Commercial Credit Market 2020 Development Insights, Professional Survey on Key Industry …

… Cortera, TransUnion, Dun&Bradstreet, FICO, Equifax, NerdWallet, Moody’s Corporation, Credit Karma Marketplace, Experian plc, MSTS.

Global Commercial Credit Market report is a thorough analysis and careful investigation of around the world which enables the client to assess the long haul based request and predicts exact executions. The development rate which is really anticipated relying upon the scholarly examination gives thorough data on the overall Commercial Credit industry. The drivers and restrictions are really assembled after entire consciousness of the worldwide industry development. Likewise, different significant Commercial Credit players in the worldwide market are additionally included in the report. Worldwide Commercial Credit Market 2020 is a complete, proficient report conveying statistical surveying information that is significant for new market participants and established players. The Commercial Credit exploration research spreads noteworthy information which makes the record a convenient asset for directors, industry specialists and other key individuals alongside charts and tables to help comprehend Commercial Credit market patterns, drivers and market challenges.

Request for a sample report herehttps://www.orbisresearch.com/contacts/request-sample/4755150

The Scope of the Global Commercial Credit Market Report:

The Commercial Credit report profiles the following companies, which includes

Veda Advantage

LexisNexis

Cortera

TransUnion

Dun&Bradstreet

FICO

Equifax

NerdWallet

Moody’s Corporation

Credit Karma Marketplace

Experian plc

MSTS

Consolidating the information combination and examination capacities with the important discoveries, the report has anticipated the solid future development of the Commercial Credit industry in the entirety of its regional and various segments. Also, the Commercial Credit business improvement patterns and channels are investigated. The business examination has additionally been done to inspect the effect of different Commercial Credit factors and comprehend the general allure of the business.

Years considered for this report:

Historical Years: 2015-2019

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2020-2026

Commercial Credit Market Type Analysis:

Evaluation Service

Consulting Service

Others

Commercial Credit Market Applications Analysis:

Financials

Industrials

Energy

Consumer Discretionary

Materials

Information Technology

Health Care

Consumer Staples

Real Estate

Telecommunication Services

Key Quirks of the Global Commercial Credit Industry Report:

The Commercial Credit report directs complete information of the parent market alongside needy and autonomous parts. The Commercial Credit market report is advantageous in giving cutting-edge analysis and right market measurements and advancement perspectives. In continuation, conclusion, Commercial Credit discoveries, and future improvement openings are explored.

For more Information or Any Query Visit:https://www.orbisresearch.com/contacts/enquiry-before-buying/4755150

The research Global Commercial Credit Market assesses opportunities in the market and presents a clear perception of current market situations, future market trends, key players of the Commercial Credit market. The research study interprets on some of the dominant drivers of market key product types, applications, Commercial Credit regions and is conventional to evolve with XX% CAGR from 2020 to 2026. All the predominant and extensive data are conferred in the form of graphs, tables, and pie-charts thus making it easier for the users to understand ensemble unit of the Commercial Credit market.

The research assimilates details regarding current and projected global Commercial Credit market trends, signifies the growth opportunities for new entrants and dominant players in the Commercial Credit market. The report provides important facets of Commercial Credit industry along with their competitive landscape and players, Commercial Credit business strategies, market sales volume, risk factors, technological progressions, press releases etc.

Sections of Global Commercial Credit Market Report:

Section 1: Commercial Credit Market Review

Section 2: Competition by Commercial Credit Players, Type, and Application

Section 3: Commercial Credit in United States Market(Volume, Value and Sales Price)

Section 4: Commercial Credit in China Market(Volume, Value and Sales Price)

Section 5: Commercial Credit in Europe Market(Volume, Value and Sales Price)

Section 6: Commercial Credit in Japan Market(Volume, Value and Sales Price)

Section 7: Commercial Credit in Southeast Asia Market(Volume, Value and Sales Price)

Section 8: Commercial Credit in India Market(Volume, Value and Sales Price)

