Moody’s

Rating Agency Developments

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On May 3, 2017, DBRS issued a report entitled Rating Canadian Public Hospitals. Report.

On May 3, 2017, Fitch issued a report entitled Global Structured Finance Rating Criteria. Report.

On May 3, 2017, Moody’s proposed limited updates to its approach for rating US and Canadian conduit/fusion CMBS. Report.

On May 3, 2017, Moody’s proposed changes to its approach to rating asset-backed commercial paper. Report.

On April 28, 2017, DBRS issued a report entitled Operational Risk Assessments for Canadian Structured Finance. Report.

On April 27, 2017, Fitch issued a report entitled Non-Financial Corporates Hybrids Treatment and Notching Criteria. Report.

On April 27, 2017, Fitch issued a report entitled Global Money Market Fund Rating Criteria. Report.

Rating Agency Developments

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On April 4, 2017, DBRS updated its methodology for rating U.S. residential mortgage-backed securities (RMBS). Report.

On April 4, 2017, DBRS published its methodology for rating U.S. Property Assessed Clean Energy (PACE) securitizations. Report.

On April 4, 2017, DBRS published its methodology for rating structured finance CDO restructurings. Report.

On April 4, 2017, Moody’s published its ratings methodology for assessing companies in the equipment and transportation rental industry. Report.

On March 31, 2017, DBRS published its master methodology for assessing European structured finance. Report.

On March 30, 2017, Fitch updated its rating criteria for U.S. public finance tender option bonds. Report.

On March 30, 2017, Moody’s updated its ratings methodology for market value collateralized loan obligations (MV CLOs). Report.

Rating Agency Developments

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On March 29, 2017, Moody’s published its approach to assessing credit risk for multilateral development banks and other supranational entities. Report.

On March 28, 2017, DBRS published its methodology for rating Canadian ABCP and related enhancement features. Report.

On March 28, 2017, Fitch published its U.K. income-contingent student loans rating criteria. Report.

On March 28, 2017, Fitch published an update to its rating criteria for trust preferred collateralized debt obligations (TruPS CDOs). Release.

On March 28, 2017, KBRA published its U.S. consumer loan ABS rating methodology. Report.

On March 24, 2017, DBRS published its methodology for rating companies in the forest products industry. Report.

On March 24, 2017, DBRS published its methodology for rating companies in the radio broadcasting industry. Report.

On March 24, 2017, DBRS published its methodology for rating companies in the television broadcasting industry. Report.

On March 24, 2017, DBRS published its methodology for rating companies in the printing industry. Report.

On March 24, 2017, DBRS published its methodology for rating companies in the publishing industry. Report.

On March 24, 2017, Moody’s published an update to its local currency country risk ceiling for bonds and other local currency obligations. Report.

On March 23, 2017, DBRS published its North American CMBS multi-borrower rating methodology. Report.

On March 23, 2017, Fitch published an update to its criteria for estimating losses on U.S. mortgage pools for RMBS transactions. Report.

Rating Agency Developments

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On March 22, 2017, DBRS issued a report entitled DBRS Criteria: Commercial Paper Liquidity Support for Non‑Bank Issuers. Report.

On March 22, 2017, Fitch issued a report entitled Fitch Updates US RMBS Seasoned, Re-Performing, and Non‑Performing Loan Rating Criteria. Release.

On March 22, 2017, Moody’s issued a report entitled Construction Industry. Report.

On March 20, 2017, Fitch issued a report entitled Fitch Updates SF and CvB Counterparty Criteria and Addendum. Release.

On March 16, 2017, DBRS issued a report entitled DBRS Criteria: Support Assessments for Banks and Banking Organisations. Report.

On March 16, 2017, DBRS issued a report entitled General Corporate Methodology. Report.

On March 16, 2017, DBRS issued a report entitled North American Single-Asset/Single-Borrower Methodology. Report.

On March 16, 2017, DBRS issued a report entitled Rating Companies in the Canadian Grain Handling Industry. Report.

On March 16, 2017, Fitch issued a report entitled Fitch Updates Single- and Multi-Name Credit Linked Notes Rating Criteria. Release.

On March 16, 2017, Moody’s issued a report entitled Global Alcoholic Beverage Industry. Report.

On March 16, 2017, Moody’s issued a report entitled Regulated Electric and Gas Networks. Report.

Rating Agency Developments

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On March 8, 2017, Fitch issued a report entitled U.S. Auto Lease ABS Rating Criteria. Report.

On March 7, 2017, DBRS issued a report entitled Mapping Financial Institution Internal Ratings to DBRS Ratings for Global Structured Credit Transactions. Report.

On March 7, 2017, Fitch issued a report entitled National Scale Ratings Criteria. Report.

On March 7, 2017, Moody’s updated its rating criteria for variable rate instruments supported by conditional liquidity facilities. Report.

