Sydney, June 25, 2012 -- Moody's Investors Service has downgraded to Aa2 from Aa1 the deposit and senior debt ratings of The Hongkong and Shanghai Banking Corporation Limited and Hang Seng Bank Limited.

Moody's also downgraded the subsidiaries of both banks, and they are listed below.

The outlook for all ratings is stable.

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143351 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

These rating actions follow the downgrade of their ultimate parent HSBC Holdings plc, to Aa3 from Aa2, as announced in a separate press release: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_248989.

These rating actions conclude the rating review commenced on 16 February 2012, which was undertaken as part of a global review of banking groups with significant, global capital markets activities. For additional information on bank ratings, please refer to the webpage containing Moody's related announcements: http://www.moodys.com/bankratings2012.

SUMMARY RATINGS RATIONALE

The downgrades of The Hongkong and Shanghai Banking Corporation, Hang Seng Bank and their subsidiaries are both a consequence of the action taken on their ultimate parent, HSBC Holdings, as well as considerations unique to each entity. There were two key drivers for the rating actions:

First, Moody's review of banks with global capital markets activities. Although capital markets activities at The Hongkong and Shanghai Banking Corporation are relatively plain vanilla, and form a very small part of Hang Seng Bank's operations, Moody's views the banks as exhibiting some of the characteristics examined in the global review. Both banks are interconnected to events in global financial markets, for example being major, net interbank lenders, even though they exercise cautious counterparty selection. In addition, The Hongkong and Shanghai Banking Corporation's wide-ranging geographic presence and range of business activities adds complexity both to its own operations and its response to the kinds of severe stress scenarios incorporated into high ratings, under which correlations tend to increase and the risk-mitigation provided by such diversity is diminished.

Second, increasing challenges in the operating environment. The downgrade also took into account the potential for volatility in the banks' operating environment as a result of eurozone stresses; high asset prices and price competition in Hong Kong as a result of prevailing low interest rates; and a slowdown in the mainland China market.

Nevertheless, the Aa2 ratings now assigned to The Hongkong and Shanghai Banking Corporation and Hang Seng Bank remain amongst the very highest globally. The banks' ratings continue to reflect their entrenched franchises in Hong Kong, which support their robust liquidity and superior profitability. Both banks have long-established corporate relationships and strong positions in trade finance. They also have a track record of maintaining conservative lending standards. This positions them well to withstand a wide range of potential adverse shocks, and is reinforced by their sound capitalisation.

In addition to the two banks, four rated subsidiaries were also downgraded. These negative rating actions were primarily driven by the decline in the ratings of their parents, resulting in a reduction in the amount of rating uplift for parental support. Nevertheless, Moody's continues to view the potential for intra-group support to be a very positive factor underpinning the credit profile of the rated subsidiaries, which fit well within the HSBC group's strategic objectives for the Asia-Pacific region.

RATINGS RATIONALE -- The Hongkong and Shanghai Banking Corporation

The stand-alone financial strength of The Hongkong and Shanghai Banking Corporation was lowered to B, which equates to aa3 on the long-term scale, down one notch from B+ / aa2. The change was driven by a number of considerations.

In terms of Moody's review of banks with large, global capital markets activities, The Hongkong and Shanghai Banking Corporation exhibits few of the characteristics that contributed to the downgrade of a number of global banks, including its parent, HSBC Holdings. Its capital markets activities are centred around providing relatively plain vanilla services, such as foreign exchange and interest rate hedging products, to its existing corporate customers to facilitate their international activities and trade. The bank has some ambitions to grow its debt and equity market businesses, but these remain modest relative to the overall business. The bank also has low leverage and strong client funding relative to the global bank peer group.

However, The Hongkong and Shanghai Banking Corporation is interconnected to events in global financial markets. As a result of its strong customer deposit inflows it is a major net interbank lender, and while it exercises cautious counterparty selection, these exposures are significant. As a result of its shared branding and customer base, The Hongkong and Shanghai Banking Corporation's risk profile is linked to some degree with that of its parent, HSBC Holdings. In addition, the bank's wide-ranging geographic presence and range of business activities adds complexity both to its own operations and its response to the kinds of severe stress scenarios incorporated into high ratings, under which correlations tend to increase and the risk-mitigation provided by such diversity is diminished.

