Sovereign Ratings History

7/25/2019 Sovereign Ratings History

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Fitch - Complete Sovereign Rating History Last Updated:

Foreign currency rating Local cur

Country Date long-term short-term outlook/atch long-termAbu Dhabi 2 Jul 2007 AA F1+ stable AA

ngo a ay - pos ve -ngo a ay - s a e -

Angola 19 May 2010 B+ B positive B+Agentina 12 Jul 2010 B B stable B

Agentina 1! De" 200! #D B - B-gen na ug -gen na e" - -

Agentina 3 Jun 200% DDD B - B-Agentina 14 Jan 200% D D - B-

gen na un - -gen na p - -gen na an -

Agentina 3 De" 2001 DDD D - DDDAgentina $ 'ov 2001 & & ating (at"h negativ &

gen na ov a ng a " nega vAgentina 12 )"t 2001 &&&- & negative &&&-Agentina 11 Jul 2001 B- B negative B-Agentina 2! Ma 2001 B+ B ating (at"h negativ B+

gen na a - a ng a " nega vgen na ep nega ve +

gen na e" - +Agentina 2! May 1997 BB B - -Aenia 13 Aug 2009 BB- B stable BB-

en a u s a een a ay - pos ve -

Aenia 24 May 200$ BB- B stable BB-Auba ! Jun 200$ BBB F3 stable BBB

u a un nega veu a p s a eus a a ov + s a e

Austalia 3 Feb 2003 AA+ F1+ stable AAA

Austalia 21 *ep 2000 AA F1+ stable AAA

Austalia 19 'ov 199! AA F1+ - AAA

Austalia 1! Jun 199! AA F1+ ating (at"h negativ AAA

Austalia 2% Jan 199$ AA F1+ - AAA

Austia 21 *ep 2000 AAA F1+ stable AAA

Austia 2$ )"t 199% AAA F1+ - AAA

Austia 10 Aug 1994 AAA - - -

A,ebaian 11 May 2012 BBB- F3 stable BBB-

A,ebaian 17 May 2011 BBB- F3 positive BBB-

A,ebaian 20 May 2010 BBB- F3 stable BBB-

A,ebaian % Feb 2007 BB+ B stable BB+

A,ebaian 22 'ov 2004 BB B stable BB

A,ebaian 2% Jul 2002 BB- B positive BB-

A,ebaian 20 Jul 2001 BB- B stable BB-

A,ebaian 21 *ep 2000 B+ B positive BB-

A,ebaian 3 Jul 2000 B+ B - BB-

Bahain 3 Aug 2011 BBB F3 stable BBB+

Bahain 1% Ma 2011 BBB F3 ating (at"h negativ BBB+

Bahain 3 Ma 2011 A- F1 negative A

Bahain 17 Feb 2011 A F1 ating (at"h negativ A+Bahain 24 Aug 2007 A F1 stable A+

Bahain 17 Aug 200$ A- F1 positive A

Bahain 10 Jan 2003 A- F1 stable A

Bahain 1$ De" 2002 BBB F3 ating (at"h positiv BBB+

Bahain 27 'ov 2001 BBB F3 stable BBB+

Bahain 21 *ep 2000 BBB- F3 stable BBB+

Bahain 1$ Feb 2000 BBB- F3 - BBB+

Belgiu 27 Jan 2012 AA F1+ negative AA

Belgiu 1$ De" 2011 AA+ F1+ ating (at"h negativ AA+

Belgiu 23 May 2011 AA+ F1+ negative AA+

Belgiu 2 May 200$ AA+ F1+ stable AA+

Belgiu 17 Jun 2002 AA F1+ stable AA

Belgiu 21 *ep 2000 AA- F1+ stable AA-

Belgiu 1$ De" 199! AA- F1+ - AA-

Belgiu 14 Jul 199! AA+ F1+ - AA+

Belgiu 2$ )"t 199% AA+ F1+ - AAA

Belgiu 10 Aug 1994 AA+ - - -


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Benin 2% Jan 2012 .ith/a.n .ith/a.n .ith/a.n .ith/a.n

Benin 1% *ep 2004 B B stable B

Beu/a 2$ Jun 2012 AA F1+ stable AA+

Beu/a 11 Aug 200$ AA+ F1+ stable AAA

Beu/a 21 *ep 2000 AA F1+ stable AAA

Beu/a 2$ )"t 199% AA F1+ - AAA

Beu/a 10 Aug 1994 AA - - -

Bolivia % )"t 2010 B+ B stable B+

Bolivia ! *ep 2009 B B stable B

Bolivia 27 Jul 2007 B- B stable B-Bolivia 17 Jun 200% B- B negative B-

Bolivia 17 Ma 2004 B- B stable B-

Ba,il 4 Ap 2011 BBB F2 stable BBB

Ba,il 2! Jun 2010 BBB- F3 positive BBB-

Ba,il 29 May 200! BBB- F3 stable BBB-

Ba,il 9 May 2007 BB+ B stable BB+

Ba,il % Feb 2007 BB B positive BB

Ba,il 2! Jun 200$ BB B stable BB

Ba,il 11 )"t 200% BB- B positive BB-

Ba,il 2! *ep 2004 BB- B stable BB-

Ba,il $ 'ov 2003 B+ B stable B+

Ba,il 3 Jun 2003 B B positive B

Ba,il 10 Ma 2003 B B stable B

Ba,il 21 )"t 2002 B B negative BBa,il 1 Aug 2002 B+ B ating (at"h negativ B+

Ba,il 20 Jun 2002 B+ B negative B+

Ba,il 17 Jul 2001 BB- B negative B+

Ba,il 21 *ep 2000 BB- B stable B+

Ba,il 19 May 2000 BB- B - B+

Ba,il 22 Feb 2000 B+ B - B+

Ba,il 2$ Jan 1999 B B - B

Ba,il 3 De" 1997 B+ B - BB-

Ba,il 2$ )"t 199% B+ B - -

Ba,il 1 De" 1994 B+ - - -

Bulgaia 13 De" 2011 BBB- F3 stable BBB

Bulgaia 24 May 2011 BBB- F3 positive BBB

Bulgaia 30 Ap 2009 BBB- F3 negative BBB

Bulgaia 9 'ov 200! BBB- F3 stable BBB

Bulgaia 30 Jan 200! BBB F3 negative BBB+

Bulgaia 17 Aug 200% BBB F3 stable BBB+

Bulgaia 4 Aug 2004 BBB- F3 stable BBB

Bulgaia 24 Jul 2003 BB+ B positive BBB-

Bulgaia 29 )"t 2002 BB B positive BB+

Bulgaia 14 Jan 2002 BB- B stable BB

Bulgaia 21 *ep 2000 B+ B positive BB

Bulgaia 17 Ap 199! B+ B - BB

&aeoon 30 May 2012 B B stable B

&aeoon $ Ma 2007 B B stable B-

&aeoon 12 Jun 200$ B B stable &&&

&aeoon 21 De" 200% B- B positive &&&

&aeoon 4 'ov 200% B- B positive &&&+

&aeoon 1% Feb 200% B- B stable &&&+

&aeoon % Jul 2004 B B ating (at"h 'egativ B&aeoon 4 *ep 2003 B B stable B

&ana/a 12 Aug 2004 AAA F1+ stable AAA

&ana/a 3 Ap 2001 AA+ F1+ stable AAA

&ana/a 21 *ep 2000 AA F1+ stable AAA

&ana/a 2$ )"t 199% AA F1+ - AAA

&ana/a 10 Aug 1994 AA - - -

&ape e/e 22 Jun 2009 B+ B stable BB-

&ape e/e 11 Ma 200! B+ B positive BB-

&ape e/e 1% Aug 2003 B+ B stable BB-

&hile 1 Feb 2011 A+ F1 stable AA-

&hile 10 'ov 200! A F1 stable A+

&hile 1% May 2007 A F1 positive A+

&hile 2! Ma 200% A F1 stable A+

&hile 2 Feb 2004 A- F1 positive A+

&hile 24 Feb 2003 A- F1 stable A+

&hile 21 *ep 2000 A- F1 stable AA-

&hile 3 De" 1997 A- F1 - AA-


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&hile 2% 'ov 199$ A- F1 - AA

