Overview of countries by credit rating Long-term foreign currency credit ratings for sovereign bonds as per 23rd February

2013 Standard & Poor's Country Australia AAA Austria AA+ Belgium AA Brazil BBB Canada AAA China AADenmark AAA Finland AAA France AA+ Germany AAA Hong Kong AAA India BBBItaly BBB+ Japan AALuxembourg AAA Netherlands AAA New Zealand AA Norway AAA Russia BBB Saudi-Arabia AASingapore AAA Sweden AAA Switzerland AAA United Kingdom AAA United States AA+ Rating Agency Outlook Stable Negative Negative Stable Stable Stable Stable Stable Negative Negative Stable Negative Negative Negative Negative Negative Stable Stable Stable Stable Stable Stable Stable Stable Negative Date 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/02/20 2012/08/01 2011/29/11 2012/04/25 2012/01/13 2011/01/13 2012/01/13 2012/07/24 2011/11/29 2011/11/29 2011/11/29 2011/11/29 2011/11/29 2011/11/29 2011/11/29 2012/04/13 2011/11/29 Country Australia Austria Belgium Brazil Canada China Denmark Finland France Germany Hong Kong India Italy Japan Luxembourg Netherlands New Zealand Norway Russia Saudi-Arabia Singapore Sweden Switzerland United Kingdom United States Fitch AAA AAA AA BBB AAA A+ AAA AAA AAA AAA AA+ BBBAA+ AAA AAA AA AAA BBB AAAAA AAA AAA AAA AAA Outlook Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Negative Negative Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Negative Date 2011/11/29 2011/11/21 2013/01/24 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/12/16 2011/11/21 2011/11/21 2012/06/18 2012/01/27 2012/05/22 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2011/11/21 2012/03/15 2011/11/21 Country Australia Austria Belgium Brazil Canada China Denmark Finland France Germany Hong Kong India Italy Japan Luxembourg Netherlands New Zealand Norway Russia Saudi-Arabia Singapore Sweden Switzerland United Kingdom United States Moody's Outlook Date Aaa Stable 2011/08/05 Aaa Negative 2012/02/13 Aa3 Negative 2011/12/16 Baa2 Positive 2011/08/05 Aaa Stable 2011/08/05 Aa3 Positive 2011/08/05 Aaa Stable 2011/08/05 Aaa Stable 2011/08/05 Aa1 Negative 2012/11/19 Negative watch 2012/07/24 Aaa Aa1 Positive 2011/08/05 Baa3 Stable 2011/08/05 Baa2 Negative 2012/07/13 Aa3 Stable 2011/08/23 Negative watch 2012/07/23 Aaa Negative watch 2012/07/23 Aaa Aaa Stable 2011/08/05 Aaa Stable 2011/08/05 Baa1 Stable 2011/08/05 Aa3 Stable 2011/08/05 Aaa Stable 2011/08/05 Aaa Stable 2011/08/05 Aaa Stable 2011/08/05 Aa1 Stable 2013/02/22 Aaa Negative 2011/08/05

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13 countries with Triple A of which 3 countries with negative outlook

15 countries with Triple A of which 3 countries with negative outlook

14 countries with Triple A of which 5 countries with negative outlook/watch

Composed by Roger Coenen, Senior Consultant Risk Management and Investments Mylette Effecten www.mylette.nl

r.coenen@mylette.nl @RiskConsultancy

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AAA Sovereigns with all the major credit rating agencies Country Australia Canada Denmark Finland Germany Luxembourg Netherlands Norway Singapore Sweden Switzerland AAA Sovereigns with Stable Outlook with all major credit rating agencies Australia Canada Denmark Finland Norway Singapore Sweden Switzerland

1 2 3 4 5 6 7 8

Composed by Roger Coenen, Senior Consultant Risk Management and Investments Mylette Effecten www.mylette.nl

r.coenen@mylette.nl @RiskConsultancy

Sources:

http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/us/?subSectorCode=39 http://en.wikipedia.org/wiki/List_of_countries_by_credit_rating

Caption:
S&P: BBB- or higher is considered to be investment grade Bonds rated BB+ or lower are considered to be speculative grade (also referred to as junk bonds ) Fitch: BBB- or higher is considered to be investment grade Bonds rated BB+ or lower are considered to be speculative grade (also referred to as junk bonds ) Moody's: Baa3 or higher is considered to be investment grade Bonds rated Ba1 or lower are considered to be speculative grade (also referred to as junk bonds )

Composed by Roger Coenen, Senior Consultant Risk Management and Investments Mylette Effecten www.mylette.nl

r.coenen@mylette.nl @RiskConsultancy