Cross-Sector: Market Data Highlights
CROSS-SECTOR
DATA REPORT
24 March 2022
CLIENT SERVICES
Americas
1-212-553-1653
Asia Pacific
852-3551-3077
Japan
81-3-5408-4100
EMEA
44-20-7772-5454
ABOUT CAPITAL MARKETS RESEARCH
Analyses from Moody’s Capital Markets
Research, Inc. (CMR) focus on explaining
signals from the credit and equity markets.
The publications address whether market
signals, in the opinion of the group’s analysts,
accurately reflect the risks and investment
opportunities associated with issuers and
sectors. CMR research thus complements the
fundamentally-oriented research offered by
Moody’s Investors Service (MIS), the rating
agency.
CMR is part of Moody’s Analytics, which
is one of the two operating businesses
of Moody’s Corporation. Moody’s
Analytics (including CMR) is legally and
organizationally separated from Moody’s
Investors Service and operates on an arm’s
length basis from the ratings business.
CMR does not provide investment advisory
services or products.
View the CMR FAQ
Contact us
Follow us on Twitter
Cross-Sector
Market Data Highlights
The latest market data from Weekly Market Outlook. Click
for access to the full WMO.
SPREADS
0
200
400
600
800
0
200
400
600
800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Spread (bp)
Spread (bp)
Aa2
A2
Baa2
Source: Moody's
Figure 1: 5-Year Median Spreads-Global Data (High Grade)
0
400
800
1,200
1,600
2,000
0
400
800
1,200
1,600
2,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Spread (bp)
Spread (bp)
Ba2
B2
Caa-C
Source: Moody's
Figure 2: 5-Year Median Spreads-Global Data (High Yield)
Moody’s Analytics markets and distributes all Moody’s Capital Markets Research, Inc. materials. Moody’s Capital Markets
Research,Inc. is a subsidiary of Moody’s Corporation. Moody’s Analytics does not provide investment advisory services or
products. For further detail, please see the last page.
MOODY'S ANALYTICS
CROSS-SECTOR
CDS MOVERS
CDS Implied Rating Rises
Issuer
Mar. 23
Mar. 16
Senior Ratings
Abbott Laboratories
Aa2
A1
A1
JPMorgan Chase & Co.
Baa1
Baa2
A2
Citigroup Inc.
Baa2
Baa3
A3
Goldman Sachs Group, Inc. (The)
Baa2
Baa3
A2
Wells Fargo & Company
Baa1
Baa2
A1
JPMorgan Chase Bank, N.A.
A3
Baa1
Aa2
Comcast Corporation
A2
A3
A3
Oracle Corporation
Baa2
Baa3
Baa2
CVS Health Corporation
A1
A2
Baa2
Exxon Mobil Corporation
Aa1
Aa2
Aa2
CDS Implied Rating Declines
Issuer
Mar. 23
Mar. 16
Senior Ratings
CenterPoint Energy, Inc.
Baa2
A3
Baa2
PepsiCo, Inc.
A2
A1
A1
Philip Morris International Inc.
A2
A1
A2
General Electric Company
Baa3
Baa2
Baa1
Eli Lilly and Company
Aa2
Aa1
A2
FirstEnergy Corp.
Baa3
Baa2
Ba1
Emerson Electric Company
Baa1
A3
A2
Danaher Corporation
A3
A2
Baa1
Archer-Daniels-Midland Company
A2
A1
A2
United Rentals ( North America ), Inc.
Ba2
Ba1
Ba2
CDS Spread Increases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Talen Energy Supply, LLC
Caa2
10,691
7,717
2,973
American Airlines Group Inc.
Caa1
1,192
1,014
178
United Airlines Holdings, Inc.
Ba3
728
637
91
Liberty Interactive LLC
B2
761
703
58
Goodyear Tire & Rubber Company (The)
B2
432
387
45
Macy's Retail Holdings , LLC
Ba2
360
325
35
American Axle & Manufacturing , Inc.
