european corporate rating scores update: july 1, 2014business risk profile financial risk profile...

European Corporate Rating ScoresUpdate: July 1, 2014

Primary Credit Analyst:

Guy Deslondes, Milan (39) 02-72111-213; [email protected]

Secondary Contacts:

Tobias Mock, CFA, Frankfurt (49) 69-33-999-126; [email protected]

Peter Tuving, Stockholm (46) 8-440-5913; [email protected]

Table Of Contents

Analysis Of EMEA Corporate Ratings And Related Scores

Distribution Of Modifiers For EMEA Corporates

Breakdown Of European Corporate Rating Scores By Industry

Related Criteria And Research

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 14, 2014 1

1346366 | 301135083

European Corporate Rating Scores Update: July 1,2014

Standard & Poor's Ratings Services is updating the rating component scores for its public corporate credit ratings in

Europe, the Middle East, and Africa (EMEA). This article follows a similar report published on Jan. 22, 2014, after the

publication of our "Corporate Methodology," on Nov. 19, 2013, on RatingsDirect. It lists the scores for 720 public

ratings in EMEA that are in the scope of the new corporate rating methodology and provides charts that show the

distribution of all rating component scores. We believe that the list and charts enhance benchmarking across industries

and rating levels for all market participants.

We disclose these scores in line with the information we provide in our rating research publications, such as research

updates and full analyses. By releasing all scores for public corporate ratings in EMEA, Standard & Poor's confirms its

commitment to deliver greater transparency and insight into the ratings process and simplify access for all market

participants. We are using a single report, organized alphabetically by industry sector, which we intend to update

regularly (Watch the related CreditMatters TV segments titled "S&P Enhances Transparency On European Corporate

Ratings" and "S&P Renforce La Transparence Sur Les Notations D'Entreprises Européennes" dated Jan. 31, 2014.).

The scores reflect the building blocks of the corporate ratings framework (see chart 1). Modifiers and group rating

methodology/government-related entity components are indicated only where they have an effect, either positive or

negative, on the rating.

This list reflects corporate credit ratings and scores as of July 1, 2014; it will not be systematically updated for future

rating actions or score revisions. Furthermore, the list only discloses scores for the main rated entity of larger

corporate groups in order to keep it concise; this could be the case, for instance, when ratings on subsidiaries or

holding companies are linked to those on their related parent companies.


1346366 | 301135083

Analysis Of EMEA Corporate Ratings And Related Scores

The charts below provide a detailed breakdown of corporate ratings and related scores for all EMEA corporate entities

that fall under the scope of our new corporate criteria. For statistical completeness, the chart distributions include

confidential and private ratings, which are otherwise excluded from the comprehensive list of rating scores.


1346366 | 301135083

European Corporate Rating Scores Update: July 1, 2014

Chart 2


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Chart 3


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Chart 4


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Chart 5


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Chart 6


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Chart 7


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Chart 8

Distribution Of Modifiers For EMEA Corporates


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Chart 9


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Chart 10


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Chart 11


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Chart 12


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Chart 13


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Chart 14

Breakdown Of European Corporate Rating Scores By Industry

Breakdown Of European Corporate Rating Scores*

As Of July 3, 2014

Business Risk Profile

Financial

Risk Profile

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and

leverage Anchor Modifiers (active)

Government/Group

support (active)

Long-term

corporate

credit

rating (§)

AEROSPACE & DEFENSE

BAE Systems PLC 3.

Intermediate

Risk

2. Strong 2. Strong 3.

Intermediate

bbb+ BBB+


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Breakdown Of European Corporate Rating Scores* (cont.)

European Aeronautic

Defence and Space Co.

N.V.

3.

Intermediate

Risk

2. Strong 2. Strong 1. Minimal aa- Financial Policy:

Negative (-1 notch)

Comparable Ratings

Analysis: Negative (-1

notch)

Yes A

Finmeccanica SpA 3.

Intermediate

Risk

4. Fair 4. Fair 4. Significant bb Comparable Ratings

Analysis: Positive (+1

notch)

Yes BB+

Israel Aerospace

Industries Ltd.

3.

Intermediate

Risk

5. Weak 5. Weak 4. Significant bb- Yes BBB-

Photonis Technologies

SAS

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Rolls-Royce PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a A

Thales S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Yes BBB+

Ural Optical &

Mechanical Plant JSC

4.

Moderately

High Risk

5. Weak 5. Weak 6. Highly

Leveraged

b Capital Structure:

Negative (-1 notch)

Yes B-

Average scores for

aerospace & defense

3.1 3.4 3.4 3.4

AGRIBUSINESS & COMMODITY FOODS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Albain Midco Norway

AS

3.

Intermediate

Risk


Leveraged

b B

Barry Callebaut AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ BB+

Kerry Group PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Comparable Ratings


notch)

BBB+

Roquette Freres 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- A-

Suedzucker AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Tate & Lyle PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Average scores for

agribusiness &

commodity foods

3.0 3.3 3.3 3.3


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AUTO OEMs

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

AB Volvo 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Comparable Ratings


notch)

BBB

Aston Martin Holdings

(UK) Ltd.

4.

Moderately

High Risk


Leveraged

b- Comparable Ratings


notch)

B

BMW AG 4.

Moderately

High Risk

1. Excellent 2. Strong 1. Minimal aa- Comparable Ratings


notch)

A+

Daimler AG 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- A-

Fiat SpA 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Jaguar Land Rover

Automotive PLC

4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BB

Peugeot S.A. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Piaggio & C. SpA 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Renault S.A. 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ BB+

Scania (publ.) AB 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

1. Minimal a- Yes A-

Volkswagen AG 4.

Moderately

High Risk

1. Excellent 2. Strong 2. Modest a Comparable Ratings


notch)

A-

Average scores for

auto OEM

4.0 3.3 3.5 3.2

AUTO SUPPLIERS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Autoliv Inc. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- A-


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Compagnie Generale

des Etablissements

Michelin S.C.A.

4.

Moderately

High Risk

1. Excellent 2. Strong 3.

Intermediate

bbb+ BBB+

Continental AG 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

3.

Intermediate

bbb BBB

Falcon (BC) Germany

Holding 3 GmbH

4.

Moderately

High Risk

4. Fair 4. Fair 6. Highly

Leveraged

b B

Gestamp Automocion

S.A.

4.

Moderately

High Risk

4. Fair 4. Fair 4. Significant bb BB

GKN Holdings PLC 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Financial Policy:

Negative (-1 notch)

BB+

Knorr-Bremse AG 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

1. Minimal a- A-

Robert Bosch GmbH 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

1. Minimal a Financial Policy:

Positive (+1 notch)

Comparable Ratings


notch)

AA-

Schaeffler AG 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

5.

Aggressive

bb Comparable Ratings


notch)

BB-

Stabilus SA 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- Comparable Ratings


notch)

B+

Valeo S.A. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Average scores for

auto suppliers

4.0 2.7 3.2 3.2

BRANDED NONDURABLES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Agrokor d.d. 3.

Intermediate

Risk


Leveraged

b B

Anadolu Efes Biracilik

ve Malt Sanayii AS

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- No BBB-

Anheuser-Busch InBev

S.A./N.V.

2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a Yes A

Bakkavor Finance 2

PLC

2. Low Risk 5. Weak 5. Weak 6. Highly

Leveraged

b- B-

Boparan Holdings Ltd. 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged

b Comparable Ratings


notch)

B+


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British American

Tobacco Plc

2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- A-

Campofrio Food Group

S.A.

2. Low Risk 5. Weak 5. Weak 5.

Aggressive

b+ Yes BB-

Charger OpCo BV 2. Low Risk 3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb BB

Coca-Cola HBC AG 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes bbb+

D.E MASTER

BLENDERS 1753 N.V

2. Low Risk 3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes B+

Danone 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- A-

Diageo PLC 2. Low Risk 1. Excellent 1. Excellent 4. Significant a- A-

FAGE International S.A 2. Low Risk 5. Weak 5. Weak 5.

Aggressive

b+ Comparable Ratings


notch)

Yes B

Heineken N.V. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ BBB+

Henkel AG & Co. KGaA 2. Low Risk 2. Strong 2. Strong 1. Minimal aa- Financial Policy:

Negative (-1 notch)

Comparable Ratings


notch)

A

Iglo Foods Holdings

Ltd.

2. Low Risk 3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Imperial Tobacco Group

PLC

2. Low Risk 2. Strong 2. Strong 4. Significant bbb BBB

Kering S.A. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ Financial Policy:

Negative (-1 notch)

BBB

Lion / Seneca France 2

SAS

2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged

b B

Lion/Gem Luxembourg

3 S.a.r.l.


Leveraged

b- B-

Luxottica Group SpA 2. Low Risk 2. Strong 2. Strong 2. Modest a Comparable Ratings


notch)

Yes A-

LVMH Moet Hennessy

Louis Vuitton S.A.

2. Low Risk 1. Excellent 1. Excellent 2. Modest aa Financial Policy:

Negative (-1 notch)

Comparable Ratings


notch)

Yes A+

Marcolin SpA 2. Low Risk 6. Vulnerable 6.