The downgrade also took into account the potential for volatility in the bank's operating environment as a result of eurozone stresses; high asset prices and price competition resulting from the low interest rates in Hong Kong; and a slowdown in the mainland China economy.

As noted above, Moody's continues to view the bank as having a very strong credit profile overall. Moody's views as positive the HSBC group's efforts to narrow its focus to markets and business lines where it has the greatest competitive advantage, which should both support earnings and contain risks. The Hongkong and Shanghai Banking Corporation's strong franchise amongst Asia's major corporations and in global trade finance positions it well to benefit from Asia's long-term growth prospects.

The senior unsecured debt and deposit ratings of The Hongkong and Shanghai Banking Corporation were downgraded to Aa2 from Aa1, down one notch in line with the rating action on its stand-alone financial strength.

We view the potential for systemic support in Hong Kong to be very high, in light of the bank's very high share of the deposit market and significant role in the territory's financial system. This consideration continues to lift the Aa2 debt and deposit ratings of The Hongkong and Shanghai Banking Corporation one notch above its stand-alone credit profile of B /aa3.

Given that HSBC Holdings and the other non-Asian operating units of the HSBC group are rated lower than The Hongkong and Shanghai Banking Corporation, their contribution to the uplift in the latter's debt and deposit ratings is less than the uplift for systemic support.

The senior unsecured ratings of The Hongkong and Shanghai Banking Corporation's branches in New Zealand; Sydney, Australia; and Singapore were similarly downgraded to Aa2 from Aa1. HSBC Markets (Bahamas) Limited was also downgraded to (P)Aa2 from (P)Aa1.

The short-term rating of Prime-1 of The Hongkong and Shanghai Banking Corporation, and its above-mentioned branches, was not under review and was not affected by the change to the bank's other credit ratings. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

Moody's sees very little potential for upward rating movement, given that The Hongkong and Shanghai Banking Corporation's ratings are amongst the highest within the HSBC group and, indeed, amongst the highest assigned to any financial institution globally.

Downward pressure on the bank's ratings could emerge in the case of a severe, regional downturn, given that this is not factored into our base case expectations. Nevertheless, The Hongkong and Shanghai Banking Corporation's strong balance sheet and earnings are able to absorb significant stress, limiting the extent of downgrade risk.

RATINGS RATIONALE -- Hang Seng Bank

The stand-alone financial strength of Hang Seng Bank was lowered to B, which equates to aa3 on the long-term scale, down one notch from B+ / aa2, and in line with the one-notch downgrade of its immediate parent, The Hongkong and Shanghai Banking Corporation.

Whilst Hang Seng Bank's operations are remote from the kinds of capital markets activities that drove the downgrade of its ultimate parent HSBC Holdings, and to a lesser extent its immediate parent, Moody's views the bank to be appropriately positioned at the same rating level as The Hongkong and Shanghai Banking Corporation. At Hang Seng Bank's very high rating level, in order to rate it higher than its parent, Moody's would need to be extremely confident about the resilience and independence of the bank in a scenario where The Hongkong and Shanghai Banking Corporation was facing extraordinary stresses.

Additional factors contributing to the downgrade included Hang Seng Bank's high real-estate related exposures, which it shares with most Hong Kong banks; high borrower concentration (somewhat offset by its conservative lending standards) and the slowing Chinese economy. Hang Seng Bank is more focused than The Hongkong and Shanghai Banking Corporation on the Hong Kong and China markets.

The new stand-alone financial strength assessment continues to recognize Hang Seng Bank's entrenched franchise in Hong Kong; conservative management; consistently strong earnings, liquidity and capital; as well as its track record of prudent loan underwriting.

The senior unsecured debt and deposit ratings of Hang Seng Bank were downgraded one notch to Aa2 from Aa1, in line with the one notch downgrade of its stand-alone financial strength. We view the potential for systemic support for Hang Seng Bank to be very high in Hong Kong, in light of the bank's significant deposit market share and role in the territory's financial system.

Moody's also views the potential for parental support from The Hongkong and Shanghai Banking Corporation to be a significant credit positive. Combined, these considerations continue to lift the Aa2 debt and deposit ratings of Hang Seng Bank one notch above its stand-alone credit profile of B /aa3.

The short-term rating of Prime-1 was not under review and was not affected by the change to the bank's other credit ratings. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

Moody's sees very little potential for upward rating movement, given that Hang Seng Bank's ratings are amongst the highest within the HSBC group and, indeed, amongst the highest assigned to any financial institution globally.

A downgrade of The Hongkong and Shanghai Banking Corporation would impact Hang Seng Bank's debt and deposit ratings, because they include an assumption of parental support.

Downward pressure on the bank's stand-alone ratings could emerge in the case of a severe downturn in Hong Kong and mainland China, given that this is not factored into our base case expectations. Nevertheless, Hang Seng Bank's strong balance sheet and earnings are able to absorb significant stress, limiting the extent of downgrade risk.

RATINGS RATIONALE -- Hang Seng Bank (China) Limited

The stand-alone financial strength of Hang Seng Bank China was downgraded to D-, which equates to ba3 on the long-term scale, from D / ba2. The main drivers for the re-positioning of its standalone rating were the challenges faced by the bank in its operating environment which -- as much as investment in its network -- have continued to suppress its profitability. At the same time, while still strong at 14%, the bank's Tier 1 ratio has been on a declining trend from its formerly high level. High borrower concentration due to the bank's relatively small size, and its narrower net interest margins compared to larger Chinese banks, were other factors driving the downgrade.

The bank's long-term foreign and local currency deposit ratings were downgraded to A3 from A1. The foreign currency issuer rating was also downgraded to A3 from A1. These rating actions were driven both by the decline in the bank's stand-alone credit profile, as well as by the downgrade of its parent, Hang Seng Bank. As Moody's incorporates a very high probability of parental support into the Hang Seng Bank China's ratings, the downgrade of the parent contributed an additional one-notch downgrade for Hang Seng Bank China's long-term rating beyond that resulting from the lowering of the stand-alone financial strength assessment.

Moody's continues to assume a very high probability of parental support for Hang Seng Bank China, which reflects (i) 100% ownership by the parent; (ii) the close brand association; and (iii) Moody's view that the Chinese market is central to the parent's strategy.

Hang Seng Bank China's A3 deposit and issuer ratings are now 6 notches (previously 7 notches) above its stand-alone credit profile of ba3. The short-term foreign and local currency deposit ratings were also downgraded from Prime-1 to Prime-2. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

Any further downgrade in the parent's rating would be negative for Hang Seng Bank China's deposit and issuer ratings, given the multi-notch uplift for parental support that is incorporated into these ratings versus its standalone financial strength.

Upward pressure on Hang Seng Bank China's standalone financial strength assessement could develop if the bank can steadily improve its profitability and asset quality, and strengthen its franchise.

RATINGS RATIONALE -- HSBC Bank (China) Company Limited

The long-term foreign and local currency issuer and deposit ratings of HSBC Bank China were downgraded to A2 from A1, following the rating action on its parent, The Hongkong and Shanghai Banking Corporation. As Moody's incorporates a very high probability of parental support into HSBC Bank China's ratings, the downgrade of the parent resulted in a corresponding one-notch downgrade for HSBC Bank China's long-term rating.

Moody's assumes a very high probability of parental support for HSBC Bank China, which reflects (i) 100% ownership by the parent; (ii) the close brand association; and (iii) Moody's view that the Chinese market is central to the parent's strategy.

HSBC Bank China's A2 issuer and deposit ratings are now 6 notches (previously 7 notches) above its stand-alone financial strength of D, which maps to ba2 on the long-term scale.

The short-term, foreign and local currency deposit and issuer ratings were confirmed at Prime-1. There was also no change to the bank's standalone financial strength of D / ba2. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

Any further downgrade in the parent's rating would be negative for the deposit and issuer ratings, given the multi-notch uplift for parental support that is incorporated into these ratings versus the standalone financial strength assessment.

On the other hand, if HSBC China can maintain a consistent and solid financial performance while expanding in China, there will be upward pressure on the bank's ratings.

RATINGS RATIONALE -- HSBC Bank Malaysia Berhad

The long-term local currency deposit rating of HSBC Bank Malaysia was downgraded to A1 from Aa3 as a direct consequence of the rating action on its parent, The Hongkong and Shanghai Banking Corporation. As Moody's incorporates a very high probability of parental support into the Malaysian subsidiary's ratings, the downgrade of the parent resulted in a corresponding one-notch downgrade for HSBC Bank Malaysia's long-term rating.

Moody's continues to assume a very high probability of parental support for HSBC Bank Malaysia, which reflects (i) the 100% ownership by the parent; (ii) the close brand association; and (iii) Moody's view that the Malaysian market remains strategic for the group and provides an opportunity for diversification.