B2
525
493
32
Embarq Corporation
Ba2
315
285
30
Xerox Corporation
Ba2
358
330
28
Beazer Homes USA, Inc.
B3
469
446
24
CDS Spread Decreases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Nabors Industries , Inc.
Caa2
502
583
-82
Staples, Inc.
Caa2
1,231
1,311
-80
Rite Aid Corporation
Caa2
1,356
1,412
-56
Murphy Oil Corporation
Ba3
263
318
-54
Nissan Motor Acceptance Company LLC
Baa3
247
275
-28
Avis Budget Car Rental, LLC
B2
332
357
-26
Tenet Healthcare Corporation
B3
281
302
-21
Travel + Leisure Co.
B1
217
237
-21
Occidental Petroleum Corporation
Ba1
129
149
-20
Calpine Corporation
B2
424
444
-19
Source: Moody's, CMA
CDS Spreads
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
2 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
CDS Implied Rating Rises
Issuer
Mar. 23
Mar. 16
Senior Ratings
ASML Holding N.V.
Aa2
A1
A2
UniCredit Bank AG
A2
A3
A2
ENEL S.p.A .
Baa2
Baa3
Baa1
Anheuser-Busch InBev SA /NV
A3
Baa1
Baa1
Heineken N.V.
Aa1
Aa2
Baa1
Telia Company AB
A1
A2
Baa1
Iberdrola International B.V.
A3
Baa1
Baa1
Veolia Environnement S.A.
A2
A3
Baa1
Autoroutes du Sud de la France (ASF)
A2
A3
A3
National Grid Electricity Transmission plc
A2
A3
Baa1
CDS Implied Rating Declines
Issuer
Mar. 23
Mar. 16
Senior Ratings
Spain , Government of
Aa3
Aa2
Baa1
NatWest Markets Plc
Baa1
A3
A2
Swedbank AB
A2
A1
Aa3
Landesbank Hessen-Thueringen GZ
Aa3
Aa2
Aa3
SEB AB
A1
Aa3
Aa3
EnBW Energie Baden-Wuerttemberg AG
A3
A2
Baa1
thyssenkrupp AG
Ba3
Ba2
B1
Coca-Cola HBC Finance B.V .
A3
A2
Baa1
NatWest Markets N.V.
Aa2
Aa1
A2
adidas AG
Aa3
Aa2
A2
CDS Spread Increases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Vue International Bidco plc
Ca
1,122
835
287
Banco Comercial Portugues, S.A.
Ba1
252
205
47
thyssenkrupp AG
B1
306
259
47
Casino Guichard-Perrachon SA
Caa1
956
911
45
Sappi Papier Holding GmbH
Ba2
353
333
19
Valeo S.E.
Baa3
243
227
16
Piraeus Financial Holdings S.A.
Caa2
698
684
14
Renault S.A.
Ba2
308
295
14
Ziggo Bond Company B.V.
B3
306
292
14
TDC Holding A/S
B2
186
172
14
CDS Spread Decreases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Boparan Finance plc
Caa1
1,758
2,100
-341
Novafives S.A.S.
Caa2
1,041
1,092
-51
Vedanta Resources Limited
B3
856
900
-44
UPC Holding B.V.
B3
205
230
-25
Fortum Oyj
Baa2
195
213
-19
Banca Monte dei Paschi di Siena S.p.A .
Caa1
463
477
-14
Hammerson Plc
Baa3
187
200
-13
FCE Bank plc
Baa3
182
191
-9
Deutsche Lufthansa Aktiengesellschaft
Ba2
309
316
-7
Jaguar Land Rover Automotive Plc
B1
552
559
-7
Source: Moody's, CMA
CDS Spreads
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
3 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
CDS Implied Rating Rises
Issuer
Mar. 23
Mar. 16
Senior Ratings
Nippon Yusen Kabushiki Kaisha
A1
Baa1
Ba3
JFE Holdings, Inc.
