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QBE Lenders I Mortgage InsuranceLtd.! QBE Mortgage Insurance(Asia) Ltd.P rim a ry C r ed it A n aly st :L u cy H u y n h, M e lb o u rn e ( 6 1) 3 -9631-2175 ; l ucy_huynh@standardandpoorscomS e co n da ry C o nt ac t:M i ch a e l V i ne , M e lb o u rn e 161)3 -9631-2 .1 02 ; m ichae l~v in8@ s tandardandpoors .com

Table Of ContentsMajor Rating FactorsRationaleOutlookQBE Mortgage Insurance (Asia) Ltd.Competitive Position: A Leading Residential LMI Provider In AustraliaManagement And Corporate Strategy: Continue To Grow Within ExistingMarketsEnterprise Risk Management: Benefits From Parent's Strong FrameworkOperating Performance: Very High Earnings Even On A Normalized BasisInvestments And Liquidity: Solid, Diversified PortfolioCapitalization: Very Strong Capitalization Supports Credit ProfileFinancial Flexibility: A Rating Weakness

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QBE Lenders' Mortgage Insurance Ltd.! QBEMortgage Insurance (Asia) Ltd.Major Rating FactorsStrengths: Solid business franchise and market position Strong earnings profile Very strong capitalization Strategically important subsidiary of multiline insurer, QBE Insurance

Group Ltd.

Operating Company Covered ByThis ReportF in a nc ia l S tr en g th R a ti ngL o c al C u r re n c yAA-/Stablef. -

Weaknesses: Monoline status Vulnerability to changes in economic and property market conditions

RationaleThe 'AA-' insurer financial strength and issuer credit ratings on QBE Lenders' Mortgage Insurance Ltd. (QBE LMI)reflect the company's strong position in the Australian lenders' mortgage insurance (LMI) market, its solid operatingperformance, and very strong capitalization. QBE LMI is the second-largest provider of LMI in Australia and thelargest in New Zealand, with gross premiums written (GPW) of A$225.9 million as at Dec. 31, 2010. The companywas formerly known as PMI Mortgage Insurance Lrd., but changed its name to QBE LMI after QBE InsuranceGroup Ltd. (QBE; core operating entities rated A+/Stable) acquired the business from U.Si-based PMI MortgageInsurance Co. (PMI; R) in 2008.In our opinion, QBE LMI's operating performance as at Dec. 31,2010 was very robust on both a statutory andnormalized basis. In 2010, QBE LMI's earnings pattern assumption reverted to pre-200S levels, on evidence ofongoing stable market conditions. This revision affected results by inflating net earned premiums and returnmetrics--hence the need for our financial analysis to be based on normalized numbers. We believe the company'svery strong capitalization based on Standard & Poor's and regulatory measures should enable the company toabsorb a significant level of claims if Australia were to experience a severe economic downturn. Inputs to our capitalmodel assessment as at May 31, 2011, included approximately A$1.04 billion in shareholder's equity, A$0.5 billionin unearned premium reserves, as well as reinsurance cover to fund claims. Moderating the ratings are the insurer'smonoline status and inherent vulnerability to changes in economic and property market conditions.Despite the insurer's status as a strategically important subsidiary of QBE, the ratings on QBE LMI are segmentedfrom the group's and rated one notch higher. This is because, on a stand-alone basis, QBE LMI continues to meetseveral operational and financial measures supportive of the higher ratings. Additionally, in our view, the ratings onQBE LMI can be maintained one notch higher than the 'A+' rating on QBE because of specific protectionmechanisms that remain in place to preserve QBE LMI's very strong metrics. These protection mechanisms include:robust prudential supervision by Australian Prudential Regulation Authority (APRA); the presence of independentboard members; local management's strong depth of experience and operational expertise; and a considered

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QBE Lenders' Mortgage Insurance Ltd.! QBE Mortgage Insurance (Asia) Ltd.

dividend policy. In addition, there remains a strong economic incentive to maintain the 'AA-' ratings on QBE LMIas they are central to the insurer's business model and value proposition. While there is strict regulatory and legalseparation from the parent, QBE LMI's operations do benefit from access to QBE's actuarial, risk, and investmentmanagement expertise.

OutlookThe stable outlook reflects our opinion that QBE LMI's strong market position, earnings, and capitalization profile[eave it well positioned to absorb an increase in claims should the Australian economy experience severe economicstress. Higher ratings are unlikely in the medium term. Any improvement would need to be based on thestrengthening of QBE LMI's stand-alone characteristics such as: evidence of greater market share, less volatileoperating performance, and very strong external reinsurance. In addition, QBE would need to articulate theeconomic incentive and benefit of maintaining financial metrics to support higher ratings. Downward ratingpressure could occur if claims are considerably above expectations or if (in the absence of additional support) thecompany's capital adequacy or reinsurance protection deteriorates significantly. If the current one-notch differentialbetween the ratings on QBE and QBE LMI were breached--that is, if the ratings on QBE were lowered, we wouldreview the ratings on QBE LMI.

QBE Mortgage Insurance (Asia) Ltd.QBE LMI also has full ownership and control of QBE Mortgage Insurance (Asia) Ltd. (QBE Asia), its mortgageinsurer in Hong Kong. We have equalized the rating on QBE Asia with that on QBE LMI due to QBE Asia's statusas a strategically important component of QBE's LMI business, and the explicit support from QBE LMI in the formof a net-worth-maintenance agreement. We expect QBE LMI to maintain QBE Asia's absolute capital base atcurrent levels. However, Standard & Poor's will monitor the continued appropriateness of the form and degree ofexplicit support in light of QBE Asia's business growth and operating performance. The stable outlook echoes thaton QBE LMI.

Competitive Position: A Leading Residential LMI Provider In AustraliaQBE LMI operates mainly in three business segments of residential mortgage insurance in Australia and NewZealand. The company provides mortgage insurance for lenders, residential mortgage-backed securities (RMBS),and reinsurance to financial institutions' captive insurers. The company has a robust competitive position as thesecond-largest independent LMI provider in Australia, and is the clear market leader in New Zealand. In Australia,QBE LMI is ranked behind Genworth Financial Mortgage Insurance Pty Ltd. (GFMI; AA-/Stable), which has amarket share of about 50% on a GPW basis in comparison to QBE LMI's 35%. With other competitors such asMGIC Australia Pty Ltd. (MGICj BBB-/Stable /- - ) in run-off, and various bank captives with relatively limited scope,we do not expect QBE LMI's competitive position could be genuinely threatened in the near-to-medium term. QBELMI also has majority ownership of Permanent LMI Pty Ltd., which is a joint-venture captive mortgage insurer withHeritage Building Society Ltd. (Heritage; BBB/StablefA-3).In our view, QBE LMI has a strong underlying book of business. The book's exposure is skewed to owner-occupiedborrowers rather than more-cyclical investor borrowers. It is well diversified in terms of geography and

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loan-to-value ratios. The book does lack seasoning however, and is skewed to growth in recent years under QBE'smore stable ownership. As at Dec. 31, 2010, about 74% of its risk in-force was less than five years old, which is yetto benefit fully from loan amortization and longer-term property value appreciation. The company has a reasonablydiverse relationship base spanning major banks, regional banks, nonbank financial institutions, smaller approveddeposit institutions, and mortgage managers, although there is some concentration with major customers. Mitigatingthis concentration risk to a degree are the strong underwriting standards, scale, and diversity of the majorcounterparties,

Management And Corporate Strategy: Continue To Grow Within ExistingMarketsQBE LMI's key priority is to continue to grow within its existing markets. In Australia, the challenge will bewinning and retaining customers in a mature market. In New Zealand, the challenge will be advocating the LMIvalue proposition, as most New Zealand banks self-insure by charging higher margins for lower equity borrowing.Similar to its parent, QBE LMI is open to entering new markets and growing by strategic acquisitions, as long assuch opportunities are within QBE's risk appetite. Any inorganic growth however, will be restricted to risks securedby residential mortgages. We understand QBE LMI has not participated in, and has no plan to participate inhigh-risk businesses, such as subprime mortgages.We consider QBE LMI's management team suitably experienced and able to deliver the company's objectives. QBELMI's overall strategy and planning process leverage off QBE's technical capabilities. There is evidence ofwell-developed and documented approval, review, and oversight policies from a financial and operational riskmanagement perspective, which is further supported by a strong governance framework. We view QBE LMI'sfinancial structure as conservative, given the low market risk of its investment portfolio, and its reserving policy ofhaving a high probability of sufficiency of 99%. However, we acknowledge some information risk around the largechanges in actuarial and reserving practices between 2008 and 2010, which has had the outcome of adjusting profitsover various accounting periods.