Vulnerable

6. Highly

Leveraged

b- B-

Nestle S.A. 2. Low Risk 1. Excellent 1. Excellent 2. Modest aa AA

Oak Leaf BV 2. Low Risk 3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes B+

Ontex IV S.A. 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged

b B

Pernod Ricard S.A. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Philip Morris

International Inc.

2. Low Risk 2. Strong 2. Strong 2. Modest a A


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Premier Foods PLC 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged

b B

R&R Ice Cream PLC 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged

b B

Reckitt Benckiser Group

PLC

2. Low Risk 1. Excellent 1. Excellent 2. Modest aa Financial Policy:

Negative (-1 notch)

Comparable Ratings


notch)

A+

Refresco Gerber BV 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged



notch)

B+

Remy Cointreau S.A. 2. Low Risk 4. Fair 4. Fair 2. Modest bbb- BBB-

SABMiller PLC 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- Comparable Ratings


notch)

BBB+

Safilo Group SpA 2. Low Risk 5. Weak 5. Weak 4. Significant bb- Financial Policy:

Negative (-1 notch)

B+

Svenska Cellulosa

Aktiebolaget SCA


Intermediate

a- A-

Swedish Match AB 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Unilever PLC 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a+ A+

United Biscuits Holdco

Ltd.


Leveraged



notch)

B+

WEPA Hygieneprodukte

GmbH

2. Low Risk 4. Fair 4. Fair 5.

Aggressive

bb- BB-

Z beta Sarl 2. Low Risk 5. Weak 5. Weak 6. Highly

Leveraged

b B

Average scores for

branded nondurables

2.0 3.0 3.0 4.2

BUILDING MATERIALS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Braas Monier Building

Group S.A

3.

Intermediate

Risk


Leveraged

b B

Buzzi Unicem SpA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Compagnie de

Saint-Gobain

3.

Intermediate

Risk

2. Strong 2. Strong 4. Significant bbb BBB

CRH PLC 3.

Intermediate

Risk


Intermediate

bbb+ BBB+


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Geberit AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a A

Holcim Ltd 3.

Intermediate

Risk


Italcementi SpA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive



notch)

Yes BB+

Kerneos Tech Group

SAS

3.

Intermediate

Risk


Leveraged



notch)

B+

Lafarge S.A. 3.

Intermediate

Risk


Aggressive

bb+ BB+

Legrand S.A. 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Financial Policy:

Negative (-1 notch)

A-

Paroc Group Oy 3.

Intermediate

Risk


Leveraged

b B

Rexel S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Comparable Ratings


notch)

BB

Sanitec Oyj 3.

Intermediate

Risk



notch)

BB-

Titan Cement Co. S.A. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- Management &

Governance: Strong (+1

notch)

BB

Ultima Lux S.a.r.l. 3.

Intermediate

Risk


Leveraged

b B

Wuerth GmbH & Co.

KG, Adolf

3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Capital Structure:

Positive (+1 notch)

Management &

Governance: Fair (-1

notch)

A

Xella International S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Average scores for

building materials

3.0 3.1 3.1 4.3

BUSINESS AND CONSUMER SERVICES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Adecco S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+


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Befesa Zinc S.A.U. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

Yes B

Bilbao (Luxembourg)

S.A.

3.

Intermediate

Risk


Leveraged

b B

Brenntag AG 3.

Intermediate

Risk

2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Cegedim S.A. 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Cerved Group SpA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Compass Group PLC 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a A

Cucina Acquisition (UK)

Ltd.

3.

Intermediate

Risk


Leveraged

b- B-

Edenred S.A. 3.

Intermediate

Risk


Intermediate

bbb+ BBB+

Elior S.C.A 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb BB

Emerald 2 Limited 3.

Intermediate

Risk


Leveraged

b B

Equiniti Cleanco Ltd. 3.

Intermediate

Risk


Leveraged

b B

Experian Finance PLC 3.

Intermediate

Risk


Intermediate

a- A-

FieldLink N.V. 3.

Intermediate

Risk


Leveraged

b- B-

G4S PLC 3.

Intermediate

Risk



notch)

BBB-

Galaxy Finco Ltd.

(Domestic & General)

3.

Intermediate

Risk


Leveraged

b B

Holdelis SAS 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

HSS Financing Plc 3.

Intermediate

Risk


Leveraged

b B

Hydra Dutch Holdings 2

B.V.

3.

Intermediate

Risk


Leveraged

b B


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Hyperion Insurance

Group Ltd.

3.

Intermediate

Risk


Leveraged

b B

ISS A/S 3.

Intermediate

Risk



notch)

BBB-

IVS Group SA 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

La Financiere Atalian

SA

3.

Intermediate

Risk


Leveraged



notch)

B+

Manutencoop Facility

Management SpA

3.

Intermediate

Risk


Leveraged



notch)

B+

Parts Holdings (France)

SAS

3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

PHOENIX

Pharmahandel GmbH &

Co. KG

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory



notch)

BB

Prosegur Compania De

Seguridad S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

RAC Finance (Holdings)

Ltd.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Redtop Acquisitions Ltd 3.

Intermediate

Risk


Leveraged

b B

Rentokil Initial PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Rhino Bondco SpA 3.

Intermediate

Risk


Leveraged

b B

Saga plc 3.

Intermediate

Risk


Leveraged



notch)

B+

Securitas AB 3.

Intermediate

Risk


Selecta Group BV 3.

Intermediate

Risk


Leveraged



notch)

B+

Sodexo 3.

Intermediate

Risk


Intermediate

a- A-

Spie Bondco 3 S.C.A. 3.

Intermediate

Risk


Leveraged

b B

Stork Technical Services

Holding B.V.

3.

Intermediate

Risk


Leveraged

b- B-


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TeamSystem Holding

SpA

3.

Intermediate

Risk


Leveraged

b Financial Policy: FS-6

(minus) (-1 notch)

B-

Techem GmbH 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

TMF Group Holding

B.V.

3.

Intermediate

Risk


Leveraged

b B

Trionista TopCo GmbH 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

UK Power Networks

Services Holdings Ltd.

3.

Intermediate

Risk

2. Strong 2. Strong 4. Significant bbb Yes BBB

Verisure Holding AB 3.

Intermediate

Risk


Leveraged

b B

Average scores for

business & consumer

services

3.0 3.5 3.5 5.1

CAPITAL GOODS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

ABB Ltd. 3.

Intermediate

Risk


Alfa Laval AB 3.

Intermediate

Risk


Intermediate



notch)

BBB+

Alstom S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bbb- BBB-

Ashtead Group PLC 3.

Intermediate

Risk


Assa Abloy AB 3.

Intermediate

Risk


Intermediate

a- A-

Atlas Copco AB 3.

Intermediate

Risk


Bilfinger SE 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+

Borets International Ltd. 4.

Moderately

High Risk


Bravida Holding AB 3.

Intermediate

Risk


Leveraged

b B


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DH Services

Luxembourg S.a.r.l

3.

Intermediate

Risk


Leveraged

b B

Dometic Group AB 3.

Intermediate

Risk


Leveraged

b- B-

Doncasters Group Ltd. 3.

Intermediate

Risk


Leveraged

b B

Faenza Acquisition

GmbH


Leveraged

b B

HellermannTyton Group

PLC

3.

Intermediate

Risk


Heraeus Holding GmbH 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+

HMS Hydraulic

Machines & Systems

Group PLC

4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

KION Material Handling

GmbH

3.

Intermediate

Risk



notch)

BB-

Koninklijke Philips N.V. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Diversification/portfolio

effect: Moderate (+1

notch)

A-

KraussMaffei Group

GmbH

3.

Intermediate

Risk


Leveraged

b Yes B

KUKA AG 3.

Intermediate

Risk

5. Weak 5. Weak 4. Significant bb- BB-

Loxam SAS 3.

Intermediate

Risk



notch)

BB-

Metso Corp. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Minimax Viking GmbH 3.

Intermediate

Risk


Leveraged

b B

Munters AB 3.

Intermediate

Risk


Leveraged

b B

Nexans S.A. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

OAO TMK 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

OJSC European Bearing

Corporation

4.

Moderately

High Risk

5. Weak 5. Weak 1. Minimal bb+ Financial Policy:

Negative (-2 notches)

BB-

Peri GmbH 3.

Intermediate

Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Comparable Ratings


notch)

BBB-


1346366 | 301135083



Sandvik AB 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Schneider Electric S.A. 3.

Intermediate

Risk


Intermediate

a- A-

SGL Carbon SE 3.

Intermediate

Risk


Leveraged

b Financial Policy:

Positive (+1 notch)

B+

Siemens AG 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Diversification/portfolio


notch)

A+

SKF, AB 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

BBB+

Smiths Group PLC 3.

Intermediate

Risk


Intermediate

bbb+ BBB+

Technip 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+

The Weir Group PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

BBB+

Average scores for

capital goods

3.1 3.6 3.6 3.9

COMMODITY CHEMICALS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Carmeuse Holding S.A. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory



notch)

BB

Ciech S.A. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ Financial Policy:

Negative (-1 notch)

B

EuroChem Mineral and

Chemical Co. OJSC

5. High Risk 3.

Satisfactory

4. Fair 4. Significant bb BB

Industries Qatar QSC 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

1. Minimal a- Yes AA-

Ineos Group Holdings

S.A.

