Terms of Service

The use of this website (a "Property") maintained by ChartLeaders Media BV (“ChartLeaders”) is subject to the terms and conditions set forth below. As a result, use of the Property constitutes the user's agreement to abide by the following terms and conditions:

The information provided by ChartLeaders on this Property is owned by or licensed to ChartLeaders.

NONE OF THE CHARTLEADERS INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT CHARTLEADERS’ PRIOR WRITTEN CONSENT.

In issuing and maintaining its assessments, ChartLeaders relies on factual information it receives from issuers, the press and from other sources ChartLeaders believes to be credible. ChartLeaders conducts a reasonable investigation of the factual information relied upon by it in accordance with its methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given organization or in a given jurisdiction.

The manner of ChartLeaders’ factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the assessed organization, the requirements and practices in the jurisdiction in which the assessed organization is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular organization or in the particular jurisdiction, and a variety of other factors.

Users of ChartLeaders’ assessments should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information ChartLeaders relies on in connection with an assessment will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to ChartLeaders and to the market in offering documents and other reports. In issuing its assessments ChartLeaders must rely on the work of experts, including independent auditors with respect to financial and organizational statements and attorneys with respect to legal and tax matters. Further, assessments are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, assessments can be affected by future events or conditions that were not anticipated at the time an assessment was issued or affirmed.

ChartLeaders seeks to continuously improve its assessment criteria and methodologies, and periodically updates the descriptions of its criteria and methodologies for organizations of a given type on the Properties. The criteria and methodology used to determine an assessment action are those in effect at the time the assessment action is taken, which is the date of the related assessment action commentary. Each assessment action commentary provides information about the criteria and methodology used to arrive at the stated assessment, which may differ from the general criteria and methodology for the applicable organization type posted on this site at a given time. For this reason, you should always consult the applicable assessment action commentary for the most accurate information on the basis of any given assessment.

THE INFORMATION PROVIDED ON THIS PROPERTY IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND AND CHARTLEADERS MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH INFORMATION.

Under no circumstances shall ChartLeaders have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error or other circumstance or contingency within or outside the control of ChartLeaders or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory, or incidental damages whatsoever (including without limitation, lost profits) with respect to the foregoing.

Each user of a Property acknowledges that a ChartLeaders assessment is an opinion as to the current and future state of an organization. This opinion is based on established criteria and methodologies that ChartLeaders is continuously evaluating and updating. Therefore, assessments are the collective work product of ChartLeaders and no individual, or group of individuals, is solely responsible for an assessment. The assessment does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned.

ChartLeaders is not engaged in the offer or sale of any organization. All ChartLeaders reports have shared authorship. Individuals identified in a ChartLeaders report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a ChartLeaders assessment is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of organizations. Assessments may be changed or withdrawn at any time for any reason in the sole discretion of ChartLeaders.

ChartLeaders does not provide investment advice of any sort. ChartLeaders is not responsible for any underwriting, credit, loan, purchase, strategic or investment decision. In issuing and/or maintaining an assessment, ChartLeaders is not making any recommendation or suggestion, directly or indirectly to you, or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security of any issuer. Assessments do not comment on the adequacy of leadership, organization, market price, the suitability of any investment, loan or security for a particular investor (including, without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability of payments made in respect to any investment, loan or security.

ANY PERSON OR ENTITY WHO USES AN ASSESSMENT DOES SO ENTIRELY AT HIS, HER OR ITS OWN RISK. SHOULD ANY SUCH PERSON OR ENTITY BE ENTITLED TO RECOVER DAMAGES FROM CHARTLEADERS UNDER ANY LEGAL THEORY, SUCH PERSON OR ENTITY AGREES, TO THE EXTENT PERMITTED BY LAW, THAT THE TOTAL LIABILITY OF CHARTLEADERS IN CONNECTION WITH SUCH ASSESSMENT IS LIMITED TO ACTUAL DIRECT DAMAGES THAT CAN BE PROVEN UP TO AN AMOUNT NOT TO EXCEED TWO TIMES THE NET FEES RECEIVED BY CHARTLEADERS WITH RESPECT TO SUCH ASSESSMENT.

ChartLeaders receives fees from governments, organizations, issuers, insurers, guarantors, other obligors, and underwriters for its assessments. Such fees vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, ChartLeaders will assess all or a number of organizations for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of an assessment by ChartLeaders shall not constitute consent by ChartLeaders to use its name as an expert in connection with any registration statement 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.

Due to the relative efficiency of electronic publishing and distribution, ChartLeaders research may be available to electronic subscribers up to three days earlier than to print subscribers. Users may, through hypertext or other computer links, gain access to third party sites on the World Wide Web, which contain information that is not part of the ChartLeaders assessment. Information or users of third party sites may, through hypertext or other computer links, gain access to this ChartLeaders Property. The appearance of a ChartLeaders hyperlink on a third party site does not mean that ChartLeaders consented to such hyperlink. Users and third parties are prohibited from establishing hyperlinks to or away from this Property, unless ChartLeaders provides prior written consent (which it may or may not provide in its sole discretion).

The user agrees that regardless of whether a hyperlink to or from a third party website exists, ChartLeaders is not responsible for the content of any third party websites either those third party sites accessed from a Property or those third party sites used to access this Property and ChartLeaders shall have no liability to any person or entity therefore. Moreover, the user agrees (a) to hold ChartLeaders harmless for the use of third party software on a ChartLeaders Property and (b) that ChartLeaders shall have no liability whatsoever to any person or entity for the accuracy and/or completeness of any outcome resulting from the use of such software.

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