press release – Beacon at Bangsar http://beaconatbangsar.com/ Fri, 18 Mar 2022 11:11:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://beaconatbangsar.com/wp-content/uploads/2021/03/cropped-icon-32x32.png press release – Beacon at Bangsar http://beaconatbangsar.com/ 32 32 FiscusDAO, the All-Chain solution, announces Liquidity Bootstrapping Pools launch https://beaconatbangsar.com/fiscusdao-the-all-chain-solution-announces-liquidity-bootstrapping-pools-launch/ Fri, 18 Mar 2022 11:11:33 +0000 https://beaconatbangsar.com/fiscusdao-the-all-chain-solution-announces-liquidity-bootstrapping-pools-launch/

Dallas, USA, March 18, 2022, Chainwire

The All-chain solution is preparing a series of feature rollouts throughout March culminating in the official launch.

FiscusDAO today announced its LBP (Liquidity Bootstrapping Pool) launch. Fiscus is a community organization dedicated to creating value by digitally transforming the examination of physical assets through smart contracts, into blockchain. This milestone is a major step forward for the FiscusDAO as it prepares for its public launch.

FiscusDAO’s Liquidity Bootstrapping Pool (LBP) is an intelligent pool designed to provide liquidity to the Fiscus project. The pool is open to all interested parties and allows people to get involved in the project and earn rewards along the way. The LBP is a key part of the Fiscus project and will help ensure that the project has the cash it needs to achieve its ambitious goals.

The LBP provides market stability and helps create growth opportunities. The LBP also allows pool controllers to suspend the exchange whenever necessary; hedging against high market volatility.

This news follows many of the company’s recent initiatives and accomplishments, including:

  • Launching the whitelist
  • Funding of the first 1MM in record time
  • New website unveiled

Want to know more about the project?

About FiscusDAO:
FiscusDAO is a Decentralized Autonomous Organization (DAO) creating value by digitally transforming revenue from real-world physical assets through smart contracts to blockchain. By creating a financial structure that utilizes both on-chain and off-chain assets, FiscusDAO enables its members to participate in a wide range of structured finance-funded projects that they would otherwise not have access to in the open market.

contacts

COO

  • Kevin Schoenewolf
  • FiscusDAO
  • media@fiscusdao.com
  • 604.559.8324

Press Release Disclaimer: This is a paid press release. Coin Rivet recommends that readers undertake their own research into the company. Coin Rivet does not endorse and is not responsible for the content or products on this page.

Disclaimer: The views and opinions expressed by the author should not be considered financial advice. We do not give advice on financial products.

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UPDATE: Federal Lawsuit Against Dodge County Officials Dismissed | Baraboo News Republic https://beaconatbangsar.com/update-federal-lawsuit-against-dodge-county-officials-dismissed-baraboo-news-republic/ Mon, 14 Mar 2022 16:15:00 +0000 https://beaconatbangsar.com/update-federal-lawsuit-against-dodge-county-officials-dismissed-baraboo-news-republic/

AARON HOLBROOK

A lawsuit filed against the federal government, the Dodge County Sheriff’s Office and Dodge County District Attorney Kurt Klomberg was dismissed on Friday by U.S. District Judge Brett Ludwig.

In the dismissed federal lawsuit, Selepri Amachree said he was unlawfully detained in the Dodge County Jail for more than six months by Immigration and Customs Enforcement.

According to the lawsuit, Amachree — an African immigrant who has been a legal permanent resident of the United States for 50 years — was taken into custody on February 27, 2017, at the Dodge County Sheriff’s Office in Juneau. A federal judge ordered Amachree’s release in September 2017.

Defendants who have been named in the lawsuit include U.S. Immigration and Customs Enforcement; ICE agents Brent Kriehn and Joseph Halase; Immigration Appeals Board; Dodge County Sheriff Dale Schmidt; Klomberg; retired Dodge County detective Robert Neuman; and Dodge County.

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Ludwig, who serves in the Eastern District of Wisconsin where the lawsuit was filed, dismissed the case with prejudice, meaning it cannot be refiled. In the order granting the defendants’ motion to dismiss, Ludwig is highly critical of Amachree’s attorney, John Gorby of Chicago. He said Gorby repeatedly failed to meet court deadlines and comply with court orders to file concise motions or responses.

“…for continued verbosity and inconsistency, the Court will again dismiss the case pursuant to Federal Rule of Civil Procedure 8(a), which governs pleadings,” Ludwig wrote.

Amachree expressed disappointment with the dismissal.

“The case was not dismissed on the merits, it was dismissed because there was a lot of detail and we used too many words to get that point across,” he said. “It wasn’t thrown out because Schmidt, Klomberg and ICE didn’t do anything wrong, it was thrown out because it took too many pages to describe how wrong it was.”

Gorby said: “Judge Ludwig is very hard on me. No doubt my complaints have been lengthy, but I wanted to state the facts.”

Klomberg issued a press release on Monday. He wrote: “After reading his rambling pleadings, I have come to the conclusion that the suit was more aimed at damaging my reputation than seeking judicial relief. His pleadings were concocted with statements taken out of context from of larger discussions in a manner designed solely to create controversy.I believe this entire episode was driven by a desire to punish myself and others for refusing to work with Amachree or his organization.

Klomberg said he decided in 2014 that he could not allow the district attorney’s office to be associated with the Amachree or Extreme intervention and nothing has changed since then.

“The Dodge County District Attorney continues to refuse to work in any way with Selepri Amachree or organizations associated with her,” Klomberg said.

Amachree’s detention in 2017 is linked to a deportation order issued on November 7, 2002, which was appealed. The order was part of a drug conviction, but federal courts ultimately ruled such convictions were not grounds for deportation and Amachree’s case was dismissed by the 7th Circuit Court of Appeals. to the Immigration Appeals Board on February 7, 2007. For unexplained reasons, the BIA did not act on the case for 10 years, until Amachree was held in the county jail Dodge for six months.

When he acted, the deportation order was immediately overturned and Amachree was released.

On the day Amachree was taken into custody, he was at the sheriff’s office to meet with Schmidt regarding a background check that was conducted because Amachree had met clients at the Dodge County Jail. Amachree operates XTreme Intervention, a company that enrolls people with addictions in treatment programs, typically Teen Challenge programs that are out of state, and transports them to the program.