&hile 2$ )"t 199% A- F1 - -

&hile 30 Aug 199% A- - - -

&hile 10 'ov 1994 BBB+ - - -

&hina 12 Ap 2011 A+ F1 stable AA-

&hina $ 'ov 2007 A+ F1 stable AA-

&hina 13 *ep 200$ A F1 positive A+

&hina 17 )"t 200% A F1 stable A+

&hina 13 )"t 2003 A- F1 positive A

&hina $ De" 2001 A- F1 stable A&hina 21 *ep 2000 A- F1 stable -

&hina 22 De" 199! A- F1 - -

&hina 11 De" 1997 A- - - -

&olobia 22 Jun 2011 BBB- F3 *table BBB

&olobia 21 )"t 2010 BB+ B positive BBB-

&olobia 21 Jun 2007 BB+ B stable BBB-

&olobia % Jun 200$ BB B positive BBB-

&olobia 3 May 2004 BB B stable BBB-

&olobia 29 Aug 2002 BB B negative BBB-

&olobia 10 Jan 2002 BB B stable BBB-

&olobia 24 )"t 2000 BB+ B negative BBB

&olobia 21 *ep 2000 BB+ B stable BBB

&olobia 17 Ma 2000 BB+ B - BBB

&olobia 1 *ep 1999 BBB- F3 - BBB+&olobia 20 Ma 199! BBB F3 - A-

&olobia 10 Aug 1994 BBB - - -

&osta #i"a 4 Ma 2011 BB+ B stable BB+

&osta #i"a 4 )"t 200$ BB B stable BB+

&osta #i"a 2! Ap 2003 BB B negative BB+

&osta #i"a 21 *ep 2000 BB B stable BB+

&osta #i"a 11 May 199! BB B - BB+

&oatia 21 May 2009 BBB- F3 negative BBB

&oatia $ Jul 200% BBB- F3 stable BBB+

&oatia ! Jul 2003 BBB- F3 positive BBB+

&oatia 2! Jun 2001 BBB- F3 stable BBB+

&oatia 21 *ep 2000 BB+ B positive BBB

&oatia 29 Ap 1999 BB+ B - BBB

&oatia 17 Jan 1997 BBB- F3 - A-

&ypus 2% Jun 2012 BB+ B negative BB+

&ypus 27 Jan 2012 BBB- F3 negative BBB-

&ypus 1$ De" 2011 BBB F3 ating (at"h negativ BBB

&ypus 10 Aug 2011 BBB F3 negative BBB

&ypus 31 May 2011 A- F1 negative A-

&ypus 12 Jul 2007 AA- F1+ ating (at"h negativ AA-

&ypus 12 Jul 2007 AA- F1+ stable AA-

&ypus 4 'ov 2003 A+ F1 positive AA

&ypus 1 Feb 2002 A+ F1 stable AA

&,e"h #epubli" 13 De" 2011 A+ F1 stable AA-

&,e"h #epubli" 4 Jun 2010 A+ F1 positive AA-

&,e"h #epubli" 4 Ma 200! A+ F1 stable AA-

&,e"h #epubli" 2$ Aug 200% A F1 stable A+

&,e"h #epubli" 20 Jun 2003 A- F2 stable A

&,e"h #epubli" 2! Ma 2001 BBB+ F2 stable A&,e"h #epubli" 21 *ep 2000 BBB+ F2 stable A+

&,e"h #epubli" 22 De" 199! BBB+ F2 - A+

&,e"h #epubli" 24 'ov 1997 BBB+ F2 - AA-

&,e"h #epubli" 2$ )"t 199% A- F1 - -

&,e"h #epubli" 10 Aug 199% A- - - -

Dena 10 'ov 2003 AAA F1+ stable AAA

Dena 29 *ep 2000 AA+ F1+ stable AAA

Dena 21 *ep 2000 AA+ F1+ positive AAA

Dena 2$ )"t 199% AA+ F1+ - AAA

Dena 10 Aug 1994 AA+ - - -

Doini"an #epubli" % Jan 2011 B B positive B

Doini"an #epubli" 2% *ep 200! B B stable B

Doini"an #epubli" 2$ *ep 200$ B B positive B

Doini"an #epubli" % May 200$ B B stable B

Doini"an #epubli" 19 Jul 200% B- B stable B

Doini"an #epubli" 11 May 200% DDD D - B

Doini"an #epubli" % May 200% DDD D - &&&+


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Doini"an #epubli" 21 Ap 200% & & ating (at"h negativ &&&+

Doini"an #epubli" 30 Jan 2004 &&&+ & ating (at"h negativ &&&+

Doini"an #epubli" 24 )"t 2003 B B ating (at"h negativ B

Doini"an #epubli" ! )"t 2003 B+ B ating (at"h negativ B+

Doini"an #epubli" 11 Aug 2003 B+ B stable B+

"ua/o ! 'ov 2010 B- B stable -

"ua/o 4 *ep 2009 &&& & stable -

"ua/o 1$ De" 200! #D D - -

"ua/o 17 'ov 200! &&& & ating (at"h negativ -

"ua/o 30 )"t 2007 &&& & stable -"ua/o 23 Jan 2007 &&& & ating (at"h negativ -

"ua/o 29 Aug 200% B- B negative -

"ua/o 7 )"t 2004 B- B stable -

"ua/o 2$ *ep 2003 &&&+ & stable -

"ua/o 24 Ma 2003 &&&+ & positive -

"ua/o ! 'ov 2002 &&&+ & stable -

gypt 1% Jun 2012 B+ B negative B+

gypt 30 De" 2011 BB- B negative BB

gypt 2! Jun 2011 BB B negative BB+

gypt 3 Feb 2011 BB B ating (at"h negativ BB+

gypt 2! Jan 2011 BB+ B negative BBB-

gypt 1! Aug 200! BB+ B stable BBB-

gypt 1! Jun 2007 BB+ B positive BBB

gypt 1% De" 2004 BB+ B stable BBBgypt 2 De" 2003 BB+ B stable BBB

gypt 21 Aug 2002 BB+ B stable BBB

gypt 22 Jan 2002 BBB- F3 negative BBB+

gypt 22 Aug 2001 BBB- F3 stable BBB+

gypt 21 *ep 2000 BBB- F3 stable A-

gypt 19 Aug 1997 BBB- F3 - A-

l *alva/o 24 Jul 2012 BB B negative BB

l *alva/o 29 Jul 2011 BB B stable BB

l *alva/o 1! Jun 2009 BB B negative BB

l *alva/o 13 )"t 200! BB+ B negative BB+

l *alva/o 31 Jan 200% BB+ B stable BB+

l *alva/o 21 Aug 2002 BB+ B negative BB+

l *alva/o 1$ Aug 2001 BB+ B stable BB+

l *alva/o 21 *ep 2000 BB+ B stable BBB

l *alva/o ! May 2000 BB+ B - BBB

l *alva/o % May 199! BB+ B - A-

l *alva/o 23 *ep 199$ BB B - A-

stonia % Jul 2011 A+ F1 stable A+

stonia 19 Jul 2010 A F1 stable A

stonia 30 Ma 2010 BBB+ F2 ating (at"h positiv A-

stonia % Feb 2010 BBB+ F2 stable A-

stonia ! Ap 2009 BBB+ F2 negative A-

stonia 3 )"t 200! A- F1 negative A

stonia 31 Jan 200! A F1 negative A+

stonia 31 Aug 200$ A F1 stable A+

stonia 7 Jul 2004 A F1 positive A+

stonia 22 )"t 2003 A- F1 positive A+

stonia 30 Aug 2001 A- F1 stable A+

stonia 30 Jul 2001 BBB+ F2 ating (at"h positiv Astonia 2! *ep 2000 BBB+ F2 stable A

