The user of the ARC Ratings’ website notes and accepts that the following notice applies to its use of the website including in respect of use of any information posted on the website:
- all rights, including intellectual property, in the ARC Ratings’ website and its contents including in the information contained in ARC Ratings’ website are owned by ARC Ratings or its licensors and are protected by national and international law. Without ARC Ratings’ prior written consent (which shall be given at ARC Ratings’ sole discretion and may be withdrawn at any time) users may not: (i) use any part of the content on this website for commercial purposes without obtaining an authorisation to do so from ARC Ratings (except that users may print, copy and use solely for internal business purposes the ratings and announcements on this website); or (ii) copy, distribute, broadcast, transmit, reproduce, publish, licence, transfer, sell, mirror, frame, link, “deep link”, “scrape”, data mine or post (including to forums, electronic bulletin boards or other websites) any information or materials obtained from or through this website;
- ARC Ratings will use reasonable endeavuors to ensure that the information contained on its website is correct and updated; however, the contents are made available to the user via telecommunications networks, for whose transmission errors or technical deficiencies ARC Ratings cannot be liable;
- ARC Ratings has not undertaken, and will not undertake, any duty to: (i) advise the user of changes to the ARC Ratings’ website or its content (including to these disclaimers); or (ii) ensure the security and confidentiality of information transmitted from the website over the Internet;
- ARC Ratings does not guarantee that its website, or any content on it, will always be available or be uninterrupted or that its website will be secure or free from bugs or viruses;
- ARC Ratings may suspend, withdraw or restrict the availability of all or any part of the ARC Ratings’ website for business and operational reasons;
- the information and content on the ARC Ratings’ website is not intended to amount to advice of any kind and users must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the information and content on the ARC Ratings’ website;
- ARC Ratings does not exclude or limit in any way its liability where it would be unlawful to do so; this includes liability for death or personal injury caused by ARC Ratings’ negligence or the negligence of its employees, agents or subcontractors and for fraud or fraudulent misrepresentation;
- to the extent permitted by any applicable law, ARC Ratings excludes all implied conditions, warranties, representations or other terms that may apply to the ARC Ratings’ website or any content on it;
- ARC Ratings will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with: (i) use of, or inability to use, the ARC Ratings’ website; (ii) use of or reliance on any content displayed on the ARC Ratings’ website; or (iii) events beyond ARC Ratings’ control including failure of electronic equipment, failure of communications lines, interconnection issues, viruses or unauthorised access;
- ARC Ratings will not be liable for: (i) any loss of profits, sales, business, or revenue, business interruption, loss of anticipated savings, loss of data, third party claims, loss of business opportunity, goodwill or reputation; or (ii) any indirect or consequential loss or damage;
- any materials, content, tools or information made available on this website (including any ratings) are not a substitute for the exercise of the user’s independent judgment and expertise;
- ARC Ratings may amend this notice from time to time and recommends that users review this notice each time they use this website; this notice was last updated on 1 June 2021;
- ARC Ratings may also update and change the content of this website from time to time including to reflect changes to its products, users’ needs and business priorities as well as to change or update ratings assigned by ARC Ratings;
- where this website contains links to other sites and resources provided by third parties, these links are provided for your information only; such links should not be interpreted as approval by us of those linked websites or information you may obtain from them; ARC Ratings has no control over the contents of those sites or resources;
- ARC Ratings reserves the right to monitor activity on this website to the extent permitted by applicable law and to share any information obtained by such monitoring with relevant regulatory authorities and law enforcement agencies; ARC Ratings shall also comply with all court orders involving requests for such information;
- ARC Ratings makes no representation or warranty that any content or information (including the ratings) on this website are appropriate or available for use in any particular locations, and access to them from countires where any of the contents of this website are illegal is prohibited; and
- this notice is governed by English law and shall be subject to the exclusive jurisdiction of the English courts.
Regarding the ratings that are posted on ARC Ratings’ website the user notes that:
- its use of any rating is entirely at its own risk;
- credit ratings assigned by ARC Ratings represent statements of opinion (and not of fact) on the capacity and willingness of an entity or the capacity of a transaction to make all required interest and principal payments on a given obligation in a timely manner in accordance with its terms;
- ARC Ratings also assigns non-credit ratings, which are clearly identified as such by their definition and the use of specific modifiers and / or rating scales;
- ARC Ratings assigns solicited and unsolicited ratings, clearly distinguishing which are solicited and which are unsolicited;
- ARC Ratings provides to the entity that is being rated or whose financial commitments are being rated (the “issuer”) the documents that substantiate the rating to be attributed; this entity is thus given the opportunity to clarify or correct factual details;
- ARC Ratings also grants the issuer the possibility of appealing a rating accorded by ARC Ratings as long as this appeal is supported on additional information that has not been taken into account in the original rating;
- a rating does not: (i) take into account individual users’ personal objectives, financial situations or needs; or (ii) constitute financial or investment advice or a recommendation or offer or solicitation to buy or sell any investments that may be mentioned, and is only one of the factors that investors may wish to consider in reaching a decision about the rated entity;
- ratings are not intended for use by any person as a benchmark as that term is defined for regulatory purposes and must not be used in any way that could result in them being considered a benchmark;
- throughout the entire period during which ratings are valid, ARC Ratings monitors the issuer’s performance via public sources and information provided by the issuer/sponsor and, if a material development occurs, ARC Ratings may bring forward the date of review unless stated to be a point in time rating; the updated list of public ratings are available on the website www.arcratings.com;
- ratings are assigned based on information, which may include confidential information, collected from a wide variety of sources which ARC Ratings believes to be reliable including from the entity being rated or whose financial commitments are subject to rating. ARC Ratings has adopted and implements measures aiming to ensure that, to the extent available in the circumstances, it has obtained reasonable verification of the information it uses in assigning a rating and that such information is from reliable sources. Notwithstanding the foregoing, if ARC Ratings is not satisfied with the quality of the information it receives it will decline to assign the rating. The according of a rating should not be viewed as a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating or the results obtained from the use of such information.
- ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts and additionally may be affected by future events or conditions that were not anticipated at the time a rating was issued or confirmed;
- ARC Ratings maintains editorial control of its publications relating to ratings assigned, and reserves the right at any time to change or discontinue these ratings or their outlooks;
- in the rating process, ARC Ratings adopts procedures and methodologies aimed at ensuring transparency, credibility and independence, and also that rating classifications are not influenced by conflict of interests; and
- the assignment, publication, or dissemination of a rating by ARC shall not constitute consent by ARC to be named as an expert in connection with any registration statement or prospectus filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction.