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About Us
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The Goldman Sachs Group, Inc. is a leading global financial institution that
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無登録格付に関する説明書 / EXPLANATION REGARDING UNREGISTERED CREDIT RATINGS

本書またはその添付資料に信用格付が記載されている場合、日本格付研究所(JCR)及び格付投資情報センター(R&I)による格付は、登録信用格付業者による格付(登録格付)です。その他の格付は登録格付である旨の記載がない場合は、無登録格付です。無登録格付を投資判断に利用する前に、別途お送りしている又はお送りする「無登録格付に関する説明書」を十分にお読みください。上記説明書の内容は、本ウェブサイトに記載の通りです。

If any credit ratings are contained in this material or any attachments, those
that have been issued by Japan Credit Rating Agency, Ltd. (JCR) or Rating and
Investment Information, Inc. (R&I) are credit ratings that have been issued by a
credit rating agency registered in Japan (registered credit ratings). Other
credit ratings are unregistered unless denoted as being registered. Before using
unregistered credit ratings to make investment decisions, please carefully read
“Explanation Regarding Unregistered Credit Ratings” which has been or will be
sent to you separately. The contents of the above-mentioned document are
available on this website.

(*“Explanation Regarding Unregistered Credit Ratings” in English follows the
Japanese explanation below.)

無登録格付に関する説明書

格付会社に対しては、市場の公正性・透明性の確保の観点から、金融商品取引法に基づく信用格付業者の登録制が導入されております。
これに伴い、金融商品取引業者等は、無登録格付業者が付与した格付を利用して勧誘を行う場合には、金融商品取引法により、無登録格付である旨及び登録の意義等を顧客に告げなければならないこととされております。


登録の意義について(共通事項)
登録を受けた信用格付業者は、①誠実義務、②利益相反防止・格付プロセスの公正性確保等の業務管理体制の整備義務、③格付対象の証券を保有している場合の格付付与の禁止、④格付方針等の作成及び公表・説明書類の公衆縦覧等の情報開示義務等の規制を受けるとともに、報告徴求・立入検査、業務改善命令等の金融庁の監督を受けることとなりますが、無登録格付業者は、これらの規制・監督を受けておりません。

格付会社グループの呼称等または格付会社の呼称について
① 格付会社グループの呼称:S&Pグローバル・レーティング(以下「S&P」と称します。)
グループ内の信用格付業者の名称及び登録番号:S&Pグローバル・レーティング・ジャパン株式会社
(金融庁長官(格付)第5号)

② 格付会社グループの呼称:ムーディーズ・インベスターズ・サービス(以下「ムーディーズ」と称します。)
グループ内の信用格付業者の名称及び登録番号:
ムーディーズ・ジャパン株式会社(金融庁長官(格付)第2号)

③ 格付会社グループの呼称:フィッチ・レーティングス(以下「フィッチ」と称します。)
 グループ内の信用格付業者の名称及び登録番号:
フィッチ・レーティングス・ジャパン株式会社(金融庁長官(格付)第7号)

信用格付を付与するために用いる方針及び方法の概要に関する情報の入手方法について
①S&Pグローバル・レーティング・ジャパン株式会社のホームページ(http://www.spglobal.co.jp/ratings)の「ライブラリ・規制関連」の「無登録格付け情報」(http://www.spglobal.co.jp/unregistered)に掲載されております。

②
ムーディーズ・ジャパン株式会社のウェブサイト(https://ratings.moodys.com/japan/ratings-news)の「規制関連」のタブの下にある「開示」をクリックした後に表示されるページの「無登録格付説明関連」の欄に掲載されております。

③
フィッチ・レーティングス・ジャパン株式会社のホームページ(https://www.fitchratings.com/ja)の「規制関連」セクションにある「格付方針等の概要」に掲載されております。

信用格付の前提、意義及び限界について
① S&Pの信用格付に関して
S&Pの信用格付は、発行体または特定の債務の将来の信用力に関する現時点における意見であり、発行体または特定の債務が債務不履行に陥る確率を示した指標ではなく、信用力を保証するものでもありません。また、信用格付は、証券の購入、売却または保有を推奨するものでなく、債務の市場流動性や流通市場での価格を示すものでもありません。

信用格付は、業績や外部環境の変化、裏付け資産のパフォーマンスやカウンターパーティの信用力変化など、さまざまな要因により変動する可能性があります。

S&Pは、信頼しうると判断した情報源から提供された情報を利用して格付分析を行っており、格付意見に達することができるだけの十分な品質および量の情報が備わっていると考えられる場合にのみ信用格付を付与します。しかしながら、レーティングズ・サービシズは、発行体やその他の第三者から提供された情報について、監査、デューデリジェンスまたは独自の検証を行っておらず、また、格付付与に利用した情報や、かかる情報の利用により得られた結果の正確性、完全性、適時性を保証するものではありません。さらに、信用格付によっては、利用可能なヒストリカルデータが限定的であることに起因する潜在的なリスクが存在する場合もあることに留意する必要があります。

