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~M=1WNT_FWTVMW1 NMI, 0- 1,10114 Fitch Ratings-New York-27 September 2016: Fitch Ratings has assigned a 'AN rating to $113.075 million of Alaska Municipal Bond Bank Authority (MBBA; bond bank) general obligation (GO) and refunding bonds consisting of the following series: --$84455 million GO and refunding bonds, 2016 series three; --$28.62 million GO and refunding bonds, 2016 series four (AMT). The bonds are expected to sell via negotiation the week of Oct. 17, 2016. The Rating Outlook is Negative. SECURITY The bonds are general obligations of the bond bank, for which the state also maintains a standing appropriation of state general fund resources to replenish the bonds' reserve fund in the event of borrower default. This standing appropriation is the basis for the assigned rating on the 2005 resolution bonds. KEY RATING DRIVERS STATE ANNUAL APPROPRIATION: The state of Alaska includes as part of its annual debt service appropriation in its operating budget an appropriation for reserve fund replenishment in the event of a draw related to default by a participating municipality (borrower), resulting in a rating one notch below the state's 'AA+' Issuer Default Rating (IDR). PROVEN STATE SUPPORT AND STRONG REPAYMENT HISTORY: The bond bank's programs have a solid history of debt repayment, and the state of Alaska has a demonstrated history of support for and involvement with the bond bank. The bond bank has consistently worked with the state to strengthen bondholder protections while achieving its programmatic goals. The state's own resources remain substantial despite recent drawdowns to fund financial operations that have been stressed by a prolonged period of low crude oil prices. MULTIPLE LAYERS OF SECURITY: Multiple layers of security support bond bank issues in the event of a local government's failure to pay debt service on its obligations to the bond bank. Security enhancements include underlying borrower reserve funds in some cases, bond bank reserve funds, unrestricted assets of the bond bank held in the custodian account, the state's standing appropriation for reserve fund replenishment, the state's statutory moral obligation, and the bond bank's statutory authority to intercept state aid to local governments. Coverage of maximum annual debt service by state aid is substantial. RATING SENSITIVITIES LINKAGE TO STATE OF ALASKA: The rating on the bond bank's bonds is sensitive to movement in the state's Issuer Default Rating (IDR) to which they are linked. NEGATIVE OUTLOOK: Failure to enact measures to improve fiscal balance will result in negative action on the state's IDR and linked ratings. CREDIT PROFILE The 'AA+' rating is based on the state's commitment to GO bonds of the bond bank issued under the 2005 GO resolution in the form of a standing appropriation of general funds for program reserve fund replenishment. GO bonds issued under the 2005 resolution also incorporate multiple layers of security on both the borrower level and state level. Issuance requires either a borrower's GO or revenue pledge or other evidence of pledged revenues for allowable debt obligations, with a borrower reserve available for revenue bonds. Bond bank borrowers must demonstrate project essentiality and ability to repay in order to access financing. The current bonds will provide funding to a City and Borough of Juneau transit project; to the City of Ketchikan for a harbor project; and to refund outstanding bonds issued by the bond bank under the 2005 bond resolution for debt service savings. The bond bank maintains a pooled program reserve fund for the 2005 resolution bonds, funded at approximately $62.9 million as of June 30, 2016. The reserve balance at that time was comprised of cash deposits from available funds ($36.6 million), cash from bond proceeds ($15.8 million), and surety policies ($10.5 million). Because of the reduction in debt service expense from refunding outstanding bonds, no additional deposit to the reserve fund is required by the current issue. The program reserve fund is backed by a moral obligation of the state established by state statute requiring establishment of a reserve and requiring that the bond bank seek a general fund appropriation in the event of a borrower's payment default. This pledge was strengthened with the bond bank's commitment to seek a standing appropriation for these bonds and the state's subsequent appropriation, beginning in fiscal 2009. The bond bank was established in 1975 to provide access to low-cost capital financing for Alaska local governments. Not inclusive of the current sale, approximately $1 billion in 2005 GO resolution bonds are currently outstanding. The