Section 9: Commercial Credit Organization Profiles and Sales Data

Section 10: Commercial Credit Cost Analysis

Section 11: Commercial Credit Industrial Chain, Sourcing Strategy and Downstream Buyers

Section 12: Marketing Commercial Credit Analysis, Distributors/Traders

Section 13: Market Effect and Commercial Credit Restraints Analysis

Section 14: Commercial Credit Market Forecast (2020-2026)

Section 15: Research Findings and Commercial Credit Conclusion

Section 16: Appendix

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Zhongtai Securities Co., Ltd. — Moody’s assigns first-time Baa3/P-3 ratings to Zhongtai Securities …

Zhongtai Securities also raised RMB3 billion in new capital when it listed on the Shanghai Stock Exchange in June 2020, which will bring its pro forma …

One example is its proprietary securities investments which have been growing in recent years. The firm’s investments into illiquid credit bonds increase its credit risk and also negatively affect its funding and liquidity profile. As of 31 December 2019, the firm’s financial investments amounted to RMB61.7 billion, or 55% of total assets excluding payables to brokerage clients.

In addition, its stock-pledged lending business exposes the firm to elevated liquidity and credit risks due to changes in regulatory requirements and the broad economic slowdown. The risk is partially mitigated by the reduction in the firm’s exposure to stock-pledged lending. As of year-end 2019, the firm’s stock pledged-lending on its balance sheet amounted to RMB10.3 billion, or 9% of its total assets excluding payables to brokerage clients, down from 12% as of year-end 2018 and 19% as of year-end 2017.

The firm’s good access to funding partially mitigates the liquidity risk from its proprietary investment and stock-pledged lending. It has diversified funding sources, such as short-term repo and long-term bond issuance. The firm also has sizeable credit lines with commercial banks which could mitigate refinancing risk in normal market conditions.

Moody’s assumes a high level of support from the Chinese government, reflecting Zhongtai Securities’ ownership structure and importance to Shandong province. The Shandong SASAC controls Zhongtai Securities indirectly through Laiwu Iron & Steel Group Co., Ltd and other provincial SOEs. Zhongtai Securities is the only securities firm that is owned by the Shandong provincial government. The Shandong government also has a track record of providing support to Zhongtai Securities and other financial institutions in the province. Moody’s believes that a failure of Zhongtai Securities would cause material reputation risk to the Shandong government and increase the funding costs of other provincial SOEs.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Zhongtai Securities’ ratings could be upgraded if the firm (1) further enhances its franchise in brokerage, investment banking and asset management businesses; (2) lowers its risk appetite by reducing its exposure to risky proprietary securities investments and stock-pledged lending; (3) improves its funding and liquidity ratios; (4) maintains its profitability, despite intensified competition and market fluctuations; and (5) strengthens its risk control capability and improves its asset quality.

Zhongtai Securities’ ratings could also be upgraded if there is an improvement in the operating environment for securities companies in China, which would reflect a significant improvement in the maturity of China’s capital markets — this improvement could include a more comprehensive regulatory framework, lower volatility and a higher proportion of institutional investors; and industry consolidation that enhances the pricing power of leading companies.

Zhongtai Securities’ ratings could be downgraded if Moody’s assesses that the government’s willingness and ability to support the firm have weakened.

Zhongtai Securities’ ratings could also be downgraded if the firm (1) encounters a material deterioration in profitability; (2) experiences a material weakening in its financial position, in particular because of a substantial increase in leverage or a deterioration in its liquidity and funding profile; or (3) becomes subject to regulatory sanctions that impair its operation and management stability.

The principal methodology used in these ratings was Securities Industry Market Makers Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187332. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Headquartered in Jinan, Zhongtai Securities Co., Ltd. reported consolidated total assets of RMB147 billion ($20.9 billion) as of 31 December 2019.

REGULATORY DISCLOSURES

For further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody’s with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody’s Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating action(s) announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, 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 issued the credit rating is available on www.moodys.com.