Enterprise Risk Management: Benefits From Parentis Strong FrameworkThe mortgage insurer benefits from QBE's ERM capabilities, which we view as strong. QBE supports QBE LMI inall aspects of ERM, particularly in providing advanced risk-management, actuarial, and reinsurance expertise,supplementing QBE LMI's own established risk management conventions.QBE GroupStandard &Poor's views the wider QBE group's enterprise risk management (ERM) as being "strong", with a stableoutlook. The group's key risks include: insurance underwriting and pricing; adverse loss-reserve development;catastrophe; and operational issues such as post-acquisition integration and regulatory risks. Although QBE'sbusiness position benefits from its well-diversified geographic and business-line mix, its broad operations andacquisition-based growth strategy make it an inherently difficult business to manage. Some of the difficultiesassociated with the business model include: Integrating new management teams into the QBE culture and risk frameworks; Balancing division autonomy with control;

Standard & Poors I RatingsDirect on the Global Credit Portal I S e pte m b er 1 8, 2 0 11 48~lC",o I :101512371

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QBE Lenders' Mortgage Insurance Ltd.! QBE Mortgage Insurance (Asia) Ltd .

Managing the wide diversity of cultural, regulatory, legal, and accounting frameworks and jurisdictionsinternationally; and Managing foreign exchange risk.

Consequently, we view QBE's ERM capabilities as very important to the ratings, and we continue to witnessevidence of QBE focusing on and improving ERM policies and procedures. However, the firm's acquisitive strategy,seen by Standard &Poor's as contributing higher inherent financial and operational risk, raises the hurdle for QBEto achieve a higher ERM score.We view the risk management culture as strong, underpinned by our opinion that ERM functions have a highvisibility and priority across the group. The board's participation in the management of risk across each businessunit, combined with the business unit managers' responsibility for their own respective risks, supports the group'sstrong ERM culture. Initiatives include several programs and workshops, which we view as evidence that thegroup's sharp focus on risk permeates to levels below senior management. Nevertheless, we believe that best-practicepeers have evidenced a greater track record (over time) of institutionalizing risk.Risk controls are robust overall, supported by QBE's: strong cycle-management capability, solid reserving andreinsurance controls, sound operational risk controls, and excellent acquisition-risk controls. We view counterpartyand credit and market risk controls as being adequate. We regard the insurer's reserving process as strong,coordinated across business divisions, and subject to quarterly reviews at divisional and group levels. QBE'sreinsurance purchasing strategy is sound, as it is based on a comprehensive analysis of existing exposures, historicalclaims patterns, and the tolerance for retained risk. Its acquisition-risk-management program is robust, and we viewit as a clear strength. One drawback from QBE's acquisition-focused business model is that QBE has multipleplatforms and systems that need to be aligned or combined upon each acquisition, which adds operational riskQBE's credit and market risk-management philosophy is conservative, and based on the group's strategy that it doesnot want to add undue investment-related risk to existing insurance-related risk. There is less focus on achievingsuperior returns; instead, the focus is on tightly controlling the asset risks while assuring reasonable but stablereturns.We assess QBE's emerging ERM practices as not being as strong as some leading peers', but adequate nonetheless.Although the framework does promote risk awareness, it appears less formalized or involved than that of someleading peers'. We view QBE's risk-modeling capability as solid. We see evidence of these efforts through QBE's useof its economic capital model (ECM) in strategic decisions. QBE's use of the ECM has improved and is embeddedinto most risk/reward decisions, capital management, and strategic decisions. Most recently, a key focus for QBEhas been the refining of an internal model consistent with Solvency II requirements for European operations andwith potentially wider applicability. It intends to have this in place for Europe by October 2012.Strategic risk management is excellent, in our opinion. QBE continues to steadily enhance its risk-managementframework, and this remains a high priority for the group. A focus on generating a high return on equity is thefoundation of QBE's vision, and the insurer recognizes the importance of ERM in achieving this goal. Greaterconfidence and firmer evidence of an entrenched excellent risk culture in the organization and across allmanagement levels would, in our opinion, support a higher ERM score. Leading into 2012, we expect robustimprovement in the ERM program on the back of QBE adopting Solvency II requirements. Also important would bean improvement in QBE's ability to identify and to manage emerging risks of the group.