The lawsuit argued that Amachree’s arrest was the result of a “conspiracy” between the Dodge County Sheriff’s Office, the Dodge County District Attorney, and the ICE office in Chicago. He cites email exchanges in the days leading up to his arrest.

On the day of the arrest, Schmidt emailed 30 people, including local police chiefs, Dodge County Circuit Court Judges, the Dodge County District Attorney, the County Administrator of Dodge and others. That email alleged that Amachree was financially taking advantage of people and behaving inappropriately with female clients, but also stated, “I have no evidence at this time to proceed with a criminal investigation.”

The complaint against Neuman said he was negligent in his investigation of Amachree and falsely alleged that Amachree used a pseudonym, broke into women’s homes, and assaulted women.

In the lawsuit, Amachree denied allegations of inappropriate behavior and financial misconduct and characterized portions of the background investigation as being based on “hearsay” and false information. The lawsuit also said that the false allegations made by Schmidt in the February 27, 2018 email damaged his reputation and his business.

Amachree continued to live in Beaver Dam and operate XTreme Intervention.

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Smyrna Ready Mix Concrete, LLC — Moody’s upgrades Smyrna’s CFR to Ba3; Assigns Ba3 to senior secured debt; outlook stable https://beaconatbangsar.com/smyrna-ready-mix-concrete-llc-moodys-upgrades-smyrnas-cfr-to-ba3-assigns-ba3-to-senior-secured-debt-outlook-stable/ Thu, 10 Mar 2022 21:45:06 +0000 https://beaconatbangsar.com/smyrna-ready-mix-concrete-llc-moodys-upgrades-smyrnas-cfr-to-ba3-assigns-ba3-to-senior-secured-debt-outlook-stable/

Rating Action: Moody’s upgrades Smyrna’s CFR to Ba3; Assigns Ba3 to senior secured debt; outlook stableGlobal Credit Research – 10 Mar 2022New York, March 10, 2022 — Moody’s Investors Service (Moody’s) upgraded Smyrna Ready Mix Concrete, LLC’s (Smyrna) Corporate Family Rating (CFR) to Ba3 from B1, Probability of Default Rating (PDR) to Ba3-PD from B1-PD, and the rating on the company’s senior secured notes to Ba3 from B1. Moody’s also assigned a Ba3 rating to the company’s proposed senior secured credit facility. The outlook remains stable.The rating upgrades reflect Moody’s expectation of the continued strengthening of Smyrna’s credit profile following the successful integration of several bolt-on acquisitions during 2020 and 2021, a larger and more geographically diversified revenue base, greater predictability of free cash flow, and a commitment by the management team to maintain modest leverage.The Ba3 rating assigned to the $650 million senior secured term loan facility maturing in 2029 and to the $1,100 million Senior Secured Notes maturing in 2028, is on par with the CFR reflecting their position as the preponderance of debt in Smyrna’s capital structure. The company’s senior secured debt is contractually subordinated to the company’s $250 million Asset Based Revolving Credit Facility expiring in 2026 which is secured by the account receivable and inventory.The proceeds from the proposed $650 million offering will be used primarily to fund pending acquisitions. Pro forma for the proposed financing and the bolt-on acquisitions, Moody’s projects Smyrna’s leverage will be 3.9x at December 31, 2022 (including Moody’s adjustments).“Over the past three years, Smyrna has materially grown its profitability (organically and through acquisitions), invested in the business, and maintained a disciplined approach to balance sheet management and liquidity.” said Emile El Nems, a Moody’s VP-Senior Credit Officer. “Going forward, we expect this management team to remain focused on execution, pursue additional tuck-in acquisitions, and remain committed to a conservative financial policy.”The following rating actions were taken:Upgrades:..Issuer: Smyrna Ready Mix Concrete, LLC…. Corporate Family Rating, Upgraded to Ba3 from B1…. Probability of Default Rating, Upgraded to Ba3-PD from B1-PD….Senior Secured Regular Bond/Debenture, Upgraded to Ba3 (LGD4) from B1 (LGD4)Assignments:..Issuer: Smyrna Ready Mix Concrete, LLC….Gtd Senior Secured Term Loan B, Assigned Ba3 (LGD4)Outlook Actions:..Issuer: Smyrna Ready Mix Concrete, LLC….Outlook, Remains StableRATINGS RATIONALESmyrna’s Ba3 Corporate Family Rating reflects the company’s market position as one of the leading regional producers of construction materials in Tennessee, Florida, Georgia, Colorado Kentucky, Texas and Michigan, increasingly vertically integrated assets and broad customer base. In addition, Moody’s credit rating is supported by the company’s solid EBITDA margins and commitment to maintain modest leverage and good liquidity. At the same time, Moody’s rating takes into consideration the company’s vulnerability to cyclical end markets, the competitive nature of its ready-mix concrete business, its acquisitive growth strategy, and material revenue exposure to Tennessee and Florida.Moody’s expects Smyrna to maintain very good liquidity over the next 12-18 months. Pro forma for the transaction, Smyrna’s liquidity position is supported by roughly $15 million of cash, a $250 million asset based revolving credit facility, under which Moody’s expects $210 million will remain available, and Moody’s expectation that the company will generate around $150 million in free cash flow in 2022. The asset based revolving credit facility, which expires in 2026, is governed by a springing fixed-charge coverage ratio of 1.0x, that comes into effect if availability under the asset based revolving credit facility is less than 15% of the total revolver availability.The stable outlook reflects Moody’s expectation that Smyrna will grow revenue organically, maintain good operating performance, generate solid free cash flow, and remain committed to modest leverage. This is largely driven by Moody’s view that the US economy will improve sequentially and remain supportive of the company’s underlying growth drivers.The proposed term loan includes an ability to incur incremental indebtedness up to either $500 million, or the greater of 100% of LTM EBITDA so long as the pro forma net leverage ratio does not exceed 3.85x for first lien debt and 4.35x for junior debt.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if the company improves free cash flow and maintains a conservative financial strategy such that debt-to-EBITDA is sustained below 3.5x, adjusted retained cash flow to net debt is approaching 20%, and EBIT-to-interest expense is approaching 3.0x.The ratings could be downgraded if the company’s operating performance and liquidity deteriorates and financial strategy becomes aggressive such that debt-to-EBITDA is sustained above 4.5x, adjusted retained cash flow to net debt is below 10%, and EBIT-to-interest expense is sustain below 2.0x.The principal methodology used in these ratings was Building Materials published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287900. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Smyrna Ready Mix Concrete, LLC is a manufacturer and retailer of ready-mixed concrete in Tennessee, Florida, Kentucky, Ohio, Indiana, Texas, Georgia, Colorado, Alabama, Arkansas, Michigan, South Carolina, North Carolina, Mississippi, Wyoming and Virginia. The company operates within two primary segments: (i) ready-mixed concrete, which accounts for more than 90% of revenue, and (ii) aggregates and other construction materials, which accounts for the remaining % amount.Smyrna’s revenue for the last twelve months ending December 31, 2021, was about $1.5 billion.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.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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.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. Emile El Nems VP – Senior Credit Officer Corporate 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 Gretchen French Associate Managing Director Corporate 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 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. 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DODO and WazirX Working Together to Make DeFi Liquidity More Accessible https://beaconatbangsar.com/dodo-and-wazirx-working-together-to-make-defi-liquidity-more-accessible/ Mon, 07 Mar 2022 12:05:52 +0000 https://beaconatbangsar.com/dodo-and-wazirx-working-together-to-make-defi-liquidity-more-accessible/