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- Financial Policy:

Negative (-1 notch)

B+

K+S Aktiengesellschaft 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate


Positive (+1 notch)

BBB

Kerling PLC 4.

Moderately

High Risk


Leveraged

b- B-


1346366 | 301135083



Nitrogenmuvek Zrt. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ Liquidity: Strong (+1

notch)

BB-

Nizhnekamskneftekhim

OAO

5. High Risk 4. Fair 5. Weak 3.

Intermediate

bb Financial Policy:

Negative (-1 notch)

Yes BB-

Novacap International

SAS

3.

Intermediate

Risk


Leveraged

b B

OCP S.A. 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

4. Significant bbb- Yes BBB-

Orion Engineered

Carbons Bondco GmbH

3.

Intermediate

Risk


Leveraged

b B

PhosAgro OJSC 5. High Risk 3.

Satisfactory

4. Fair 2. Modest bbb- BBB-

Saudi Basic Industries

Corp.

4.

Moderately

High Risk

1. Excellent 2. Strong 2. Modest a Yes A+

Solvay S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

BBB+

Styrolution Group

GmbH

4.

Moderately

High Risk

5. Weak 5. Weak 4. Significant bb- Financial Policy:

Negative (-1 notch)

B+

Uralkali OJSC 5. High Risk 2. Strong 4. Fair 2. Modest bbb- BBB-

Yara International ASA 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Financial Policy:

Negative (-1 notch)

BBB

Average scores for

commodity chemicals

4.1 3.4 3.9 3.7

CONSUMER DURABLES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

AB Electrolux 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+

Arcelik A.S. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bbb- Liquidity: Less than

adequate (-1 notch)

BB+

Britax Group Ltd. 3.

Intermediate

Risk


Leveraged

b B

BSH Bosch und Siemens

Hausgeraete GmbH

3.

Intermediate

Risk


Frigoglass SAIC 3.

Intermediate

Risk


Leveraged



notch)

B+


1346366 | 301135083



Lion/Gloria Holdco 3.

Intermediate

Risk


Leveraged

b- B-

Average scores for

consumer durables

3.0 3.5 3.5 4.3

CONTAINERS & PACKAGING

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Albea Beauty Holdings

S.A.

3.

Intermediate

Risk


Leveraged



notch)

B+

Ardagh Packaging

Group Ltd.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged


Negative (-1 notch)

B

Clondalkin Industries

B.V.

3.

Intermediate

Risk


Leveraged

b B

Financiere Daunou 5

S.a.r.l.

3.

Intermediate

Risk


Leveraged

b B

GCL Holdings S.C.A. 3.

Intermediate

Risk


Leveraged

b B

Gerresheimer AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Innovia Group (Holding

3) Ltd.

3.

Intermediate

Risk


Leveraged

b B

Kleopatra Holdings 2

S.C.A.

3.

Intermediate

Risk


Leveraged

b B

Rexam Plc 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Financial Policy:

Negative (-1 notch)

BBB-

Turkiye Sise ve Cam

Fabrikalari A.S.

3.

Intermediate

Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Liquidity: Less than

adequate (-1 notch)

Comparable Ratings


notch)

Yes BB+

Average scores for

containers &

packaging

3 3.7 3.7 5.2


1346366 | 301135083



ENGINEERING & CONSTRUCTION

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Abengoa S.A. 3.

Intermediate

Risk


Leveraged

b B

Astaldi SpA 4.

Moderately

High Risk


Leveraged



notch)

B+

Grupo Isolux Corsan

Finance B.V.

3.

Intermediate

Risk


Leveraged

b B

Petrofac Ltd. 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

2. Modest bbb+ BBB+

Salini S.p.A. 4.

Moderately

High Risk


Strabag SE 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Average score for

engineering and

construction

3.7 3.5 3.7 4.5

ENVIRONMENTAL SERVICES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

ALBA Group plc & Co.

KG

3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

Veolia Environnement

S.A.

1. Very Low

Risk

3.

Satisfactory

2. Strong 4. Significant bbb Diversification/portfolio


notch) Comparable

Ratings Analysis:

Negative (-1 notch)

BBB

Average scores for

environmental

services

2.0 4.0 3.5 4.5


1346366 | 301135083



FOREST & PAPER PRODUCTS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

ENCE Energia y

Celulosa S.A.

4.

Moderately

High Risk


Holmen AB 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate


Positive (+1 notch)

BBB

Lecta S.A. 4.

Moderately

High Risk


Leveraged

b B

Metsa Board Corp. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive



notch)

Yes B+

Mondi Consumer

Packaging International

AG

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Yes BBB-

Mondi Group 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Portucel S.A. 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BB

Sappi Ltd. 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Smurfit Kappa Group

PLC

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory


Stora Enso Oyj 4.

Moderately

High Risk


UPM-Kymmene Corp. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory



notch)

BB

Average scores for

forest & paper

products

4.0 3.7 3.7 4.0

HEALTH CARE EQUIPMENT

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Boston Luxembourg II

S.a.r.l.

2. Low Risk 3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+


1346366 | 301135083



Average scores for

healthcare equipment

2.0 3.0 3.0 6.0

HEALTH CARE SERVICES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Care UK Health & Social

Care Investments Ltd.

3.

Intermediate

Risk


Leveraged

b B

Cerba European Lab

SAS

3.

Intermediate

Risk


Leveraged



notch)

B+

Elli Investments Ltd. 3.

Intermediate

Risk


Leveraged



notch)

B-

Fresenius Medical Care

AG & Co. KGaA

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Yes BB+

Fresenius SE & Co.

KGaA

3.

Intermediate

Risk

2. Strong 2. Strong 4. Significant bbb Financial Policy:


BB+

Holding

Medi-Partenaires SAS

3.

Intermediate

Risk


Leveraged

b B

Labco S.A. 3.

Intermediate

Risk


Leveraged



notch)

B+

Priory Group No.3 PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Turnstone BidCo 1 Ltd. 3.

Intermediate

Risk


Leveraged

b B

Unilabs Holding AB 3.

Intermediate

Risk


Leveraged

b B

Voyage BidCo Ltd. 3.

Intermediate

Risk


Leveraged

b B

Average scores for

healthcare services

3.0 3.7 3.7 5.6


1346366 | 301135083



HOMEBUILDERS & DEVELOPERS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Aldar Properties PJSC 3.

Intermediate

Risk

5. Weak 5. Weak 4. Significant bb- Yes BB+

Breboro Holdings Co.

Ltd. Group

5. High Risk 6. Vulnerable 6.

Vulnerable

6. Highly

Leveraged

b- B-

CJSC SSMO

LenSpetsSMU

5. High Risk 4. Fair 5. Weak 5.

Aggressive

b+ B+

Damac Real Estate

Development Limited

4.

Moderately

High Risk

5. Weak 5. Weak 3.

Intermediate

bb BB

Dar Al Arkan Real

Estate Development Co.

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Emaar Properties PJSC 3.

Intermediate

Risk

4. Fair 4. Fair 2. Modest bbb- Yes BBB-

Financiere Gaillon 8 4.

Moderately

High Risk


Leveraged

b B

Pioneer Group CJSC 5. High Risk 6. Vulnerable 6.

Vulnerable

6. Highly

Leveraged

b- B-

RSG International Ltd. 5. High Risk 5. Weak 5. Weak 6. Highly

Leveraged


Negative (-1 notch)

B-

Taylor Wimpey PLC 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ BB+

Tourism Development

and Investment Co.

P.J.S.C.

4.

Moderately

High Risk

6. Vulnerable 6.

Vulnerable

6. Highly

Leveraged

b- Yes AA

Average scores for

homebuilders &

developers

4.2 4.8 4.9 4.7

LEISURE & SPORTS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Accor S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Amadeus IT Holding

S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

BBB


1346366 | 301135083



Carlson Wagonlit B.V. 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Cirsa Gaming Corp. S.A. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Deutsche Raststatten

Gruppe IV GmbH

3.

Intermediate

Risk

2. Strong 2. Strong 6. Highly

Leveraged

bb Financial Policy: FS-6

(minus) (-1 notch)

BB-

Enterprise Inns PLC 3.

Intermediate

Risk


Leveraged

b B

Gala Coral Group Ltd. 3.

Intermediate

Risk


Leveraged

b B

Gamenet S.p.A. 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Geo Travel Finance

SCA Luxembourg

3.

Intermediate

Risk


Leveraged



notch)

B+

InterContinental Hotels

Group PLC

3.

Intermediate

Risk


Intermediate


Negative (-1 notch)

BBB

Intralot S.A. 3.

Intermediate

Risk

4. Fair 4. Fair 4. Significant bb Financial Policy:

Negative (-1 notch)

Comparable Ratings


notch)

B+

Ladbrokes PLC 3.

Intermediate

Risk


Merlin Entertainments

PLC

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb BB

Moto Hospitality Ltd. 3.

Intermediate

Risk


Leveraged

b Financial Policy:

Negative (-1 notch)

B-

Odeon & UCI Cinemas

Group Ltd.

3.

Intermediate

Risk


Leveraged

b- B-

PAESA Entertainment

Holding S.L.

3.

Intermediate

Risk


Leveraged


(minus) (-1 notch)

B-

Parques Reunidos

Servicios Centrales,

S.A.U.