② ムーディーズの信用格付に関して
ムーディーズの信用格付は、事業体、与信契約、債務又は債務類似証券の将来の相対的信用リスクについての、現時点の意見です。ムーディーズは、信用リスクを、事業体が契約上・財務上の義務を期日に履行できないリスク及びデフォルト事由が発生した場合に見込まれるあらゆる種類の財産的損失と定義しています。信用格付は、流動性リスク、市場リスク、価格変動性及びその他のリスクについて言及するものではありません。また、信用格付は、投資又は財務に関する助言を構成するものではなく、特定の証券の購入、売却、又は保有を推奨するものではありません。ムーディーズは、いかなる形式又は方法によっても、これらの格付若しくはその他の意見又は情報の正確性、適時性、完全性、商品性及び特定の目的への適合性について、明示的、黙示的を問わず、いかなる保証も行っていません。

ムーディーズは、信用格付に関する信用評価を、発行体から取得した情報、公表情報を基礎として行っております。ムーディーズは、これらの情報が十分な品質を有し、またその情報源がムーディーズにとって信頼できると考えられるものであることを確保するため、全ての必要な措置を講じています。しかし、ムーディーズは監査を行う者ではなく、格付の過程で受領した情報の正確性及び有効性について常に独自の検証を行うことはできません。

③ フィッチの信用格付に関して
 フィッチの格付は、所定の格付基準・手法に基づく意見です。格付はそれ自体が事実を表すものではなく、正確又は不正確であると表現し得ません。信用格付は、信用リスク以外のリスクを直接の対象とはせず、格付対象証券の市場価格の妥当性又は市場流動性について意見を述べるものではありません。格付はリスクの相対的評価であるため、同一カテゴリーの格付が付与されたとしても、リスクの微妙な差異は必ずしも十分に反映されない場合もあります。信用格付はデフォルトする蓋然性の相対的序列に関する意見であり、特定のデフォルト確率を予測する指標ではありません。

フィッチは、格付の付与・維持において、発行体等信頼に足ると判断する情報源から入手する事実情報に依拠しており、所定の格付方法に則り、かかる情報に関する調査及び当該証券について又は当該法域において利用できる場合は独立した情報源による検証を、合理的な範囲で行いますが、格付に関して依拠する全情報又はその使用結果に対する正確性、完全性、適時性が保証されるものではありません。ある情報が虚偽又は不当表示を含むことが判明した場合、当該情報に関連した格付は適切でない場合があります。また、格付は、現時点の事実の検証にもかかわらず、格付付与又は据置時に予想されない将来の事象や状況に影響されることがあります。

上記の情報は、令和4年12月9日に信頼できると考えられる情報源から作成しておりますが、その正確性・完全性を当社が保証するものではありません。詳しくは上記各社のホームページをご覧ください。

以  上
 

Explanation Regarding Unregistered Credit Ratings


In order to ensure fairness and transparency in the market, a registration
system for credit rating agencies has been introduced in Japan under the amended
Financial Instruments and Exchange Law (“FIEL”).

Accordingly, when soliciting their customers using credit ratings issued by
unregistered rating agencies, financial instruments firms are required by the
FIEL to inform their customers of the fact that such credit ratings are the
unregistered credit ratings and to provide other related information.

Significance of the Registration (common items)

Registered credit rating agencies are subject to the following regulations: ①
duty of integrity, ② duty to develop the business management system for the
prevention of conflict of interests / securing of the fairness of the rating
process, ③ prohibition of assignment of rating in cases where the agency holds
the securities to be rated, ④ duty to disclose information such as preparation
and release of the rating policy and to make explanatory documents available to
the public. Such rating agencies are also subject to supervision by the

Financial Services Agency such as requirement of reports, on-site inspection, or
business improvement orders. Unregistered rating agencies, however, are not
subject to the above-mentioned restrictions or supervision.