Bangalore, India– (Newsfile Corp. – March 7, 2022) – DODOa decentralized trading protocol for Web3, and WazirXan India-based cryptocurrency exchange, have collaborated to bring highly accessible liquidity to DeFi.

Can't see this picture?  Visit: https://orders.newsfilecorp.com/files/8203/115799_a2c1097ae4fee90c_001.jpg

DODO and WazirX

To view an enhanced version of this graphic, please visit:
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DODO uses the Proactive Market Maker (PMM) algorithm, which is designed for the Binance Smart Chain and for Ethereum. PMM is a new model of blockchain creation that uses oracles for efficient price discovery. The PMM also allows customization of the asset ratio and the slope of the price curve.

DODO seeks to enable and expand access to crypto in new and emerging markets. The platform hopes to achieve this by rolling out its products to as many channels as possible, reaching users around the world. DODO’s goal is “to offer the world the gift of open, transparent and decentralized finance!”

The DEX offers highly capital-efficient liquidity pools with an emphasis on scalability, versatility, and flexibility. DODO seeks to provide the best liquidity to trade all assets across multiple chains, including ETH, Polygon, BSC, OEC, and HECO. DODO provides ample liquidity across the spectrum of DeFi networks and scaling solutions, and supports single token provisioning, minimizes slippage for traders, and reduces impermanent losses.

Additionally, DODO also offers SmartTrade for trading and aggregation, as well as crowdpooling for Initial DEX Offering (IDO), mining and pools. SmartTrade is a decentralized liquidity aggregation service that routes and compares various sources of liquidity to indicate the optimal swap rate between two tokens.

The platform was also created to remove obstacles that limit the creation of a liquidity pool for the issuance of new assets such as liquidity depths, asset ratios, fee rates, etc.

DODO Tokenomics

DODO will soon revamp the tokenomics for its native membership token, vDODO. Note that the main purpose of vDODO on the platform is to serve as a proof of membership token. There are one billion vDODO tokens serving various public services, including governance, trading fee rebates, and IDO allocations.

Under this new model, vDODO tokens will give their holders the power to vote on community governance proposals, in proportion to the number of tokens held. vDODO tokens, when held for a certain period, also entitle their holders to membership points that can be redeemed for specific trade and governance-related discounts and benefits.

Since its launch, DODO has built vibrant communities in China, the Anglosphere and Japan. The platform seeks to engage more communities through strategic partnerships, participating in DeFi events, conducting engaging community outreach activities, and much more.

Along with revamping its tokenomics, DODO has also been working on releasing its Lite version of the app to provide users with a clutter-free experience. The Lite version will have a sleek minimalist design which is more convenient for users. However, platform users will still have the option to use the older version for users accustomed to the original design.

Media Contacts

Name- Priyanka Sharma & Devashri Kulwal
Company- WazirX
E-mail- [email protected]
Telegram- WazirX
Twitter- WazirX
LinkedIn- WazirX

PR contacts

Name- Samiran Mondal
Company- https://newscoverage.agency/
E-mail- [email protected]
Telegram- https://t.me/samiranmondal

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115799

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Feedback Sought On Liquidity Policy Review https://beaconatbangsar.com/feedback-sought-on-liquidity-policy-review/ Sun, 27 Feb 2022 21:22:00 +0000 https://beaconatbangsar.com/feedback-sought-on-liquidity-policy-review/

The Reserve Bank of New Zealand – Te Pūtea Matua is seeking feedback on proposed changes to our liquidity policy for registered banks.

Liquidity is a measure of cash and other assets that can be sold quickly at a reliable price to pay bills and meet other financial obligations. Liquidity risk is the risk that a company will not be able to meet its financial obligations as they come due. If liquidity risk crystallizes, it can quickly lead to loss of confidence in a business and, in some cases, default or bankruptcy.

The objective of our liquidity policy is to strengthen financial stability by reducing the likelihood of liquidity problems affecting banks and improving their ability to manage these problems, said Deputy Governor and Chief Financial Stability Officer, Christian Hawkesby.

“While we believe that our existing liquidity policy remains broadly fit for purpose, it has not been fully reviewed since its implementation in 2010. Since then, an international liquidity framework has been developed and implemented at the stranger.

“There have been a number of important developments that argue for a policy review now, including our recent thematic liquidity review and liquidity stress tests, as well as the COVID-19 pandemic. “said Mr. Hawkesby.

Going forward, we plan to consider whether our liquidity policy should also apply to banks that operate in New Zealand as branches and, in due course, how it should apply to a broader set of deposit takers under the upcoming deposit takers law.