3.

Intermediate

Risk


Leveraged

b- B-

Safari Holding

Verwaltungs GmbH

3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

Sisal Holding Istituto di

Pagamento S.p.a.

3.

Intermediate

Risk


Leveraged

b B

SNAI SpA 3.

Intermediate

Risk


Leveraged

b- B-


1346366 | 301135083



Soho House Group Ltd. 3.

Intermediate

Risk


Leveraged



notch)

B-

Stonegate Pub

Company Ltd

3.

Intermediate

Risk


Leveraged



notch)

B+

Thomas Cook Group

PLC

3.

Intermediate

Risk


Leveraged

b B

Travelex Holdings Ltd. 3.

Intermediate

Risk


Leveraged

b B

TUI AG 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

Vougeot BidCo PLC 3.

Intermediate

Risk


Leveraged

b B

William Hill PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate


Negative (-1 notch)

BB+

Average scores for

leisure & sports

3.0 4.1 4.1 5.2

MEDIA & ENTERTAINMENT

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

All3Media Ltd. 3.

Intermediate

Risk


Leveraged

b B

Alpha Topco Ltd. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Scout24 (Asa NewCo

GmbH)

3.

Intermediate

Risk


Leveraged

b B

Bertelsmann SE & Co.

KGaA

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ BBB+

British Sky Broadcasting

Group PLC

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- Financial Policy:

Negative (-1 notch)

BBB+

Central European Media

Enterprises Ltd.

3.

Intermediate

Risk


Leveraged

b- Capital Structure:

Negative (-1 notch)

B-

CTC Media Inc. 4.

Moderately

High Risk

5. Weak 5. Weak 2. Modest bb+ Financial Policy:

Negative (-1 notch)

Comparable Ratings


notch)

BB-


1346366 | 301135083



Cyfrowy Polsat S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory



notch)

BB

Daily Mail & General

Trust PLC

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

EDU UK Bondco PLC 3.

Intermediate

Risk


Leveraged

b- B-

Gallery Media Holding

Ltd. (BVI)

4.

Moderately

High Risk


Leveraged



notch)

B-

Gruppo Editoriale

L'Espresso SpA

3.

Intermediate

Risk

5. Weak 5. Weak 4. Significant bb- BB-

ITV PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

Comparable Ratings


notch)

BBB-

JCDecaux S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

MergerMarket Group 3.

Intermediate

Risk


Leveraged

b B

NH Hoteles S.A. 3.

Intermediate

Risk


Leveraged

b- B-

Pearson PLC 3.

Intermediate

Risk


Intermediate

bbb+ BBB+

Polish Television

Holding B.V.

3.

Intermediate

Risk


Leveraged



notch)

Yes B-

Publicis Groupe S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

BBB+

Reed Elsevier PLC 3.

Intermediate

Risk


Intermediate

a- Financial Policy:

Negative (-1 notch)

BBB+

RTL Group S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- Yes BBB+

Springer SBM One

GmbH

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Springer

Science+Business

Media S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Television Francaise 1

S.A.

3.

Intermediate

Risk

4. Fair 4. Fair 2. Modest bbb- Financial Policy:

Positive (+1 notch)

Comparable Ratings


notch)

BBB+


1346366 | 301135083



TVN S.A. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

Yes B+

UBM PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate


Negative (-1 notch)

BBB-

Wolters Kluwer N.V. 3.

Intermediate

Risk


Intermediate

a- Financial Policy:

Negative (-1 notch)

BBB+

WPP PLC 3.

Intermediate

Risk


Intermediate


Negative (-1 notch)

BBB

Average scores for

media &

entertainment

3.1 3.5 3.5 4.0

METALS & MINING DOWNSTREAM

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Anglo American PLC 4.

Moderately

High Risk

1. Excellent 2. Strong 4. Significant bbb BBB

Aperam S.A. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

ArcelorMittal 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive



notch)

BB+

Constellium N.V. 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Eco-Bat Technologies

Ltd.

4.

Moderately

High Risk

5. Weak 5. Weak 4. Significant bb- Financial Policy:


B

Eregli Demir ve Celik

Fabrikalari T.A.S.

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- Liquidity: Less than

adequate (-1 notch)

B+

Evraz Group S.A. 5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive



notch)

Yes B+

Kloeckner & Co. S.E. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive


notch) Comparable

Ratings Analysis:

Negative (-1 notch)

B+

NLMK OJSC 5. High Risk 2. Strong 4. Fair 3.

Intermediate

bb+ BB+

Norsk Hydro ASA 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Yes BBB

OAO Severstal 5. High Risk 2. Strong 4. Fair 3.

Intermediate

bb+ BB+


1346366 | 301135083



Ovako Group AB 4.

Moderately

High Risk


Leveraged

b B

Schmolz + Bickenbach

AG

4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

SSAB AB 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

ThyssenKrupp AG 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Diversification/portfolio


notch) Comparable

Ratings Analysis:

Positive (+1 notch)

BB

Average scores for

metals & mining

downstream

4.2 3.6 4.0 4.6

METALS & MINING UPSTREAM

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Alrosa 5. High Risk 4. Fair 5. Weak 4. Significant bb- Comparable Ratings


notch)

Yes BB-

AngloGold Ashanti Ltd. 4.

Moderately

High Risk

4. Fair 4. Fair 4. Significant bb BB+

Consolidated Minerals

Ltd. (Jersey)

4.

Moderately

High Risk

5. Weak 5. Weak 4. Significant bb- Comparable Ratings


notch)

B+

Eurasian Natural

Resources Corporation

PLC

5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive


adequate (-1 notch)

Management &

Governance: Weak (-1

notch)

Yes B

First Quantum Minerals

Ltd

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive


Negative (-1 notch)

B+

Gold Fields Ltd. 4.

Moderately

High Risk



notch)

BB+

JSC Holding Company

Metalloinvest

5. High Risk 3.

Satisfactory

4. Fair 4. Significant bb Capital Structure:

Positive (+1 notch)

Financial Policy:

Negative (-1 notch)

BB

MMC Norilsk Nickel

OJSC

5. High Risk 2. Strong 4. Fair 3.

Intermediate



notch)

BBB-

OAO Koks 5. High Risk 5. Weak 5. Weak 6. Highly

Leveraged

b- B-

Polyus Gold

International Ltd.

5. High Risk 3.

Satisfactory

4. Fair 3.

Intermediate

bb+ BB+


1346366 | 301135083



Rio Tinto Plc 4.

Moderately

High Risk

1. Excellent 2. Strong 3.

Intermediate

a- A-

S&B Minerals Finance

S.C.A.

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Average scores for

metals & mining

upstream

4.5 3.5 4.1 4.2

MIDSTREAM ENERGY

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

GasTerra B.V. 2. Low Risk 2. Strong 2. Strong 1. Minimal aa Yes AA

KazTransGas 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Financial Policy:

Negative (-1 notch)

Yes BB+

Average scores for

midstream energy

3.0 3.0 3.0 2.0

NUCLEAR

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

AREVA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged


notch)

Yes BBB-

Urenco Ltd. 3.

Intermediate

Risk



notch)

Yes BBB+

Average scores for

nuclear

3.0 2.5 2.5 5.0

OIL & GAS DRILLING, EQUIPMENT & SERVICES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

C.A.T. oil AG 4.

Moderately

High Risk

5. Weak 5. Weak 2. Modest bb+ Comparable Ratings


notch)

BB

CGG 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+


1346366 | 301135083



Eurasia Drilling Co. 4.

Moderately

High Risk

4. Fair 4. Fair 2. Modest bbb- Comparable Ratings


notch)

BB+

Expro Holdings U.K. 3

Ltd.

3.

Intermediate

Risk


Leveraged

b- B-

IG Seismic Services PLC 4.

Moderately

High Risk


Leveraged

b Yes B

KCA DEUTAG Alpha

Ltd.

3.

Intermediate

Risk


Leveraged

b B

MB Petroleum Service

LLC

3.

Intermediate

Risk


Leveraged

b- Yes B

Millennium Offshore

Services Superholdings

LLC

3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

Nico Middle East Ltd. 3.

Intermediate

Risk


Leveraged

b Yes B

Ocean Rig UDW Inc. 3.

Intermediate

Risk


Leveraged

b B

Petroleum Geo-Services

ASA

3.

Intermediate

Risk



notch)

BB

Seadrill Partners LLC 3.

Intermediate

Risk


Negative (-1 notch)

BB-

Shelf Drilling Holdings

Ltd.

3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Songa Offshore SE 3.

Intermediate

Risk


Leveraged

b- B-

Stena AB 3.

Intermediate

Risk


Leveraged

b Diversification/portfolio


notch) Management &


notch) Comparable

Ratings Analysis:

Positive (+1 notch)

BB

Vallourec 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

BBB+

Welltec A/S 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Average scores for oil

& gas drilling,

equipment & services

3.2 4.5 4.5 4.9


1346366 | 301135083



OIL & GAS INTEGRATED, EXPLORATION & PRODUCTION

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

A.P. Moller - Maersk

A/S

4.

Moderately

High Risk

2. Strong 3.

Satisfactory

3.

Intermediate

bbb Diversification/portfolio


notch)

BBB+

Afren PLC 4.

