Select the preferred region/country and language from the list below:

Check this box to go to your preferred country/region and language homepage every time you visit www.standardandpoors.com.

S&P |

Ratings

United States Disclosures

This section contains United States Disclosures.

View United States Disclosures

Australian Disclosures

This section contains Australian Disclosures.

View Australian Disclosures

Canadian Disclosures

This section contains Canadian Disclosures.

View Canadian Disclosures

European Union Disclosures

This section contains EU Disclosures.

View EU Disclosures

Hong Kong Disclosures

This section contains Hong Kong Disclosures.

View Hong Kong Disclosures

Singapore Disclosures

This section contains Singapore Disclosures.

View Singapore Disclosures

ESMA - S&P Endorsement of Ratings

As of 30 April 2012, global scale ratings issued by the following S&P’s ratings affiliates are endorsable*:
Argentina: Standard & Poor's International LLC (Sucursal Argentina)
Australia: Standard & Poor’s (Australia) Pty Ltd
Brazil: Standard & Poor’s Ratings do Brasil, Ltda
Canada: Standard & Poors Ratings Services (Canada), a business unit of the McGraw-Hill Companies (Canada) Corp.
Hong Kong: Standard & Poor’s Hong Kong Ltd
Japan: Standard & Poor’s Ratings Japan K.K. and Nippon Standard & Poor’s K.K.
Mexico: Standard & Poor's SA de CV
Singapore: Standard & Poor’s Singapore Pte Ltd
United States*: Standard & Poor’s Financial Services LLC

*Note: for U.S. Public Finance, we will endorse ratings “on request,” as we expect limited market demand for these endorsements.

We understand that only those ratings bearing the EU and EE identifiers are usable for certain regulatory purposes in the EU. Standard & Poor’s definitions of these identifiers can be found under section "VII. OTHER IDENTIFIERS" on the Standard & Poor's Ratings Definitions page.

Ratings Policies

These are Standard & Poor's ratings policies.

View Ratings Policies

Standard & Poor’s Ratings Services Disclaimers and Regulatory Disclosures

Copyright © 2013 by Standard & Poor’s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Australia

Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities or make any other investment decisions. Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services license number 337565 under the Corporations Act 2001. Standard & Poor’s credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Australian users should only access information about Standard & Poor’s products and services from www.standardandpoors.com.au  Other Standard & Poor's Websites are not intended for Australian users.