This is the first consultation document for the Liquidity Policy Review, which sets out the proposed issues and the scope of the review. It also contains the principles we propose to use to guide the review and our decision-making. We intend to release at least three more consultation papers as part of the review, with the entire review spanning approximately three years. The second and third consultation papers will solicit comments on a number of fundamental issues related to our liquidity policy, with a fourth consultation paper to contain the proposed final text of the liquidity policy. We welcome submissions on this first consultation until April 14, 2022.

More information

© Scoop Media

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FaniTrade announces the official launch of its advanced Decentralized Exchange with the Limit Order swap feature https://beaconatbangsar.com/fanitrade-announces-the-official-launch-of-its-advanced-decentralized-exchange-with-the-limit-order-swap-feature/ Sun, 20 Feb 2022 15:32:00 +0000 https://beaconatbangsar.com/fanitrade-announces-the-official-launch-of-its-advanced-decentralized-exchange-with-the-limit-order-swap-feature/ FaniTradea global blockchain company with a full suite of DeFi applications, today announced the launch of its advanced decentralized cryptocurrency exchange which is expected to go live […]]]>

Warning: This is a sponsored press release. Readers should conduct their own research before taking any action related to the content mentioned in this article. Learn more >

FaniTradea global blockchain company with a full suite of DeFi applications, today announced the launch of its advanced decentralized cryptocurrency exchange which is expected to go live on February 22. 2022

The first protocol to be released is FaniSwap, a permissionless DEX that provides a seamless experience for traders and investors with wallet-to-wallet (P2P) trading functionality. Unlike centralized exchanges such as Coinbase or Binance, FaniSwap is a noncustodial exchange that does not require users to register with personal information (KYC). Users are in full control of their funds, as all transactions are made through SPL Web3 wallets.

The protocol built on the Solana public blockchain will offer users faster transactions and lower gas fees, unlike other popular decentralized platforms. The clean and intuitive design allows traders to view a live price chart while trading their favorite tokens. Plus, they can easily adjust the slippage to avoid over-purchasing. The amount slider is another great feature that provides the ability to select a percentage of the asset balance without entering the amount.

In an effort to provide more flexibility and efficiency to DEX traders, FaniTrade introduces the limit trade feature to buy and sell assets at the desired price. This was a big challenge for most decentralized exchanges competing with their centralized counterparts. Advanced traders and professional market makers can now take advantage of this feature to increase trading profitability.

Users will also be able to provide liquidity by adding their assets to a pool and using it to trade.

About FANI

FANI is the native utility token of the FaniTrade ecosystem that offers a wide range of benefits for holders. 12% of all trades go into the liquidity pool, while 3% go directly to equity holders. With FaniEarn, you can get additional rewards by staking FANI tokens, while FaniPool lets you add liquidity in exchange for an LP token.

FaniTrade aims to create a complete suite of DeFi applications for crypto investors. The mission is to accelerate cryptocurrency adoption while improving user experience with improved technology. Platforms like FaniLend and FaniDex are in the works to add more convenience.

The company also has a roadmap for exciting launches beyond the world of decentralized finance. Some of them include:

  • FaniVERSE – An upcoming NFT marketplace on the Solana blockchain where users can buy, sell and mint NFTs without any registration or purchase costs.
  • FaniPlay – The next generation GameFi technology, allowing players to earn rewards in exchange for their time and skill in playing the game.
  • Fanilikes – An ideal platform for crypto traders and influencers to share content while building the FaniTrade community. Experts can create market signals and offer them to their followers at a price.
  • FaniLotto – A seamless, secure and transparent platform that solves traditional lottery problems with automated draws and verifiable records of participants and winners.

Website: www.FaniTrade.com

Telegram: https://t.me/fanitradedex

Twitter: https://twitter.com/FaniTradeDex

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Trade and Development Bank — Moody’s changes outlook on TDB to stable from negative; affirms Baa3 ratings https://beaconatbangsar.com/trade-and-development-bank-moodys-changes-outlook-on-tdb-to-stable-from-negative-affirms-baa3-ratings/ Fri, 18 Feb 2022 21:39:06 +0000 https://beaconatbangsar.com/trade-and-development-bank-moodys-changes-outlook-on-tdb-to-stable-from-negative-affirms-baa3-ratings/