On March 6, 2017, Fitch issued a report entitled Criteria for Analyzing Multiborrower U.S. and Canadian Commercial Mortgage Transactions. Report.

On March 6, 2017, Moody’s updated its rating criteria for gas prepayment bonds. Report.

On March 3, 2017, DBRS issued a report entitled Rating Public-Private Partnerships. Report.

On March 3, 2017, Fitch issued a report entitled SME Balance Sheet Securitisation Rating Criteria. Report.

On March 3, 2017, Fitch issued a report entitled North America and Asia-Pacific Multiborrower CMBS Surveillance Criteria. Report.

On March 2, 2017, DBRS issued a report entitled Rating Sports Franchises and Stadium Financings. Report.

Rating Agency Developments

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On February 22, 2017, DBRS issued a report entitled DBRS Criteria: Recovery Ratings for Non‑Investment Grade Corporate Issuers. Report.

On February 22, 2017, DBRS issued a report entitled Rating Companies in the Services Industry. Report.

On February 22, 2017, DBRS issued a report entitled Rating Companies in the Industrial Products Industry. Report.

On February 22, 2017, Moody’s issued a report entitled Securities Industry Service Providers. Report.

On February 22, 2017, Moody’s issued a report entitled Securities Industry Market Makers. Report.

On February 21, 2017, DBRS issued a report entitled DBRS Criteria Commercial Paper Liquidity Support for Non‑Bank Issuers. Report.

On February 17, 2017, Fitch issued a report entitled Latin America RMBS Rating Criteria. Report.

On February 17, 2017, Fitch issued a report entitled Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria. Report.

On February 16, 2017, DBRS issued a report entitled DBRS Criteria: Rating Principal Protected Market‑Linked Securities. Report.

Rating Agency Developments

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On January 31, 2017, Moody’s updated its U.S. RMBS surveillance methodology. Report.

On January 31, 2017, Moody’s updated its rating methodology for rated issuers in the telecommunications service provider industry globally. Report.

On January 27, 2017, Moody’s revised its approach to assessing credit risk for companies in the soft beverage industry globally. Report.

On January 27, 2017, S&P released an advance notice of proposed criteria changes for rating U.S. residential mortgage-backed securities (RMBS). Report.

Rating Agency Developments

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On January 23, 2017, DBRS issued a report entitled North American CMBS Rating Methodology. Report.

On January 23, 2017, DBRS issued a report entitled Rating U.S. Federal Family Education Loan Program Securitizations. Report.

On January 23, 2017, Moody’s issued a report entitled Global Packaged Goods. Report.

On January 23, 2017, Moody’s issued a report entitled Global Pay Television – Cable and Direct-to-Home Satellite Operators. Report.

On January 20, 2017, DBRS issued a report entitled Master European Structured Finance Surveillance Methodology. Report.

Rating Agency Developments

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On January 18, 2017, Moody’s issued a report entitled Hybrid Equity Credit. Report.

On January 17, 2017, DBRS issued a report entitled Rating North American CMBS Interest‑Only Certificates – Request for Comment. Report.

On January 17, 2017, Fitch issued a report entitled Fitch Publishes Updated Global Dealer Floorplan Rating Criteria. Release.

On January 17, 2017, Fitch issued a report entitled Fitch Updates Criteria for Variable-Rate Demand Obligations and Commercial Paper. Release.

On January 13, 2017, DBRS issued a report entitled Structured Finance Flow‑Through Ratings. Report.

On January 13, 2017, Fitch issued a report entitled Fitch Updates Rating Investment Holding Companies Criteria. Report.

On January 10, 2017, DBRS published its ratings methodology for European CMBS. Report.

On January 9, 2017, Moody’s published its ratings methodology for fleet lease‑backed ABS. Report.

On January 9, 2017, Fitch updated its ratings criteria for pre‑refunded U.S. municipal bonds. Report.

On January 5, 2017, Fitch updated its asset analysis criteria for covered bonds and CDOs of public entities. Report.

Moody’s to Pay $864 Million to U.S. Department of Justice & 21 States in Credit Rating Settlement

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On January 13, 2017, Moody’s Corporation agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states in connection with the ratings agency’s credit rating work on residential mortgage‑backed securities and other products during the years leading up to the financial crisis. The settlement is comprised of a $437.5 million payment to the Department of Justice and $426.3 million to 21 states. The Statement of Facts accompanying the Settlement Agreement states that from 2004‑2010, Moody’s issued credit ratings of RMBS and CDOs, but that there were potential conflicts of interest in Moody’s “issuer‑fee‑based” business model, in which issuers paid Moody’s for their credit opinions. The settlement agreement does not constitute sanctions “for any act or practice of Moody’s.” In accordance with the settlement agreement, Moody’s agrees to maintain and adopt certain compliance measures that “promote the integrity and independence of Moody’s credit ratings” for a period of five years. Settlement Agreement. Statement of Facts. Moody’s Compliance Commitments.