Moderately

High Risk



notch)

B+

BG Energy Holdings

Ltd.

3.

Intermediate

Risk


Intermediate

a- Yes A-

BP PLC 3.

Intermediate

Risk

1. Excellent 1. Excellent 3.

Intermediate

a+ Management &


notch)

Yes A

EBN B.V. 3.

Intermediate

Risk

1. Excellent 1. Excellent 1. Minimal aa+ Yes AA+

Eni SpA 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Yes A

EnQuest PLC 3.

Intermediate

Risk



notch)

B+

Gazprom Neft JSC 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

3.

Intermediate


Negative (-1 notch)

Yes BBB-

Gazprom OAO 4.

Moderately

High Risk

2. Strong 3.

Satisfactory

3.

Intermediate


Negative (-1 notch)

Yes BBB-

International Petroleum

Investment Company

(IPIC)

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

Yes AA

KazMunaiGas

Exploration Production

JSC

4.

Moderately

High Risk

5. Weak 5. Weak 2. Modest bb+ Yes BBB-

KazMunayGas NC JSC 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive


Negative (-1 notch)

Yes BBB-

Lukoil OAO 4.

Moderately

High Risk

2. Strong 3.

Satisfactory


Negative (-1 notch)

BBB-

MB Holding Company

LLC.

3.

Intermediate

Risk


Leveraged

b B

MOL Hungarian Oil and

Gas PLC

3.

Intermediate

Risk

4. Fair 4. Fair 4. Significant bb Yes BB

Nostrum Oil & Gas 4.

Moderately

High Risk



notch)

B+


1346366 | 301135083



OAO NOVATEK 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Oil and Gas Company

Russneft OJSC

4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive


Negative (-1 notch)

B

Oil Company Rosneft

OJSC

4.

Moderately

High Risk

2. Strong 3.

Satisfactory

5.

Aggressive


Negative (-1 notch)

Comparable Ratings


notch)

Yes BBB-

Polish Oil & Gas

Company SA (PGNiG)

3.

Intermediate

Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BBB-

Repsol S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Royal Dutch Shell plc 3.

Intermediate

Risk

1. Excellent 1. Excellent 2. Modest aa Yes AA

Samruk-Kazyna 4.

Moderately

High Risk


Leveraged

b Diversification/portfolio


notch)

Yes BBB+

Sasol Ltd. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes BBB

State Oil Company of

Azerbaijan Republic

4.

Moderately

High Risk


Negative (-1 notch)

Comparable Ratings


notch)

Yes BB+

Statoil ASA 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Comparable Ratings


notch)

Yes AA-

Total S.A. 3.

Intermediate

Risk

1. Excellent 1. Excellent 2. Modest aa Comparable Ratings


notch)

AA-

Tullow Oil PLC 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive


Positive (+1 notch)

BB

Average scores for oil

& gas integrated,

exploration &

production

3.5 3.1 3.3 3.5

PHARMACEUTICALS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Almirall, SA 2. Low Risk 4. Fair 4. Fair 3.

Intermediate


Negative (-1 notch)

BB

AstraZeneca PLC 2. Low Risk 2. Strong 2. Strong 1. Minimal aa Financial Policy:

Negative (-1 notch)

AA-


1346366 | 301135083



Bayer AG 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- Diversification/portfolio


notch) Financial Policy:

Negative (-1 notch)

A-

Chimpharm JSC 4.

Moderately

High Risk

6. Vulnerable 6.

Vulnerable

6. Highly

Leveraged

b- Financial Policy:

Negative (-1 notch)

B-

GlaxoSmithKline PLC 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a+ A+

Grifols S.A. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Financial Policy:

Negative (-1 notch)

BB

Merck KGaA 2. Low Risk 2. Strong 2. Strong 2. Modest a Diversification/portfolio



Negative (-1 notch)

A

Novartis AG 2. Low Risk 1. Excellent 1. Excellent 1. Minimal aa+ Financial Policy:


AA-

Novasep Holding S.A.S. 2. Low Risk 5. Weak 5. Weak 6. Highly

Leveraged

b Financial Policy:

Negative (-1 notch)

B-

Novo Nordisk A/S 2. Low Risk 2. Strong 2. Strong 1. Minimal aa- AA-

Roche Holding AG 2. Low Risk 1. Excellent 1. Excellent 1. Minimal aa+ Financial Policy:

Negative (-1 notch)

AA

Rottapharm SpA 2. Low Risk 4. Fair 4. Fair 4. Significant bb Comparable Ratings


notch)

BB-

Sanofi 2. Low Risk 1. Excellent 1. Excellent 1. Minimal aa+ Financial Policy:

Negative (-1 notch)

AA

Average scores for

pharmaceuticals

2.2 2.6 2.6 2.8

RAILROAD & PACKAGE EXPRESS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

CEVA Holding LLC 2. Low Risk 5. Weak 5. Weak 6. Highly

Leveraged

b Management &


notch)

Yes B-

Far-Eastern Shipping

Co. PLC

4.

Moderately

High Risk


Leveraged



notch)

Yes B+

Logwin AG 2. Low Risk 6. Vulnerable 6.

Vulnerable

3.

Intermediate



notch)

B+

PostNL N.V. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Capital Structure:

Positive (+1 notch)

BBB-

TNT Express N.V. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Yes BBB+

UCL Rail B.V. 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BB+


1346366 | 301135083



Average scores for

railroad & package

express

2.7 4.2 4.2 4.0

REAL ESTATE INVESTMENT TRUSTS (REITs)

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Atrium European Real

Estate Ltd.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Befimmo S.A. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb BBB

Citycon Oyj 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Cofinimmo S.A./N.V. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Corio N.V. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ BBB+

Derwent London PLC 2. Low Risk 2. Strong 2. Strong 4. Significant bbb BBB

Deutsche Annington

Immobilien SE

2. Low Risk 2. Strong 2. Strong 4. Significant bbb BBB

Dubai Investments Park

Development Company

LLC

3.

Intermediate

Risk

4. Fair 4. Fair 1. Minimal bbb- Yes BB+

Emaar Malls Group LLC 3.

Intermediate

Risk


Fonciere des Regions 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Gecina 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ Comparable Ratings


notch)

BBB

Global Switch Holdings

Ltd.

2. Low Risk 3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Comparable Ratings


notch)

BBB

Goodman European

Logistics Fund, FCP-FIS

2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Grainger PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb BB

Grand City Properties

S.A.


Intermediate

bb+ BB+

Icade S.A. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ BBB+

Klepierre S.A. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- A-


1346366 | 301135083



Majid Al Futtaim

Holding LLC

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Mercialys 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

O1 Properties Ltd. 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Prologis European

Properties Fund II, FCP

2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Societe Fonciere

Lyonnaise S.A.

2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB-

Unibail-Rodamco 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a A

Average scores for

real estate investment

trusts

2.3 2.6 2.6 3.3

REGULATED UTILITIES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

A2A SpA 3.

Intermediate

Risk


Acea SpA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Alliander N.V. 1. Very Low

Risk



notch)

Yes AA-

Azerenerji JSC 4.

Moderately

High Risk


Leveraged


Negative (-1 notch)

Comparable Ratings


notch)

Yes BBB-

Bord Gais Eireann 1. Very Low

Risk

3.

Satisfactory

2. Strong 4. Significant bbb Comparable Ratings


notch)

Yes BBB+

Delta N.V. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

Yes BBB+

Dubai Electricity and

Water Authority

2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Yes BBB

E.ON SE 3.

Intermediate

Risk


Intermediate

a- A-

EDP - Energias de

Portugal, S.A.

3.

Intermediate

Risk


Aggressive

bb+ BB+


1346366 | 301135083



Electricite de France

S.A.


Intermediate

a Yes A+

Electricity North West

Ltd.

1. Very Low

Risk

1. Excellent 1. Excellent 4. Significant a- Financial Policy:

Negative (-1 notch)

BBB+

Electricity Supply Board 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

Yes BBB+

Elia System Operator

S.A./N.V.

1. Very Low

Risk

2. Strong 1. Excellent 4. Significant a- A-

Enagas S.A. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Yes BBB

EnBW Energie

Baden-Wuerttemberg

AG

3.

Intermediate

Risk



notch)

Yes A-

Eneco Holding N.V. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- Yes A-

Enel SpA 3.

Intermediate

Risk


Energie AG

Oberoesterreich

3.

Intermediate

Risk


Intermediate

bbb+ Yes A-

Energie Steiermark AG 3.

Intermediate

Risk


Intermediate

a- Yes A

Energinet.dk SOV 1. Very Low

Risk

2. Strong 1. Excellent 4. Significant a- Comparable Ratings


notch)

Yes AA

Enexis Holding N.V. 1. Very Low

Risk



notch)

Yes AA-

ESKOM Holdings SOC

Ltd.


Leveraged

b- Yes BBB-

EVN AG 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes BBB+

Federal Grid Co. Of the

Unified Energy System

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Yes BBB-

Fingrid Oyj 1. Very Low

Risk

2. Strong 1. Excellent 3.

Intermediate

a Yes AA-

Fortum Varme Holding

samagt med Stockholms

stad, AB

1. Very Low

Risk

3.