Rating Action: Moody’s changes outlook on TDB to stable from negative; affirms Baa3 ratingsGlobal Credit Research – 18 Feb 2022London, 18 February 2022 — Moody’s Investors Service (“Moody’s”) has today changed the outlook on Trade and Development Bank (TDB) to stable from negative and affirmed the Baa3 long-term issuer and senior unsecured debt ratings and the (P)Baa3 senior unsecured MTN programme rating.The change in outlook to stable takes into account TDB’s improved liquidity position and increasingly diversified funding sources. It also reflects the resilience of TDB’s capital position despite a challenging operating environment aggravated by the pandemic.Moody’s affirmation of the Baa3 ratings reflects TDB’s moderate capital adequacy and expectations that the bank’s leverage metrics will remain broadly stable in the medium term. The bank has a solid track record of profitability and its shareholder base has expanded continuously. The affirmation also reflects TDB’s credit risk mitigation instruments that offer a degree of protection to adverse scenarios impacting its balance sheet from the financial stress experienced by some of its borrowers. While TDB’s shareholders’ ability to support is constrained by their own predominantly weak credit profile, TDB benefits from a mid-term credit risk mitigation instrument that improves the bank’s overall creditworthiness by effectively increasing the likelihood of timely equity injection in the event of a call on additional capital by the bank.RATINGS RATIONALERATIONALE FOR CHANGING THE OUTLOOK TO STABLETDB’S LIQUIDITY POSITION HAS STRENGTHENED, SUPPORTED BY THE BUILD-UP OF LARGE BUFFERSThe first driver for stabilizing the outlook is TDB’s improved liquidity profile supported by large buffers and increasingly diversified funding sources. TDB’s total liquid assets at the end of 2021 (according to unaudited financials) consisted of cash deposits amounting to about $1.4 billion held with entities rated at or above Baa3. The quality of liquid assets has also improved, with the share of liquid assets rated A2 or higher at $1.2 billion as of December 2021 from $0.9 billion as of December 2020.Moody’s considers a stress scenario in which the Multilateral Development Bank (MDB) loses market access, and compares the stock of high-quality liquid assets to estimated net cash outflows over the coming 18 months. Based on TDB’s liquid asset position and estimated net outflows at the end of 2021, in such a scenario its liquid asset coverage would exceed 170% at end-2021, up from 79% at end-2020, and well above the median of Baa-rated peers which stood around 55% at end-2020. While some of this liquidity improvement is temporary due to lower disbursements in the aftermath of the coronavirus shock, Moody’s expects the liquidity buffers to remain adequate and stronger than pre-pandemic.Moreover, liquidity remains supported by access to committed facilities from development institutions. Unutilized long-term credit lines exceeded $700 million as of December 2021. TDB’s access to funding has proved resilient in the past two years. Since the outbreak of the pandemic, it has secured new facilities from a broadening pool of bilateral and multilateral development institutions, including concessional loan facilities for on-lending as well as guarantees on commercial loans, helping TDB to contain the cost of funding despite more challenging market conditions in the early months of 2020. In 2021 TDB issued a $650 million seven-year eurobond at a reduced cost compared to early 2020.RESILIENT CAPITAL ADEQUACY AMID CHALLENGING OPERATING ENVIRONMENTMoody’s decision to change the outlook from negative to stable is also driven by the demonstrated resilience of TDB’s capital position, reflecting stable leverage and asset performance, the latter despite deteriorating credit conditions in several of its countries of operations.TDB’s leverage ratio has remained broadly stable at 4.2X as of June 2021 (per published financial accounts), compared to 4.1X in 2020 and 4.2X in 2019. This was mainly the result of increasing usable equity although loan growth moderated compared to previous years. TDB is among the MDBs with consistent and strong profitability, with return on assets and return on equity estimated at above 2% and 10% in 2021, respectively. Paid-in capital also increased by an estimated 4% last year, albeit at a slower pace compared to 2020. Moody’s expects that the bank’s equity will continue to expand thanks to its current capital mobilization initiative. In late 2020, shareholders approved a $1.5 billion capital increase, which comprises $1 billion allocated to new Class C shares aimed at new types of investors, in particular global impact investors.In a similar vein, TDB’s asset performance has remained broadly stable over the past two years, despite the challenging operating environment in Eastern and Southern Africa. Non-performing loans (NPLs) stabilized at 2.9% of gross loans as of end-2021 in line with June 2021 and December 2020, while the share of loans to selected borrowers whose terms have been modified to provide temporary pandemic-related relief declined to about 2% of total loans as of end-2021 from about 4% as of end-2020.Portfolio concentration has also declined, with the top 10 exposures accounting for an estimated 62% of the total at end-2021, down from about 70% in 2019 and 2020.RATIONALE FOR AFFIRMING THE Baa3 RATINGSMoody’s affirmation of TDB’s ratings at Baa3 is underpinned by the expectations that TDB’s capital adequacy will remain broadly stable at current level, as growth in equity – supported by continued relatively strong profitability and planned capital increase – will allow to pursue its managed growth strategy tied by the maintenance of capital adequacy and asset quality metrics.Moody’s expects pressures on asset performance to persist over the next two years, although NPLs are expected to remain at a manageable level. Moody’s notes that the credit quality of TDB’s borrowers has further weakened from an already low position over the past year and exposure to countries rated in the Caa rating category or lower account for about 60% of total loans. That said, TDB extensively uses collateral and insurance policies to limit the risks stemming from the very weak borrower credit quality of large exposures and also benefits from a risk participation program to share risks with a number of institutions. In 2021, the bank had more than $700 million in both funded and non-funded risk participation agreements with highly rated institutions. Nevertheless, exposure to Zambia’s Ministry of Finance in particular accounts for 7% of TDB’s total loan portfolio as of December 2021 and the rating agency expects that TDB will be involved in the negotiations for the restructuring of Zambia’s (Ca stable) debt under the Common Framework.Moody’s expects that the bank will continue to proactively implement measures aimed at mitigating the risks inherent to its difficult operating environment, protecting its asset performance, through further portfolio diversification, use of credit enhancements such as insurance and risk participation agreements, and by implementing initiatives to expand its shareholder base.Moody’s assessment of strength of member support remains constrained by the low credit quality of most of the bank’s shareholders with an average weighted shareholder rating at B3 and relatively weak contractual support based on the ratio of callable capital to total debt of 28%. At the same time, the mid-term credit risk mitigation instrument introduced in 2017 continues to support its creditworthiness by effectively increasing the likelihood of timely equity injection in the event of a call on additional capital by the bank.ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONSTDB’s credit impact score is moderately negative (CIS-3), reflecting a negative but limited impact on the current rating from ESG risks, given its adequate governance profile supported by a strengthening risk management framework, with greater potential for future negative impact over time in light of moderate exposure to environmental risks, and low exposure to social risks.TDB’s environmental issuer profile score is moderately negative (E-3), reflecting moderate exposure to physical climate risks and moderate risks arising from carbon transition due to exposure to the oil and gas sector. The latter may over time affect the demand for certain financial products. While exposure to physical climate risk is relatively high for many of TDB’s borrowers, we expect the impact on TDB’s asset quality to remain contained.TDB’s social issuer profile score is neutral to low (S-2), reflecting good relations with member countries, that have supported its increasing relevance in the region, an inclusive and diverse workforce, and emphasis in the bank’s strategy on responsible production and societal trends.TDB’s governance issuer profile score is neutral-to-low (G-2), reflecting sound governance principles and a risk management framework that has progressively strengthened in recent years through staff increases in key risk management functions and by adopting tools to measure risks more accurately.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSUpward rating pressure would likely arise from prospects of a significant strengthening of the capital base, accompanied by further diversification of the lending portfolio that considerably reduces credit risk.Moody’s would likely downgrade the ratings due to a material weakening of its assessment of capital adequacy, due for example to significant deterioration of asset performance or borrowers’ credit quality, and failure of the risk mitigants to perform as expected. Furthermore, a marked erosion of liquidity buffers and/or increased liquidity pressures which impact the bank’s access to funding sources would also likely be credit negative. Any development that leads to an early termination of the mid-term credit risk mitigation instrument for callable capital, or a failure to perform as expected when triggered, would also likely result in a downgrade.The principal methodology used in these ratings was Multilateral Development Banks and Other Supranational Entities Methodology published in October 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1232238. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.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.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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.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.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. Daniela Re Fraschini Vice President – Senior Analyst Sovereign Risk Group Moody’s Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Marie Diron MD – Sovereign Risk Sovereign Risk Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody’s Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at 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 JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. ​