bond bank's limit for total bonds outstanding at any one time is almost $1.8 billion; including the current sale, total bonds and obligations outstanding is expected to be just over $1 billion, inclusive of debt issued under 2010 and 2016 bond resolutions. BROADENING OF BOND BANK SCOPE The bond bank was authorized in 2014 to lend up to $87.5 million to the University of Alaska for heating and energy projects, secured by a general revenue pledge from the university. The full authorization for this purpose was issued in August 2015. Additionally, Senate bill 46 was enacted in the 2015 legislative session that permits the issuance of bonds or notes by the bond bank to state joint action agencies as well as for those of a regional health organization (RHO). RHO bond bank obligations are subject to certain limitations and requirements including a maximum outstanding debt limit of $205 million. The first issuance for an RHO under a separately secured, 2016 resolution occurred in May 2016 and the bond bank may issue bonds for a second RHO later this calendar year. While Fitch believes these bond issues do not impact the rating on the bond bank's obligations, Fitch notes the broadening of the bond bank's role beyond its original scope. STRONG SECURITY PROVISIONS As noted above, the moral obligation for the bonds was strengthened by inclusion in the state's annual budget, beginning in fiscal 2010, of an appropriation to restore any deficiency in the 2005 program reserve fund. An appropriation for this purpose was included in the enacted budget for the fiscal year that began on July 1, 2015 and was included in the enacted budget for fiscal 2017. Further protections include a state intercept of local aid for borrowers and the ability to access the bond bank's unrestricted funds held in the custodian account. The custodian account, bolstered by recent state deposits, prior reserve releases, and funded at approximately $11.2 million as of Aug. 31, 2016, is expected to be maintained at this approximate level in future years, although direct loans by the bond bank and deposits to reserve funds may diminish the custodian account balance. Payments by the borrowers are due seven days prior to debt service payment; there have been no payment defaults under the program to date. Program reserve funding is required at the IRS maximum and the bond bank has three surety policies meeting 16.7% of the funding requirement. The bond bank is considering a gradual move to reserve funding that will be equally comprised of cash and surety policies. Fitch will continue to review the use of surety policies for the reserve requirement in regard to its relationship to our criteria for these types of obligations while noting that the cash-funded custodial account remains available to the bond bank to cure reserve deficiencies. State statute requires the bond bank chair to certify annually the sum necessary to restore the program reserve to the required level. The appropriation for program reserve replenishment is included in the state's annual operating budget. A supplemental resolution for the 2005 resolution bonds requires the bond bank to seek the appropriation annually. ALASKA'S RESOURCE-DEPENDENT REVENUE SYSTEM Alaska's 'AA+' IDR reflects the state's maintenance of very substantial reserve balances and conservative financial management practices to offset significant revenue volatility linked to oil production from the North Slope and global petroleum price trends. For many years, the state focused on expected declines in production at its oil fields, prudently dedicating a substantial share of its past oil tax revenue to reserves to ease anticipated revenue loss due to the declines. However, the steep drop in crude oil prices beginning in late 2014 exceeded expectations and significantly reduced tax revenues to the state, requiring sizable use of reserves to fund operations in fiscal years 2015 through 2017. The state's enacted budget for fiscal 2016 funded Unrestricted General Fund (UGF) expenditures of almost $5 billion, a 19% reduction as compared to fiscal 2015. The budget incorporated expected soft crude oil prices and was supported by a planned $2.7 billion draw from reserves. Actual crude oil prices that were below forecast combined with actions taken by the governor and legislature resulted in a larger $3.9 billion budget gap (75% of the UGF budget). The state funded the gap by drawing on reserves, bringing the reserve balance at year-end to $14.4 billion, equal to 2.8x the UGF budget. The enacted UGF budget for fiscal 2017 totals $4.4 billion, a 16% reduction from fiscal 2016. The enacted budget continues the state's reliance on reserves to fund operations as most revenue raising