Rating Action: Moody's upgrades AES Chivor's ratings to Baa3 from Ba1; outlook stable Global Credit Research - 30 May 2014

Similar documents
Rating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable

Rating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018

Rating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update

Rating Action: Moody's downgrades Coty's CFR to Ba3; outlook stable Global Credit Research - 20 Mar 2018

New Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN

Rating Action: Moody's upgrades Santander Consumer Finance's deposit ratings to Baa1; maintains stable outlook

Global Credit Research - 06 Mar 2014

Rating Action: Moody's assigns provisional (P)Aaa to Belfius Bank's public sector covered bonds

Rating Action: Moody's upgrades Dell's CFR to Ba2; outlook stable

Rating Action: Moody's Upgrades the City of Sacramento, CA's Lease Revenue Bonds to A1; Confirms Ser and Ser. 1993A at A2; outlook is stable

Rating Action: Moody's upgrades Peruvian banks

Rating Action: Moody's changes the outlook to negative on three Infrastructure Issuers operating in Colombia

Rating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review

Rating Action: Moody's downgrades Coty's CFR to B1; outlook negative 26 Nov 2018

Rating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook

Rating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018

Rating Action: Moody's affirms Hera's Baa1 rating; negative outlook Global Credit Research - 03 Dec 2013

Rating Action: Moody's assigns Aa3 to West Virginia SBA's $44.4M Capital Improvement Ref. Rev. Bonds, Ser Global Credit Research - 08 Sep 2017

Rating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017

Rating Action: Moody's affirms Intrum Justitia's Ba2 corporate family rating; outlook changed to stable Global Credit Research - 19 Apr 2018

Rating Action: Moody's downgrades Bharti's senior unsecured notes to Ba1 and assigns a Ba1 CFR; outlook negative 05 Feb 2019

Rating Action: Moody's upgrades the ratings of MBIA group: National Public Finance Guarantee to A3 Global Credit Research - 21 May 2014

Rating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016

Rating Action: Moody's upgrades Blue Racer's senior notes to B2, rates new notes

Rating Action: Moody's downgrades South Carolina Public Service Authority revenue bonds; rating outlook negative

Rating Action: Moody's changes Metso Corporation's outlook to stable; affirms Baa2 ratings Global Credit Research - 30 Oct 2014

Rating Action: Moody's upgrades mortgage covered bonds issued by AIB Mortgage Bank and EBS Mortgage Finance Global Credit Research - 29 Nov 2016

Rating Action: Moody's assigns Counterparty Risk Ratings to three Sri Lankan banks 18 Jun 2018

Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018

Rating Action: Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch Global Credit Research - 17 Aug 2017

business cultures. LIQUIDITY PROFILE Moody's considers Lafarge's liquidity profile on a stand-alone basis to be good for the next 12 months, largely

Rating Action: Moody's downgrades ENGIE to A2; stable outlook Global Credit Research - 27 Apr 2016

OECD Workshop on Data Collection

Rating Action: Moody's changes outlook to positive on Orkuveita Reykjavikur's Ba2 rating Global Credit Research - 15 Jun 2017

Rating Action: Moody's upgrades Dufry's ratings to Ba2 from Ba3; outlook stable Global Credit Research - 15 May 2017

Rating Action: Moody's takes rating actions on Irish mortgage covered bonds Global Credit Research - 26 Sep 2016

Rating Action: Moody's affirms long-term ratings of Credit Agricole S.A. and CACIB at A2

MooDY's. Regulatory Disclosures. Page 1 of5 INVESTORS SERVICE. Identifier: MDY:

Rating Action: Moody's revises Denver Transit Partners, LLC rating outlook to negative; affirms Baa3 rating Global Credit Research - 03 Apr 2018

Rating Action: Moody's assigns A2 to 2016B & C Senior Bonds of Central Florida Expressway Auth. (CFX), FL; Outlook positive

Rating Action: Moody's changes outlook on ArcelorMittal's Ba1 CFR to positive from stable; affirms ratings Global Credit Research - 07 Dec 2017

Rating Action: Moody's upgrades NORD/LB's Fuerstenberg preference shares to Caa1(hyb) Global Credit Research - 18 Apr 2018

Rating Action: Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology

Rating Action: Moody's upgrades Yanlord to Ba2; outlook stable Global Credit Research - 25 Apr 2017

Rating Action: Moody's changes the outlook on FCA Bank's senior debt rating to positive from stable

Rating Action: Moody's assigns (P)Ba2 ratings to Intrum Justitia AB; outlook positive Global Credit Research - 12 Jun 2017

New Issue: Moody's assigns Aaa to Bronxville NY's $5.2M GO Bonds

Rating Action: Moody's upgrades BAWAG's ratings to A2; outlook positive

Rating Action: Moody's changes Hella's outlook to positive; affirms ratings Global Credit Research - 31 Aug 2017

Rating Action: Moody's reviews covered bonds issued by Hypo NOE, Hypo Tirol and Heta AR for upgrade Global Credit Research - 25 May 2016