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.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

David Yin Vice President - Senior Analyst Financial Institutions Group Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Sophia Lee, CFA Associate Managing Director Financial Institutions Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077

© 2020 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. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY’S 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 INVESTORS SERVICE 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 MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S INVESTORS SERVICE 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. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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.

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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.

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Moody’s Investors Service, Inc., 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 Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody’s investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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 “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms 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 investors.

Additional terms for Japan only: Moody’s Japan K.K. (“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. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​

Moody’s – Asian life insurers are adapting investment mix to lower-for-longer interest rates

high-quality US corporate securities and falling hedging costs for currency risk. … such as in infrastructure, private equity, hedge funds and real estate, …

<p>longer than that of their assets. These insurers will need to continue purchasing long-dated local</p>

<p>government bonds to reduce their gaps, but lower domestic interest rates will discourage them from</p>

<p>doing so. Some insurers in Hong Kong, Japan and Korea, are pursuing more active, non-traditional</p>

<p>approaches – such as the use of swaps, swaptions and reinsurance transactions – to reduce their</p>

<p>duration gaps.<br/>Finally, Moody’s expects some insurers – particularly those in the Greater China markets – will</p>

<p>capitalize on the lower equity market valuation brought by current economic uncertainties to</p>

<p>selectively increase their equity portfolios. Insurers will also focus on alternative investments,</p>

<p>such as in infrastructure, private equity, hedge funds and real estate, as another source of yield</p>

<p>enhancement in the lower-for-longer interest rate environment. So far, Chinese insurers are the most</p>

<p>progressive in establishing alternative investments as a viable asset class.<br/>Subscribers can access the report “Life Insurers – Asia: Lower-for-longer rates post-coronavirus to</p>

<p>drive investment mix changes” at: </p>

<p>http://www.moodys.com/researchdocumentcontentpage.aspx?</p>

<p>docid=PBC_1229906</p>

<p>NOTE TO JOURNALISTS ONLY: For more information, please call one of our global</p>

<p>press information hotlines: New York <PhoneNo>+1-212-553-0376</PhoneNo>, London <PhoneNo>+44-20-7772-5456</PhoneNo>, Tokyo</p>

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<p><PhoneNo>001-888-779-5833</PhoneNo>, São Paulo <PhoneNo>0800-891-2518</PhoneNo>, or Buenos Aires <PhoneNo>0800-666-3506</PhoneNo>. You can also email</p>

<p>us at mediarelations@moodys.com or visit our web site at www.moodys.com.</p>

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<p>This publication does not announce a credit rating action. For any credit ratings referenced in this</p>

<p>publication, please see the ratings tab on the issuer/entity page on </p>

<p>www.moodys.com</p>

<p> for the most</p>

<p>updated credit rating action information and rating history.<br/>Soichiro Makimoto</p>

<p>VP-Senior Analyst</p>

<p>Financial Institutions Group</p>

<p>Moody’s Japan K.K.</p>

<p>JOURNALISTS: 81 3 5408 4110</p>

<p>Client Service: 81 3 5408 4100<br/>Sally Yim, CFA</p>

<p>MD-Financial Institutions</p>

<p>Financial Institutions Group</p>

<p>Moody’s Investors Service Hong Kong Ltd.</p>

<p>JOURNALISTS: 81 3 5408 4110</p>

<p>Client Service: 81 3 5408 4100<br/>Releasing Office:</p>

<p>Moody’s Japan K.K.</p>

<p>Atago Green Hills Mori Tower 20fl</p>

<p><PhoneNo>2-5-1</PhoneNo> Atago, Minato-ku</p>

<p>Tokyo, 105-6220</p>

<p>Japan</p>

<p>JOURNALISTS: 81 3 5408 4110</p>

<p>Client Service: 81 3 5408 4100</p>

<p>© 2020 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their</p>

<p>licensors and affiliates (collectively, “MOODY’S”). All rights reserved.<br/>CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND/OR ITS CREDIT</p>

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<p>CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES,</p>