Satisfactory

2. Strong 4. Significant bbb Yes BBB+

Gas Natural SDG, S.A. 3.

Intermediate

Risk


Gelsenwasser AG 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

a- A-

Hera SpA 3.

Intermediate

Risk


Hrvatska

Elektroprivreda d.d.


Aggressive


adequate (-1 notch)

Yes BB-

Iberdrola S.A. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Yes BBB


1346366 | 301135083



Interregional

Distributive Grid Co. of

Center, JSC

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- Yes BB

Israel Electric Corp. Ltd. 1. Very Low

Risk

5. Weak 4. Fair 6. Highly

Leveraged

b Yes BB+

Kazakhstan Electricity

Grid Operating Co.

(JSC)

4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ Capital Structure:

Negative (-1 notch)

Yes BB+

KazTransOil 4.

Moderately

High Risk


Negative (-1 notch)

Yes BBB-

KELAG 3.

Intermediate

Risk


Kraftringen Energi AB

(publ)

2. Low Risk 3.

Satisfactory

3.

Satisfactory

4. Significant bbb- Yes BBB+

London Power

Networks PLC

1. Very Low

Risk

1. Excellent 1. Excellent 4. Significant a- Financial Policy:

Negative (-1 notch)

bbb+

Madrilena Red de Gas,

S.A.U.



notch)

Yes BBB-

Moscow Integrated

Power Co. JSC

4.

Moderately

High Risk



notch)

Yes BB-

Moscow United Electric

Grid Co. JSC

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive

bb- Yes BB

Mosvodokanal JSC 4.

Moderately

High Risk


Negative (-1 notch)

Yes BBB-

N.V. Nederlandse

Gasunie

1. Very Low

Risk


Intermediate

a Comparable Ratings


notch)

Yes A+

National Grid Plc 1. Very Low

Risk

1. Excellent 1. Excellent 4. Significant a- A-

Natsionalna

Elektricheska Kompania

EAD


Leveraged

b- Yes B+

Northern Gas Networks

Holdings Ltd.

1. Very Low

Risk

1. Excellent 1. Excellent 4. Significant a- Comparable Ratings


notch)

BBB+

Northern Gas Networks

Ltd.

1. Very Low

Risk



notch)

Yes BBB+

Northern Ireland

Electricity Ltd.

1. Very Low

Risk

2. Strong 1. Excellent 4. Significant a- Yes BBB+

Northern Powergrid

Holdings Co.

1. Very Low

Risk


Intermediate

a Financial Policy:

Negative (-1 notch)

Yes BBB+

Northumbrian Water

Ltd.

1. Very Low

Risk



notch)

Yes bbb+

OAO AK Transneft 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes BBB-


1346366 | 301135083



Oman Power and Water

Procurement Co. SAOC

2. Low Risk 3.

Satisfactory

3.

Satisfactory



notch)

Yes A

PPL WEM Holdings Ltd 1. Very Low

Risk



notch)

Yes BBB

PPL WW Holdings Ltd. 1. Very Low

Risk


Intermediate



notch)

Yes BBB

Rand Water 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes BBB-

Red Electrica

Corporacion S.A.

2. Low Risk 2. Strong 2. Strong 4. Significant bbb Yes BBB

REN-Redes Energeticas

Nacionais, SGPS, S.A.


Aggressive

bb+ Yes BB+

RTE Reseau de

Transport d Electricite

1. Very Low

Risk


Intermediate

a Yes A+

Russian Grids JSC 4.

Moderately

High Risk



notch)

Yes BBB-

RWE AG 3.

Intermediate

Risk



notch)

BBB+

S.N.T.G.N. Transgaz

S.A. Medias

2. Low Risk 5. Weak 5. Weak 3.

Intermediate

bb Yes BB

Saudi Electric Co. 2. Low Risk 4. Fair 4. Fair 4. Significant bb Comparable Ratings


notch)

Yes AA-

Scotland Gas Networks

PLC

1. Very Low

Risk


Aggressive

bbb BBB

Scottish Power Ltd. 2. Low Risk 2. Strong 2. Strong 4. Significant bbb Comparable Ratings


notch)

Yes BBB

Severn Trent Water Ltd. 1. Very Low

Risk



notch)

Yes BBB+

SNAM SpA 2. Low Risk 1. Excellent 1. Excellent 4. Significant a- Yes BBB+

South Staffordshire

Water PLC

1. Very Low

Risk


Aggressive



notch)

BBB+

Southern Gas Networks

PLC

1. Very Low

Risk


Aggressive

bbb BBB

SSE PLC 3.

Intermediate

Risk


Intermediate

a- A-

Statnett SF 1. Very Low

Risk


Aggressive

bbb Yes A+

Sutton and East Surrey

Water PLC

1. Very Low

Risk

2. Strong 1. Excellent 4. Significant a- Management &


notch) Comparable

Ratings Analysis:

Negative (-1 notch)

BBB

Tekniska Verken i

Linkoping AB

2. Low Risk 3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Yes A


1346366 | 301135083



TenneT Holding B.V. 1. Very Low

Risk


Aggressive

bbb Yes A-

Terna SpA 2. Low Risk 1. Excellent 1. Excellent 4. Significant a- Yes BBB+

Thyssengas Beteiligungs

GmbH

1. Very Low

Risk

1. Excellent 1. Excellent 4. Significant a- A-

United Utilities Water

PLC

1. Very Low

Risk



notch)

BBB+

Vier Gas Transport

GmbH

1. Very Low

Risk

2. Strong 1. Excellent 4. Significant a- A-

Vodokanal St.

Petersburg

4.

Moderately

High Risk

5. Weak 5. Weak 3.

Intermediate


Negative (-1 notch)

Yes BB+

Wessex Water Services

Ltd.

1. Very Low

Risk



notch)

Yes BBB+

Zapadoslovenska

energetika a.s.

1. Very Low

Risk

3.

Satisfactory

2. Strong 4. Significant bbb Comparable Ratings


notch)

BBB+

Average scores for

regulated utilities

2.0 2.4 2.2 3.8

RETAIL & RESTAURANTS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Apoteket AB 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- Yes A+

BrightHouse Group Ltd. 3.

Intermediate

Risk


Leveraged

b- B-

BUT S.A.S 3.

Intermediate

Risk


Leveraged



notch)

B-

Carrefour S.A. 3.

Intermediate

Risk


Intermediate

bbb+ BBB+

Casino Guichard -

Perrachon & Cie S.A.

3.

Intermediate

Risk



notch)

BBB-

Co-operative Group Ltd. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive


Negative (-1 notch)

Management &


notch)

B+

Darty plc 3.

Intermediate

Risk

5. Weak 5. Weak 3.

Intermediate



notch)

BB-

Debenhams PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive



notch)

BB-


1346366 | 301135083



Delhaize Group S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

DFS Furniture Holdings

PLC

3.

Intermediate

Risk


Leveraged


(minus) (-1 notch)

Comparable Ratings


notch)

B

Distribuidora

Internacional de

Alimentación S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Douglas Holding AG 3.

Intermediate

Risk


Leveraged

b B

Dufry AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Edcon Holdings Ltd. 3.

Intermediate

Risk


Leveraged


Negative (-1 notch)

B-

Financiere Quick S.A.S. 3.

Intermediate

Risk


Leveraged

b- B-

Global Blue Acquisition

B.V.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Groupe Auchan S.A. 3.

Intermediate

Risk


Intermediate

a- A-

Highland Group

Holdings Ltd.

3.

Intermediate

Risk


Leveraged

b B

Hornbach Holding AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Hornbach-Baumarkt-AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ bb+

Iceland Acquico Ltd. 3.

Intermediate

Risk


Leveraged



notch)

B+

Kingfisher PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

KKR Retail Partners

Midco S.a.r.l. (Groupe

SMCP)

3.

Intermediate

Risk


Leveraged

b B

Koninklijke Ahold N.V. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Lenta Ltd. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Magnolia (BC) S.A.

(Maisons du Monde)

3.

Intermediate

Risk


Leveraged

b B


1346366 | 301135083



Marks & Spencer PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Metro AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Missouri TopCo Ltd. 3.

Intermediate

Risk


Leveraged

b- B-

New Look Retail Group

Ltd.

3.

Intermediate

Risk


Leveraged

b B

Next PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

BBB

OJSC Magnit 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate



notch)

BB

Pendragon PLC 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

Phones4u Finance PLC 3.

Intermediate

Risk


Leveraged

b B

Picard Groupe S.A.S. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

REWE Group 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Takko Fashion S.a.r.l. 3.

Intermediate

Risk


Leveraged

b B

Tesco PLC 3.

Intermediate

Risk



notch)

BBB+

The Nuance Group AG 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

X5 Retail Group N.V. 4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive


Negative (-1 notch)

B+

Average scores for

retail & restaurants

3.1 3.6 3.6 4.6

SPECIALTY CHEMICALS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Akzo Nobel N.V. 2. Low Risk 2. Strong 2. Strong 3.

Intermediate



notch)

BBB+


1346366 | 301135083



Allnex (Luxembourg) &

Cy SCA


Leveraged



notch)

B+

Arkema S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

BASF SE 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a+ A+

Clariant AG 2. Low Risk 3.

Satisfactory

3.

Satisfactory


Evonik Industries AG 3.

