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S&P Global Ratings
Terms and Conditions Applicable To Public Finance Credit Ratings
General. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements of
fact. Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any
securities and do not comment on market price, marketability, investor preference or suitability of any security.
While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and their
agents and advisors, and other information from sources it believes to be reliable, S&P Global Ratings does not
perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives.
Such information and S&P Global Ratings' opinions should not be relied upon in making any investment decision.
S&P Global Ratings does not act as a "fiduciary" or an investment advisor. S&P Global Ratings neither recommends
nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will
provide consulting, advisory, financial or structuring advice. Unless otherwise indicated, the term "issuer" means
both the issuer and the obligor if the obligor is not the issuer.

All Credit Rating Actions in S&P Global Ratings' Sole Discretion. S&P Global Ratings may assign, raise, lower,
suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in S&P
Global Ratings' sole discretion. S&P Global Ratings may take any of the foregoing actions notwithstanding any
request for a confidential or private credit rating or a withdrawal of a credit rating, or termination of a credit rating
engagement. S&P Global Ratings will not convert a public credit rating to a confidential or private credit rating, or a
private credit rating to a confidential credit rating.
Publication. S&P Global Ratings reserves the right to use, publish, disseminate, or license others to use, publish or
disseminate a credit rating and any related analytical reports, including the rationale for the credit rating, unless the
issuer specifically requests in connection with the initial credit rating that the credit rating be assigned and
maintained on a confidential or private basis. If, however, a confidential or private credit rating or the existence of a
confidential or private credit rating subsequently becomes public through disclosure other than by an act of S&P
Global Ratings or its affiliates, S&P Global Ratings reserves the right to treat the credit rating as a public credit
rating, including, without limitation, publishing the credit rating and any related analytical reports. Any analytical
reports published by S&P Global Ratings are not issued by or on behalf of the issuer or at the issuer's request. S&P
Global Ratings reserves the right to use, publish, disseminate or license others to use, publish or disseminate
analytical reports with respect to public credit ratings that have been withdrawn, regardless of the reason for such
withdrawal. S&P Global Ratings may publish explanations of S&P Global Ratings' credit ratings criteria from time
to time and S&P Global Ratings may modify or refine its credit ratings criteria at any time as S&P Global Ratings
deems appropriate.

Reliance on Information. S&P Global Ratings relies on issuers and their agents and advisors for the accuracy and
completeness of the information submitted in connection with credit ratings and the surveillance of credit ratings
including, without limitation, information on material changes to information previously provided by issuers, their
agents or advisors. Credit ratings, and the maintenance of credit ratings, may be affected by S&P Global Ratings'
opinion of the information received from issuers, their agents or advisors.
Confidential Information. S&P Global Ratings has established policies and procedures to maintain the
confidentiality of certain non-public information received from issuers, their agents or advisors. For these purposes,
"Confidential Information" shall mean verbal or written information that the issuer or its agents or advisors have
provided to S&P Global Ratings and, in a specific and particularized manner, have marked or otherwise indicated in
writing (either prior to or promptly following such disclosure) that such information is "Confidential."
S&P Global Ratings Not an Expert, Underwriter or Seller under Securities Laws. S&P Global Ratings has not
consented to and will not consent to being named an "expert" or any similar designation under any applicable
securities laws or other regulatory guidance, rules or recommendations, including without limitation, Section 7 of the
U.S. Securities Act of 1933. S&P Global Ratings has not performed and will not perform the role or tasks associated
with an "underwriter" or "seller" under the United States federal securities laws or other regulatory guidance, rules or
recommendations in connection with a credit rating engagement.

Disclaimer of Liability. S&P Global Ratings does not and cannot guarantee the accuracy, completeness, or
timeliness of the information relied on in connection with a credit rating or the results obtained from the use of such
information. S&P GLOBAL RATINGS GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE. S&P Global Ratings, its affiliates or third party providers, or any of their officers, directors,
shareholders, employees or agents shall not be liable to any person for any inaccuracies, errors, or omissions, in each
case regardless of cause, actions, damages (consequential, special, indirect, incidental, punitive, compensatory,
exemplary or otherwise), claims, liabilities, costs, expenses, legal fees or losses (including, without limitation, lost
income or lost profits and opportunity costs) in any way arising out of or relating to a credit rating or the related
analytic services even if advised of the possibility of such damages or other amounts.

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