stonia 7 Aug 2000 BBB F3 ating (at"h positiv A

stonia 11 *ep 1997 BBB F3 - A

Finlan/ 21 *ep 2000 AAA F1+ stable AAA

Finlan/ % Aug 199! AAA F1+ - AAA

Finlan/ 14 Jul 199! AA+ F1+ - AA+

Finlan/ 29 Ap 1997 AA+ F1+ - AAA

Finlan/ 12 Ma 199$ AA F1+ - AAA

Finlan/ 2$ )"t 199% AA- F1+ - AAA

Finlan/ 10 Aug 1994 AA- - - -

Fan"e 1$ De" 2011 AAA F1+ negative AAA

Fan"e 21 *ep 2000 AAA F1+ stable AAA

Fan"e 2$ )"t 199% AAA F1+ - AAA

Fan"e 10 Aug 1994 AAA - - -

abon % Ap 2012 BB- B positive BB-

abon 29 )"t 2007 BB- B stable BB-

abia $ Jul 2007 - - - -


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abia 21 De" 200% &&& & stable &&&

abia 2$ Jan 200% &&&+ & stable &&&+

abia 11 'ov 2002 B- B stable B-

eogia 1% De" 2011 BB- B stable BB-

eogia 3 Ma 2011 B+ B positive B+

eogia 2$ Aug 2009 B+ B stable B+

eogia 7 Ap 2009 B+ B ating (at"h negativ B+

eogia ! Aug 200! B+ B negative B+

eogia 1! Jul 2007 BB- B stable BB-

eany 21 *ep 2000 AAA F1+ stable AAAeany 2$ )"t 199% AAA F1+ - AAA

eany 10 Aug 1994 AAA - - -

hana 24 *ep 2010 B+ B stable B+

hana 3 Ma 2009 B+ B negative B+

hana 7 Feb 200! B+ B stable B+

hana 1 Feb 200$ B+ B positive B+

hana 17 Ma 200% B+ B stable B+

hana 2 De" 2003 B B positive B

ee"e 17 May 2012 &&& & - &&&

ee"e 13 Ma 2012 B- B stable B-

ee"e 9 Ma 2012 #D & - #D

ee"e 22 Feb 2012 & & - &

ee"e 13 Jul 2011 &&& & - &&&

ee"e 20 May 2011 B+ B ating (at"h negativ B+ee"e 14 Jan 2011 BB+ B negative BB+

ee"e 21 De" 2010 BBB- F2 ating (at"h negativ BBB-

ee"e 9 Ap 2010 BBB- F2 negative BBB-

ee"e ! De" 2009 BBB+ F2 negative BBB+

ee"e 22 )"t 2009 A- F1 negative A-

ee"e 12 May 2009 A F1 negative A

ee"e 20 )"t 200! A F1 stable A

ee"e % Ma 2007 A F1 positive A

ee"e 1$ De" 2004 A F1 stable A

ee"e 2! *ep 2004 A+ F1 ating (at"h negativ A+

ee"e 20 )"t 2003 A+ F1 stable A+

ee"e 23 )"t 2002 A F1 positive A

ee"e 20 Jun 2001 A F1 stable A

ee"e 21 *ep 2000 A- F1 stable A-

ee"e 27 Jul 2000 A- F1 - A-

ee"e 13 Ma 2000 BBB+ F2 ating (at"h positiv A-

ee"e 2% )"t 1999 BBB+ F2 - A-

ee"e 10 Aug 1999 BBB F3 ating (at"h positiv -

ee"e 4 Jun 1997 BBB F3 - -

ee"e 13 'ov 199% BBB- F3 - -

uateala 22 Feb 200$ BB+ B stable BB+

ong 5ong 2$ 'ov 2010 AA+ F1+ stable AA+

ong 5ong 12 Jul 2007 AA F1+ stable AA+

ong 5ong 24 Jul 200$ AA- F1+ positive AA+

ong 5ong 1$ May 2004 AA- F1+ stable AA+

ong 5ong 24 Ap 2003 AA- F1+ negative AA+

ong 5ong 2% Jun 2001 AA- F1+ stable AA+

ong 5ong 21 *ep 2000 A+ F1+ stable AA+

ong 5ong 14 'ov 199$ A+ F1+ - AA+ong 5ong 24 'ov 199% A+ F1+ - -

ong 5ong 2$ )"t 199% A+ F1 - -

ong 5ong 9 Aug 199% A+ - - -

ong 5ong 10 Aug 1994 AA- - - -

ungay $ Jan 2012 BB+ B negative BBB-

ungay 11 'ov 2011 BBB- F3 negative BBB

ungay $ Jun 2011 BBB- F3 *table BBB

ungay 23 De" 2010 BBB- F3 negative BBB

ungay 2 Ma 2009 BBB F3 negative BBB+

ungay 9 'ov 200! BBB F3 stable BBB+

ungay 1% )"t 200! BBB+ F2 negative A-

ungay % 'ov 2007 BBB+ F2 stable A-

ungay 20 *ep 200$ BBB+ F2 negative A-

ungay $ De" 200% BBB+ F2 stable A-

ungay 12 Jan 200% A- F2 negative A

ungay 1% Jul 2003 A- F2 negative A+

ungay 30 'ov 2000 A- F2 stable A+


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ungay 21 *ep 2000 BBB+ F2 positive A

ungay 29 )"t 1999 BBB+ F2 - A

ungay 2 Jul 199! BBB F3 - A

ungay 24 Jun 1997 BBB F3 - A-

ungay 23 May 1997 BBB- F3 ating (at"h positiv BBB+

ungay 2% Ap 199$ BBB- F3 - BBB+

6"elan/ 17 Feb 2012 BBB- 3 stable BBB+

6"elan/ 17 May 2011 BB+ B stable BBB+

6"elan/ % Jan 2010 BB+ B negative BBB+

6"elan/ 23 De" 2009 BBB- F3 negative A-6"elan/ ! )"t 200! BBB- F3 ating (at"h negativ A-