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The African Energy Chamber will discuss oil, gas and energy opportunities in Niger at the ECOWAS Mining and Petroleum Conference February 16-18, 2022 https://beaconatbangsar.com/the-african-energy-chamber-will-discuss-oil-gas-and-energy-opportunities-in-niger-at-the-ecowas-mining-and-petroleum-conference-february-16-18-2022/ Tue, 08 Feb 2022 20:17:01 +0000 https://beaconatbangsar.com/the-african-energy-chamber-will-discuss-oil-gas-and-energy-opportunities-in-niger-at-the-ecowas-mining-and-petroleum-conference-february-16-18-2022/

The African Energy Chamber (www.EnergyChamber.org) will lead a delegation to Niger for the ECOWAS Mining and Petroleum Conference in Niamey, Niger, February 16-18, 2022. Leading the order of the day, discussions highlighting the significant opportunities that Niger offers investors, explorers, service companies and engineering companies in the oil and gas, mining and energy sectors. Discussions will also focus on the transformational impact that the oil and gas sector is likely to have on Niger’s economy over the coming decades, as well as ways in which the government can continue to improve the operating environment for attract even more energy investment, with a focus on creating well-paying jobs for Niger’s young population.

Niger’s oil and gas industry by 2025 is expected to account for around 24% of GDP, 45% of tax revenue and 68% of exports as well as 8% to 12% of formal employment in Niger. Niger’s current oil reserves are estimated at 3,754 million barrels of oil reserves in place and 957 million barrels of recoverable oil reserves. Current gas-in-place reserves are estimated at 34 billion cubic meters with recoverable reserves of 24 billion cubic meters.

A nation ready for major oil and gas investments

Niger is rapidly developing into an attractive destination for oil and gas investment under the leadership of the President, HE Mohamed Bazoum, take conscious and aggressive steps to set the stage for an exploration boom for more hydrocarbons in its prolific basins, as well as develop infrastructure to connect Niger as a producer with markets in the region and beyond .

First oil from Chinese major CNPC’s Agadem Rift Basin assets is expected in mid-2023 when the 1,275km Niger-Benin-crude pipeline is completed, months ahead of schedule and despite related delays to the Covid-19 pandemic. It also speaks to the success of the approach of the Minister of Petroleum and Energy, HE Mahamane Sani Mahamadou, of continuously involving all stakeholders in the pipeline project, to ensure that delays are avoided. The pipeline, when completed, will increase Niger’s daily production from 20,000 barrels per day to 110,000 barrels per day.

Niger’s relatively low production cost per barrel ($15, including research, development and exploitation) and an accomplished export pipeline should act as a mogul for new entrants interested in the 41 blocks currently available in Niger. The government is finalizing a review of its existing acreage, with a view to introducing regulations that will facilitate seismic acquisition and encourage drilling. Other successful players in Niger’s upstream industry include SIPEX, a wholly-owned subsidiary of Algeria’s SONATRACH and British independent Savannah Energy. The procedure for awarding oil blocks in Niger is quick and transparent. Savannah and SIPEX recently received government approval for record time extensions to their PSCs, ensuring contractual stability and the government’s commitment to providing explorers with the right incentives for asset development. Savannah has identified a total of 146 potential exploration targets to consider drilling in the future and achieved 100% success rates on five wells drilled after the first exploration drilling campaign in 2018.

The area of ​​the Agadem Rift Basin explored by CNPC has 2P recoverable reserves estimated at 815 million barrels and an exploration success rate of 81%. In addition to the favorable investment conditions, the tax regime in place, which includes exemption from VAT and customs duties (for the exploration phase and the first five years of operation), the Petroleum Tax included between 40% and 60%, a royalty rate of 12.5% ​​and a cost stoppage rate of 70% is very competitive compared to the world scale.

In November 2021, during his keynote speech at Africa Energy Week in Cape Town, Minister Mahamane Sani Mahamadou announced a strong push by his government towards gas monetization. This should include gas to power projects, as well as the development of pipeline infrastructure to markets in northern Nigeria.

“With its potential for oil and gas production, high success rates in oil exploration, an attractive tax regime, relatively low operational costs and various energy policies already in place, Niger is rapidly becoming the best example of what needs to be done to attract investment and doing this benefits everyone in the country,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.

Increase access to power

While Niger used to import 80% of the electricity, it only imports 60% of the electricity it needs and the trend should continue towards self-sufficiency. This represents an opportunity for project developers, energy companies, organizations and financiers to unlock access to electricity for millions of people who don’t have it. Niger has taken measures to improve access to electricity, such as national electricity access strategies such as the National Electricity Policy Document (DPNE) and the National Electricity Access Strategy. electricity, accompanied by a master plan for access to electricity by 2035. Niger has also ratified the Energy Charter (1991) and the International Energy Charter in 2015. The Energy Charter Treaty represents the best international instrument guaranteeing the protection of investments. In addition to oil investments, Niger has seen more and more solar energy investment opportunities with the hope of increasing the electrification of the country. The various ongoing projects include: the Niger Solar Electricity Access Project (NESAP) funded by the World Bank, the Niger Electricity Access Acceleration Project (HASKÉ) approved on December 10 2021 by the World Bank in the amount of $317.5 million to support grid electrification, solar PV mini-grids, off-grid solar electrification of public institutions and households, and clean cooking.

Distributed by APO Group on behalf of the African Energy Chamber.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been checked or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

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Fidelity Life: How Life Insurance Cash Value Works https://beaconatbangsar.com/fidelity-life-how-life-insurance-cash-value-works/ Fri, 28 Jan 2022 14:23:28 +0000 https://beaconatbangsar.com/fidelity-life-how-life-insurance-cash-value-works/

CHICAGO, January 28, 2022 (GLOBE NEWSWIRE) — Permanent life insurance policies offer guaranteed coverage for life to the insured in exchange for higher premiums. But the reason these premiums are more expensive is that they also go towards a growth component of the policy called cash value. Depending on the policy, policyholders can borrow or withdraw from it, and even use it to pay premiums when it is large enough. Read on to learn more about what cash value is and how it works with different types of permanent life insurance Strategies.