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Operating Performance: Very High Earnings Even On A Normalized BasisQBE LMI's underlying operating performance has continued to be very strong, primarily as a result of the relativelystable economic conditions and supportive mortgage industry conventions in Australia. In recent years, the claimsexperience in Australia has been broadly similar to Canada's and far superior to that of the U.S.'.In line with the industry, QBE LMI's premium growth was negative during 2010 due to the low growth in bank andnonbank originations. Banks maintained strict lending standards imposed during the global financial crisis, andnon banks continued to be faced with funding constraints from dormant securitization markets. Normalized figuresshow net premium earned fell by 9% to A$20S million in 2010. We use normalized figures because in 2008, QBELMI lengthened the earnings pattern in light of the uncertain economic environment at the time. In 2010, QBELMI's earnings pattern assumption reverted to pre~2008 levels, on evidence of ongoing stable market conditions.This revision affected results by inflating net earned premiums and return metrics=-hence the need for our financialanalysis to be based on normalized numbers. We also note that in 2008, QBE LMI increased the probability ofsufficiency of claims to 99% by increasing risk margins, which affected results with a one-off increase in claimsexpenses. Conversely in 2010, there was a substantial release in reserves relating to prior year claims.A more favorable claims experience on the back of improved market conditions resulted in better net loss andcombined ratios in 2010, on a statutory and normalized basis, compared to figures in fiscal 2009 (see financialtable). Claims frequency and severity have continued to fall since recent peaks in fiscal 2008. Delinquency rates havefluctuated between 0.4%-0.5% since fiscal 2008. Delinquencies have mainly arisen from exposures to mortgagemanagers and originators, and the underperforming New South Wales economy. Prima facie, on a statutory accountbasis, QBE LMI's loss ratios appear to be better than that of its closest peer, Genworth Australia (3.0% and 43.3%in 2010 respectively). However, we note that QBE LMI's financial statements for 2010 and 2009 include a numberof material adjustments, including reserve releases and a change in the earnings pattern, which materially impact theloss ratio. If these adjustments were taken into account, there would be some convergence of the loss ratios, in ouropinion. Overall, due to the favorable claims experience, QBE LMI achieved a solid year-on-year increase of 22% inEBIT to A$236 million, based on normalized 2010 figures.

Investments And Liquidity: Solid, Diversified PortfolioQBE LMI has a high-quality investment portfolio, with funds held in cash, short-term instruments, governmentsecurities, and investment-grade corporate bonds. QBE LMI's investment strategy aligns with its parent's investmentmanagement philosophy; QBE prefers an asset profile that is conservative and skewed in favor of short-termliquidity. The insurer limits the use of derivative instruments and prohibits short-selling, investments in repurchasesor related-party securities. QBE LMI is subject to additional constraints to those imposed group-wide - investmentsin RMBS are not permitted to prevent over-exposure to the RMBS sector. The fiscal-2010 yield on the investmentportfolio was good, and we expect the portfolio to continue supporting a steady income stream to supplementunderwriting earnings. Underpinning liquidity management is the upfront receipt of premiums and investment inreadily liquefiable securities with a reasonably short duration.

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Capitalization: Very Strong Capitalization Supports Credit ProfileQBE LMI's capital adequacy is very strong according to Standard & Poor's risk-based Australian LMI capitalmodel, which applies a range of stresses to the insurance portfolio and takes into account a four-year economicdecline. Based on our model, the company's capitalization was scored at the 'AA' level at balance date Dec. 31 2010and more recently, as at May 31, 2011. On regulatory measures, QBE LMI's capital adequacy multiple was 1.6x atyear-ended Dec 31. 2010. Strong earnings has increased QBE's absolute capital base to A$1.04 billion as at May 31,2011 from A$936.2 million at year-ended 2009. Additionally, our analysis acknowledges the contribution ofunearned premium of A$0.5 billion, towhich our model allocates 90% capital benefit.QBE LMI's reserving is considered conservative, with a high probability of sufficiency of 99%. Reinsurance cover issupportive of the company's risk profile. It benefits from a reinsurance arrangement with an 'A+' rated related party,which contributes to capital resources under Standard & Poor's modelling, although we have applied a haircutbecause of the lower rating category. In our view, it is likely that capital over and above the 'AA' level on our modelwill be paid to the parent as dividends, although we believe that QBE will maintain QBE LMI's capital position suchthat it remains in line with the 'AA' rating category.

Financial Flexibility: A Rating WeaknessQBE LMI's financial flexibility is viewed as a rating weakness due to the lower rating of its parent group, butremains supported by strong internal capital generation. The company's ability to source funds from the capitalmarkets is tied to what we see as QBE's own strong and proven ability to do the same.