6"elan/ 30 *ep 200! A- F2 ating (at"h negativ AA

6"elan/ 1 Ap 200! A+ F1 negative AA+

6"elan/ 1% Ma 2007 A+ F1 stable AA+

6"elan/ 21 Feb 200$ AA- F1+ negative AAA

6"elan/ 31 Ma 2003 AA- F1+ stable AAA

6"elan/ 1% Feb 2002 AA- F1+ negative AAA

6"elan/ 21 *ep 2000 AA- F1+ stable AAA

6"elan/ 3 Feb 2000 AA- F1+ - AAA

6n/ia 1! Jun 2012 BBB- F3 negative BBB-

6n/ia 14 Jun 2010 BBB- F3 stable BBB-

6n/ia 1% Jul 200! BBB- F3 stable BBB-

6n/ia 1 Aug 200$ BBB- F3 stable BBB-

6n/ia 21 Jan 2004 BB+ B stable BB+6n/ia 22 'ov 2001 BB B stable BB+

6n/ia 31 May 2001 BB+ B negative BBB-

6n/ia 21 *ep 2000 BB+ B stable BBB-

6n/ia ! Ma 2000 BB+ B - BBB-

6n/onesia 1% De" 2011 BBB- F3 stable BBB-

6n/onesia 24 Feb 2011 BB+ B positive BB+

6n/onesia 2% Jan 2010 BB+ B stable BB+

6n/onesia 14 Feb 200! BB B stable BB

6n/onesia 2! Jan 2007 BB- B positive BB-

6n/onesia 13 Feb 200$ BB- B stable BB-

6n/onesia 2$ Jan 200% BB- B positive BB-

6n/onesia 4 )"t 2004 B+ B positive B+

6n/onesia 20 'ov 2003 B+ B stable B+

6n/onesia 1 Aug 2002 B B stable B

6n/onesia 30 'ov 2001 B- B stable B-

6n/onesia 14 *ep 2001 B- B positive B-

6n/onesia 21 *ep 2000 B- B stable B-

6n/onesia 19 May 2000 B- B - B+

6n/onesia 2$ Ap 1999 B- B - BB-

6n/onesia 1$ Ma 199! B- B ating (at"h negativ BB+

6n/onesia 21 Jan 199! B+ B ating (at"h negativ BBB-

6n/onesia ! Jan 199! BB- B - BBB-

6n/onesia 22 De" 1997 BB+ B - BBB+

6n/onesia 17 De" 1997 BBB- F3 ating (at"h negativ A

6n/onesia 4 Jun 1997 BBB- F3 - A

6an 24 Ap 200! - - - -

6an 24 Ap 200$ B+ B stable B+

6an $ Feb 200$ BB- B negative BB-

6an 14 De" 2004 BB- B stable BB-6an 9 De" 2003 B+ B positive B+

6an 10 May 2002 B+ B stable B+

6elan/ 27 Jan 2012 BBB+ F2 negative BBB+

6elan/ 1$ De" 2011 BBB+ F2 ating (at"h negativ BBB+

6elan/ 14 Ap 2011 BBB+ F2 negative BBB+

6elan/ 1 Ap 2011 BBB+ F2 ating .at"h negative BBB+

6elan/ 9 De" 2010 BBB+ F2 stable BBB+

6elan/ $ )"t 2010 A+ F1 negative A+

6elan/ 4 'ov 2009 AA- F1+ stable AA-

6elan/ ! Ap 2009 AA+ F1+ negative AA+

6elan/ $ Ma 2009 AAA F1+ ating (at"h negativ AAA

6elan/ 21 *ep 2000 AAA F1+ stable AAA

6elan/ 1$ De" 199! AAA F1+ - AAA

6elan/ 14 Jul 199! AA+ F1+ - AA+

6elan/ 2$ )"t 199% AA+ F1+ - AAA

6elan/ 10 )"t 1994 AA+ - - -

6sael 11 Feb 200! A F1 stable A+


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6sael 1! De" 200$ A- F1 positive A

6sael 14 Feb 200% A- F1 stable A

6sael 1$ De" 2003 A- F1 stable A

6sael 22 )"t 2002 A- F1 negative A

6sael 22 )"t 2001 A- F1 negative A+

6sael 21 May 2001 A- F1 ating (at"h negativ A+

6sael 21 *ep 2000 A- F1 stable A+

6sael $ May 1999 A- F1 - A+

6sael 11 De" 199% A- F2 - -

6sael 24 'ov 199% BBB+ F2 - -6taly 27 Jan 2012 A- F2 negative A-

6taly 1$ De" 2011 A+ F1 ating (at"h negativ A+

6taly 7 )"t 2011 A+ F1 negative A+

6taly 19 )"t 200$ AA- F1+ stable AA-

6taly 2% May 200$ AA F1+ ating (at"h negativ AA

6taly 29 Jun 200% AA F1+ negative AA

6taly 17 Jun 2002 AA F1+ stable AA

6taly 21 *ep 2000 AA- F1+ stable AA-

6taly 14 Jul 199! AA- F1+ - AA-

6taly 2$ )"t 199% AA- F1+ - AAA

6taly 23 Feb 199% AA- - - -

6taly 10 Aug 1994 AA - - -

Jaai"a 1$ Feb 2010 B- B stable B-

Jaai"a 3 Feb 2010 &&& & ating (at"h positiv &&&Jaai"a 3 Feb 2010 #D D - #D

Jaai"a 14 Jan 2010 &&& & negative &

Jaai"a 24 'ov 2009 &&& & negative &&&

Jaai"a 1! 'ov 200! B B negative B

Jaai"a 29 Aug 200$ B+ B+ stable B+

Japan 22 May 2012 A+ F1+ negative A+

Japan 27 May 2011 AA F1+ negative AA-

Japan 9 May 200% AA F1+ stable AA-

Japan 21 'ov 2002 AA F1+ negative AA-

Japan 2$ 'ov 2001 AA F1+ negative AA

Japan 2 Ma 2001 AA+ F1+ negative AA+

Japan 21 *ep 2000 AA+ F1+ stable AA+

Japan 29 Jun 2000 AA+ F1+ - AA+

Japan 21 *ep 199! AA+ F1+ - AAA

Japan 1 *ep 199! AAA F1+ ating (at"h negativ AAA

Japan 2$ )"t 199% AAA F1+ - AAA

Japan 10 Aug 1994 AAA - - -

5a,ahstan 21 'ov 2011 BBB F3 positive BBB+

5a,ahstan 20 De" 2010 BBB- F3 positive BBB

5a,ahstan 1$ De" 2009 BBB- F3 stable BBB

5a,ahstan % Jun 2009 BBB- F3 negative BBB

5a,ahstan 19 Feb 2009 BBB- F3 ating (at"h negativ BBB

5a,ahstan 9 'ov 200! BBB- F3 negative BBB

5a,ahstan 17 De" 2007 BBB F3 negative BBB+

5a,ahstan ! )"t 2007 BBB F3 stable BBB+

5a,ahstan 21 De" 200$ BBB F3 positive BBB+

5a,ahstan 20 De" 200% BBB F3 stable BBB+

5a,ahstan 27 )"t 2004 BBB- F3 stable BBB

5a,ahstan 19 'ov 2003 BB+ B positive BBB-5a,ahstan 11 )"t 2002 BB+ B stable BBB-

5a,ahstan 12 Jul 2001 BB B stable BB+

5a,ahstan 21 *ep 2000 BB- B stable BB

5a,ahstan % May 2000 BB- B - BB

5a,ahstan 1% Feb 1999 BB- B - BBB-

5a,ahstan 27 Jan 199! BB B - BBB-

5a,ahstan % 'ov 199$ BB- B - -

5enya 1$ Jan 2009 B+ B stable BB-

5enya 30 Jan 200! B+ B negative BB-

5enya 12 De" 2007 B+ B stable BB-

5oea 7 'ov 2011 A+ F1 positive AA

5oea 1 *ep 2009 A+ F1 stable AA

5oea 9 'ov 200! A+ F1 negative AA

5oea 23 )"t 200% A+ F1 stable AA

5oea 19 *ep 200% A F1 ating (at"h positiv AA-

5oea 27 Jun 2002 A F1 stable AA-

5oea 13 May 2002 BBB+ F2 ating (at"h positiv A


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5oea 21 *ep 2000 BBB+ F2 stable A

