Credit Ratings

Ratings represent an evaluation of credit worthiness, conducted by independent financial analysis firms.  Credit ratings and research can help investors assess marketplace value and degree of investment risk.

Standard & Poor's (S&P), anda Moody's are leading global credit rating, research and risk analysis companies.  Their highest long-term rating is Aaa and the lowest is C.  Moody's uses numerical modifiers (1, 2, 3) in each rating classification while S&P uses plus and minus signs.

Short-term ratings by these agencies assess the ability of the company to repay short-term debt obligations. A1/P1 ratings (highest short-term rating) by Moody's and S&P respectively, indicate a superior ability to repay short-term debt obligations; A02/P2 indicates satisfactory ability and A3/P3 indicates adequate ability to meet the short-term financial liabilities.

For further information on Moody's rating definitions and criteria please visit their corporate website at: For information on Standard & Poor's rating system visit their corporate website at:

Moody's Standard & Poor's
Rating B1 B+
Outlook Outlook Positive Outlook Stable
Last Rating change February 2018 September 2015
Analysts Carlos Winzer Panagiotis Paliakoudis