Source: Standard & Poor’s

RATINGS LIST
To From

Austria (Republic of) AA+/Negative/A-1+ AAA/Watch Neg/A-1+

Belgium (Kingdom of) (Unsolicited Ratings)
AA/Negative/A-1+ AA/Watch Neg/A-1+

Cyprus (Republic of) BB+/Negative/B BBB/Watch Neg/A-3

Estonia (Republic of) AA-/Negative/A-1+ AA-/Watch Neg/A-1+

Finland (Republic of) AAA/Negative/A-1+ AAA/Watch Neg/A-1+

France (Republic of) (Unsolicited Ratings)
AA+/Negative/A-1+ AAA/Watch Neg/A-1+

Germany (Federal Republic of) (Unsolicited Ratings)
AAA/Stable/A-1+ AAA/Watch Neg/A-1+

Ireland (Republic of) BBB+/Negative/A-2 BBB+/Watch Neg/A-2

Italy (Republic of) (Unsolicited Ratings)
BBB+/Negative/A-2 A/Watch Neg/A-1

Luxembourg (Grand Duchy of) AAA/Negative/A-1+ AAA/Watch Neg/A-1+

Malta (Republic of) A-/Negative/A-2 A/Watch Neg/A-1

Netherlands (The) (State of) (Unsolicited Ratings)
AAA/Negative/A-1+ AAA/Watch Neg/A-1+

Portugal (Republic of) BB/Negative/B BBB-/Watch Neg/A-3

Slovak Republic A/Stable/A-1 A+/Watch Neg/A-1

Slovenia (Republic of) A+/Negative/A-1 AA-/Watch Neg/A-1+

Spain (Kingdom of) A/Negative/A-1 AA-/Watch Neg/A-1+

** Market News International Washington Bureau: 202-371-2121 **

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