Credit ratings

Warning: these ratings are only an opinion about the Company solvency and may be revised, suspended or withdrawn at any time by the respective rating agency.

Description of the Rating

(1) Investment grade. High credit quality and low credit risk. An obligor rated ‘BBB’ has ADEQUATE capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.

(2) Investment grade. Bonds and preferred stock with this rating are considered medium grade, are subject to moderate credit risk and as such may posses certain speculative characteristics.

(3) A high level of capacity to honor the financial commitment on the obligation. A plus (+) or minus (-) sign may be added to the rating symbols from 'AA' to 'B', to indicate relative standing within each of those rating categories.

(4) Investment grade. High credit quality and low credit risk The issuer's ability to meet payment obligations is deemed sound, although issues with this rating are more exposed to changes in the economic and trading environment than higher quality ratings.