5oea 29 Ma 2000 BBB+ F2 - A

5oea 24 Jun 1999 BBB F2 - A-

5oea 2$ Ap 1999 BBB- F3 ating (at"h positiv A-

5oea 19 Jan 1999 BBB- F3 - A-

5oea 22 De" 199! BB+ B ating (at"h positiv A-

5oea 19 Jun 199! BB+ B - A-

5oea 3 Feb 199! BB+ B ating (at"h positiv A-

5oea 21 Jan 199! B- B ating (at"h positiv BBB-

5oea 23 De" 1997 B- B ating (at"h negativ BBB-5oea 12 De" 1997 BBB- F3 ating (at"h negativ A

5oea 11 De" 1997 BBB- F3 ating (at"h negativ AA

5oea 2$ 'ov 1997 A F2 - AA

5oea 1! 'ov 1997 A+ F1 - AA+

5oea 27 Jun 199$ AA- F1+ - AAA

5u.ait 4 *ep 200! AA F1+ stable AA

5u.ait 10 Jun 2002 AA- F1+ stable AA

5u.ait 24 Aug 2001 A+ F1 positive AA

5u.ait 12 Jun 2001 A+ F1 positive -

5u.ait 21 *ep 2000 A F1 positive -

5u.ait 20 De" 199% A F1 - -

8atvia 13 De" 2011 BBB- F3 stable BBB

8atvia 1% Ma 2011 BBB- F3 positive BBB

8atvia 3 *ep 2010 BB+ B stable BBB-8atvia ! Ap 2009 BB+ B negative BBB-

8atvia 23 De" 200! BBB- F3 negative BBB

8atvia 12 'ov 200! BBB- F3 ating (at"h negativ BBB

8atvia 3 )"t 200! BBB F3 negative BBB+

8atvia 31 Jan 200! BBB+ F2 negative A-

8atvia 17 Aug 2007 BBB+ F2 stable A-

8atvia % Ap 2007 A- F2 negative A

8atvia 2$ Aug 200% A- F2 stable A

8atvia 7 Jul 2004 A- F2 positive A

8atvia 4 'ov 2003 BBB+ F3 positive A

8atvia 21 Jul 2003 BBB+ F3 stable A

8atvia 17 Jul 2001 BBB F3 positive A

8atvia 21 *ep 2000 BBB F3 stable A

8atvia 29 Jun 199! BBB F3 - A

8ebanon 31 Ma 2010 B B stable B

8ebanon 14 Jul 200$ B- B stable B-

8ebanon 1! 'ov 200% B- B positive B-

8ebanon 21 *ep 2001 B- B stable B-

8ebanon 2 Feb 2001 B+ B stable B+

8ebanon 21 *ep 2000 BB- B negative BB

8ebanon 30 Jun 1999 BB- B - BB

8ebanon 4 Jun 199! BB- B - BB+

8ebanon 11 Feb 199! BB B ating (at"h negativ BBB-

8ebanon 2$ Feb 1997 BB B - BBB-

8esotho 31 May 2011 BB- B negative BB

8esotho 27 Ap 2010 BB- B stable BB

8esotho 1! *ep 200$ BB- B stable BB

8esotho 4 'ov 200% BB- B negative BB+

8esotho 30 'ov 2004 BB- B stable BB+8esotho 2$ *ep 2003 B+ B positive BB

8esotho 2 *ep 2002 B+ B stable BB

8ibya 13 Ap 2011 - - - -

8ibya 13 Ap 2011 B B stable B

8ibya 1 Ma 2011 BB B ating (at"h negativ BB

8ibya 21 Feb 2011 BBB F3 ating (at"h negativ BBB

8ibya 7 May 2009 BBB+ F2 stable BBB+

8ithuania 13 De" 2011 BBB F3 stable BBB+

8ithuania 4 May 2011 BBB F3 positive BBB+

8ithuania ! Ma 2010 BBB F3 stable BBB+

8ithuania ! Ap 2009 BBB F3 negative BBB+

8ithuania 22 De" 200! BBB+ F2 negative A-

8ithuania 3 )"t 200! A- F1 negative A

8ithuania 7 De" 2007 A F1 negative A+

8ithuania 23 )"t 200$ A F1 stable A+

8ithuania 7 Jul 2004 A- F2 positive A

8ithuania 2! Jan 2004 BBB+ F2 positive A


9/30


8ithuania 4 'ov 2003 BBB F3 positive A-

8ithuania 17 De" 2002 BBB F3 stable A-

8ithuania 2! Feb 2002 BBB- F3 positive BBB+

8ithuania 1$ May 2001 BBB- F3 stable BBB+

8ithuania 21 *ep 2000 BB+ B stable BBB+

8ithuania 2! Jan 1997 BB+ B - BBB+

8ueboug 21 *ep 2000 AAA F1+ stable AAA

8ueboug 2$ )"t 199% AAA F1+ - AAA

8ueboug 10 Aug 1994 AAA - - -

Ma"e/onia 27 )"t 2010 BB+ B stable BB+Ma"e/onia 21 May 2009 BB+ B negative BB+

Ma"e/onia 4 'ov 200! BB+ B stable BB+

Ma"e/onia 14 Aug 2007 BB+ B positive BB+

Ma"e/onia 13 Jun 200$ BB+ B stable BB+

Ma"e/onia 1 'ov 200% BB B positive BB

Mala.i 2% Aug 2009 - - - -

Mala.i $ Ma 2007 B- B stable B-

Mala.i 21 De" 200% &&& & positive &&&

Mala.i 30 Jul 2004 &&&+ & positive &&&+

Mala.i 20 May 2003 &&&+ & stable &&&+

Malaysia 9 Jun 2009 A- F2 stable A

Malaysia 1 Feb 2009 A- F2 stable A+

Malaysia 9 'ov 200! A- F2 stable A+

Malaysia 22 Jan 200! A- F2 positive A+Malaysia ! 'ov 2004 A- F2 stable A+

Malaysia $ Ap 2004 BBB+ F2 positive A

Malaysia 7 Aug 2002 BBB+ F2 stable A

Malaysia 9 Ap 2002 BBB F2 positive A-

Malaysia 12 *ep 2001 BBB F2 stable A-

Malaysia 21 *ep 2000 BBB F2 positive A-

Malaysia 7 De" 1999 BBB F2 - A-

Malaysia 9 *ep 1999 BBB- F3 ating (at"h positiv BBB

Malaysia 2$ Ap 1999 BBB- F3 - BBB

Malaysia 9 *ep 199! BB B - BBB

Malaysia 13 Aug 199! BBB- F3 - A-

Mali 4 De" 2009 - - - -

Mali 30 Ap 2004 B- B stable B-

Malta 12 Jul 2007 A+ F1 stable A+

Malta 4 'ov 2003 A F1 positive AA-

Malta 21 *ep 2000 A F1 stable AA-

Malta 23 Jun 199! A F1 - AA-

Malta 20 Jul 199$ A F1 - -

Mei"o 23 'ov 2009 BBB F2 stable BBB+

Mei"o 10 'ov 200! BBB+ F2 negative A-

Mei"o 19 *ep 2007 BBB+ F2 stable A-

Mei"o 29 Ma 2007 BBB F3 positive BBB+

Mei"o 7 De" 200% BBB F3 stable BBB+

Mei"o 1% Jan 2002 BBB- F3 stable BBB

Mei"o 21 *ep 2000 BB+ B positive BBB

Mei"o 3 May 2000 BB+ B - BBB

Mei"o 11 Ap 2000 BB B ating (at"h positiv BBB-

Mei"o 1% *ep 1997 BB B - BBB-

Mei"o 2$ )"t 199% BB B - -Mei"o 30 Aug 199% BB - - -

Mol/ova 17 De" 2009 - - - -

Mol/ova 1% *ep 200! B- B stable B

Mol/ova 1! Jun 2007 B- B positive B

Mol/ova 4 Feb 2003 B- B stable B

Mol/ova 1! 'ov 2002 DD D ating (at"h positiv &&&

Mol/ova 2! Jun 2002 DD D stable &&&

