Get to know our positions according to the credit rating agencies’ criteria.
|Rating Agency||Last Rating Revision||Global Rating||Outlook|
|Standard & Poor’s||05/11/2020||BB-||Stable|
A rating is an opinion on the future capacity and legal responsibility of an issuer to make principal and interest payments on a specific fixed income security up to its expiry date.
Long-term debt symbols assessment
Aaa / AAA – Aaa-rated securities are considered best-in-class. They carry the lowest investment risk grade and are usually referred to as “gilt-edged”. Their interest payments are protected by a large margin or by an exceptionally stable margin and principal is secured. Although there may be changes in the multiple protection elements, such changes that can be viewed are very unlikely to fundamentally impair the strong position of these securities.
Aa / AA – Aa-rated securities are considered to be of high quality by all standards. Together with the Aaa securities, they comprise the group commonly known as high-grade bonds. Its rating is lower than that of the best securities because its protection margins may not be as large as those of the Aaa securities, or because fluctuations of protection elements may have a greater range, or else there may be other current elements indicating that their long-term risk may be higher than that of Aaa securities.
A – A-rated securities have several favorable investment attributes and are considered to be upper-middle-class bonds. Factors providing safety to principal and interest are considered appropriate, but there may be certain current elements that suggest vulnerability to a negative impact at some future time.
Baa / BBB – Baa-rated securities are considered middle-class bonds (i.e. they are not highly protected, but they also have no weak guarantees). Interest and principal payments of such securities seem to be appropriate at the present time, but certain protection elements may be insufficient or may not be peculiarly reliable over a longer period. These securities do not have exceptional investment characteristics, and they have actually some speculative features.
Ba / BB – Ba-rated securities are those that have speculative elements; their future cannot be considered quite safe. Protection of interest and principal payments can be often moderate and therefore are not much preserved over good and difficult times in the future. The position uncertainty is a characteristic of such titles in this category.
B – B-rated securities usually do not have the desirable investment characteristics. The likelihood of interest and principal payment or the stability of other terms of the contract over extended periods may be small.
Caa / CCC – Caa-rated securities have a weak position. Such securities may be in default or there may be dangerous elements relating to interest and principal.
Ca / CC – Ca-rated securities represent highly speculative bonds. Usually, these securities are in default or show other marked weaknesses.
C – C-rated securities are the lowest rated securities and can only be considered as having extremely weak prospects of ever effectively reaching any investment category.
Note: The numerical modifiers 1, 2 and 3 or signals to each generic classification category, from Aa to Caa. The modifier indicates that the obligation is at the higher, middle or lower end of the category, they apply to senior bonds of banks, senior policies and claims of insurance company bonds, with original maturity greater than one year. Obligations that depend on support mechanisms, such as letters of credit and indemnity bonds, are excluded unless explicitly classified.
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