Rating

Date of assessment Rating Outlook
FitchRatings 26/05/2017 BBB- Negative
Standard&Poors 31/05/2017 BB+ Stable

Both agencies add a sign (+) or (-) to each generic rating category to indicate a relative position within each category. The long-term debt credit rating scale used by said agencies are as follows:

FitchRatings Standard&Poors Meaning

Investment grade

AAA AAA Highest quality
AA AA High quality
A A Good quality
BBB BBB Satisfactory quality that will be reduced with a change in circumstance

Speculative grade

BB BB Moderate security: greater exposure to adverse factors
B B Low security, greater vulnerability
CCC CCC Identified vulnerability
CC CC Delays in payments
C C Delays in payments
DDD DDD Few possibilities of payment
DD DD Few possibilities of payment
D D Few possibilities of payment

hese ratings may be revised, suspended or withdrawn by the rating agency at any time.

Date of assessment Rating Outlook
FitchRatings 02/11/2016 BBB- Stable
FitchRatings 20/07/2015 BBB- Stable
Standard&Poors 02/11/2016 BB+ Stable
Standard&Poors 29/06/2016 BB+ Stable
Standard&Poors 27/07/2015 BB+ Positive

Both agencies add a sign (+) or (-) to each generic rating category to indicate a relative position within each category. The long-term debt credit rating scale used by said agencies are as follows:

FitchRatings Standard&Poors Meaning

Investment grade

AAA AAA Highest quality
AA AA High quality
A A Good quality
BBB BBB Satisfactory quality that will be reduced with a change in circumstance

Speculative grade

BB BB Moderate security: greater exposure to adverse factors
B B Low security, greater vulnerability
CCC CCC Identified vulnerability
CC CC Delays in payments
C C Delays in payments
DDD DDD Few possibilities of payment
DD DD Few possibilities of payment
D D Few possibilities of payment

These ratings may be revised, suspended or withdrawn by the rating agency at any time.