proposals and a proposed funding shift related to the state's Permanent Fund Earnings Reserve (PFER) were not approved. The legislature did approve changes to the state's tax credit structure for crude oil and natural gas production to provide savings in future fiscal years, but at a cost of $430 million to the fiscal 2016 budget. The enacted fiscal 2017 budget incorporated the governor's veto of one-half of the statutorily-determined permanent fund dividend distribution, reducing the distribution from the PFER by $665 million. Considering these and other measures, the state anticipates a reserve draw of $3.17 billion (73% of the UGF budget) to fund operations. Due to the reduction in expenditures, reserves at the end of fiscal 2017 are expected to total $12.3 billion, equal to 2.8x the UGF budget. For further information on the state, please see 'Fitch Downgrades Alaska's IDR to 'AA+'; Outlook Negative' dated June 14, 2016, available at 'www.fitchratings.com'. Contact: Primary Analyst Marcy Block Senior Director +1-212-908-0239 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analysi Douglas Offerman Senior Director +1-212-908-0889 Committee Chairperson Karen Krop Senior Director +1-212-908-0661 Media Relations: Elizabeth Fogerty, New York, Tel: +1(212) 908 0526, Email: elizabeth.fogerty@fitcbratings.com. Additional information is available at 'www.fitchratings.com'. 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Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 - - --------- 9 w 0 MMMID 0 -'uniicipal Boni-1- Alaska; appropriations Primary Credit Analyst: Gabriel J Petek, CFA, San Francisco (1) 415-371-5042; gabrie1petek@spg1obal.com Secondary Contact: David G Hitchcock, New York (1) 212-438-2022; david.hitchcockspglobaI.com Table Of Contents Rationale Outlook 172396 1302253520 Alaska Municipal Bond Bank US$84455 mil GO and rfdgbnds (Alaska) see 2016 THREE due 12/01/2037 Long Term Rating AA/Negative New US$28.62 mil GO and rfdg bnds (Alaska) ser 2016 FOUR due 12/01/2035 Long Term Rating AA/Negative New Alaska Mun Bnd Bank, Alaska Alaska Alaska Mun Bnd Bank GO Unenlianc ccl Rating AA(SPUR) /Negative Affirmed S&P Global Ratings assigned its 'AA' rating and negative outlook to Alaska Municipal Bond Bank's (AMBB) $113 million in general obligation (GO) bonds, 2016 series three and series four. In addition, we affirmed our 'AA' long-term rating and underlying rating (SPUR, with a negative outlook, on AMBB's existing debt. The bond bank is a public corporation of, and benefits from certain credit support by, the state of Alaska (AA+/Negative). The rating reflects our view of: • The state's underlying general creditworthiness, and • A resolution provision to annually seek an appropriation to replenish debt service reserve (DSR) to its required level in the event it is drawn upon. The bonds are issued under AMBB's 2005 general bond resolution, which includes a standing appropriation feature that we view as integral to the strength of the bond program. Each year, the AMBB is required to submit a budget request to the state for an appropriation to replenish the DSR to its defined level if there is a draw because of borrower default. We have confirmed that the DSR balance required under the resolution is greater than any monthly semiannual debt service payment. As it has each year since 2009, the legislature included and the governor signed, in fiscal 2017, within the enacted operating budget, an open-ended appropriation to AMBB's reserve in the event of a borrower default. Upon its enactment, the fiscal 2017 budget represented the ninth consecutive year the standing appropriation has been included in the state's operating budget to replenish the reserve should it be used and brought to below the required level. In recent years, the legislature has also appropriated any excess AMBB earnings to the AMBB rather than retain the funds for the state government. We understand that in practice, AMBB requires borrower loan payments be made seven business days in advance of bond debt service, and in the event of a default by the borrower(s), it would coordinate with state administrative staff WWW.STANDARDANDPOORS.COM/1UtTENGSDIRRCT SEPTEMBER 26, 2016 2 1723996 1 302253520 Summary: Alaska Municipal Bond Bank Alaska; Appropriations to implement the appropriation and would draw upon the DSR as debt service was due, which would immediately be replenished by the state. (It would simultaneously pursue a remedy to the default through its authority to intercept state aid payments to the borrowing government as provided for in state statute.) And because the debt repayments by local governments occur on a rolling basis throughout the year, the standing appropriation