Mol/ova 2$ Jun 2001 && & negative &&&

Mol/ova 7 Jun 2001 &&&+ & negative B

Mol/ova 21 *ep 2000 B- B stable B

Mol/ova 2% 'ov 1999 B- B - B

Mol/ova 30 Jul 199! B B - B+

Mongolia 23 'ov 2010 B+ B stable B+

Mongolia 11 )"t 2009 B B stable B

Mongolia 19 Jan 2009 B B negative B

Mongolia 10 De" 200! B+ B negative B+

Mongolia 3 Jun 200! B+ B stable B+


10/30


Mongolia 20 *ep 2007 B+ B positive B+

Mongolia 1! Jul 200% B+ B stable B+

Moo""o 19 Ap 2007 BBB- F3 stable BBB

Mo,abi:ue 20 Jul 2012 B B positive B+

Mo,abi:ue 1% Jul 2003 B B stable B+

'aibia 9 De" 2011 BBB- F3 stable BBB

'aibia 13 De" 2010 BBB- F3 positive BBB

'aibia 7 De" 200% BBB- F3 stable BBB

'igeia 21 )"t 2011 BB- B stable BB

'igeia 22 )"t 2010 BB- B negative BB'igeia 23 May 200! BB- B stable BB

'igeia 30 Jan 200$ BB- B stable BB-

'ethelan/s 21 *ep 2000 AAA F1+ stable AAA

'ethelan/s 2$ )"t 199% AAA F1+ - AAA

'ethelan/s 10 Aug 1994 AAA - - -

'e. ;ealan/ 29 *ep 2011 AA F1+ stable AA+

'e. ;ealan/ 1% Jul 2009 AA+ F1+ negative AAA

'e. ;ealan/ 1! Aug 2003 AA+ F1+ stable AAA

'e. ;ealan/ 27 Ma 2002 AA F1+ stable AAA

'o.ay 21 *ep 2000 AAA F1+ stable AAA

'o.ay 2$ )"t 199% AAA F1+ - AAA

'o.ay 13 Ma 199% AAA - - -


11/30



12/30


*ebia 1$ Aug 2012 BB- B negative BB-

*ebia 11 'ov 2010 BB- B stable BB-

*ebia 23 De" 200! BB- B negative BB-

*ebia 19 May 200% BB- B stable BB-

*ey"helles 3 Feb 2011 B B stable B+

*ey"helles 1 Feb 2010 B- B positive B

*ingapoe 14 May 2003 AAA F1+ stable AAA

*ingapoe 21 *ep 2000 AA+ F1+ stable AAA

*ingapoe 1! 'ov 199! AA+ F1+ - AAA

*lovaia ! Jul 200! A+ F1 stable A+*lovaia 7 May 200! A F1 ating (at"h positiv A+

*lovaia 23 Jul 2007 A F1 positive A+

*lovaia 11 )"t 200% A F1 stable A+

*lovaia 21 *ep 2004 A- F2 stable A+

*lovaia 22 Jan 2004 BBB+ F2 positive A

*lovaia 4 'ov 2003 BBB F3 positive A-

*lovaia 3 Ma 2003 BBB F3 stable A-

*lovaia 1 'ov 2002 BBB- F3 positive BBB+

*lovaia 20 Feb 2001 BB+ B positive BBB+

*lovaia 21 *ep 2000 BB+ B stable BBB+

*lovaia 22 De" 199! BB+ B - BBB+

*lovaia % )"t 199! BBB- F3 ating (at"h negativ A-

*lovaia ! Aug 199$ BBB- F3 - A-

*lovenia ! Aug 2012 A- F2 negative A-*lovenia 27 Jan 2012 A F1 negative A

*lovenia 1$ De" 2011 AA- F1+ ating (at"h negativ AA-

*lovenia 2! *ep 2011 AA- F1+ negative AA-

*lovenia 12 Jul 200$ AA F1+ stable AA

*lovenia 7 Jul 2004 AA- F1+ positive AA

*lovenia 4 'ov 2003 A+ F1 positive AA

*lovenia $ May 2003 A+ F1 stable AA

*lovenia 29 May 2002 A F1 positive AA

*lovenia 21 *ep 2000 A F1 stable AA

*lovenia 1% De" 1999 A F1 - AA

*lovenia 9 May 199$ A- F1 - AA-

*outh Ai"a 13 Jan 2012 BBB+ F2 negative A

*outh Ai"a 17 Jan 2011 BBB+ F2 stable A

*outh Ai"a 9 'ov 200! BBB+ F2 negative i

*outh Ai"a 17 Jun 200! BBB+ F2 stable A

*outh Ai"a 2% Jul 2007 BBB+ F2 positive A

*outh Ai"a 2% Aug 200% BBB+ F2 stable A

*outh Ai"a 21 )"t 2004 BBB F3 positive A-

*outh Ai"a 2 May 2003 BBB F3 stable A-

*outh Ai"a 11 Ma 2003 BBB- F3 ating (at"h positiv BBB+

*outh Ai"a 20 Aug 2002 BBB- F3 positive BBB+

*outh Ai"a 21 *ep 2000 BBB- F3 stable BBB+

*outh Ai"a 27 Jun 2000 BBB- F3 - BBB+

*outh Ai"a 19 May 2000 BB+ B - BBB+

*outh Ai"a 2! May 199! BB B - BBB

*outh Ai"a 17 Feb 199! BB B ating (at"h positiv BBB

*outh Ai"a % Jun 199$ BB B - BBB

*outh Ai"a 2$ )"t 199% BB B - -

*outh Ai"a 22 *ep 1994 BB - - -*pain 7 Jun 2012 BBB F2 negative BBB

*pain 27 Jan 2012 A F1 negative A

*pain 1$ De" 2011 AA- F1+ ating (at"h negativ AA-

*pain 7 )"t 2011 AA- F1+ negative AA-

*pain 4 Ma 2011 AA+ F1+ negative AA+

*pain 2! May 2010 AA+ F1+ stable AA+

*pain 10 De" 2003 AAA F1+ stable AAA

*pain 21 *ep 2000 AA+ F1+ stable AA+

*pain 1 *ep 1999 AA+ F1+ - AA+

*pain 14 Jul 199! AA F1+ - AA

*pain 2$ )"t 199% AA F1+ - AAA

*pain 10 Aug 1994 AA - - -

*i 8ana 1! Jul 2011 BB- B stable BB-

*i 8ana 21 *ep 2010 B+ B positive B+

*i 8ana 9 )"t 2009 B+ B stable B+

*i 8ana 27 Feb 2009 B+ B negative B+

*i 8ana 2 Ap 200! B+ B stable B+


13/30


*i 8ana 27 Ap 200$ BB- B negative BB-

*i 8ana ! De" 200% BB- B stable BB-

*uinae 10 Jul 2012 BB- B stable BB-

*uinae 29 Jul 2011 B+ - stable B+

*uinae 20 )"t 2009 B - positive B+

*uinae 1! Jun 2004 B - stable B+

*.e/en ! Ma 2004 AAA F1+ stable AAA

*.e/en 4 Ma 2002 AA+ F1+ stable AAA

*.e/en 1! Jul 2001 AA F1+ positive AAA

*.e/en 21 *ep 2000 AA F1+ stable AAA*.e/en 27 Jan 1999 AA F1+ - AAA

*.e/en 2$ )"t 199% AA- F1+ - AAA

*.e/en 22 De" 1994 AA- - - -

*.e/en 10 Aug 1994 AA - - -

*.it,elan/ 21 *ep 2000 AAA F1+ stable AAA

*.it,elan/ 2$ )"t 199% AAA F1+ - AAA

*.it,elan/ 10 Aug 1994 AAA - - -

=ai.an 1! Jan 2009 A+ F1 stable AA

=ai.an 19 'ov 2001 A+ F1 stable AA

=hailan/ 12 May 2011 BBB F3 stable A-

=hailan/ 19 Ap 2010 BBB F3 stable A-

=hailan/ 1$ Ap 2009 BBB F3 stable A-

=hailan/ 1 De" 200! BBB+ F2 negative A

=hailan/ 22 )"t 200$ BBB+ F2 stable A=hailan/ 19 *ep 200$ BBB+ F2 ating (at"h negativ A