Aa3
A2
Baa3
Honda Motor Co., Ltd.
Aa1
Aa3
A3
Indonesia , Government of
Baa2
Baa3
Baa2
Export-Import Bank of Korea (The)
Aa1
Aa2
Aa2
China Development Bank
Baa1
Baa2
A1
Export-Import Bank of China (The)
A3
Baa1
A1
SoftBank Group Corp.
B1
B2
Ba3
Chubu Electric Power Company, Incorporated
Aa1
Aa2
A3
Industrial & Commercial Bank of China Ltd
Baa1
Baa2
A1
CDS Implied Rating Declines
Issuer
Mar. 23
Mar. 16
Senior Ratings
Westpac Banking Corporation
A2
A1
Aa3
National Australia Bank Limited
A1
Aa3
Aa3
Commonwealth Bank of Australia
A1
Aa3
Aa3
DBS Bank Ltd.
A1
Aa3
Aa1
Wesfarmers Limited
A2
A1
A3
Nippon Telegraph and Telephone Corporation
Aa1
Aaa
A1
Singapore Telecommunications Limited
A2
A1
A1
Japan , Government of
Aaa
Aaa
A1
China , Government of
A3
A3
A1
Australia , Government of
Aaa
Aaa
Aaa
CDS Spread Increases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Halyk Savings Bank of Kazakhstan
Ba2
437
402
35
Macquarie Group Limited
A3
79
71
7
Chorus Limited
Baa2
81
74
7
Westpac Banking Corporation
Aa3
52
46
6
National Australia Bank Limited
Aa3
47
41
6
East Japan Railway Company
A1
31
25
6
Woolworths Group Limited
Baa2
68
62
6
Commonwealth Bank of Australia
Aa3
45
40
5
Macquarie Bank Limited
A2
52
47
5
Telstra Corporation Limited
A2
55
50
5
CDS Spread Decreases
Issuer
Senior Ratings
Mar. 23
Mar. 16
Spread Diff
Development Bank of Kazakhstan
Baa2
298
362
-64
SoftBank Group Corp.
Ba3
372
423
-50
Kazakhstan , Government of
Baa2
167
201
-34
Nissan Motor Co., Ltd.
Baa3
141
161
-20
Nippon Yusen Kabushiki Kaisha
Ba3
47
63
-16
Mitsui O.S.K. Lines, Ltd.
B1
64
80
-15
Industrial & Commercial Bank of China Ltd
A1
66
80
-14
Bank of China Limited
A1
66
78
-13
Bank of East Asia, Limited
A3
70
81
-12
China Development Bank
A1
68
78
-9
Source: Moody's, CMA
CDS Implied Ratings
CDS Implied Ratings
CDS Spreads
CDS Spreads
4 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
ISSUANCE
0
700
1,400
2,100
2,800
0
700
1,400
2,100
2,800
Jan Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Issuance ($B)
Issuance ($B)
2018
2019
2020
2021
2022
Source:
Moody's / Dealogic
Figure 6. Market Cumulative Issuance - Corporate & Financial Institutions: USD Denominated
0
200
400
600
800
1,000
0
200
400
600
800
1,000
Jan Feb Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Issuance ($B)
Issuance ($B)
2018
2019
2020
2021
2022
Source:
Moody's / Dealogic
Figure 7. Market Cumulative Issuance - Corporate & Financial Institutions: Euro Denominated
5 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Investment-Grade
High-Yield
Total*
Amount
Amount
Amount
$B
$B
$B
Weekly
31.280
1.000
33.507
Year-to-Date
427.545
52.496
494.796
Investment-Grade
High-Yield
Total*
Amount
Amount
Amount
$B
$B
$B
Weekly
21.572
2.472
26.792
Year-to-Date
207.595
15.423
227.031
* Difference represents issuance with pending ratings.