allows AMBB to replenish and to maintain the DSR balance at its required level. Related to this credit strength, in our view, is the diversity of the pool provided by the 31 borrowers under the 2005 bond bank program. In addition to the appropriation, AMBB also has additional statutory authority to borrow funds from Alaska's general fund at the discretion of the commissioner of the department of revenue. The 2016 series three and series four bonds are the 36th and 37th series of bonds issued under the 2005 general bond resolution. The bond bank estimates that, not including the 2016 series three and four bonds, it will have $1.07 billion of bonds outstanding. Once the 2016 series three and four bonds have been issued, the bond bank estimates it will have $1.08 billion in bonds outstanding. Of this, approximately $1.02 billion will have been issued under the 2005 general bond resolution. In addition, there will be $4.01 million under the 2010 general bond resolution, as well as $10.2 million of Coastal Energy Impact Loan Program obligations outstanding. The 2016 series three bond proceeds will be used to make a loan to the city and borough of Juneau for renovation costs and to refund bonds previously issued by Juneau in 2006. The 2016 series four bonds will be used to make a loan to the city of Ketchikan for harbor facility improvements. Both the series three and four bonds will be used to refund all or a portion of the outstanding bonds of the bond bank. The bond bank's debt service reserve requirement is required to equal the lowest of 10% of the principal amount of bonds outstanding, 125% of average annual debt service on all the bonds outstanding, or maximum annual debt service. According to the state, the deposit to the DSR resulting from issuance of the 2016 three and four bonds, if any, may be provided by bond proceeds, AMBB cash or use of a surety, or a combination thereof. The bonds are general obligations of AMMB, which receives revenue from a pool of loans to municipalities and investment earnings on assets. Including the series 2016 series three and four bonds, the reserve requirement will be approximately $60 million. According to the bond bank, as of June 30, 2016, the 2005 reserve fund requirement was approximately $62.9 million. The bond bank has an amount sufficient to satisfy the reserve fund requirement, consisting of the following: $36.6 million in funds contributed from the custodian account (the custodian account, which had a balance of $11.2 million (unaudited) as of Aug. 31, 2016, is where AMBB holds retained earnings, current-year investment earnings, or unrestricted funds appropriated to AMBB by the state); $15.8 million in reserve obligation proceeds of AMBB; and • $10.5 million from a surety policy. In addition to the appropriation support, the bonds are backed by Alaska's moral obligation pledge to maintain a DSR for the bank's bonds and by state aid withholding provisions that, since June 1988, have applied to both GO and revenue bonds issued by the bank. The 2005 resolution established a common reserve fund to comply with a state statute requiring a reserve fund for any bond bank bond issues. Per state statute, on or before Jan. 30 of each year, the bond bank is required to deliver a statement to the governor and state legislature stating the amount, if any, necessary to replenish the reserve fund. If a draw on the reserve fund were to occur, the state legislature might, but is not SEPTEMBER 26, 2016 3 1723996 1302253520 Summary: Alaska Municipal Bond Bank Alaska; Appropriations required to, appropriate funds to replenish it to the required amount. However, we view this provision as having been strengthened by the state's standing appropriation to backfill the DSR. The state aid withholding provisions under the bond bank statute say that aid to municipalities will be withheld and paid directly to the bank if the participating unit defaults in the payment of principal or interest on its bonds held by the bank. The state aid intercept mechanism further strengthens the bonds' credit quality, in our view. The AMBB tracks the amount of state aid subject to intercept relative to the annual loan payment due by each borrower. For more information on the state GO rating, see the article published Aug. 22, 2016, on RatingsDirect. The negative outlook reflects our view of the large structural budget deficit in Alaska's unrestricted general fund. Currently, the state is able to finance its operating deficits by withdrawing funds from its budgetary reserves. Alaska had built up large budget reserves that thus far have shielded the state's credit quality from the degradation that the large deficits would inflict on most states' credit