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Wells Fargo Commercial Mortgage Trust 2018-C47 — Moody’s affirms seven classes of WFCM 2018-C47

Rating Action: Moody’s affirms seven classes of WFCM 2018-C47Global Credit Research – 16 Mar 2021Approximately $745 million of structured securities affectedNew York, March 16, 2021 — Moody’s Investors Service, (“Moody’s”) has affirmed the ratings on seven classes in Wells Fargo Commercial Mortgage Trust 2018-C47 (“WFCM 2018-C47”), Commercial Mortgage Pass-Through Certificates, Series 2018-C47 as follows:Cl. A-1, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)Cl. A-2, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)Cl. A-3, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)Cl. A-4, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)Cl. A-SB, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)Cl. A-S, Affirmed Aa2 (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aa2 (sf)Cl. X-A*, Affirmed Aaa (sf); previously on Oct 25, 2018 Definitive Rating Assigned Aaa (sf)* Reflects interest-only classesRATINGS RATIONALEThe ratings on the P&I classes were affirmed due to their credit support of the classes, and because the transaction’s key metrics, including Moody’s loan-to-value (LTV) ratio, Moody’s stressed debt service coverage ratio (DSCR) and the transaction’s Herfindahl Index (Herf), are within acceptable ranges.The rating on the IO class was affirmed based on the credit quality of the referenced classes.The coronavirus pandemic has had a significant impact on economic activity. Although global economies have shown a remarkable degree of resilience to date and are returning to growth, the uneven effects on individual businesses, sectors and regions will continue throughout 2021 and will endure as a challenge to the world’s economies well beyond the end of the year. While persistent virus fears remain the main risk for a recovery in demand, the economy will recover faster if vaccines and further fiscal and monetary policy responses bring forward a normalization of activity. As a result, there is a heightened degree of uncertainty around our forecasts. Our analysis has considered the effect on the performance of commercial real estate from a gradual and unbalanced recovery in US economic activity. Stress on commercial real estate properties will be most directly stemming from declines in hotel occupancies (particularly related to conference or other group attendance) and declines in foot traffic and sales for non-essential items at retail properties.We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.Moody’s rating action reflects a base expected loss of 6.5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the current pooled balance. Moody’s base expected loss plus realized losses is now 6.5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the original pooled balance. Moody’s provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe performance expectations for a given variable indicate Moody’s forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral’s credit quality is stronger or weaker than Moody’s had previously expected.Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool’s share of defeasance or an improvement in pool performance.Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls.METHODOLOGY UNDERLYING THE RATING ACTIONThe principal methodology used in rating all classes except interest-only classes was “Approach to Rating US and Canadian Conduit/Fusion CMBS” published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778. The methodologies used in rating interest-only classes were “Approach to Rating US and Canadian Conduit/Fusion CMBS” published in September 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1244778 and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published in February 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1111179. Please see the list of ratings at the top of this announcement to identify which classes are interest-only (indicated by the *). Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. DEAL PERFORMANCEAs of the February 15, 2021 distribution date, the transaction’s aggregate certificate balance has decreased by less than 1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} to $943.7 million from $951.6 million at securitization. The certificates are collateralized by 74 mortgage loans ranging in size from less than 1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} to 7.4{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, with the top ten loans (excluding defeasance) constituting 42.4{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool. Three loans, constituting 13.4{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, have investment-grade structured credit assessments. One loan, constituting less than 1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, has defeased and is secured by US government securities.Moody’s uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 36.As of the February 2021 remittance report, loans representing 93.1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} were current or within their grace period on their debt service payments and 1.9{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} were beyond their grace period but less than 30 days delinquent.Seventeen loans, constituting 29.5{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, are on the master servicer’s watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody’s ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance.No loans have been liquidated from the pool. Two loans, constituting 5.0{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, are currently in special servicing. Both of the specially serviced loans transferred to special servicing since March 2020.The largest specially serviced loan is the Holiday Inn FiDi Loan ($35.0 million — 3.7{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $87.0 million mortgage loan. The property is also encumbered by $50.0 million of subordinate debt. The loan is secured by a 50-story, 492-room, full-service hotel located in the Financial District in New York, New York. Hotel amenities include a fitness center, business center, and dining options at St. George Tavern. The loan was transferred to special servicing in May 2020 for imminent default at the borrower’s request in relation to the coronavirus pandemic. The hotel was closed between March 2020 and July 2020 and has since re-opened. The servicer is dual-tracking the loan for foreclosure while considering the borrower’s request for forbearance. There is currently a foreclosure moratorium in New York State through May 1, 2021. An updated August 2020 appraisal reported a decrease in property value to $138.6 million