The Credit Research Initiative ("CRI"), and the National University of Singapore ("NUS") are not recognized as Credit Rating Agencies (CRA) by the Monetary Authority of Singapore (MAS), and thus are not regulated under the Securities and Futures Act (SFA) of Singapore. Consequently, the CRI and NUS are not licensed under the Capital Markets Services (CMS) regime, and have no licensing obligations under the CMS. The CRI and NUS are not officially recognized or accredited as credit rating agencies in any other jurisdiction. Users should not use or rely on data available on this website to comply with applicable laws or regulations that prescribe the use of ratings issued by accredited or otherwise recognized credit rating agencies.

The CRI has not been solicited by issuers to produce data appearing on this website, and issuers do not pay CRI any fees to develop the quantitative models that generate the results that appear on this website.

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of National University of Singapore or its affiliates (collectively, NUS). The Content shall not be used for any unlawful or unauthorized purposes. NUS and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively NUS Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. NUS Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. NUS 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. In no event shall NUS 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.