Moody’s Global Rating Scales Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. www.moodys.com Client Services Affiliates Hong Kong Phone: +852 2916 1121 mdyasiainfo@moodys.com Singapore Phone: +65 6398 8308 singapore@moodys.com Sydney Phone: +61 2 9270 8100 sydneyclientdesk@moodys.com Tokyo Phone: +81 3 5408 4100 mdytokinfo@moodys.com Beijing Phone: +86 10 6590 6254 Fax: +86 10 6590 0556 Hong Kong Phone: +852 2509 0200

Much of the innovation in Moody’s rating system is a response to market needs for clarity around the components of credit risk or to demands for finer distinctions in rating classifications. As a result, our Rating Symbols and Definitions publication is updated periodically. Global Long-Term Rating Scale • Moody's expected loss (EL) based security ratings and co rporate family ratings (CFRs) are supplemented with loss given default (LGD) assessments on speculative grade loans, bonds, and preferred stocks, as well as probability of default ratings (PDRs) on speculative grade corporate families for issuers domiciled in the US and Canada. RiskCalc TM For Private Companies: Moody's Default Model May 2000 Contact Phone New York Eric Falkenstein 1.212.553.1653 Andrew Boral Lea V. Carty RISK CALCTM FOR PRIVATE OMPANIES: MOODY'S DEFAULT MODEL Rating Methodology Moody's - credit ratings, research, tools and analysis for the global capital markets Moody’s EDF credit measures have been tested on nearly 35 years of data representing approximately 5,300 defaults in the United States alone, as well as on smaller samples in various countries around the globe. Moody’s EDF credit measures significantly outperforms agency ratings in measuring the probability of default, as well as statistical

on moodys.com any material modifications to its rating methodologies and related of both probability of default and severity of loss in the event of default. publication that: Moody's maintains two separate bond rating systems, or scales.

Website, www.moodys.com/researchandratings/. Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of of borrowers using a standardized ratings scale which measures expected investor loss in the event of default. "Report on the Activities of Credit Rating Agencies" (PDF). Ratings assigned on Moody's global long-term and short-term rating scales are Moody's Ratings Desks or visit moodys.com directly if they have questions PDR Scale. Aaa-PD. Corporate families rated Aaa-PD are judged to be of the  Investment Grade. Moody's long-term obligation ratings are opinions of the relative credit risk of fixed- income obligations with an original maturity of one year or  syndicated loan ratings, bank deposit ratings, national scale ratings and insurance Moody's Guidelines for the Withdrawal of Ratings, available on moodys.com, Expected loss comprises an assessment of probability of default as well as  celina.vansetti-hutchins@moodys.com Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial A probability of default rating (PDR) is a corporate family-level opinion of the relative likelihood that. various ratings symbols, rating scales and other ratings- kenneth.emery@ moodys.com. Exhibit __ A D-PD probability of default rating is not assigned (or /LD.

A Long-term Issue Rating is R&I's opinion on the certainty of the fulfillment of an issuer's individual financial obligations as promised. In addition to the probability of 

A Long-term Issue Rating is R&I's opinion on the certainty of the fulfillment of an issuer's individual financial obligations as promised. In addition to the probability of  of actual probability of default. EDF is firm specific. agencies like Moody's and. S & P's. • EDF provides a cardinal rather than ordinal ranking of credit quality.

RiskCalc TM For Private Companies: Moody's Default Model May 2000 Contact Phone New York Eric Falkenstein 1.212.553.1653 Andrew Boral Lea V. Carty RISK CALCTM FOR PRIVATE OMPANIES: MOODY'S DEFAULT MODEL Rating Methodology

In Moody's Investors Service's ratings system, securities are assigned a rating from Aaa to C, with Aaa being the highest quality and C the lowest quality. Moody's was founded by John Moody in 1909 to produce manuals of statistics related to stocks and bonds and bond ratings. Credit Ratings:S&P Ratings, Moody´s Ratings, Fitch Ratings 2020. Sovereign credit rating, is an evaluation made by a credit rating agency and evaluates the credit worthiness of the issuer (country or government) of debt. Sovereigns Ratings List. Subscribe to our free email alert service.

Feb 3, 2019 (ICR) using a transition chart. Best's Credit Rating Scale. Comparison of Financial Strength Rating (FSR) to. Credit Market Scale. Long-Term 

Investment Grade. Moody's long-term obligation ratings are opinions of the relative credit risk of fixed- income obligations with an original maturity of one year or  syndicated loan ratings, bank deposit ratings, national scale ratings and insurance Moody's Guidelines for the Withdrawal of Ratings, available on moodys.com, Expected loss comprises an assessment of probability of default as well as  celina.vansetti-hutchins@moodys.com Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial A probability of default rating (PDR) is a corporate family-level opinion of the relative likelihood that. various ratings symbols, rating scales and other ratings- kenneth.emery@ moodys.com. Exhibit __ A D-PD probability of default rating is not assigned (or /LD. given default (LGD) assessments on speculative grade loans, bonds, and Both the PD rating and EL corporate rating scales measure ordinal credit risk, not at www.moodys.com under the heading “Shareholder Relations — Corporate. Specific Limitations Relating to Credit Rating Scales . do not imply or convey a specific statistical probability of default, notwithstanding the agency's published. Features of a Lifetime PD Model: Evidence from Public,. Private, and Rated and rated firms' default information from the Moody's Investor Service (MIS) annual default study. clientservices.emea@moodys.com time period 1983– 2016, since Moody's introduced the alphanumeric rating scale above Caa in mid 1982.

How the Big Three US Credit Rating Agencies Classify Corporate Bonds and Loans by Credit Risk, or the Risk of Default. Here is my cheat-sheet for the long- term  Apr 9, 2019 Chart 2. Of the 82 defaults in 2018, 72 were from companies rated as of statistics from this default study to estimate the "probability of default".