=hailan/ 10 May 200% BBB+ F2 stable A

=hailan/ 3 Ma 2004 BBB F3 positive A-

=hailan/ 3 *ep 2003 BBB F3 stable A-

=hailan/ 10 )"t 2002 BBB- F3 positive BBB+

=hailan/ 21 *ep 2000 BBB- F3 stable BBB+

=hailan/ 24 Jun 1999 BBB- F3 - BBB+

=hailan/ 2$ Ap 1999 BB+ B ating (at"h positiv BBB+

=hailan/ 14 May 199! BB+ B - BBB+

=unisia 2 Ma 2011 BBB- F3 negative BBB

=unisia 14 Jan 2011 BBB F2 ating (at"h negativ A-

=unisia 24 May 2001 BBB F2 stable A-

=unisia 21 *ep 2000 BBB- F3 positive A-

=unisia 2$ *ep 199$ BBB- F3 - A-

=unisia 2$ )"t 199% BBB- F3 - -

=unisia 14 *ep 199% BBB- - - -

=uey 23 'ov 2011 BB+ B stable BB+

=uey 24 'ov 2010 BB+ B positive BB+

=uey 3 De" 2009 BB+ B stable BB+

=uey 27 )"t 2009 BB- B ating (at"h positiv BB

=uey 12 De" 2007 BB- B stable BB

=uey 9 May 2007 BB- B stable BB-

=uey $ De" 200% BB- B positive BB-

=uey 13 Jan 200% BB- B stable BB-

=uey 2% Aug 2004 B+ B positive B+

=uey 9 Feb 2004 B+ B stable B+

=uey 2% *ep 2003 B B positive B

=uey $ Aug 2003 B- B positive B-

=uey 2% Ma 2003 B- B negative B-=uey % Feb 2002 B B stable B

=uey 2 Aug 2001 B B negative B-

=uey 2 Ap 2001 B+ B ating (at"h negativ B

=uey 22 Feb 2001 BB- B ating (at"h negativ B+

=uey 21 *ep 2000 BB- B stable BB

=uey 27 Ap 2000 BB- B - BB

=uey 10 Ap 2000 B+ B ating (at"h positiv -

=uey 20 De" 199$ B+ B - -

=uey 29 Jul 199$ BB- B ating (at"h negativ -

=uey 2$ )"t 199% BB- B - -

=uey 2$ *ep 199% BB- - - -

=uey 10 Aug 1994 B - - -

=uenistan 2% Feb 200% - - - -

=uenistan 1! May 2001 &&&- & - -

=uenistan 21 *ep 2000 B- B stable -

=uenistan 29 Jan 1999 B- B - -

=uenistan 7 Jan 199! B B - -


14/30


>gan/a 7 )"t 2011 B B stable B

>gan/a 19 Aug 2009 B B positive B

>gan/a 17 Ma 200% B B stable B

>aine 19 )"t 2011 B B stable B

>aine 21 Jul 2011 B B positive B

>aine $ Jul 2010 B B stable B

>aine 17 Ma 2010 B- B stable B-

>aine 12 'ov 2009 B- B negative B-

>aine 13 Feb 2009 B B negative B

>aine 17 )"t 200! B+ B negative B+>aine 2% *ep 200! BB- B negative BB-

>aine 14 May 200! BB- B stable BB-

>aine 2% )"t 200$ BB- B positive BB-

>aine 12 Jan 200$ BB- B stable BB-

>aine ! Jun 200% BB- B positive BB-

>aine 21 Jan 200% BB- B stable BB-

>aine 2% Jun 2003 B+ B stable B+

>aine 2$ Ma 2002 B B stable B

>aine 13 Jun 2001 B- B stable B-

>nite/ 5ing/o 14 Ma 2012 AAA F1+ negative AAA

>nite/ 5ing/o 21 *ep 2000 AAA F1+ stable AAA

>nite/ 5ing/o 2$ )"t 199% AAA F1+ - AAA

>nite/ 5ing/o 10 Aug 1994 AAA - - -

>nite/ *tates 2! 'ov 2011 AAA F1+ negative AAA>nite/ *tates 21 *ep 2000 AAA F1+ stable AAA

>nite/ *tates 1 Ap 199$ AAA F1+ - AAA

>nite/ *tates 13 'ov 199% AAA F1+ ating (at"h negativ AAA

>nite/ *tates 2$ )"t 199% AAA F1+ - AAA

>nite/ *tates 10 Aug 1994 AAA - - -

>uguay 24 Ap 2012 BB+ B positive BBB-

>uguay 14 Jul 2011 BB+ B stable BBB-

>uguay 27 Jul 2010 BB B positive BB+

>uguay 13 Jul 2009 BB- B positive BB

>uguay 27 Jul 2007 BB- B stable BB

>uguay 24 May 200$ B+ B positive BB-

>uguay 7 Ma 200% B+ B stable BB-

>uguay 29 Ma 2004 B B stable B+

>uguay 17 Jun 2003 B- B stable B

>uguay 1$ May 2003 DDD D - B

>uguay 10 Ap 2003 & & - &&&-

>uguay 12 Ma 2003 &&&- & negative &&&-

>uguay 7 Jan 2003 B- B negative B

>uguay 30 Jul 2002 B B negative B

>uguay 2! May 2002 B+ B ating (at"h negativ BB-

>uguay 13 Ma 2002 BB+ B negative BBB-

>uguay 23 Jul 2001 BBB- F3 negative BBB+

>uguay 21 *ep 2000 BBB- F3 stable BBB+

>uguay 19 May 2000 BBB- F3 - BBB+

>uguay 23 Jan 1997 BBB- F3 - -

>uguay 14 Jan 1997 BB+ B ating (at"h positiv -

>uguay 2$ )"t 199% BB+ B - -

>uguay 1! Jan 199% BB+ - - -

ene,uela 4 Ap 2012 B+ B negative B+ene,uela 1$ De" 200! B+ B stable B+

ene,uela 1! )"t 2007 BB- B negative BB-

ene,uela 14 'ov 200% BB- B stable BB-

ene,uela 20 *ep 2004 B+ B stable B+

ene,uela 23 Jun 2003 B- B stable B-

ene,uela 10 Jan 2003 &&&+ & negative &&&

ene,uela 2! Jun 2002 B B negative B-

ene,uela $ Feb 2002 B+ B negative B

ene,uela 1! De" 2001 BB- B negative B+

ene,uela 21 *ep 2000 BB- B stable B+

ene,uela 1% May 2000 BB- B - B+

ene,uela 2 *ep 1999 BB- B ating (at"h negativ -

ene,uela 1% *ep 1997 BB- B - -

ietna 2! Jul 2010 B+ B stable B+

ietna 11 Ma 2010 BB- B ating (at"h negativ BB-

ietna 29 Jun 2009 BB- B stable BB-

ietna 29 May 200! BB- B negative BB


15/30


ietna $ 'ov 2003 BB- B stable BB

ietna 11 Jun 2002 BB- B positive BB

;abia 1 Ma 2012 B+ B negative B+

;abia 2 Ma 2011 B+ B stable B+

1? blue @ positive ating a"tion e/ @ negative ating a"tion

2? D histoy ept o the 4 soveeigns not ate/ by Fit"h 6B&A pio to the ege .ith Du C