compared to $233.0 million in 2018, however, due to the reported value this did not result in an appraisal reduction. The loan is past due for its May 2020 payment.The second specially serviced loan is the 1400 Fifth Avenue Loan ($12.3 million — 1.3{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which is secured by the 31,000 square foot (SF) retail condominium of an eight-story residential condominium located on the corner of Fifth Avenue and 116th Street in Harlem, New York, a few blocks north of Central Park. The property’s largest tenant at securitization, New York Sports Club (14,500 SF), filed for bankruptcy in September 2020 and vacated the property. As of October 2020, the property was 52{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} leased. The loan transferred to special servicing in June 2020 due to imminent monetary default and remains past due for its April 2020 payment. Due to stay-at-home orders and business closures, several of the property’s tenants are currently delinquent on monthly rents. The borrower and lender are currently discussing a forbearance related to the loan’s delinquency.Moody’s estimates an aggregate $9.1 million loss for the specially serviced loans (25.6{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} expected loss on average).Moody’s has also assumed a high default probability for three poorly performing loans, constituting 1.1{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, and has estimated an aggregate loss of $2.4 million (a 21.9{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} expected loss based on a 50{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} probability default) from these troubled loans.The credit risk of loans is determined primarily by two factors: 1) Moody’s assessment of the probability of default, which is largely driven by each loan’s DSCR, and 2) Moody’s assessment of the severity of loss upon a default, which is largely driven by each loan’s loan-to-value ratio, referred to as the Moody’s LTV or MLTV. As described in the CMBS methodology used to rate this transaction, we make various adjustments to the MLTV. We adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between our sustainable cap rates and market cap rates. We also use an adjusted loan balance that reflects each loan’s amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology.Moody’s received full year 2019 operating results for 97{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool, and partial year 2020 operating results for 79{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool (excluding specially serviced and defeased loans). Moody’s weighted average conduit LTV is 118{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}, compared to 115 {de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} at securitization. Moody’s conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody’s net cash flow (NCF) reflects a weighted average haircut of 20{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} to the most recently available net operating income (NOI). Moody’s value reflects a weighted average capitalization rate of 10.0{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}.Moody’s actual and stressed conduit DSCRs are 1.43X and 0.93X, respectively compared to 1.48X and 0.95X at securitization. Moody’s actual DSCR is based on Moody’s NCF and the loan’s actual debt service. Moody’s stressed DSCR is based on Moody’s NCF and a 9.25{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} stress rate the agency applied to the loan balance.The first loan with a structured credit assessment is the Aventura Mall Loan ($50.0 million — 5.3{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $1.4 billion senior mortgage loan. The property is also encumbered with $343.3 million in junior B-notes. The loan is secured by the borrowers’ fee simple interest in 1.2 million SF of a 2.1 million SF three-level super-regional mall located in Aventura, Florida. The mall is located approximately one mile east of Interstate 95, 17 miles north of Miami, Florida and 12 miles southwest of Fort Lauderdale, Florida. The property is the largest mall in the state of Florida and contains five anchors comprised of Macy’s, Bloomingdale’s, Macy’s Men’s and Home, J. C. Penney and Nordstrom. The collateral for the loan includes the J. C. Penney anchor space and the pad sites ground leased to the other four anchor tenants. The property benefits from a large mix of luxury and mass market tenants that appeal to a wide variety of shoppers. At securitization reported sales for in-line tenants less than 10,000 SF were $1,665 PSF (including Apple) and $1,050 PSF (excluding Apple). Property performance has been stable since securitization. As of September 2020, the reported total occupancy was 92{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}, down from 94{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} as of December 2019 and 93{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} at securitization. As of June 2020, the reported net operating income (NOI) DSCR was 2.0X, compared to 2.02X as of December 2019. This loan is interest-only throughout the ten-year term. Moody’s structured credit assessment and stressed DSCR are aa3 (sca.pd) and 1.1X, respectively.The second loan with a structured credit assessment is the Christiana Mall Loan ($50.0 million — 5.3{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $338.0 million mortgage loan. Additionally, the property is encumbered by $212 million of secured subordinate debt held outside the trust. The loan is secured by the borrower’s fee and leasehold interest in a 779,000 SF portion of a 1,275,000 SF super-regional mall in Newark, Delaware. The property is located approximately 8.7 miles southwest of the Wilmington central business district and immediately off Interstate 95, benefiting from its own dedicated exit (4A – Mall Rd). The mall is anchored by a Macy’s, JCPenney and Nordstrom all of which are not part of the collateral. Additional collateral anchors include a Target, Cabela’s (subject to a ground lease) and a Cinemark theatre. Major in-line tenants at the property include Apple, Anthropologie, Barnes & Noble, H&M, Microsoft, Victoria’s Secret and XXI Forever, among others. Both Barnes & Nobles and XXI Forever extended their lease terms in 2020 by an additional five and three years, respectively. As of June 2020, the total property was 98{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} occupied with the inline space 95{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} occupied. As of the March 2020 trailing twelve months (TTM) sales report, inline space below 10,000 SF excluding food, jewelry and Apple was $592 PSF compared to $622 PSF as of December 2019. The