quality. But the magnitude of the fiscal deficits, even with the governor's vetoes for fiscal 2017, makes the arrangement unsustainable and, unless corrected, inconsistent with the current rating. On their current trajectory, the state's deficit financial operations would eventually deplete its budget reserves. Therefore, without structural fiscal reform in the 2017 legislative session, we would likely lower the state debt ratings. If lawmakers succeed in putting the state on what we view as a glide path to a sustainable fiscal structure, with its strong reserve balances intact, we could revise the outlook to stable. Alaska Mun Bnd Bank, Alaska Alaska Alaska Mun Bnd Bank (Alaska) approp Long Term Rating Alaska Mun Bnd Bank (Alaska) approp Long Term Rating Alaska Mun Bnd Bank (Alaska) approp (AMBAC) Unenh anced Rating Alaska Mun Bnd Bank GO Linen/i anced Rating Many issues are enhanced by bond insurance. AA/Negative Affirmed AA/Negative Affirmed AA(SPUR) /Negative Affirmed AA(SPUR)/Negative Affirmed Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box SEPTEMBER 26, 2016 4 17239961 302253520 Summary: Alaska Municipal Bond Bank Alaska Appropriations located in the left column. 1723996 1 302253520 Copyright © 2016 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved. 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STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC, SEPTEMBER 26, 2016 6 1723996 1302253520 55 Water Street, 38th Floor New York, NY 10041.0003 tel 212 438.2074 reference no.: 576865519 October 20, 2016 National Public Finance Guarantee Corporation 1 Manhantanville Road - Suite 301 Purchase, NY 10577 Attention: Ms. Stephanie Ciavarello, Assistant Vice President Re: $6,985,000 Alaska Municipal Bond Bank, General Obligation and Refunding Bonds, 2016 Series Three, dated: November 3, 2016, due: December 1, 2029-203 7, (POLICY #NP1404500) Dear Ms. Ciavarello: S&P Global Ratings has reviewed the rating on the above-referenced obligations. After such review, we have affirmed the rating of "AA" on the above obligations. The rating on the above obligations is based on the policy provided by your company. 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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. PF Ratings U.S. (4/28/16) 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. No Third Party Beneficiaries. Nothing in any credit rating engagement, or a credit rating when issued, is intended or should be construed as creating any rights on behalf of any third parties, including, without limitation, any recipient of a credit rating. No person is intended as a third party beneficiary of any credit rating engagement or of a credit rating when issued. PF Ratings U.S. (4/28/16) 55 Water Street, 38th Floor New York, NY 10041.0003 tel 212 438-2074 Ratings reference no.: 576865318 October 20, 2016 National Public Finance Guarantee Corporation 1 Manhantanville Road - Suite 301 Purchase, NY 10577 Attention: Ms. Stephanie Ciavarello, Assistant Vice President Re: $4,430,000 Alaska Municipal Bond Bank, General Obligation and Refunding Bonds, 2016 Series Four, dated: November 3, 2016, due: December 1, 2034-2035, (POLICY #NP140451 0) Dear Ms. Ciavarello: S&P Global Ratings has reviewed the rating on the above-referenced obligations. After such review, we have affirmed the rating of "AA" on the above obligations. The rating on the above obligations is based on the policy provided by your company. We may adjust the underlying rating and the capital charge as a result of changes in the financial position of the issuer or performance of the collateral, or of amendments to the documents governing the issue, as applicable. With respect to the latter, please notify us of any changes or amendments over the term of the debt. 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. S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more information please visit our website at www.standardandpoors.com. If you have any questions, please contact us. Thank you for choosing S&P Global Ratings. EF Ratings U.S. (4/28/16) Sincerely yours, S&P Global Ratings a division of Standard & Poor's Financial Services LLC tw PF Ratings U.S. (4/28/16) 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. PF Ratings U.S. (4/28/16) 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. No Third Party Beneficiaries, Nothing in any credit rating engagement, or a credit rating when issued, is intended or should be construed as creating any rights on behalf of any third parties, including, without limitation, any recipient of a credit rating. No person is intended as a third party beneficiary of any credit rating engagement or of a credit rating when issued. PF Ratings U.S. (4/28/16)