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##### ※ CP Ratings Definition

Rating | Definition |
---|---|

A1 | Highest likelihood of timely repayment. |

A2 | High likelihood of timely repayment. The likelihood may, nevertheless, be slightly lower than is the case for the highest rating category (A1). |

A3 | Moderate likelihood of timely repayment, but this likelihood may be subject to short-term changes in circumstances. |

B | Some uncertainty over the likelihood of timely repayment and is considered speculative. |

C | Questionable likelihood of timely repayment and very high risk of default. |

D | Default |

※ '+' or '-' modifier can be attached to ratings through A2 to B to differentiate ratings within broad rating categories

##### ※ Corporate Bond Ratings Definition

Rating | Definition |
---|---|

AAA | Highest likelihood of interest and principal payment. |

AA | Very high likelihood of interest and principal payment. The likelihood may, nevertheless, be slightly lower than is the case for the highest rating category (AAA). |

A | High likelihood of interest and principal payment. The likelihood may, nevertheless, be more susceptible to changes in circumstances and in economic conditions than is the case for higher rating category (AA). |

BBB | Moderate likelihood of interest and principal payment, but changes in circumstances and in economic conditions are more likely to impair this likelihood than is the case for higher rating category (A). |

B | Some uncertainty over the likelihood of interest and principal payment and speculative elements. |

CCC | Substantial uncertainty over the likelihood of interest and principal payment and is considered more speculative than higher rating category (BB). |

CC | High risk of default and questionable likelihood of interest and principal payment. |

C | Very high risk of default and extremely low likelihood of interest and principal payment. |

D | Default |

※ '+' or '-' modifier can be attached to ratings through AA to B to differentiate ratings within broader rating categories