Research | Corporate / Financial Institutions

10/21/2019	Corporate Bond Markets Drift Higher	Credit Highlights
10/14/2019	Prospect for Trade Truce With China Drives Credit Spreads Tighter	Credit Highlights
10/07/2019	Third-Quarter 2019 Fixed-Income Market Roundup	Credit Highlights

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Terms and Conditions

Table of Contents

Terms of Use Generally.
Copyrights, Trademarks and Service Marks.
Privacy Policy.
Access Restrictions.
Content Restrictions.
Links to Other Websites.
Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
CUSIP® Information.

Terms of Use Generally.
1. These Terms of Use (the "Terms of Use") contain terms, provisions, covenants and conditions to which you are subject when you access or use any or all of this Website. You are also subject to applicable laws, rules and regulations when you access and use this Website. References herein to this "Website" means ratingagency.morningstar.com and all of its website content (the "Content"), including, without limitation, any and all credit ratings and other opinions, services, products, software, reports, information, data and other content displayed, provided or accessed by or through ratingagency.morningstar.com. This Website is the property of, and is operated by, Morningstar Credit Ratings LLC ("Morningstar").
2. Morningstar is no longer a credit rating agency. Effective November 23, 2020, Morningstar is no longer registered with the United States Securities and Exchange Commission as a nationally recognized statistical rating organization (“NRSRO”); nor does it operate as a credit rating affiliate of DBRS, Inc. (DBRS). Morningstar no longer issues or monitors credit ratings. Previous Morningstar credit ratings have been withdrawn and there are no Morningstar credit ratings outstanding. Notwithstanding any disclosure or information to the contrary that may appear in any rating letter, presale report, post-sale report, press release, rating announcement, research or commentary published, delivered or disseminated by or on behalf of Morningstar prior to November 23, 2020, previous Morningstar credit ratings no longer maintain their status as NRSRO ratings. As of November 23, 2020, Morningstar no longer updates or maintains the historical content or information regarding previously withdrawn Morningstar credit ratings that is available on this website. At any time the terms "credit ratings", "letter-grade ratings", "rating opinions", "rating outlook" or terms of similar import are used in this Terms of Use, each such term shall include all of the preceding terms collectively, as well as any other rating opinions provided by Morningstar.
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Copyrights, Trademarks and Service Marks.
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Privacy Policy.
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Access Restrictions.
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Content Restrictions.
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Links to Other Websites.
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Disclaimers; Limitation of Liability; Indemnification; Exclusive Jurisdiction and Venue; Waiver of Jury Trial.
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CUSIP® Information.
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2. Certain SEC rules applicable to NRSROs may require an NRSRO to maintain a record of CUSIP information of securities rated by the NRSRO and to publish CUSIP information of securities rated by the NRSRO for which a rating, rating history, rating action or other information is made publicly available on its website (collectively, the "Ratings History").
3. You acknowledge, understand and agree that the CUSIP Database and all CUSIP information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and the ABA, and that no proprietary rights are being transferred to you in such materials or in any of the information contained therein. Any use by you outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. You agree that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, you agree that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other remedies to which CGS and ABA may be entitled. You agree that you shall not publish or distribute in any medium the CUSIP Database or any CUSIP information contained therein or summaries or subsets thereof to any person (individual or entity) except in connection with the normal clearing and settlement of security transactions. You agree that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third-party recipient of such service and is not intended to create and does not serve in any way as a substitute for any current or future services developed by CGS.
4. You acknowledge and understand that certain information will be provided to CGS in connection with your downloading, or access or use, of the CUSIP Database and CUSIP information contained therein, which may include your IP address, number of bytes downloaded, phone and e-mail address. This information will be used solely for purposes of monitoring compliance with these Terms of Use. This information will be stored securely in the U.S. and may be reviewed and corrected by contacting cusip_custservice@cusip.com. For additional information about CGS’s Customer Privacy practices, please go to www.cusip.com.
5. NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITORS AND USERS ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.
6. You acknowledge, understand and agree that the foregoing terms and conditions shall survive any termination of your right of access to or use of the materials identified above.

Copyright © 2020 by Morningstar Credit Ratings, LLC (“Morningstar”). All rights reserved. Reproduction or transmission in whole or in part is prohibited except by permission from Morningstar. Morningstar is no longer a credit rating agency. Effective November 23, 2020, Morningstar is no longer registered with the United States Securities and Exchange Commission (“SEC”) as a nationally recognized statistical rating organization (“NRSRO”); nor does it operate as a credit rating affiliate of DBRS, Inc. Morningstar no longer issues or monitors credit ratings. Previous Morningstar credit ratings have been withdrawn and there are no Morningstar credit ratings outstanding. Notwithstanding any disclosure or information to the contrary that may appear in any rating letter, presale report, post-sale report, press release, rating announcement, research or commentary published, delivered or disseminated by or on behalf of Morningstar prior to November 23, 2020, previous Morningstar credit ratings no longer maintain their status as NRSRO ratings. As of November 23, 2020, Morningstar no longer updates or maintains the historical content or information regarding previous Morningstar credit ratings that is available on this website. https://ratingagency.morningstar.com/mcr .

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