O B E L en d er s' M o r tg a ge In s ur an c e L td . - -- - -Y e ar -e nd D e c . 3 12 010 N o rm a lise d 2 010 S t at uto ry 2 00 9 2 008 N o rm a lise d 2008 Statu to ry 2007 2006

Com ~eti t iv e po s i ti o nT o ta l revenue 3 2 8 .6 ' 43 1 2 9 6 116 2 9 1 2 5 6G ross p rem i um written 2 2 6 2 3 1 166 2 5 2 2 48A nnua l change in gross prem ium written (2 .3 ) 39 .8 (34.4) 1 .8 19 .5(% )G r o ss u n ea rn e d p re m iu m 5 08 646 65 5 5 2 7 48 6A nnua l change in gross unearned prem ium (2 1.4 ) (1 .4 ) 2 4 .3 8 .4 14 9(% )N e t p re m iu m e ar ne d 2 0 5 - 3 3 8 2 2 5 2 4 2 00 19 0A nnua l change in n e t p rem ium earned 1% ) 1881 )* 5 0 .4 82 1 .3 (87.8) 5 .3 20.9G r o s s c l a im s o u ts t an d in g 19 9 2 2 6 2 5 4 85 5 9Ope ra t in g p e rf o rm an c eR e tu rn o n r ev en ue 1 % ) 7 1 .2 7 * 83 .6 67 .0 (170 .7 ) 52 .4 54.9R e tu rn o n e qu ity 1 % ) 17 .29* 2 5 .3 15 .7 115 .8 ) 8 .9 11 .0EBIT 2 3 6 - 3 61 .0 19 4 .0 (197 .0 ) 113 .0 1180EBITa djusted 2 3 4 - 3 60 .0 19 8 .0 (197 .0 ) 153 .0 141 .0N e t l os s r at io (% I 488 ' 3 0 2 05 63 * 9 7 62 41 .2 3 0 .6N e t expense ra tio 1% ) 2 7 .12 " 18 .5 24 .1 2 7 ' 3 10 .3 3 0 .0 15 .6

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aBE le n de rs ' M ortgage In su rance ltd , l cem. lN et c om bin ed ra tio 1 % ) 3 2 .00 ' 2 1 .5 44.5 9 0' 1 ,2 86 .5 7 1 .2 46.2N et in ve stm en t y ie ld (% ) 5 .3 4 .4 6 .1 6 .5 5 .7L i qui d it y a n d i n ve s tme n t sIn ve ste d a ss ets to to ta l a ss ets (% ) 9 2 .6 91 .9 87 .7 9 2 .3 9 2 .6In ve ste d a ss ets to lo ss a nd u ne arn ed 2 49 .6 19 7 .6 170.1 2 41 .5 2 5 7 .3p re m iu m re se rv e 1 % )T ota l in ve ste d a ss ets a dj u ste d 1 .7 5 3 1 .7 14 1 ,534 1 .463 1 ,3 5 6I n ve s tme n t po r tf o li o c ompo s it io nC a sh a nd c as h e qu iv ale nts 1 % ) 13 .1 47 .6 61 .8 4 .2 14 .2T ota l b on ds 1 % ) 82 .6 48 .1 3 3 .3 9 2 .3 82 .6C om m on s to ck 1 % ) N / A N /A N /A 3 .3 3 .2I nv e st m en ts i n a ff il ia te s (% ) 4 .3 4 .4 4 .9 0 .1 N /AT o ta l p o rt fo li o c o m po s it io n 1 % ) 100 .0 100 .0 100.0 100.0 100.0Capi ta l i za t ionC a pita l a de qu ac y m u ltip le 16 1 .7 1 .6 1 .3 1. 4P ro ba bility o f a de qu ac y (% ) 9 9 .0 9 9 .0 9 9 .0 7 5 .0 75 .0T ota l s ha re ho ld er e qu ity 9 7 7 .4 ' 1 ,066 9 3 6 80 0 9 3 7 88 5" N or m al iz e d f ig ur es b a se d o n t he c o m pa n y's n o rm a li ze d a c co u nt s

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Standard & Poors I R atingsD ire c t o n the G lob al C red it P orta l I S ep te mb er 18 , 2 011 88916 : ;61 301 t72371