Intermediate

Risk


Intermediate

bbb+ BBB+

Flint Group GmbH 2. Low Risk 4. Fair 4. Fair 6. Highly

Leveraged



notch)

B+

Koninklijke DSM N.V. 3.

Intermediate

Risk


L'Air Liquide S.A. 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a+ A+

LANXESS AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Linde AG 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a+ A+

Monitchem Holdco 2

S.A.


Leveraged

b B

OXEA S.a.r.l.,

Luxembourg

3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

Yes BB-

Sika AG 2. Low Risk 2. Strong 2. Strong 2. Modest a Comparable Ratings


notch)

A-

SPCM S.A. 2. Low Risk 3.

Satisfactory

3.

Satisfactory


Syngenta AG 2. Low Risk 2. Strong 2. Strong 1. Minimal aa- Comparable Ratings


notch)

A+

Average scores for

specialty chemicals

2.4 2.6 2.6 3.6

TECHNOLOGY - HARDWARE & SEMICONDUCTORS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Alcatel-Lucent 4.

Moderately

High Risk


Leveraged

b- B-


1346366 | 301135083



ASM International N.V. 4.

Moderately

High Risk

5. Weak 5. Weak 2. Modest bb+ BB+

Ericsson

(Telefonaktiebolaget

L.M.)

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

1. Minimal a- Comparable Ratings


notch)

BBB+

Mubadala Development

Co. PJSC

3.

Intermediate

Risk

4. Fair 4. Fair 4. Significant bb Yes AA

Nokia Corp. 4.

Moderately

High Risk

5. Weak 5. Weak 3.

Intermediate

bb BB

Nokia Solutions and

Networks B.V.

4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

NXP B.V. 4.

Moderately

High Risk


Oberthur Technologies

Holding SAS

4.

Moderately

High Risk


Leveraged



notch)

B-

STMicroelectronics N.V. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory



notch)

BBB

Technicolor S.A. 4.

Moderately

High Risk



notch)

B+

Vestel Elektronik Sanayi

Ve Ticaret A.S.

4.

Moderately

High Risk


Leveraged

b- B-

Average scores for

technology -

hardware &

semiconductors

3.9 4.4 4.4 3.9

TECHNOLOGY - SOFTWARE & SERVICES

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

AI Avocado B.V. 3.

Intermediate

Risk


Leveraged

b B

AVG Technologies N.V. 3.

Intermediate

Risk

5. Weak 5. Weak 1. Minimal bb+ Financial Policy:

Negative (-1 notch)

BB

Cap Gemini S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory



notch)

BBB

ION Trading

Technologies Ltd.

3.

Intermediate

Risk


Leveraged

b B


1346366 | 301135083



Misys Newco 2 S.a.r.l 3.

Intermediate

Risk


Leveraged

b B

Nassa Midco AS 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Shield HoldCo Ltd. 3.

Intermediate

Risk


Leveraged

b B

Ship Luxco 3 S.A.R.L. 3.

Intermediate

Risk


Leveraged

b B

Sybil Investments B.V. 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive

b+ B+

TigerLuxOne 3.

Intermediate

Risk


Leveraged

b B

Average scores for

technology - software

& services

3.0 4.2 4.2 5

TELECOM & CABLE

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Adria Bidco B.V. 4.

Moderately

High Risk


Leveraged

b B

Altice International

S.a.r.l.

3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- Yes B+

Altice S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes B+

Avanti Communications

Group PLC

3.

Intermediate

Risk


Leveraged

b- B-

Bahrain

Telecommunications

Co.

4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BB+

Belgacom S.A. 3.

Intermediate

Risk


Bouygues S.A. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Diversification/portfolio


notch) Capital Structure:

Positive (+1 notch)

Comparable Ratings


notch)

Yes BBB

BT Group PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB


1346366 | 301135083



Bulgarian

Telecommunications

Co. EAD

3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive

bb- BB-

Cable & Wireless

Communications PLC

3.

Intermediate

Risk


Cableuropa S.A.U. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Cell C (Pty) Ltd. 3.

Intermediate

Risk


Leveraged

b- Capital Structure:

Negative (-1 notch)

B-

Colt Group S.A. 3.

Intermediate

Risk

5. Weak 5. Weak 3.

Intermediate

bb BB

Deutsche Telekom AG 3.

Intermediate

Risk



notch)

Yes BBB+

EE Ltd. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes bbb

eircom Holdings

(Ireland) Ltd.

3.

Intermediate

Risk


Leveraged

b B

Elisa Corp. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory



notch)

BBB

Emirates

Telecommunications

Corp. (Etisalat)

3.

Intermediate

Risk

2. Strong 2. Strong 1. Minimal aa- Yes AA-

Eutelsat

Communications S.A.

3.

Intermediate

Risk


Helios Towers Nigeria

Ltd

4.

Moderately

High Risk


Leveraged

b B

Hellenic

Telecommunications

Organization S.A.

4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate



notch)

Yes BB-

Inmarsat PLC 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Interxion Holding N.V. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Kazakhtelecom JSC 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate


Negative (-1 notch)

Management &


notch)

Yes BB

Koninklijke KPN N.V. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Liberty Global plc 3.

Intermediate

Risk


Leveraged


Negative (-1 notch)

Yes BB-


1346366 | 301135083



Matterhorn Financing &

Cy S.C.A.

3.

Intermediate

Risk


Leveraged

b B

MegaFon OJSC 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

Comparable Ratings


notch)

BBB-

Metelem Holding

Company Ltd.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb Yes BB

Mobile TeleSystems

(OJSC)

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

Comparable Ratings


notch)

Yes bb+

NorCell 1B AB (publ) 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

B

Numericable Group S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb Yes B+

Oman

Telecommunications

Co.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

Comparable Ratings


notch)

Yes BBB+

Ooredoo Q.S.C. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bbb- Yes A-

Orange S.A. 3.

Intermediate

Risk


Intermediate

bbb+ Yes BBB+

Play Holdings 2 S.a.r.l 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Portugal Telecom SGPS

S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb BB

RCS & RDS S.A. 3.

Intermediate

Risk

4. Fair 4. Fair 5.

Aggressive



notch)

B+

Rostelecom OJSC 4.

Moderately

High Risk

4. Fair 4. Fair 3.

Intermediate

bb+ Yes BB+

Saudi Telecom

Company

3.

Intermediate

Risk

2. Strong 2. Strong 1. Minimal aa- Financial Policy:

Negative (-1 notch)

Yes A+

SES S.A. 3.

Intermediate

Risk


Sunrise

Communications

Holdings S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ B+

Swisscom AG 3.

Intermediate

Risk


Intermediate

a- Yes A


1346366 | 301135083



TDC A/S 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Telecom Italia SpA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Telefonica Czech

Republic, a.s.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- BBB-

Telefonica S.A. 3.

Intermediate

Risk


Telekom Austria AG 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory


Telekomunikacja Polska

S.A.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Yes bbb

Telenet Group Holding

N.V.

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes b+

Telenor ASA 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Yes A-

TeliaSonera AB 3.

Intermediate

Risk

2. Strong 2. Strong 2. Modest a Comparable Ratings


notch)

Yes A-

Telkom SA SOC Ltd. 3.

Intermediate

Risk


Turk Telekom 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Liquidity: Less than

adequate (-1 notch)

Yes BB+

Turkcell Iletisim

Hizmetleri A.S.

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory


Negative (-1 notch)

Management &


notches)

BB+

Tyrol Acquisition 1 SAS 3.

Intermediate

Risk


Leveraged

bb Capital Structure: Very


Comparable Ratings


notch)

B

UAB Bite Lietuva 3.

Intermediate

Risk

5. Weak 5. Weak 5.

Aggressive



notch)

B

Unitymedia KabelBW

GmbH

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes bb-

UPC Holding BV 3.

Intermediate

Risk


Leveraged


Negative (-1 notch)

Yes bb-

VimpelCom Ltd. 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory



notch)

Yes BB


1346366 | 301135083



Virgin Media Inc. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive


Negative (-1 notch)

Yes bb-

Vivendi S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb BBB

Vodafone Group PLC 3.

Intermediate

Risk


Intermediate

a- A-

Wind

Telecomunicazioni SpA

3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged

b+ Yes BB-

Ypso Holding Sarl 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb Yes B+

Ziggo Bond Co. B.V. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory



notch)

BB

Average scores for

telecom & cable

3.2 3.1 3.1 4.0

TRANSPORTATION CYCLICAL

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Aguila 3 S.A. 5. High Risk 2. Strong 4. Fair 6. Highly

Leveraged

b Yes B

AO Sovcomflot 5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive

bb- Yes BB+

Avanza Spain S.A.U 5. High Risk 2. Strong 4. Fair 6. Highly

Leveraged



notch)

Yes b+

Avincis Mission Critical

Services Holdings,

S.L.U.

5. High Risk 2. Strong 4. Fair 6. Highly

Leveraged

b Yes B

British Airways PLC 5. High Risk 3.

Satisfactory

4. Fair 4. Significant bb Yes bb

CMA CGM S.A. 5. High Risk 4. Fair 5. Weak 5.

Aggressive

b+ B+

Deutsche Lufthansa AG 5. High Risk 1. Excellent 3.

Satisfactory


Eletson Holdings Inc. 5. High Risk 5. Weak 5. Weak 6. Highly

Leveraged

b B

FirstGroup PLC 5. High Risk 1. Excellent 3.

Satisfactory


gategroup Holding AG 5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive

bb- Yes BB-

The Go-Ahead Group

PLC

5. High Risk 1. Excellent 3.

Satisfactory


Hapag-Lloyd AG 5. High Risk 5. Weak 5. Weak 5.

Aggressive

b+ B+


1346366 | 301135083



Nakilat Inc. 5. High Risk 1. Excellent 2. Strong 5.

Aggressive



notch)

Yes AA-

Navios Maritime

Acquisition Corp.

5. High Risk 3.

Satisfactory

4. Fair 6. Highly

Leveraged

b Management &


notch)

Yes B+

Navios Maritime

Holdings Inc.

5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive

bb- Management &


notch) Comparable

Ratings Analysis:

Negative (-1 notch)

Yes BB-

Navios Maritime

Partners L.P.

5. High Risk 4. Fair 5. Weak 4. Significant bb- Management &


notch)

BB

Nobina AB 5. High Risk 4. Fair 5. Weak 6. Highly

Leveraged

b Yes B

Ryanair Holdings PLC 5. High Risk 1. Excellent 3.

Satisfactory


Negative (-1 notch)

BBB+

SAS AB 5. High Risk 5. Weak 5. Weak 6. Highly

Leveraged



notch)

Yes B-

Scandferries Aps 5. High Risk 3.

Satisfactory

4. Fair 5.

Aggressive

bb- BB-

Stagecoach Group PLC 5. High Risk 1. Excellent 3.

Satisfactory


Average scores for

transportation cyclical

5.0 2.7 4.0 4.9

TRANSPORTATION INFRASTRUCTURE

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Abertis Infraestructuras

S.A.

2. Low Risk 2. Strong 2. Strong 4. Significant bbb Yes BBB

Aeroporti di Roma SpA 3.

Intermediate

Risk


Intermediate

bbb+ Yes BBB+

Aeroports de Paris 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate



notch)

Yes A+

Atlantia Spa 3.

Intermediate

Risk


Intermediate



notch)

Yes BBB+

Autoroutes du Sud de la

France S.A.

2. Low Risk 1. Excellent 1. Excellent 4. Significant a- Yes A-

Autoroutes

Paris-Rhin-Rhone S.A.


Aggressive

bbb Yes bbb

Avinor AS 2. Low Risk 2. Strong 2. Strong 3.

Intermediate

bbb+ Yes AA-

Azerbaijan Railways

CJSC

4.

Moderately

High Risk

5. Weak 5. Weak 1. Minimal bb+ Comparable Ratings


notch)

Yes BB+


1346366 | 301135083



Cofiroute 2. Low Risk 1. Excellent 1. Excellent 3.

Intermediate

a Yes A-

Deutsche Bahn AG 2. Low Risk 2. Strong 2. Strong 3.

Intermediate



notch)

Yes AA

DFS Deutsche

Flugsicherung GmbH



notch)

Yes AAA

DME Ltd. 4.

Moderately

High Risk

4. Fair 4. Fair 1. Minimal bbb- Comparable Ratings


notch)

Yes BB+

Dublin Airport Authority

PLC


Intermediate



notch)

Yes BBB

EMPARK

Aparcamientos y

Servicios, S.A.

3.

Intermediate

Risk


Leveraged



notch)

BB-

Ferrovial S.A. 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

2. Modest bbb+ Diversification/portfolio




Yes BBB

Ferrovie dello stato

Italiane

3.

Intermediate

Risk



notch)

Yes BBB

Flughafen Zurich AG 2. Low Risk 2. Strong 2. Strong 2. Modest a Financial Policy:

Negative (-1 notch)

Yes A

Hutchison Ports (U.K.)

Ltd.


Aggressive



notch)

Yes a-

JSC Georgian Railway 4.

Moderately

High Risk

5. Weak 5. Weak 4. Significant bb- Yes BB-

Kazakhstan Temir Zholy 4.

Moderately

High Risk



notch)

Yes BBB-

N.V. Luchthaven

Schiphol


Intermediate

a Yes A+

NATS (En Route) PLC 2. Low Risk 2. Strong 2. Strong 2. Modest a Yes AA-

Norges Statsbaner AS 2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb Capital Structure:

Positive (+1 notch)

Yes AA-

NS Groep N.V. 2. Low Risk 3.

Satisfactory

3.

Satisfactory

1. Minimal a Yes A+

OAO Khabarovsky

Airport

4.

Moderately

High Risk

4. Fair 4. Fair 5.

Aggressive


Negative (-1 notch)

B+

OJSC Federal Passenger

Company

4.

Moderately

High Risk

4. Fair 4. Fair 1. Minimal bbb- Comparable Ratings


notch)

Yes BBB-

OJSC Novorossiysk

Commercial Sea Port

4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

5.

Aggressive

bb Liquidity: Less than

adequate (-1 notch)

Yes BB-

Russian Railways JSC 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Yes BBB-


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Societe Nationale des

Chemins de Fer Belges

Holding

2. Low Risk 3.

Satisfactory

3.

Satisfactory

6. Highly

Leveraged



notch)

Yes A+

Societe Nationale des

Chemins de Fer

Francais

2. Low Risk 3.

Satisfactory

3.

Satisfactory

3.

Intermediate



notch)

Yes AA-

Transnet SOC Ltd. 3.

Intermediate

Risk


Intermediate

bbb+ Yes BBB+

VINCI S.A. 3.

Intermediate

Risk

2. Strong 2. Strong 4. Significant bbb Diversification/portfolio


notch) Comparable

Ratings Analysis:

Positive (+1 notch)

Yes A-

Average scores for

transportation

infrastructure

2.7 2.5 2.5 3.3

UNREGULATED POWER & GAS

Company

Corporate

Industry

and

Country

Risk

Assessment

(CICRA)

Competitive

position

Business

risk

Cash flow

and


Government/Group

support (active)

Long-term

corporate

credit

rating (§)

Abu Dhabi National

Energy Company PJSC


Leveraged



notch)

Yes A

Atomic Energy Power

Corporation JSC

5. High Risk 3.

Satisfactory

4. Fair 4. Significant bb Yes BBB-

Centrica PLC 4.

Moderately

High Risk

2. Strong 3.

Satisfactory



notch)

A-

CEZ a.s. 3.

Intermediate

Risk



notch)

Yes A-

DONG Energy A/S 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bbb- Comparable Ratings


notch)

Yes BBB+

Drax Power Ltd. 4.

Moderately

High Risk


Edison SpA 4.

Moderately

High Risk

3.

Satisfactory

3.

Satisfactory

4. Significant bb+ Yes BBB+

Eesti Energia AS 3.

Intermediate

Risk

3.

Satisfactory

3.

Satisfactory

3.

Intermediate

bbb- Yes BBB+

Fortum Oyj 3.

Intermediate

Risk



notch)

Yes A-

GDF SUEZ S.A. 3.

Intermediate

Risk

1. Excellent 1. Excellent 4. Significant a- Diversification/portfolio


notch)

Yes A

Georgian Oil and Gas

Corporation JSC

5. High Risk 4. Fair 5. Weak 6. Highly

Leveraged

b- Yes B


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Landsvirkjun 4.

Moderately

High Risk


Leveraged



notch)

Yes BB

Mosenergo (AO) 4.

Moderately

High Risk


Negative (-1 notch)

Yes BB

Public Power Corp. S.A. 4.

Moderately

High Risk

5. Weak 5. Weak 5.

Aggressive



notch)

Yes B

RusHydro (OJSC) 5. High Risk 3.

Satisfactory

4. Fair 4. Significant bb Yes BB+

Samruk-Energy JSC 5. High Risk 5. Weak 5. Weak 4. Significant bb- Financial Policy:

Negative (-1 notch)

Yes BB+

Statkraft AS 4.

Moderately

High Risk

1. Excellent 2. Strong 4. Significant bbb Yes A-

Vattenfall AB 3.

Intermediate

Risk



notch)

Yes A-

Verbund AG 3.

Intermediate

Risk



notch)

Yes A-

Average scores for

unregulated power &

gas

3.8 3.0 3.3 4.2

*Scores range from 1.0 to 5.0, where 5.0 is high. OEM--Original equipment manufacturer. ¶Indicated ratings apply to regulated operating subsidiaries. Holding

company ratings could be lower due to Group Rating Methodology. §Long-term rating includes Rating Above the Sovereign criteria impact, where applicable.

Related Criteria And Research

Related Criteria

• Corporate Methodology, Nov. 19, 2013

Related Research

• European Corporate Rating Scores By Industry Sector As Of Jan. 22, 2014, Jan. 24, 2014

Under Standard & Poor's policies, only a Rating Committee can determine a Credit Rating Action (including a Credit Rating change,

affirmation or withdrawal, Rating Outlook change, or CreditWatch action). This commentary and its subject matter have not been the subject

of Rating Committee action and should not be interpreted as a change to, or affirmation of, a Credit Rating or Rating Outlook.

Additional Contact:

Industrial Ratings Europe; [email protected]


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