Source: Moody's/ Dealogic
USD Denominated
Euro Denominated
Figure 8. Issuance: Corporate & Financial Institutions
EMERGING MARKET CREDIT SPREADS
Emerging Market
Duration
A
Baa
Ba
B
A
Baa
Ba
B
>=1 and <3
83
139
222
488
91
157
38
33
>=3 and <5
75
126
285
590
114
121
54
50
>=5 and <7
93
192
302
684
47
97
31
22
>=7
125
232
380
641
130
257
58
29
Emerging Market Sovereign
Duration
A
Baa
Ba
B
A
Baa
Ba
B
>=1 and <3
57
85
80
500
20
41
15
18
>=3 and <5
26
99
211
590
31
37
24
26
>=5 and <7
42
125
268
685
20
37
18
19
>=7
79
201
379
642
84
135
43
28
Emerging Market Corporate
Duration
A
Baa
Ba
B
A
Baa
Ba
B
>=1 and <3
91
156
290
443
71
116
23
15
>=3 and <5
91
147
364
587
83
84
30
24
>=5 and <7
115
212
366
643
27
60
13
3
>=7
171
255
447
598
46
122
15
1
Source: Moody's
Median Spreads
Bond Counts
Median Spreads
Bond Counts
Figure 9. Emerging Market Median OAS
Bond Counts
Median Spreads
6 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
0
600
1,200
1,800
2,400
0
600
1,200
1,800
2,400
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Spread (bp)
Spread (bp)
A
Baa
Ba
B
Source: Moody's
Figure 10: Emerging Markets Median Credit Spreads (3-5 year duration)
MEDIAN CREDIT SPREADS
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
33
56
71
128
241
491
505
>=3 and <5
10
44
73
141
250
626
601
>=5 and <7
18
51
85
156
312
404
476
>=7
26
60
103
194
251
-
313
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
379
379
662
344
66
11
3
>=3 and <5
276
340
512
292
56
23
4
>=5 and <7
140
149
302
154
29
11
6
>=7
129
321
650
300
19
-
3
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
30
95
212
177
36
11
2
>=3 and <5
35
101
189
157
39
20
3
>=5 and <7
28
65
110
91
21
9
6
>=7
32
99
162
121
12
-
2
Source: Moody's
Figure 11. Global Financial Institutions Median Credit Spreads
Median Spreads
Debt Counts
Issuer Counts
7 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
27
62
64
103
237
399
694
>=3 and <5
33
53
65
105
281
453
646
>=5 and <7
41
81
89
137
290
373
566
>=7
87
124
138
187
297
394
735
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
22
104
600
900
167
67
24
>=3 and <5
23
117
523
945
219
189
54
>=5 and <7
12
75
437
843
282
250
76
>=7
52
255
1554
2087
197
44
2
Duration
Aaa
Aa
A
Baa
Ba
B
Caa
>=1 and <3
4
48
277
515
113
56
19
>=3 and <5
5
50
285
553
161
170
50
>=5 and <7
5
33
230
499
207
201
70
>=7
5
51
352
618
106
29
2
Source: Moody's
Issuer Counts
Figure 12. Global Corporate Median Credit Spreads
Median Spreads
Debt Counts
MEDIAN 5-YEAR CDS SPREADS
Global Median Spreads by Fine Rating Category
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
20
27
37
41
47
53
60
69
78
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
Caa
114
167
244
293
353
424
504
889
Global Median Spreads by Broad Rating Category
Aaa
Aa
A
Baa
Ba
B
Caa
27
37
53
78
244
424
709
Global Issuer Counts by Broad Rating Category
Aaa
Aa
A
Baa
Ba
B
Caa
10
48
171
343
87
44
26
Source: Moody's, CMA
Figure 13. Global Median CDS Spreads By Rating Category
8 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
27
36
47
78
243
423
744
Europe
11
39
52
77
191
306
698
Asia Pacific (ex.Japan)
17
36
66
90
158
586
-
Japan
-
-
30
33
56
64
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
4
19
86
208
55
28
12
Europe
6
29
82
122
23
13
11
Asia Pacific (ex.Japan)
3
18
32
35
5
2
-
Japan
-
-
33
13
3
1
-
Source: Moody's, CMA
Issuer Counts
Figure 14. Median CDS Spreads By Region
Median CDS Spreads
Sector
Aaa
Aa
A
Baa
Ba
B
Caa
Corporates
27
33
41
76
205
344
908
Financials
11
40
58
85
239
421
463
Sovereigns
11
16
60
84
147
851
1986
Banks
-
44
58
96
251
302
418
Sector
Aaa
Aa
A
Baa
Ba
B
Caa
Corporates
4
22
143
317
79
44
21
Financials
9
44
93
74
16
3
5
Banks
-
32
58
29
7
1
4
Sovereigns
9
7
6
13
4
1
1
Source: Moody's, CMA
Issuer Counts
Figure 15. Global Median CDS Spreads by Sector
Median CDS Spreads
9 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
16
46
62
81
252
421
-
Europe
11
39
58
92
147
302
418
Asia Pacific (ex.Japan)
17
35
66
105
113
851
-
Japan
-
-
37
73
-
-
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