What is cash value?

Cash value is a growth component that is part of a permanent life insurance policy. A portion of each premium paid by the insured goes into the cash surrender value. It then begins to grow tax-deferred at a specific rate, depending on the type of permanent policy.

Once a policyholder has increased their cash value enough, they can take advantage of it in several ways:

  • Remove: Policyholders may be able to withdraw some of their cash value with certain types of policies. This may reduce the death benefit and the gains may be subject to tax.
  • Borrow from it: With sufficient cash value, policyholders can take out a low-interest, no-credit-check loan. They can redeem it at their leisure, as long as it does not exceed the remaining cash value.
  • Pay premiums: Some policies may allow policyholders to cover part or all of their premiums with their cash value.
  • Surrender of the policy: Policyholders can get their full cash value less surrender charges if they surrender their policy. Any winnings may be subject to taxes.

Types of Permanent Life Insurance Policies with Cash Value

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Several forms of permanent life insurance policies offer a cash value component. But each works slightly differently. Here are some of the most common policies with a cash value:

End-of-stay expense insurance

End-of-life expense insurance is a type of whole life insurance policy that can help cover end-of-life expenses like funeral and burial expenses. It is an affordable life insurance option for seniors who want to ensure their loved ones get the financial protection they need in the event of the policyholder’s death.

The premiums paid by the insured will go towards the death benefit and cash value, which has a fixed interest rate. Once the policyholder has built up sufficient cash value, they may be able to borrow without a credit check at a low interest rate or withdraw from it. If they decide they no longer need the policy, they can surrender it and receive the cash value they have accumulated.

Universal life insurance

Universal life insurance offers a cash value with a fixed rate, but it also has an adjustable death benefit (remember policyholders may have to undergo another medical exam if they want to adjust it) . Also, increasing the death benefit may increase the insured’s premiums.

These policies also come with flexible premiums. When a policyholder has enough cash value, they can use it to cover some or all of their premium payments. That said, if they run out of cash value, they will have to start paying premiums out of pocket again.

Indexed universal life insurance

Indexed universal life policies share some of the same features as universal life policies: adjustable death benefits and the ability to pay premiums with cash value. But with this type of permanent life insurance, the insurer invests the cash value in a fund that tracks a stock market index, such as the S&P 500 or the Nasdaq. As a result, policyholders can potentially earn more growth on their cash value.

In addition, insurers offer minimum interest rate guarantees on indexed universal life insurance cash values. If the market malfunctions, this ensures that the insured still makes money.

Variable life insurance

Variable life insurance policies have adjustable death benefits and the ability to pay premiums with cash value. Like indexed universal life policies, the cash value can be invested. But with this type of life insurance, the policyholder can invest the money in a wide variety of individual investments, such as stocks and bonds, for greater growth potential than any other type of permanent policy.

That said, there is no guaranteed minimum interest rate on variable life insurance policies. This means that policyholders can lose money if their investments lose value.

The bottom line

Cash value life insurance generally costs more in premium than term life insurance and provides coverage for life. So this type of life insurance may be better suited to policyholders who want the peace of mind of guaranteed coverage and need an additional way to build wealth. If a policyholder feels cash value life insurance is right for them, choosing the right type of policy is a matter of risk tolerance.

Policyholders who prefer less risk and less effort could opt for a whole life insurance policy. It has fixed interest, premiums and death benefits. Every other policy expands the options for customizing these features and investing cash value. Ultimately, policyholders should closely compare the features and benefits of each policy type and individual insurers before switching to a permanent life insurance plan.

For all media inquiries, contact:

Laura ZimmermanMarketing Director

[email protected](312) 288-0068

This content was published via the newswire.com press release distribution service.


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Source: Fidelity Life

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IBRD (World Bank) — Moody’s affirms IBRD’s Aaa rating, maintains stable outlook https://beaconatbangsar.com/ibrd-world-bank-moodys-affirms-ibrds-aaa-rating-maintains-stable-outlook/ Thu, 27 Jan 2022 21:12:06 +0000 https://beaconatbangsar.com/ibrd-world-bank-moodys-affirms-ibrds-aaa-rating-maintains-stable-outlook/