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Copyr igh t 2 0 11 b y S t an d ar d & P o or s F in a nc ia l S e rv ic es L L C ( S & P) , a s u bs id ia ry o f T h e M c G ra w- Hi li C o m pa n ie s, I nc . A ll r ig ht s r es er ve d .N o c o nt en t ( in c lu d in g r at in gs , c re d it -r ela te d a n aly s es a n d d a ta , m o d el , s o ft wa re o r o th e r a p pli ca ti on o r o u tp u t t he re fr om ) o r a n y p a rt t he re o f ( C on te n t) m a y b e m o d if ie d ,r ev er se e ng in ee re d, r ep ro du ce d o r d i st rib ut ed in a ny f or m b y a ny m e an s, o r s t or ed in a d at ab as e o r r et rie va l s ys te m , w it ho ut t he p rio r w rit te n p er mis sio n o f S & P. T h e C on te nts ha ll n ot b e u se d fo r a ny u nla wf ul o r u na ut ho riz ed p ur po se s. S & P, its a ff il ia te s, a nd a ny t hir d- pa rty p ro vid er s, a s w e ll a s t he ir d ir ec to rs , o ffic er s, s ha re ho ld er s, e m plo ye es o ra ge n ts ( co lle c tiv e ly S & P P a rt ie s ) d o n o t g ua ra n te e t he a c cu ra c y, c o m pl et en e ss , t im e lin e ss o r a v ai la b ilit y o f t he C o nt en t. S & P P a r ti es a re n o t r es po n si bl e f or a n y e rr or s o ro m is sio ns , r eg ar dle ss o f t he c au se , fo r t he r es ults o bt ain ed f ro m th e u se o f th e C on te nt, o r f or t he s ec ur it y o r m a in te na nc e o f a ny d at a in pu t b y t he u se r. T he C on te nt isp ro vid ed o n a n as is ' b as is . S & P P A RT IE S D IS C LA IM A N Y A N D A L L E XP R ES SO R IM P LIE D W A R R A N T IE S, IN C LU D IN G , B UT N OT L IM IT ED T O, A N Y W A R R AN T IE S O FM E R C H A N T A B IL IT Y O R F IT N E S S F O R A P A R T I C UL A R P U R P O S E O R U S E , F R E E D O M F R O M B U G S , S O F T W A R E E R R O R S O R D E F E CT S ,T H A T T H E C O N T E N T 'S F U N C T IO N IN GW IL L B E U N IN T ER R U PT ED O RT H AT T HE C ON T EN T W I L L O PE RA T EW IT H A N Y S OF T W AR E O R H A R DW A R E C ON F IG U R AT IO N In n o e ve nt s ha ll S & P P ar tie s b e lia ble t o a nyp a rt y f or a n y d ir ec t. i nd ir ec t, in c id e nt al. e x em p la ry , c o m pe n sa to ry , p u nit iv e , s p ec ia l o r c on s eq u en ti al d a m ag es , c os ts , e x pe n se s , l eg al f ee s, o r l os se s ( in c lu d in g, w it ho u tlim it at io n, lo st in co m e o r lo st p ro fit s a nd o pp or tu nit y c os ts ) in c on ne ct io n w ith a ny u se o f t he C on te nt e ve n if a dv is ed o f th e p os sib ilit y o f s uc h d am a ge s.C re dit -r ela te d a na ly se s, in clu din g r at in gs , a nd s ta te m en ts in th e C on te nt a re s ta te m en ts o f o pin io n a s o f th e d ate t he y a re e xp re ss ed a nd n ot s ta te m en ts o f f ac t o rr ec om m e nd atio ns t o p ur ch as e, h old , o r s ell a ny s ec ur it ie s o r t o m a ke a ny in ve st me nt d ec is io ns . S & P a ss um e s n o o blig at io n to u p da te t he C o nt en t f oll ow in g p u blic a tio n in a n yf or m o r f or m at . T he C on te nt s ho uld n ot b e r elie d o n a nd is n ot a s ub stit ut e f or t he s kill, j ud gm e nt a nd e xp er ie nc e o f t h e u se r, it s m a na ge m en t. e m plo ye es , a dv is or s a nd /o rc lie nt s w he n m a kin g in ve st me nt a nd o th er b us in es s d ec is io ns . S & P's o pin io ns a nd a na ly se s d o n o t a dd re ss t he s uit ab ilit y o f a ny s ec ur ity . S & P d oe s n ot a ct a s a f id uc ia ry o ra n in ve st me nt a dv is or . 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A d di tio n al i nf or m at io n a b ou t o u r r at in gs f ee s i s a va il ab le a t www.s tandardandpoors .com/usra t i ngs fees .

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