Ratings banking entities

An obligor rated ‘A’ by Standard & Poor’s has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. The rating may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. An obligor rated A-1 by Standard & Poor’s has strong capacity to meet its financial commitments. It is rated in the highest category by Standard & Poor’s at short term. A Standard & Poor’s negative outlook means a rating may be lowered. A Standard & Poor’s rating outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change. A short-term obligation rated ‘A- 1’ by Standard & Poor’s is rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on the obligation is strong. An obligation rated ‘A’ by Standard & Poor’s is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong. The rating may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. An obligation rated ‘BBB’ by Standard & Poor’s exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.
For additional information, see the following website: http: //www.standardandpoors.com /en_EU /web /guest /article / - /view /sourceId /504352

Obligations rated ‘A’ by Moody’s are considered upper-medium grade and are subject to low credit risk. Obligations rated ‘Baa’ by Moody’s are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Issuer’s rated ‘P-1’ by Moody’s have a superior ability to repay short-term debt obligations. A Moody’s rating outlook is an opinion regarding the likely direction of a rating over the medium term. A Moody’s stable outlook means that the rating is not likely to change.
For additional information, see the following website: https: //www.moodys.com /Pages /amr002002.aspx

An ‘A’ rating by Fitch indicates a high credit quality. 'A' ratings by Fitch denote expectations of low default risk with the capacity for payment of financial commitments considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. The modifiers “+” or “-“ may be appended to a rating by Fitch to denote relative status within major rating categories. An ‘F1’ rating by Fitch indicates the strongest intrinsic capacity for timely payment of financial commitments at short term. Rating outlooks applied by Fitch indicate the direction a rating is likely to move over a one- to two-year period and reflect financial or other trends that have not yet reached the level that would trigger a rating action, but which may do so if such trends continue. The majority of Fitch outlooks are generally Stable, which is consistent with the historical migration experience of ratings over a one- to two-year period. Positive and negative rating outlooks do not imply that a rating change is inevitable and, similarly, ratings with stable outlooks can be raised or lowered without a prior revision to the outlook, if circumstances warrant such an action.
For additional information, see the following website: https: //www.fitchratings.com /site /definitions

Each of Moody's, Standard & Poor's and Fitch is established in the European Union and registered under Regulation (EC) No 1060/2009 (as amended) (the "CRA Regulation"). As such, each of Moody's, Standard & Poor's and Fitch is included in the list of registered credit rating agencies published by the European Securities and Markets Authority (ESMA) on its website (http: //www.esma.europa.eu /page /List-registered-and-certified-CRAs) in accordance with the CRA Regulation. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the relevant assigning rating agency.