Rating Action: Moody’s affirms IBRD’s Aaa rating, maintains stable outlookGlobal Credit Research – 27 Jan 2022New York, January 27, 2022 — Moody’s Investors Service (“Moody’s”) has today affirmed the International Bank for Reconstruction and Development’s (World Bank) Aaa long-term issuer and senior unsecured ratings. The outlook remains stable.The key factors underpinning the affirmation are:1. High capital adequacy, supported by a robust risk management framework and preferred creditor status that contributes to very strong asset performance2. Ample liquidity and extraordinary access to global funding markets3. Very high shareholder support, underpinned by a large cushion of callable capital and very high willingness of global shareholders to provide non-contractual supportThe IBRD’s (P)Aaa senior unsecured MTN program rating and P-1 other short-term rating have also been affirmed.The stable outlook reflects Moody’s expectations of no material changes to IBRD’s intrinsic financial strengths or shareholders’ support in the coming years, given the bank’s key global development policy role and strong governance.RATINGS RATIONALERATIONALE FOR AFFIRMATION OF Aaa RATINGFIRST DRIVER: HIGH CAPITAL ADEQUACY, SUPPORTED BY ROBUST RISK MANAGEMENT AND PREFERRED CREDITOR STATUS THAT CONTRIBUTE TO VERY STRONG ASSET PERFORMANCEIBRD’s intrinsic financial strength is supported by high capital adequacy, which reflects its high development asset credit quality (DACQ) and very strong asset performance. IBRD’s DACQ of “aa” reflects relatively moderate borrower credit quality, significant credit support from the bank’s preferred creditor status and high diversification among international sovereign borrowers. In addition, the bank’s robust risk management framework supports its strong asset performance and provides a buffer to absorb shocks inherent to business risk.While the bank’s Weighted Average Borrower Rating of “b1” reflects its focus on lending largely to developing middle-income sovereigns, it uses various safeguards, including statutory lending limits, to reduce concentration risk and ensure strong capital adequacy. Meanwhile, IBRD’s highly diverse loan portfolio across countries and sectors reduces the risk that a significant proportion of its assets become non-performing. This has led to a very strong record of asset performance, consistent with an assessment of “aaa,” with, on average, only 0.2% of total outstanding development assets qualifying as nonperforming over the past three fiscal years.These strengths offset the credit impact of the bank’s relatively weaker leverage ratio, which Moody’s measures as development-related assets and liquid assets rated A3 or lower divided by usable equity. As of the fiscal year ending on June 2021 (FY2021), this leverage ratio stood at 4.75, compared to the 5.19 in FY2020, but significantly higher than the median of 2.96 for Aaa-rated MDB peers. The gradual rise in the bank’s leverage over the longer term has been driven by the bank’s pursuit of its Board-mandated development policy objectives and more recently from demand for its resources by member countries to support pandemic relief efforts. Looking ahead, Moody’s expects the leverage ratio to gradually decline in line with more recent pre-pandemic levels.SECOND DRIVER: AMPLE LIQUIDITY AND EXTRAORDINARY ACCESS TO GLOBAL FUNDING MARKETSIBRD’s intrinsic financial strength is further supported by its ample liquidity and extraordinary access to global funding markets.Moody’s measures an MDB’s availability of liquid resources as the percentage of liquid assets of estimated net cash outflows over a period of 18 months. With a ratio of about 137% in FY2021, IBRD’s liquid resources more than fully covered potential outflows and are assessed as “aa3.” Moody’s expects them to remain ample given the bank’s prudent internal liquidity management policies, policy restrictions on leverage and pending paid-in capital contributions.IBRD’s liquidity is underpinned by its conservative asset and liability management policies, which include the use of derivatives to manage exposure to interest and currency risks, and repricing between loans and borrowing. The bank’s liquid asset investment portfolio consists mostly of short-term, highly rated sovereign government bonds, debt instruments issued by sovereign government agencies, and bank time deposits. IBRD’s official liquidity policy requires liquid assets to cover a target level of 12 months of projected debt service and net loan disbursement needs, which helps to limit the bank’s exposure to potential market disruptions that might affect its funding.IBRD’s access to international funding markets is extraordinary, which is reflected in its “aaa” quality of funding score. In FY2021, the bank raised a total of $67.5 billion in new issuances of medium- and long-term debt. The bank is a benchmark issuer in the MDB space and fulfills most of its borrowing needs through frequent bond issuance in the international capital markets in major trading currencies. In addition, it issues in other less liquid currencies and different thematic formats, such as green and sustainable development bonds, to help deepen and develop capital markets. IBRD’s investor base is diversified by both investor type and geography, demonstrating global support for its development mandate and the Basel Committee’s classification of IBRD securities as a high quality liquid asset with zero risk weight.THIRD DRIVER: VERY HIGH SHAREHOLDER SUPPORT UNDERPINNED BY LARGE CUSION OF CALLABLE CAPITAL, VERY HIGH WILLINGNESS OF SUPPORTIBRD’s large cushion of callable capital and very high willingness of shareholders to support the bank, underpin Moody’s very high assessment of the bank’s strength of member support.At 107%, the bank’s amount of callable capital more than fully covers its outstanding debt stock. At Baa2, IBRD’s Weighted Average Shareholder Rating (WASR) is strong. The bank’s track record of consistent general capital increases, including the most recent increase in 2018, implies a very strong willingness of support by its members for its role as the preeminent international Multilateral Development Bank (MDB) dedicated to global poverty reduction and development. Shareholders’ high capacity to provide support is also underpinned by the high creditworthiness of the bank’s largest members, which include the Government of United States of America (US, Aaa stable), the Government of Japan (A1 stable), the Government of China (A1 stable), the Government of Germany (Aaa stable), the Government of France (Aa2 stable) and the Government of United Kingdom (Aa3 stable).RATIONALE FOR STABLE OUTLOOKThe stable outlook reflects Moody’s view that despite relatively high leverage, through prudent and comprehensive risk management policies the IBRD will maintain its very strong capital adequacy and liquidity, along with very high member support, thus keeping its credit profile in line with its Aaa rating.ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONSIBRD’s ESG credit impact score is positive (CIS-1), reflecting neutral-to-low exposure to environmental risk, positive exposure to social risk and very strong governance. IBRD’s resilience to ESG risks is further supported by the very diverse global membership and the particular importance assigned to the bank by large non-borrowing members, including the US.IBRD’s neutral-to-low environmental issuer profile score (E-2) reflects its highly diversified lending portfolio, both from a regional and sector perspective, along with its robust environmental safeguard policies and technical assistance capacities for climate mitigation and adaptation project lending. IBRD is a leader among MDBs in its use of climate financing and in its active role in supporting global climate change initiatives.IBRD’s positive social issuer profile score (S-1) reflects its strong position regarding responsible production and the credit positive support to its mandate from demographic and societal trends. The IBRD extensively uses public consultation processes to ensure buy-in from key stakeholders, and has outstanding community and stakeholder outreach. IBRD does not face any issues attracting highly skilled personnel and there are no health and safety considerations that would negatively or positively affect the issuer profile.IBRD’s governance issuer profile score is positive (G-1), reflecting the bank’s very high quality of management and best-in-class financial strategy and risk management practices. IBRD has one of the longest track records of strong and credible management among MDBs.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSDownward pressure on the rating could occur in the event of substantial deterioration in capital adequacy, which could result from a rapid expansion in leverage combined with a decline in asset quality resulting from sovereign credit stress among IBRD’s largest borrowing countries. Despite the bank’s intrinsic financial strength derived from its strong financials and conservative risk management, a decline in shareholder support would also be credit negative.The principal methodology used in these ratings was Multilateral Development Banks and Other Supranational Entities Methodology published in October 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1232238. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.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.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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.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. William Foster VP – Senior Credit Officer Sovereign Risk 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 Alejandro Olivo Managing Director Sovereign Risk Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 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 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. 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MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at 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 JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. ​

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