Disclaimer and Copyright Notice

Terms of Use

This disclaimer and copyright notice outlines the terms of use for any content, including ratings, credit-related analyses and data, valuations, models, software or other application or output therefrom (Content), provided by Standard & Poor’s Financial Services LLC.

Usage Restrictions

• Content may not be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without prior written permission of Standard & Poor’s.

• This includes but is not limited to:

  • Modifying the content for commercial purposes
  • Creating derivative works from the content
  • Using the content as part of a competing product or service

Disclaimer of Liability

S&P Parties disclaim any and all express or implied warranties, including but not limited to:

• Any warranties of merchantability or fitness for a particular purpose or use
• Freedom from bugs, software errors or defects
• That the Content’s functioning will be uninterrupted or that the Content will operate with any software or hardware configuration

Limitation of Liability

In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

No Fiduciary Duty

S&P does not act as a fiduciary or an investment advisor except where registered as such. This means that S&P will not provide personalized advice or recommendations, and users should not rely on S&P’s content as their sole source of information for making investment decisions.

No Audit or Due Diligence

S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. This means that users should verify the accuracy of the information provided by S&P through other sources before relying on it.

Rating Acknowledgment

S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. This means that S&P can change or remove their ratings at any time without notice.

Confidentiality

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. This means that users should not assume that S&P’s content is influenced by or reflects the opinions of other business units within the company.