<p>AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S</p>

<p>(COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S</p>

<p>INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT</p>

<p>MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY</p>

<p>ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S</p>

<p>RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES</p>

<p>OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S INVESTORS</p>

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<p>PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH</p>

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<p>PRIOR WRITTEN CONSENT.<br/>MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE</p>

<p>NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED</p>

<p>FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT</p>

<p>IN THEM BEING CONSIDERED A BENCHMARK.<br/>All information contained herein is obtained by MOODY’S from sources believed by it to be</p>

<p>accurate and reliable. Because of the possibility of human or mechanical error as well as other</p>

<p>factors, however, all information contained herein is provided “AS IS” without warranty of any kind.</p>

<p>MOODY’S adopts all necessary measures so that the information it uses in assigning a credit</p>

<p>rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when</p>

<p>appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot</p>

<p>in every instance independently verify or validate information received in the rating process or in</p>

<p>preparing its Publications.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents,</p>

<p>representatives, licensors and suppliers disclaim liability to any person or entity for any indirect,</p>

<p>special, consequential, or incidental losses or damages whatsoever arising from or in connection</p>

<p>with the information contained herein or the use of or inability to use any such information, even if</p>

<p>MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers</p>

<p>is advised in advance of the possibility of such losses or damages, including but not limited to:</p>

<p>(a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant</p>

<p>financial instrument is not the subject of a particular credit rating assigned by MOODY’S.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents,</p>

<p>representatives, licensors and suppliers disclaim liability for any direct or compensatory losses</p>

<p>or damages caused to any person or entity, including but not limited to by any negligence (but</p>

<p>excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt,</p>

<p>by law cannot be excluded) on the part of, or any contingency within or beyond the control of,</p>

<p>MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers,</p>

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<p>arising from or in connection with the information contained herein or the use of or inability to use</p>

<p>any such information.<br/>NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,</p>

<p>COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF</p>

<p>ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE</p>

<p>BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.<br/>Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s</p>

<p>Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and</p>

<p>municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s</p>

<p>Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s</p>

<p>Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from</p>

<p>$1,000 to approximately $2,700,000. MCO and Moody’s Investors Service also maintain policies</p>

<p>and procedures to address the independence of Moody’s Investors Service credit ratings and credit</p>

<p>rating processes. Information regarding certain affiliations that may exist between directors of MCO</p>

<p>and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and</p>

<p>have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted</p>

<p>annually at </p>

<p>www.moodys.com</p>

<p> under the heading “Investor Relations — Corporate Governance —</p>

<p>Director and Shareholder Affiliation Policy.”<br/>Additional terms for Australia only: Any publication into Australia of this document is pursuant to the</p>

<p>Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited</p>

<p>ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136</p>

<p>972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale</p>

<p>clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access</p>

<p>this document from within Australia, you represent to MOODY’S that you are, or are accessing</p>

<p>the document as a representative of, a “wholesale client” and that neither you nor the entity you</p>

<p>represent will directly or indirectly disseminate this document or its contents to “retail clients” within</p>

<p>the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as</p>

<p>to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or</p>

<p>any form of security that is available to retail investors.<br/>Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency</p>

<p>subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc.,</p>

<p>a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating</p>

<p>agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization</p>

<p>(“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-</p>

<p>NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated</p>

<p>obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit</p>

<p>rating agencies registered with the Japan Financial Services Agency and their registration numbers</p>

<p>are FSA Commissioner (Ratings) No. 2 and 3 respectively.<br/>MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including</p>

<p>corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated</p>

<p>by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to</p>

<p>MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging</p>

<p>from JPY125,000 to approximately JPY250,000,000.<br/>MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory</p>

<p>requirements.</p>

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… burdened by a sizeable payables stock driven by delays in the collection of … TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES.

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 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 or in preparing its 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 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 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 Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody’s investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service 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 “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms 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 investors.

Additional terms for Japan only: Moody’s Japan K.K. (“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. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​