ANNEX

Credit quality step	0	1	2	3	4	5	6
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global long-term rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Global short-term rating scale		S1		S2	S3, S4, NS
AM Best Europe-Rating Services Ltd.
Long-term issuer credit ratings scale	aaa	aa, aa-	a + , a, a-	bbb + , bbb, bbb-	bb + , bb, bb-	b + , b, b-	ccc + , ccc, ccc-, cc, c, d, e, f, s
Long-term issue ratings scale	aaa	aa, aa-	a + , a, a-	bbb + , bbb, bbb-	bb + , bb, bb-	b + , b, b-	ccc + , ccc, ccc-, cc, c, d, s
Financial strength ratings scale		A ++ , A +	A, A-	B ++ , B +	B, B-	C ++ , C +	C, C-, D, E, F, S
Short-term issuer ratings scale		AMB-1 +	AMB-1-	AMB-2, AMB-3	AMB- 4, d, e, f, s
Short-term issue ratings scale		AMB-1 +	AMB-1-	AMB-2, AMB-3	AMB- 4, d, s
ARC Ratings S.A.
Medium and long-term issuers rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Medium and long-term issues rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Short-term issuers rating scale		A-1 +	A-1	A-2, A-3	B, C, D
Short-term issues rating scale		A-1 +	A-1	A-2, A-3	B, C, D
ASSEKURATA Assekuranz Rating-Agentur GmbH
Long-term credit rating scale	AAA	AA	A	BBB	BB	B	CCC, CC/C, D
Short-term corporate rating scale		A ++	A		B, C, D
Axesor Risk Management SL
Global rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale		3 ++	3 + , 3	4 +	4, 5 +	5, 6	7, 8, 9, P
BCRA – Credit Rating Agency AD
Global long-term ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Global short-term ratings scale		A-1 +	A-1	A-2, A-3	B, C, D
Pension-insurance company long-term scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Pension-insurance company short-term scale		A-1 +	A-1	A-2, A-3	B, C, D
Pension fund long-term scale	AAA pf	AA pf	A pf	BBB pf	BB pf	B pf	C pf
Guarantee fund long-term scale	AAA	AA	A	BBB	BB	B	C, D
Guarantee fund short-term scale		A-1 +	A-1	A-2, A-3	B, C, D
Capital Intelligence Ratings Ltd
International long-term issuer rating scale	AAA	AA	A	BBB	BB	B	C, RS, SD, D
International long-term issue rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
International long-term insurer financial strength rating scale	AAA	AA	A	BBB	BB	B	C,RS, SD, D
International short-term issuer rating scale		A1 +	A1	A2, A3	B, C, RS, SD, D
International short-term issue rating scale		A1 +	A1	A2, A3	B, C, D
International short-term insurer financial strength rating scale		A1 +	A1	A2, A3	B, C, RS, SD, D
Cerved Rating Agency S.p.A.
Corporate long-term rating scale	A 1.1	A 1.2 , A 1.3	A 2.1 , A 2.2 , A 3.1	B 1.1 , B 1.2	B 2.1 , B 2.2	C 1.1	C 1.2 , C 2.1
Creditreform Rating AG
Long-term rating scale	AAA	AA	A		BBB	BB	B, C, SD, D
CRIF Ratings S.r. l.
Long-term issuer rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D1S, D
Long-term issue rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, DS
Short-term issuer rating scale		IG-1		IG-2	SIG-1, SIG-2, SIG-3, SIG-4
Short-term issue rating scale		IG-1		IG-2	SIG-1, SIG-2, SIG-3, SIG-4
Dagong Europe Credit Rating
Long-term credit rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Short-term credit rating scale		A-1		A-2, A-3	B, C, D
DBRS Ratings Limited
Long-term obligations rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Commercial paper and short-term debt rating scale		R-1 H, R-1 M	R-1 L	R-2, R-3	R-4, R-5, D
Financial Strength rating scale		AAA, AA	A	BBB	BB	B	CCC, CC, C, R
Egan-Jones Ratings Co.
Long-term credit rating scale	AAA	AA	A	BBB	BB	B	CCC,CC, C, D
Short-term credit rating scale		A-1 +	A-1	A-2	A-3, B, C, D
Euler Hermes Rating GmbH
Global long-term rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, SD, D
EuroRating Sp. z o.o.
Global long-term rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Fitch Ratings
Long-term issuer default ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C
Long-term international IFS ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C
Derivative counterparty ratings scale		AAA dcr, AA dcr	A dcr	BBB dcr	BB dcr	B dcr	CCC dcr, CC dcr, C dcr
Short-term rating scale		F1 +	F1	F2, F3	B, C, RD, D
Short-term IFS ratings scale		F1 +	F1	F2, F3	B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH
Global long-term rating scale	AAA	AA		A, BBB	BB	B	CCC, CC, C, D
HR Ratings de México, S.A. de C. V.
Global long-term rating scale	HR AAA(G)	HR AA(G)	HR A(G)	HR BBB(G)	HR BB(G)	HR B(G)	HR C(G)/HR D(G)
Global short-term rating scale	HR +1 (G)	HR1(G)	HR2(G)	HR3(G)	HR4(G), HR5(G), HR D(G)
ICAP Group S.A
Global long-term rating scale			AA, A	BB, B	C, D	E, F	G, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scale		AA	A	BBB	BB	B	CCC,CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, LD, D
Long-term issue ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Short-term issuer ratings scale		J-1 +	J-1	J-2	J-3, NJ, LD, D
Short-term issue credit ratings scale		J-1 +	J-1	J-2	J-3, NJ, D
Kroll Bond Rating Agency
Long-term credit rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Short-term credit rating scale		K1 +	K1	K2, K3	B, C, D
Kroll Bond Rating Agency Europe
Long-term credit rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Short-term credit rating scale		K1 +	K1	K2, K3	B, C, D
modeFinance S.r.l.
Global long-term rating scale	A1	A2	A3	B1	B2	B3	C1, C2, C3, D
Moody’s Investors Service
Global long-term rating scale	Aaa	Aa	A	Baa	Ba	B	Caa, Ca, C
Global short-term rating scale		P-1	P-2	P-3	NP
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Global short-term rating scale		SR0		SR1, SR2	SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International credit rating scale	AAA	AA	A	BBB	BB	B	CCC,CC, C, D, E
International reliability rating scale	AAA	AA	A	BBB	BB	B	CCC,CC, C, D, E
Scope Ratings AG
Long-term rating scale	AAA	AA	A	BBB	BB	B	CCC, CC,C, D
Short-term rating scale		S-1 +	S-1	S-2	S-3, S-4
S&P Global Ratings
Long-term issuer credit ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, R, SD/D
Long-term issue credit ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D
Insurer financial strength ratings scale	AAA	AA	A	BBB	BB	B	CCC, CC, SD/D, R
Mid-Market Evaluation ratings scale			MM1	MM2	MM3, MM4	MM5, MM6	MM7, MM8, MMD
Short-term issuer credit ratings scale		A-1 +	A-1	A-2, A-3	B, C, R, SD/D
Short-term issue credit ratings scale		A-1 +	A-1	A-2, A-3	B, C, D
The Economist Intelligence Unit Ltd
Sovereign rating band scale	AAA	AA	A	BBB	BB	B	CCC, CC, C, D