About the ratings

The agencies each use their own rating scales, on which the highest possible ratings are AAA and Aaa. The figure below shows the correspondence between Moody's and Standard & Poor's ratings.

Moody's Under review		Standard & Poor's Negative outlook		Fitch Negative outlook
Short	Long	Short	Long	Short	Long
P-1	Aaa	A-1+	AAA	F1+	AAA
P-2	Aa1	A-1	AA+	F1	AA+
P-3	Aa2	A-2	AA	F2	AA
	Aa3	A-3	AA-	F3	AA-
	A1	B	A+	B	A+
	A2	C	A	C	A
	A3	D	A-	D	A-
	Baa1		BBB+		BBB+
	Baa2		BBB		BBB
	Baa3		BBB-		BBB-
	...		...		...

Contacts:	Moody's	S&P	Fitch
	Oscar Heemskerk +44 20 7772 5532	Per Tornqvist +46 8 440 5900	Jens Hallén +44 203 530 1326

Last updated on 17 February 2012

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