1
8
25
24
5
1
-
Europe
6
23
41
29
4
1
4
Asia Pacific (ex.Japan)
2
13
15
12
3
1
-
Japan
-
-
11
2
-
-
-
Source: Moody's, CMA
Figure 16. Global Financial Institutions Median CDS Spreads by Region
Median CDS Spreads
Issuer Counts
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
27
33
43
77
233
424
744
Europe
-
33
43
73
193
307
956
Asia Pacific (ex.Japan)
23
36
66
88
174
321
-
Japan
-
-
29
33
56
64
-
Region
Aaa
Aa
A
Baa
Ba
B
Caa
North America
3
11
61
184
50
27
12
Europe
-
6
41
93
19
12
7
Asia Pacific (ex.Japan)
1
5
17
23
2
1
-
Japan
-
-
22
11
3
1
-
Source: Moody's, CMA
Median CDS Spreads
Issuer Counts
Figure 17. Global Corporates Median CDS Spreads by Region
10 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc. , Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT
COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY,
“PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL
FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S
RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S
CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE
VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT
STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND
RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. 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.
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 $5,000,000 . 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
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 JPY100,000 to approximately JPY550,000,000 .
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc. , Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT
COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY,
“PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL
FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S
RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S
11 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
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.
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 $5,000,000 . 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
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 JPY100,000 to approximately JPY550,000,000 .
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
For Publications Issued by Moody’s Capital Markets Research, Inc. only:
The statements contained in this research report are based solely upon the opinions of Moody’s Capital Markets Research, Inc. and the data and information available to the authors
at the time of publication of this report. There is no assurance that any predicted results will actually occur. Past performance is no guarantee of future results.
The analysis in this report has not been made available to any issuer prior to publication.
When making an investment decision, investors should use additional sources of information and consult with their investment advisor. Investing in securities involves certain risks
including possible fluctuations in investment return and loss of principal. Investing in bonds presents additional risks, including changes in interest rates and credit risk.
Moody's Capital Markets Research, Inc. , is a subsidiary of MCO. Please note that Moody’s Analytics, Inc. , an affiliate of Moody’s Capital Markets Research, Inc. and a subsidiary of
MCO, provides a wide range of research and analytical products and services to corporations and participants in the financial markets. Customers of Moody’s Analytics, Inc. may
include companies mentioned in this report. Please be advised that a conflict may exist and that any investment decisions you make are your own responsibility. The Moody’s
Analytics logo is used on certain Moody’s Capital Markets Research, Inc. products for marketing purposes only. Moody’s Analytics, Inc. is a separate company from Moody’s Capital
Markets Research, Inc.
12 24 March 2022
Cross-Sector: Market Data Highlights
MOODY'S ANALYTICS
CROSS-SECTOR
REPORT NUMBER
1323357
13 24 March 2022
Cross-Sector: Market Data Highlights