Rating Action: Moody's assigns A2 ratings to SAP SE; stable outlook

Rating Action: Moody's affirms Aaa IFS rating of New York Life; stable outlook Global Credit Research - 27 Jul 2017

Rating Action: Moody's upgrades PGW (PA) to A3 from Baa1; Assigns A3 to $278.2 mil Gas Works Rev. Refunding Bds., 15th Series

CIMIC GROUP UPGRADED TO Baa2, OUTLOOK STABLE, BY MOODY'S INVESTORS SERVICE

Rating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017

Rating Action: Moody's upgrades Aker BP's rating to Ba1, stable outlook Global Credit Research - 05 Mar 2018

State Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director

Rating Action: Moody's affirms MGCCT's Baa1 ratings on acquisition announcement; outlook stable Global Credit Research - 02 Apr 2018

Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable

Global Credit Research - 19 Apr 2018

Rating Action: Moody's changes outlook on Bank Zachodni WBK S.A.'s ratings to positive Global Credit Research - 29 Jan 2018

Rating Action: Moody's confirms KOKS's B3 rating; negative outlook Global Credit Research - 24 Oct 2016

Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019

Rating Action: Moody's upgrades Gasunie to A1 from A2; stable outlook 08 Aug 2018

Rating Action: Moody's assigns A3 issuer rating to Nidec Corporation; outlook stable Global Credit Research - 31 Jan 2018

Rating Action: Moody's affirms Mauritius's Baa1 rating, maintains stable outlook Global Credit Research - 27 Mar 2018

Rating Action: Moody's assigns Aa3 to Trinity Health Credit Group's (MI) Ser bonds; outlook revised to stable

Rating Action: Moody's Affirms A3 Rating on American Municipal Power, Inc. Meldahl Hydroelectric Revenue Bonds; Outlook Stable

Rating Action: Moody's assigns Counterparty Risk Rating to FCA Bank

Rating Action: Moody's upgrades Permanent tsb's deposit and senior unsecured ratings; outlook stable Global Credit Research - 08 May 2015

Rating Action: Moody's upgrades Stora Enso to Baa3; stable outlook 01 Nov 2018

For personal use only

Rating Action: Moody's affirms the Baa2 financial strength rating on VIVAT NV's operating subsidiaries. Outlook remains stable

Policy for Designating and Assigning Unsolicited Credit Ratings

Rating Action: Moody's assigns first-time A3 issuer rating to Midea Group Global Credit Research - 18 Nov 2015

Rating Action: Moody's affirms JAB Holding's Baa1 Issuer rating; outlook stable Global Credit Research - 30 Jan 2018

For personal use only

Rating Action: Moody's assigns (P)B2 ratings to CMF S.p.A's (Manutencoop) proposed Senior Secured Notes

Global Credit Research - 24 Feb 2012 ASSIGNS A2 RATING TO $24.6 MILLION G.O. BONDS, 2012 SERIES A & B

Rating Action: Moody's places debt and long-term deposit ratings of Credit Europe Bank N.V. on review for upgrade

Rating Action: Moody's downgrades MBIA Inc. and National Public Finance Guarantee Corp. (IFS to Baa2); MBIA Insurance Corp.

Rating Action: Moody's downgrades Banco Popular to Ba3 from Ba1, negative outlook assigned Global Credit Research - 04 Jul 2013

Rating Action: Moody's takes rating actions on 12 Ukrainian banks and one leasing company

Rating Action: Moody's affirms Land and Agricultural Development Bank's Baa3 rating; changes outlook to negative from stable

Rating Action: Moody's downgrades ArcelorMittal's ratings to Ba2; negative outlook Global Credit Research - 12 Nov 2015

Rating Action: Moody's upgrades the MBIA group; National Public Finance at Baa1 and MBIA Corp. at B3 Global Credit Research - 21 May 2013

Rating Action: Moody's confirms RWE's Baa3/Ba2 ratings, stable outlook 17 May 2018

Rating Action: Moody's assigns B1 CFR to Pro-Gest; stable outlook

Rating Action: Moody's assigns definitive ratings to Lloyds' non-ring-fenced banks LBCM and LBIL

Rating Action: Moody's upgrade Equinor's rating to Aa2 and BCA to a1; stable outlook 09 Aug 2018

Rating Action: Moody's changes outlooks on ratings of 14 Russian financial institutions to stable from negative

Policy for Designating and Assigning Unsolicited Credit Ratings in the European Union

Rating Action: Moody's assigns Aa2 UND/Aa3 ENH to Roswell ISD (Chaves County), NM's GOULT bonds, Ser Sep 2018

New Issue: Moody's upgrades Edgewater, NJ's GO to Aa2: assigns MIG 1 to $15.4M in BANs

Global Credit Research - 24 Jul 2017

Rating Action: Moody's downgrades the ratings of four Italian utilities 23 Oct 2018

Rating Action: Moody's upgrades Lufthansa to Baa3; stable outlook Global Credit Research - 24 Aug 2017

Rating Action: Moody's confirms ratings of six financial institutions in Kazakhstan; concludes review