16/30

!" #ug !$%!

ency rating

outlook/atchstable

pos ves a e

positivestable

stables a es a establestables a es a e

--

#ating (at"h negativea ng a " nega ve

negativenegative

#ating (at"h negativea ng a " nega ve

nega ve

--

stables a e

pos vestablestable

nega ves a es a estable

stable

-

#ating (at"h negative

-

stable

-

-

stable

positive

stable

stable

stable

positive

stable

positive

-

stable


negative

#ating (at"h negativestable

positive

stable

#ating (at"h positive

stable

stable

-

negative

#ating (at"h 'egative

negative

stable

stable

stable

-

-

-

-


17/30

ency rating

.ith/a.n

stable

stable

stable

stable

-

-

stable

stable

stablenegative

stable

stable

positive

stable

stable

positive

stable

positive

stable

stable

positive

stable

negative#ating (at"h negative

negative

negative

stable

-

-

-

-

-

-

stable

positive

negative

stable

negative

stable

stable

positive

positive

stable

positive

-

stable

stable

positive

positive

positive

stable

#ating (at"h 'egativestable

stable

stable

stable

-

-

stable

positive

stable

stable

stable

positive

stable

stable

stable

stable

-


18/30

ency rating

-

-

-

-

negative

stable

positive

stable

stable

stablestable

-

-

*table

positive

stable

stable

stable

negative

stable

negative

stable

-

--

-

stable

stable

negative

stable

-

negative

stable

positive

stable

positive

-

-

negative

negative


negative

negative


stable

stable

stable

stable

positive

stable

stable

stable

stablestable

-

-

-

-

stable

stable

positive

-

-

positive

stable

positive

stable

stable

stable



19/30

ency rating





stable

-

-

-

-

--

-

-

-

-

-

negative

negative

negative


negative

stable

stable

stablenegative

stable

negative

stable

stable

-

negative

stable

negative

negative

stable

negative

stable

stable

-

-

-

stable

stable


stable

negative

negative

negative

stable

stable

stable

stable

#ating (at"h positivestable


-

stable

-

-

-

-

-

-

negative

stable

-

-

positive

stable

-


20/30

ency rating

stable

stable

stable

stable

positive

stable


negative

stable

stable-

-

stable

negative

stable

positive

stable

positive

-

stable

-

-

-

#ating (at"h negativenegative


negative

negative

negative

negative

stable

positive

stable


stable

positive

stable

stable

-


-


-

-

stable

stable

stable

stable

stable

negative

stable

stable

--

-

-

-

negative

negative

*table

negative

negative

stable

negative

stable

negative

stable

stable

negative

stable


21/30

ency rating

positive

-

-

-


-

stable

stable

negative

negative#ating (at"h negative


negative

stable

negative

stable

negative

stable

-

negative

stable

negative

stable

stablestable

negative

stable

-

stable

positive

stable

stable

positive

stable

positive

positive

stable

stable

stable

positive

negative

-

-



-

-


-

-

stable

negative

stablepositive

stable

negative


negative

ating .at"h negative

stable

negative

stable

negative


stable

-

-

-

-

stable


22/30

ency rating

positive

stable

negative

negative

negative


stable

-

-

-negative


negative

stable


negative

stable

stable

-

-

-

-

stable

#ating (at"h positive-

negative

negative

negative

stable

negative

negative

stable

negative

negative

negative

stable

-

-


-

-

positive

positive

stable

negative


negative

negative

stable

positive

stable

stable

positivestable

stable

stable

-

-

-

-

stable

negative

stable

positive

stable

negative

stable


stable



23/30

ency rating

stable

-

-


-


-



#ating (at"h negative#ating (at"h negative


-

-

-

stable

stable

positive

positive

positive

-

stable

positive

stablenegative

negative


negative

negative

stable

negative

stable

stable

stable

stable

positive

stable

-

stable

stable

positive

stable

stable

negative

-

-


-

negative

negative

stable

negative

stablepositive

stable

-

stable



stable

stable

positive

stable

negative

negative

negative

negative

stable

stable

stable


24/30

ency rating

stable

stable

positive

stable

stable

-

stable

-

-

stablenegative

stable

positive

stable

positive

-

stable

positive

positive

stable

stable

negative

stable

stablestable

positive

stable

positive

stable

positive

-


-

-

-

-

stable

stable

stable

stable

-

-

stable

negative

stable

positive

stable

stable

positive

-


-

--

-

stable

positive

stable


stable

negative

negative

stable

-

-

stable

stable

negative

negative

stable


25/30

ency rating

positive

stable

stable

stable

stable

stable

positive

stable

stable

negativestable

stable

stable

-

-

stable

negative

stable

stable

stable

-

-

*table

positivepositive

stable

negative


stable

-


-

-

stable

stable

stable

stable

-

stable

positive

stable

positive

stable

positive

stable

stable

stable

negative

stable

negative


stable

-stable

stable

negative

stable

negative

stable

negative

stable


stable

-

stable

stable

stable

stable

stable

-


26/30

ency rating

-


-

negative



negative

negative

negative

stablenegative

stable

-

-

-

-

stable

stable

stable

negative

negative

stable

stable

positivestable


stable

stable

positive

stable

stable

-

-


-

-

stable

positive

stable

negative

negative

stable

stable

stable

stable

positive

stable

positive

stable

-

-


-#ating (at"h negative

-



-


-

stable

positive

-

-

-

-

stable

positive

stable

stable


27/30

ency rating

negative

stable

negative

stable

stable

positive

stable

stable

-

stablestable

stable

stable

stable

stable

stable

stable

positive

positive

stable

-


-

negativenegative

#ating .at"h negative

negative

stable

stable

stable

stable

positive

stable

-

-

negative

stable

negative

stable

positive

stable

positive

stable


positive

stable

-

-

-


-

-

-negative

negative


negative

negative

stable

stable

stable

-

-

-

-

stable

positive

stable

negative

stable


28/30

ency rating

negative

stable

stable

stable

stable

stable

stable

stable

positive

stable-

-

-

-

stable

-

-

negative

stable

stable

negative

stable

negative

stable#ating (at"h negative

stable

positive

stable

positive

stable

-


-

negative


stable

positive

-

-

-

stable

positive

stable


stable

stable

positive

stable

positive

stable

positive

positive

negativestable

negative



stable

-


-


-

-

-

-

-

stable

-

-


29/30

ency rating

stable

positive

stable

stable

positive

stable

stable

negative

negative

negativenegative

stable

positive

stable

positive

stable

stable

stable

stable

negative

stable

-

-

negativestable

-


-

-

positive

stable

positive

positive

stable

positive

stable

stable

stable

-

-

negative

negative

negative


negative

negative

stable

-

-


-

-

negativestable

negative

stable

stable

stable

negative

negative

negative

negative

stable

-


-

stable


negative

negative


30/30

ency rating

stable

positive

negative

stable

e/ 19%00 by Fit"h

d herein is based on in4oration obtainedreport is pro3ided 5as is6 ithout anyci4icay entioned. Fitch is not engaged in

ction ith the sae o4 the securities. Ratingsd any security. Ratings do not coent onrs, guarantors, other obigors, anda particuar issuer, or insured or guaranteedation o4 a rating by Fitch sha not constitutee securities as o4 any particuar

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Sovereign Ratings History