Names of the rating agency groups or rating agencies

① Name of a rating agency group: S&P Global Ratings (“S&P”)
Name of the credit rating agency in the group and the registration No.:
S&P Global Ratings Japan Inc.
(Financial Services Agency Commissioner (Rating) No. 5)

② Name of a rating agency group: Moody’s Investors Service (“Moody’s”)
Name of the credit rating agency in the group and the registration No.:
Moody’s Japan K.K.
(Financial Services Agency Commissioner (Rating) No. 2)

③ Name of a rating agency group: Fitch Ratings (“Fitch”)
Name of the credit rating agency in the group and the registration No.:
Fitch Ratings Japan Ltd.
(Financial Services Agency Commissioner (Rating) No. 7)

How to obtain information regarding the outline of the policy and methods used
to assign credit ratings


①Posted on the “Unregistered Rating Information” (無登録格付け情報)
(http://www.spglobal.co.jp/unregistered) in the “Libraries/Regulations ”
(ライブラリ・規制関連) section on Japanese homepage of S&P Global Ratings Japan Inc.
(http://www.spglobal.co.jp/ratings)

② Posted under “Explanation on Unregistered Ratings (無登録格付説明関連)” section in the
page displayed after clicking “Disclosure (開示)” under the “Regulatory Affairs
(規制関連)” tab on the website of Moody’s Japan K.K.
(https://ratings.moodys.com/japan/ratings-news)

③ Posted in “Outline of the Rating Policy” (格付方針等の概要) in the
“Regulations-Related (規制関連)” section on homepage of Fitch Ratings Japan Ltd.
(https://www.fitchratings.com/ja).


Premises, Significance and Limitations of Credit Ratings

Credit Ratings by S&P

Credit ratings assigned by S&P are opinions of the future credit quality of
specific issuers or issues as of the date they are expressed and it is not an
index which shows the probability of the occurrence of the failure to pay by the
issuer or a particular debt and do not guarantee creditworthiness. Credit
ratings are not a recommendation to purchase, sell or hold any securities, or a
statement of market liquidity or prices in the secondary market of any issues.

Credit ratings may change depending on various factors, including issuers’
performance, changes in external environment, performance of underlying assets,
creditworthiness of counterparties and others. S&P conducts rating analysis
based on information it believes to be provided by the reliable source in terms
of quality and quantity. However, S&P does not perform an audit, due diligence
or independent verification of any information it receives from the issuer or a
third party, or guarantees its accuracy, completeness or timeliness of the
results gained from the information. Moreover it needs to be noted that it may
incur a potential risk due to the limitation of the historical data that are
available for use depending on the rating.


Credit Ratings by Moody’s

Credit ratings are Moody’s Investors Service (“MIS”) current opinions of the
relative future credit risk of entities, credit commitments, or debt or
debt-like securities. MIS defines credit risk as the risk that an entity may not
meet its contractual, financial obligations as they come due and any estimated
financial loss in the event of default. Credit ratings do not address any other
risk, including but not limited to: liquidity risk, market value risk, or price
volatility. Credit ratings do not constitute investment or financial advice, and
credit ratings are not recommendations to purchase, sell, or hold particular
securities. No warranty, express or implied, as to the accuracy, timeliness,
completeness, merchantability or fitness for any particular purpose of any such
rating or other opinion or information is given or made by MIS in any form or
manner whatsoever.

Based on the information received from issuers or from public sources, the
credit risks of the issuers or obligations are assessed. MIS adopts all
necessary measures so that the information it uses in assigning a credit rating
is of sufficient quality and from sources MIS considers to be reliable. However,
MIS is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.


Credit Ratings by Fitch

Ratings assigned by Fitch are opinions based on established criteria and
methodologies. Ratings are not facts, and therefore cannot be described as being
“accurate” or “inaccurate”. Credit ratings do not directly address any risk
other than credit risk. Credit ratings do not comment on the adequacy of market
price or market liquidity for rated instruments. Ratings are relative measures
of risk; as a result, the assignment of ratings in the same category to entities
and obligations may not fully reflect small differences in the degrees of risk.
Credit ratings, as opinions on relative ranking of vulnerability to default, do
not imply or convey a specific statistical probability of default.

In issuing and maintaining its ratings, Fitch relies on factual information it
receives from issuers and underwriters and from other sources Fitch believes to
be credible. Fitch conducts a reasonable investigation of the factual
information relied upon by it in accordance with its ratings methodology, and
obtains reasonable verification of that information from independent sources, to
the extent such sources are available for a given security or in a given
jurisdiction. The assignment of a rating to any issuer or any security should
not be viewed as a guarantee of the accuracy, completeness, or timeliness of the
information relied on in connection with the rating or the results obtained from
the use of such information. If any such information should turn out to contain
misrepresentations or to be otherwise misleading, the rating associated with
that information may not be appropriate.  Despite any verification of current
facts, ratings can be affected by future events or conditions that were not
anticipated at the time a rating was issued or affirmed.

Although the above-mentioned information was prepared from information sources
which we believe to be reliable as of December 9th, 2022, we do not guarantee
its accuracy or completeness. Please see the above-mentioned homepages of each
company for details.

 

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