Rating Action: Moody's upgrades MS Amlin's IFS ratings to A1; stable outlook Global Credit Research - 08 Aug 2017

Rating Action: Moody's assigns Aa3/Prime-1 issuer ratings to the Departement de L'Eure; stable outlook Global Credit Research - 07 Apr 2016

Transcription:

Rating Action: Moody's upgrades AES Chivor's ratings to Baa3 from Ba1; outlook stable Global Credit Research - 30 May 2014 New York, May 30, 2014 -- Moody's Investors Service upgraded today the senior secured rating of AES Chivor to Baa3 from Ba1. Concurrently, Moody's also withdrew AES Chivor's Ba1 Corporate Family Rating. The outlook is stable. RATINGS RATIONALE "Today's rating action is largely driven by Moody's expectation that Chivor will be able to further report key credit metrics that are robust for its current Ba1-rating category" said Natividad Martel, a Moody's Vice President; Specifically, its 2011-2013 CFO pre W/C to debt, interest coverage and Retained Cash Flow (RCF) to debt averaged around 84%, 9x and 18.7%, respectively. The rating continues to factor the issuer's aggressive cash distribution policy (in the form of dividends or loans) as it is expected to remain a key source of cash flow for its parent company, AES Gener (Baa3, stable). That said, Moody's has gained some clarity about how Gener will fund its material capex program, including the US$150 million equity issuance completed in May 2014. Therefore, today's rating action also reflects Moody's expectation that Chivor will be able to further record over the medium-term positive free cash flow considering dividend payments (according to Moody's definition) as has been the case in most recent years. Chivor's ability to generate strong cash flows is enhanced by its overall prudent commercial policy in terms of contracted output. This consists of committing to sell between 75% and 85% of its expected output (4,160 MWh) under short and intermediate term bilateral contracts largely with electric utilities. This has provided Chivor a stable base of contracted cash flows which reduces the likelihood of being over-contracted during those years when the El Niño phenomena results in lower than usual hydrology levels in Colombia. Moody's notes that although no El Niño phenomena developed during 2013 Chivor was able to only generate 3,373GWh of output as the water inflows in its reservoir were lower than its historical average (86%) which highlights the concentration risk associated with a single cash generating asset. As a result, the company was required to procure power in the spot market to meet its 3,517GWh contracted load amid volatile spot power prices which negatively impacted its EBITDA margin. Nevertheless, despite these challenges, Chivor was able to report at year-end 2013 a very strong CFO pre-w/c to debt metric of 77.6%. Today's rating action further assumes that Chivor will successfully refinance its US$170 million 144RegA Notes due in December 2014 and that this will not result in a material increase in its interest costs associated with this outstanding indebtedness. To that end, Moody's understands that the issuer is currently considering different refinancing alternatives. Chivor's stable outlook largely reflects the issuer's overall prudent commercial policy which is expected to further underpin its ability to generate cash flows and maintain its strong financial profile which substantially offsets the material business concentration risks. The stable outlook also reflects our expectation that Gener's needs for cash upstreams will not jeopardize Chivor's overall prudent financial policy and financial stability. The Baa3 rating is also currently capped by Chivor's exposure to single-asset risk along with the company's single fuel source and geographical concentration. Furthermore, limited prospects exist for a further rating upgrade given the continuing call on cash upstreams to support Gener's material construction program while also remaining an important source of dividends for AES Corporation. That said, factors that could trigger positive momentum include a further improvement in its operating cash flows, such that the issuer reports RCF to debt in the high twenties. Factors that could create downward rating pressure include: a significant deterioration in Colombia's political and economic environment, changes to the country's regulatory framework that have an adverse impact on the power markets and Chivor, a significant and prolonged devaluation of the Colombian peso vis-a-vis the U.S. dollar that renders Chivor's hedging strategy inadequate or significantly higher distributions to Gener resulting in a meaningful deterioration in Chivor's credit metrics, such that its 3-year average RCF to debt falls below 14% on a sustainable basis. In addition, if the rating of Gener or AES were to experience a multi-notch downgrade, the rating of Chivor

could be affected. The principal methodology used in this rating was Unregulated Utilities and Power Companies published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. AES Chivor & Cia. S.C.A. E.S.P. (Chivor; Corporate Family Rating (CFR: Ba1; stable) is a wholesale power generation company (1,000MW installed capacity with an additional 19.8MW mini hydro-electric plant currently under construction) in Colombia (FC Gov. bond: Baa3; positive). Since 1996, it has been a wholly-owned subsidiary of AES Gener (Gener; Baa3; stable) and since 2001 it has been an indirect subsidiary of the AES Corporation (CFR: Ba3; stable). REGULATORY DISCLOSURES For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Natividad Martel Vice President - Senior Analyst Infrastructure Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. William L. Hess MD - Utilities Infrastructure Finance Group Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A.

2014 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 INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATION") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S 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. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S 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 AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY 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. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the

herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody s Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability 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 SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody s Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations Corporate Governance Director and Shareholder Affiliation Policy." For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of

section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for "retail clients" to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.