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8/18/2019 Credit Migration
1/3
S&P Moody's Services
Investment Grade
Highest Grade AAA Aaa
High Grade AA Aa
Upper Middle Grade A A
Medium Grade BBB Baa
Speculative Grade
Loer Medium GradeBB Ba
Speculative B B
Poor Standing !!! !aa
Highly Speculative !! !a
Loest "uality ! !
In #e$ault #
8/18/2019 Credit Migration
2/3
A B ! #
A %( %%) % %
B %%* %) %%* %%)
! %%+ %+* %,- %*)
# % % % +
+ B #e$aults .ear +
%%) )/
* B #e$aulst year *
+0 B A # %%* % %
*0 B B # %) %%) %%*(
)0 B ! # %%* %*) %%%-,
%%)*1
) B de$aults in year )
+0 B A A # %%* %( %
*0 B B B # %) %) %%)
)0 B A B # %%* %%) %%)
- B A ! # %%* % %*)
1 B B A # %) %%* %
, B B ! # %) %%* %*)
( B ! ! # %%* %,- %*)
2 B ! A # %%* %%+ %
B ! B # %%* %+* %%)
8/18/2019 Credit Migration
3/3
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%%%%%+2
%
%
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