Credit Ratings | Financial Information | IR

Investor Relations

Rating	Definition
AAA	Principle amount payment ability is the best
AA	Principle amount payment ability is very outstanding but inferior to AAA to some extent
A	Principle amount payment ability is outstanding but a potential drop of efficiency exists in future principle amount
BBB	Principle amount payment ability is satisfactory but a potential drop of efficiency exists in future principle amount payment ability depending on economic circumstances and aggravation of surrounding situations
BB	No current problem exists regarding principle amount payment, but potential speculative factors exist regarding future stability of repayment ability
B	Speculative outlook due to lack of principle amount payment ability and interest payment is uncertain in case of economic slump
CCC	Insecure state regarding currently insecure principle amount payment and very speculative outlook due to possibility of unfulfillment of obligatory debt repayment
CC	More insecure compared to superior grades
C	High possibility of unfulfillment of obligatory debt repayment and no ability of principle amount payment
D	Under situation of unfulfillment of obligatory debt repayment and bankruptcy

	Moody's	S&P / Fitch's	Definition
Eligible Investment Rating	Aaa	AAA	Exceptional credit quality and lowest expectation of investment risk
	Aa1	AA+	Excellent credit quality and very low expectation of investment risk
	Aa2	AA
	Aa3	AA-
	A1	A+	Good credit quality and currently low expectation of investment risk
	A2	A
	A3	A-
	Baa1	BBB+	Adequate credit quality and currently low expectation of investment risk
	Baa2	BBB
	Baa3	BBB-
Ineligible Investment Ratings	Ba1	BB+	Questionable credit quality and possibility of investment risk developing
	Ba2	BB
	Ba3	BB-
	B1	B+	Generally poor credit quality and investment risk exist
	B2	B
	B3	B-
	Caaa1	CCC+	Extremely poor credit quality and currently perceived possibility of default
	Caa2	CCC
	Caa3	CCC-
	Ca	CC
	C	C
	-	D	Default

Rating	Definition
Aaa	Exceptional credit quality and lowest expectation of investment risk
Aa1	Excellent credit quality and very low expectation of investment risk
Aa2
Aa3
A1	Good credit quality and currently low expectation of investment risk
A2
A3
Baa1	Adequate credit quality and currently low expectation of investment risk
Baa2
Baa3

Rating	Definition
Ba1	Questionable credit quality and possibility of investment risk developing
Ba2
Ba3
B1	Generally poor credit quality and investment risk exist
B2
B3
Caaa1	Extremely poor credit quality and currently perceived possibility of default
Caa2
Caa3
Ca
C
-	Default