Investment ratings

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Moody’s		S&P		Fitch		DBRS		Term	Description
Long Term	Short Term	Long Term	Short Term	Long Term	Short Term	Long Term	Short Term	Term	Description
Aaa	P-1	AAA	A-1+	AAA	F1+	AAA	R-1 (high)	Prime (Triple A)	The highest rating, very high ability to timely and fully meet its debt obligations.
Aa1		AA+		AA+		AAhigh	R-1 (middle)	High grade	High ability to timely and fully meet their debt obligations.
Aa2		AA		AA		AA
Aa3		AA-		AA-		AAlow
A1		A+	A-1	A+	F1	Ahigh	R-1 (low)	Upper Medium grade	Moderately high ability to timely and fully meet its debt obligations, but a greater sensitivity to the impact of adverse changes in commercial, financial and economic conditions.
A2		A	A-1	A	F1	A	R-1 (low)
A3	P-2	A-	A-2	A-	F2	Alow	R-2 (high)
Baa1	P-2	BBB+	A-2	BBB+	F2	BBBhigh	R-2 (middle)	Lower Medium grade	Sufficient ability to timely and fully meet their debt obligations, but a higher sensitivity to the impact of adverse changes in commercial, financial and economic conditions.
Baa2	P-3	BBB	A-3	BBB	F3	BBB	R-2 (low)
Baa3	P-3	BBB-	A-3	BBB-	F3	BBBlow	R-3
Ba1	Not Prime	BB+	B	BB+	B	BBhigh	R-4	Non Investmentgrade speculative	Out of danger in the short term, but a higher sensitivity to the impact of adverse changes in commercial, financial and economic conditions.
Ba2		BB		BB		BB
Ba3		BB-		BB-		BBlow
B1		B+		B+		Bhigh	R-5	Highly Speculative	Higher vulnerability in the presence of unfavorable commercial, financial and economic conditions, but it is possible to fulfill the obligations on time and in full.
B2		B		B		B
B3		B-		B-		Blow
Caa1		CCC+	C	CCC	C	CCC	D	Substantial risks	There is a potential possibility of the issuer failing to meet its debt obligations; The timely performance of debt obligations is largely dependent on favorable commercial, financial and economic conditions.
Caa2		CCC				CC		Extremely speculative
Caa3		CCC-				C		In default with little prospect for recovery	High probability of default by the issuer of its debt obligations. the bankruptcy procedure has been initiated against the issuer or a similar action has been taken, but payments or performance of debt obligations continue.
Ca		CC
Ca		C
C		D	/	DDD	/	D	/	In default	Default on debt obligations. default is a refusal to pay debts, default, failure to make payments on received loans and loans on agreed terms.
/				DD
/				D

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Investment ratings

Rating for early 2012