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Credit Ratings

A credit rating is an evaluation made by a Credit Rating Agency (“CRA”) of the credit risk of a prospective debtor (e.g. a company or a government). The credit rating represents an evaluation of both qualitative and quantitative information for the prospective debtor and may rate the creditworthiness of either Issuers of Debt Obligations or specific Debt Instruments.

Standard & Poor's and Moody's are globally leading CRAs.

For further information on Standard & Poor's rating system, visit their website at:

www.standardandpoors.com

For further information on Moody’s rating system, visit their website at:

www.moodys.com

	Standard & Poor’s	Moody’s
Rating	BBΒ-	Ba2 (on an unsolicited basis)
Outlook	Outlook Stable	Outlook Stable
Last Rating change	October 2019	March 2019
Analysts	Thibaud Lagache	Carlos Winzer