RATINGS RATIONALE

The actions are a result of the recent performance review of Alt-A pools originated before 2005 and reflect Moody's updated loss expectations on these pools.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "Pre-2005 US RMBS Surveillance Methodology" published in January 2012. The methodology used in rating Interest-Only Securities was "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Today's rating action constitute of a number of downgrades as well as upgrades. The upgrades are due to significant improvement in collateral performance, and/ or rapid build-up in credit enhancement due to high prepayments.

The downgrades are a result of deteriorating performance and/or structural features resulting in higher expected losses for certain bonds than previously anticipated. For example in shifting interest structures, back-ended liquidations could expose the senior bond holders to tail-end losses. The subordinate bonds in the majority of these deals are currently receiving 100% of their principal payments, and thereby depleting the dollar enhancement available to the senior bonds. In our current approach, we capture this risk by running each individual pool through a variety of loss and prepayment scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural nuances of the transaction

Moody's adjusts the methodologies noted above for 1) Moody's current view on loan modifications 2) small pool volatility.

Loan Modifications

As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels until the end of 2013.

Small Pool Volatility

The above RMBS approach only applies to structures with at least 40 loans and a pool factor of greater than 5%. Moody's can withdraw its rating when the pool factor drops below 5% and the number of loans in the deal declines to 40 loans or lower. If, however, a transaction has a specific structural feature, such as a credit enhancement floor, that mitigates the risks of small pool size, Moody's can choose to continue to rate the transaction. Please refer further to Moody's Investors Service's Withdrawal Policy, which can be found on our website, www.moodys.com.

Moody's has withdrawn the ratings of Morgan Stanley Mortgage Loan Trust 2004-8AR Loan Group 1 and Loan Group 2 pursuant to published rating methodologies that allow for the withdrawal of the rating if the size of the underlying collateral pool at the time of the withdrawal has fallen below a specified level. Please refer to the Moody's Investors Services Policy for Withdrawal of Credit Ratings, available on its Web site, www.moodys.com.

For pools with loans less than 100, Moody's adjusts its projections of loss to account for the higher loss volatility of such pools. For small pools, a few loans becoming delinquent would greatly increase the pools' delinquency rate.

To project losses on Alt-A pools with fewer than 100 loans, Moody's first calculates an annualized delinquency rate based on vintage, number of loans remaining in the pool and the level of current delinquencies in the pool. For Alt-A and Option Arm pools, Moody's first applies a baseline delinquency rate of 10% for 2004, 5% for 2003 and 3% for 2002 and prior. Once the loan count in a pool falls below 76, this rate of delinquency is increased by 1% for every loan fewer than 76. For example, for a 2004 pool with 75 loans, the adjusted rate of new delinquency is 10.1%. Further, to account for the actual rate of delinquencies in a small pool, Moody's multiplies the rate calculated above by a factor ranging from 0.50 to 2.0 for current delinquencies that range from less than 2.5% to greater than 30% respectively. Moody's then uses this final adjusted rate of new delinquency to project delinquencies and losses for the remaining life of the pool under the approach described in the methodology publication.

When assigning the final ratings to senior bonds, in addition to the methodologies described above, we considered the volatility of the projected losses and timeline of the expected defaults. For bonds backed by small pools, we also considered the current pipeline composition as well as any specific loss allocation rules that could preserve or deplete the overcollateralization available for the senior bonds at different pace.

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 9.0% in April 2011 to 8.1% in April 2012. Moody's forecasts a further drop to 7.8% for 2013. Moody's expects house prices to drop another 1% from their 4Q2011 levels before gradually rising towards the end of 2013. Performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

Complete rating actions are as follows:

Issuer: Morgan Stanley Mortgage Loan Trust 2004-1

Cl. 1-A-1, Downgraded to Aa2 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to Aa3 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to Aa3 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-6, Downgraded to A2 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-7, Downgraded to Baa2 (sf); previously on Jan 31, 2012 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-8, Confirmed at Aaa (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-9, Downgraded to Aa3 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-10, Downgraded to Aa2 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-11, Downgraded to Aa3 (sf); previously on Feb 22, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-P, Downgraded to Aa3 (sf); previously on Mar 10, 2011 Confirmed at Aaa (sf)

Cl. 1-A-X, Confirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Baa1 (sf); previously on Feb 22, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-4, Downgraded to Baa3 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Baa3 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Radian Asset Assurance Inc. (Confirmed at Ba1, Outlook Negative on Apr 17, 2012)

Cl. 2-A-5, Downgraded to Baa1 (sf); previously on Jan 31, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-P, Downgraded to Baa3 (sf); previously on Mar 10, 2011 Confirmed at Aaa (sf)

Cl. 2-A-X, Confirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Morgan Stanley Mortgage Loan Trust 2004-10AR

