Provisional Rating Disclaimer

Provisional Rating Disclaimer

  • MSCI ESG Research LLC (“MSCI ESG Research”) is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. (with MSCI ESG Research and its other subsidiaries, “MSCI”). This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI, or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”) and is provided for informational purposes only.
  • The Information (a) is solely intended to reflect an analysis of ESG characteristics of an unlisted potential issuer company (“potential issuer”) and is not designed for a particular investment use, (b) is not intended to reflect or consist of any investment or financial advice, recommendation or promotion, including regarding credit decisions or decisions to purchase, hold or sell any securities or strategies, (c) is not intended to reflect or analyze any credit commitments, or debt or debt-like securities, or credit worthiness nor to address any credit or other risk, including but not limited to liquidity risk, market value risk or price volatility, (d) is not intended to endorse the accuracy of any other data or conclusions, or to independently assess or vouch for the financial condition of any entity, (e) is not designed to be relied upon as an indication or guarantee of any future performance, analysis, forecast or prediction, (f) does not take into account any personal or institutional objectives, financial situations or needs, (g) may contain back tested data, which is hypothetical, not actual, and that often will materially differ from actual results subsequently achieved by any investment strategy, (h) may contain historical information, data or analysis, which should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction as past performance does not guarantee future results, (i) does not constitute an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy, (j) may not be modified, reverse-engineered, reproduced, redisseminated or used to create derivative works in whole or in part without prior written permission from MSCI, (k) is not a substitute for the skill, judgment and experience of any user, its management, employees, advisors and/or clients when making investment and other business decisions, (l) is impersonal and not tailored to the needs of any person, entity or group of persons, and (m) may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services.
  • This document is based in whole or in part on information (some of which may be non-public) provided by or on behalf of the potential issuer. This document is provided “as is” and reflects an assessment by MSCI ESG Research as of its date and is not intended to be relied upon as a statement of current or historical fact regarding the potential issuer or otherwise. MSCI ESG Research is not an auditor and does not independently verify or validate information received in its rating process or in preparing its reports. Any rating provided hereunder is not a substitute for information presented directly to investors by a potential issuer or its agents, including without limitation in connection with the listing or sale of any security. Any future rating of a publicly traded security of the potential issuer by MSCI may be based solely upon publicly available and disclosed information and therefore may differ materially from the Information provided in this document. Certain subsidiaries may inherit the ESG Rating of their parent company on the MSCI ESG Research client delivery platform and in client data feeds and third-party platforms. When the potential issuer is a subsidiary of an MSCI ESG-rated parent issuer, the Provisional Rating may differ from any published inherited rating.
  • The potential issuer and other companies referenced in any MSCI ESG Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products or services from MSCI ESG Research. MSCI received compensation to produce this document, and may receive compensation for its ratings and other products and services from, among others, issuers, insurers, guarantors and/or underwriters of securities.
  • MSCI and its Information Providers accept no responsibility for any use of the Information or to update the Information. The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NONINFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.
  • Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or subcontractors.
  • MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body.
  • Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI Inc. or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and Standard & Poor’s.
  • MIFID2/MIFIR notice: MSCI ESG Research does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data, reports and ratings based on published methodologies and available to clients on a subscription basis.
  • For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.

Regulation