In addition to parental support from The Hongkong and Shanghai Banking Corporation Limited, the long-term ratings of the Malaysian subsidiary also incorporate a very high probability of systemic support, reflecting HSBC Bank Malaysia's importance as the sixth-largest bank in Malaysia with sustained market shares and a modest customer deposit base.

Overall, the combination of parental and systemic support assumptions lift HSBC Bank Malaysia's A1 long-term Local Currency Deposit Rating three notches (previously four notches) above its stand-alone financial strength of C-, which equates to baa1 on the long-term scale.

There was no change to the C- / baa1 stand-alone financial strength of HSBC Bank Malaysia, nor to the bank's short-term rating of Prime-1, neither of which had been under review. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

HSBC Bank Malaysia Berhad 's standalone ratings would likely come under downward pressure if the significance of the Malaysian market to the HSBC group were to diminish. Signs that the bank's competitiveness is being challenged, such as the loss of market position in its key business lines or significant deterioration in asset quality, would also exert downward pressure on ratings.

HSBC Bank Malaysia Berhad 's foreign currency deposit rating is already at the current ceiling for Malaysia, and so it would require an upgrade in Malaysia's sovereign rating to trigger an upgrade in the bank's constrained foreign-currency deposit rating.

The bank's stand-alone financial strength and local currency deposit ratings could see upward pressure if its gross NPL ratio is consistently below 1% of total loans and below 10% of loan loss reserves plus equity throughout the economic cycle; and/or the operating environment in Malaysia significantly improves.

RATINGS RATIONALE -- HSBC Bank (Australia) Limited

The senior unsecured obligations of HSBC Bank Australia were downgraded from Aa3 to A1 as a direct consequence of the rating action on its parent, The Hongkong and Shanghai Banking Corporation. As Moody's incorporates a very high probability of parental support into the Australian subsidiary's ratings, the downgrade of the parent resulted in a corresponding one-notch downgrade for HSBC Bank Australia's long-term rating.

Moody's continues to assume a very high probability of parental support for HSBC Bank Australia, which reflects (i) the 100% ownership by the parent; (ii) the close brand association; and (iii) Moody's view that the Australian market remains strategic for the group as a result of growing trade links with Asia, and the strong risk-adjusted returns available.

The Australian bank's A1 senior unsecured rating is now positioned three notches (previously four notches) above its stand-alone financial strength of C-, which equates to baa1 on the long-term scale.

There was no change to the C- / baa1 stand-alone financial strength of HSBC Bank (Australia) Limited, nor to the bank's short-term rating of Prime-1, neither of which had been under review. The outlook for all the ratings is stable.

WHAT COULD DRIVE THE RATINGS DOWN/UP

HSBC Bank (Australia)'s stand-alone financial strength could come under downward pressure if asset quality were to deteriorate as result of more aggressive lending and/or a protracted market downturn. Moody's would also view negatively a notable weakening in core capital levels, due to higher ratios of dividend upstreaming or disproportionate growth in risk-weighted assets versus capital. Furthermore, downgrades of the parent's standalone rating would also exert downward pressure on the bank's long-term rating.

Upward pressure on HSBC Bank (Australia)'s stand-alone financial strength could arise if the bank significantly reduced its large borrower concentrations and improved its core capital position.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

The ratings for Hang Seng Bank (China) Limited, HSBC Bank (China) Company Limited, and HSBC Bank Malaysia Berhad have been disclosed to the rated entities or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating for The Hongkong and Shanghai Banking Corporation, Hang Seng Bank, and HSBC Bank (Australia) Limited are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the rating for Hang Seng Bank (China) Limited, HSBC Bank (China) Company Limited, and HSBC Bank Malaysia Berhad are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Patrick Winsbury Senior Vice President Financial Institutions Group Moody's Investors Service Pty. Ltd. Level 10 1 O'Connell Street Sydney NSW 2000 Australia JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 Stephen Long MD - Financial Institutions Financial Institutions Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Investors Service Pty. Ltd. Level 10 1 O'Connell Street Sydney NSW 2000 Australia JOURNALISTS: (612) 9270-8102 SUBSCRIBERS: (612) 9270-8100 (C) 2012 Moody's Investors Service, Inc. and/or its 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 PUBLICATIONS") 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. 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 MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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 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. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

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."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. 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.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.