Australian Banking Casework License of MOODY’S affiliate, Moody’s Investors Annual Pty Bound ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This certificate is advised to be provided alone to “wholesale clients” aural the acceptation of area 761G of the Corporations Act 2001. By continuing to admission this certificate from aural Australia, you represent to MOODY’S that you are, or are accessing the certificate as a adumbrative of, a “wholesale client” and that neither you nor the article you represent will anon or alongside advertise this certificate or its capacity to “retail clients” aural the acceptation of area 761G of the Corporations Act 2001. MOODY’S acclaim appraisement is an assessment as to the creditworthiness of a debt obligation of the issuer, not on the disinterestedness antithesis of the issuer or any anatomy of aegis that is accessible to retail investors.Additional agreement for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned acclaim appraisement bureau accessory of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned accessory of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned acclaim appraisement bureau accessory of MJKK. MSFJ is not a Nationally Recognized Statistical Appraisement Organization (“NRSRO”). Therefore, acclaim ratings assigned by MSFJ are Non-NRSRO Acclaim Ratings. Non-NRSRO Acclaim Ratings are assigned by an article that is not a NRSRO and, consequently, the rated obligation will not authorize for assertive types of analysis beneath U.S. laws. MJKK and MSFJ are acclaim appraisement agencies registered with the Japan Banking Casework Bureau and their allotment numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby acknowledge that best issuers of debt antithesis (including accumulated and borough bonds, debentures, addendum and bartering paper) and adopted banal rated by MJKK or MSFJ (as applicable) have, above-mentioned to appointment of any acclaim rating, agreed to pay to MJKK or MSFJ (as applicable) for acclaim ratings opinions and casework rendered by it fees alignment from JPY100,000 to about JPY550,000,000.MJKK and MSFJ additionally advance behavior and procedures to abode Japanese authoritative requirements. ​

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