Cl. 1-A, Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-1, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-2, Confirmed at Baa2 (sf); previously on Jan 31, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to Ba2 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-X, Confirmed at Baa3 (sf); previously on Feb 22, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to Ba2 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Jan 31, 2012 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Mar 10, 2011 Downgraded to Ca (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-11AR

Cl. 1-A-1, Downgraded to Baa3 (sf); previously on Jan 31, 2012 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-2A, Downgraded to Baa1 (sf); previously on Jan 31, 2012 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-2B, Downgraded to Ba2 (sf); previously on Jan 31, 2012 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-X-2, Downgraded to Ba1 (sf); previously on Feb 22, 2012 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. 1-X-B, Downgraded to C (sf); previously on Feb 22, 2012 Downgraded to Ca (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-2AR

Cl. 1-A, Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Morgan Stanley Mortgage Loan Trust 2004-3

Cl. 1-A-X, Confirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Ba1 (sf); previously on Mar 10, 2011 Downgraded to Baa1 (sf)

Cl. 2-A-2, Downgraded to Baa3 (sf); previously on Mar 10, 2011 Downgraded to Baa1 (sf)

Cl. 2-A-3, Downgraded to Ba1 (sf); previously on Mar 10, 2011 Downgraded to Baa3 (sf)

Cl. 2-A-4, Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (B3 placed on review for possible downgrade on Dec 19, 2011)

Cl. 2-A-6, Confirmed at Baa2 (sf); previously on Jan 31, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A, Confirmed at Baa2 (sf); previously on Jan 31, 2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. C-A-P, Downgraded to Ba2 (sf); previously on Mar 10, 2011 Downgraded to Baa2 (sf)

Cl. C-A-X, Confirmed at Ba3 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa2 (sf); previously on Jan 31, 2012 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Mar 10, 2011 Downgraded to Ca (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-5AR

Cl. 1-A-1, Downgraded to Ba3 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to Ba3 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to Ba3 (sf); previously on Feb 22, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A, Confirmed at Ba1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-2, Confirmed at Ba1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-3, Downgraded to B1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-5, Downgraded to Ba1 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A, Confirmed at Ba1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Mar 10, 2011 Downgraded to Caa3 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-6AR

Cl. 1-A, Upgraded to Baa1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Downgraded to B3 (sf); previously on Mar 10, 2011 Downgraded to B2 (sf)

Cl. 2-A-3, Downgraded to Caa2 (sf); previously on Jan 31, 2012 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-M-1, Upgraded to B2 (sf); previously on Jan 31, 2012 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-M-2, Confirmed at C (sf); previously on Jan 31, 2012 C (sf) Placed Under Review for Possible Upgrade

Cl. 1-M-3, Confirmed at C (sf); previously on Jan 31, 2012 C (sf) Placed Under Review for Possible Upgrade

Cl. 1-B-1, Confirmed at C (sf); previously on Jan 31, 2012 C (sf) Placed Under Review for Possible Upgrade

Cl. 1-B-2, Confirmed at C (sf); previously on Jan 31, 2012 C (sf) Placed Under Review for Possible Upgrade

Issuer: Morgan Stanley Mortgage Loan Trust 2004-7AR

Cl. 1-A, Downgraded to Caa1 (sf); previously on Mar 10, 2011 Downgraded to Ba3 (sf)

Cl. 2-A-7, Downgraded to Caa1 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: Morgan Stanley Mortgage Loan Trust 2004-8AR

Cl. 1-A, Withdrawn (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-X, Withdrawn (sf); previously on Feb 22, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A, Withdrawn (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-X, Withdrawn (sf); previously on Feb 22, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A, Confirmed at Ba3 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-2, Confirmed at Baa3 (sf); previously on Jan 31, 2012 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-5, Downgraded to B1 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. S-B-1, Withdrawn (sf); previously on Mar 10, 2011 Confirmed at Ca (sf)

Cl. S-B-2, Withdrawn (sf); previously on Mar 10, 2011 Downgraded to C (sf)

Cl. S-B-4, Withdrawn (sf); previously on Apr 24, 2009 Downgraded to C (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-9

Cl. 1-A, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A, Downgraded to B1 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to B1 (sf); previously on Jan 31, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to Caa1 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-3, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-4, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-5, Downgraded to B2 (sf); previously on Feb 22, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-6, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-X, Downgraded to B1 (sf); previously on Feb 22, 2012 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. 3-A-P, Downgraded to B3 (sf); previously on Mar 10, 2011 Downgraded to Ba3 (sf)

Cl. 4-A, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to B2 (sf); previously on Jan 31, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A-X, Downgraded to Caa1 (sf); previously on Feb 22, 2012 Ba3 (sf) Placed Under Review Direction Uncertain

Cl. 5-A-P, Downgraded to B2 (sf); previously on Mar 10, 2011 Downgraded to Ba3 (sf)

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF291067

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

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

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

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

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

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

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

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

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

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

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

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jiwon Park Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Bruce D. Fabrikant Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

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

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