loan is full-term IO and does not benefit from amortization. Moody’s structured credit assessment and stressed DSCR are baa1 (sca.pd) and 1.35X, respectively.The loan with a structured credit assessment is the 2747 Park Boulevard Loan ($26.0 million — 2.8{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which is secured by the borrower’s fee interest in a Class A suburban office building in Palo Alto, California. The property is located approximately 18 miles northwest of downtown San Jose, 4 miles west of Interstate 280, and one block from the California Ave train station. The property is 100{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} leased to Tencent America LLC (“Tencent”), a wholly-owned subsidiary of Tencent Holdings Limited (A1, senior unsecured). Tencent’s lease is structured on a triple-net basis with an initial expiration date in August 2028, as well as one, five-year extension option. The property was developed by the sponsor as a built-to-suit for Tencent at a cost of approximately $53.0 million ($1,467 PSF). The building is LEED Gold certified and serves as the company’s U.S. headquarters. Moody’s structured credit assessment and stressed DSCR are baa3 (sca.pd) and 1.40X, respectively.The top three conduit loans represent 16.9{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool balance. The largest loan is the Starwood Hotel Portfolio ($70.0 million — 7.4{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $265.0 million mortgage loan. The loan is secured by the borrower’s fee interest in 22 hotels located across 17 cities in 12 states. The largest state concentrations are Missouri (3 hotels, 23{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of total keys and 23{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of NOI), Kansas (4 hotels, 14{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of total keys and 12{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of NOI), and Illinois (3 hotels,13{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of total keys and 14{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of NOI). The five largest assets by allocated loan amount are located in St. Louis, Des Moines, West Palm Beach, and Gulfport, Mississippi. The portfolio includes four full-service hotels, six select-service hotels, five extended stay hotels, and seven limited-service hotels. The hotels operate under three brands; 15 properties under Marriott, 5 properties under Hilton, and 2 properties under the IHG brand family. The loan is on the watchlist due to a depressed June 2020 TTM DSCR as a result of mandated state closures and lower occupancy during the coronavirus pandemic. As of June 2020, TTM DSCR was 1.32X with occupancy of 57{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}. Moody’s LTV and stressed DSCR are 126{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 0.97X, respectively, unchanged from securitization.The second largest loan is the Showcase II Loan ($45.0 million — 4.8{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $128.0 million mortgage loan. The loan is secured by the borrower’s fee interest in a 41,407 SF retail property located in Las Vegas, Nevada. The property sits on the strip in front of the MGM Grand Hotel & Casino Resort, just off of the E Tropicana Avenue intersection. The property is also connected to other Showcase properties, allowing access throughout the larger project. The sponsor for the loan owns the non-collateral Showcase I, Showcase II, and Showcase IV sites. The collateral is made up of five retail suites and a sidewalk kiosk, which sells tickets to Las Vegas theme events and other tourist attractions. As of September 2020, the property was 100{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} leased to six retailers, including American Eagle Outfitters, Adidas, and T-Mobile. The loan does not benefit from amortization as it is interest only for the full term. Moody’s LTV and stressed DSCR are 115{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 0.78X, respectively, compared to 112{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 1.47X at securitization.The third largest loan is the Virginia Beach Hotel Portfolio ($44.7 million — 4.7{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of the pool), which represents a pari-passu portion of a $89.5 million mortgage loan. The loan is secured by two full-service hotels, the Hilton Virginia Beach Oceanfront and Hilton Garden Inn Virginia Beach Oceanfront. The hotels consist of 456 keys and sit directly on the Virginia Beach boardwalk overlooking the beach and ocean. The Hilton Virginia Beach Oceanfront is a 289-room, 21-story hotel developed in 2005. Amenities include 10,050 SF of meeting and event space, a fitness center, indoor/outdoor pool, and oceanfront access. The property features three food & beverage outlets including Catch 21 (335 seats), Skybar (rooftop bar) and Salacia (42 seats), the only four diamond steakhouse in Virginia. The property underwent approximately $7.0 million ($24,329 per key) in renovations since 2016. The Hilton Garden Inn Virginia Beach Oceanfront is a 167-room, 14-story hotel developed in 2014. Amenities include 6,350 SF of meeting and event space, a fitness center, indoor/outdoor pool, and oceanfront access. The property features two food & beverage outlets including the Great American Grill (66 seats) and Lager Heads Restaurant & Bar (179 seats). The HGI property underwent approximately $909,000 ($5,440 /key) in renovations since 2015. The loan is on the watchlist due to depressed DSCR as a result of lower occupancy during the coronavirus pandemic. As of September 2020, TTM DSCR was 0.87X with 56.3{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} occupancy. Moody’s LTV and stressed DSCR are 114{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 1.11X, respectively, compared to 112{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 1.68X at securitization.REGULATORY DISCLOSURESFor 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.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody’s did not use any stress scenario simulations in its analysis.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.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_1243406.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.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK 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. Rhett Terrell Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Romina Padhi VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 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{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}, 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 JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. ​