Research. The 2016 Sovereign Rating Calendar. A cross-agency review of announced sovereign rating dates by ESMA registered Credit Rating Agencies

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1 Research The 2016 Sovereign Rating Calendar A cross-agency review of announced sovereign rating dates by ESMA registered Credit Rating Agencies Date of research: December 30th, 2015

2 Table of content Page Background and research 3 Cross-agency calendar of rating reviews 8 information 19 Legal notice and disclaimer We have reviewed the information published by ESMA registered Credit Rating Agencies with respect to the Sovereign ratings calendar (in accordance with the latest amendment of the EU Regulation on Credit Rating Agencies). We have used our best endeavour to compile this research report on top-level sovereigns rating activity. Please note that we don't take any liability for the information published by the respective CRAs. Note further that the calendar is subject to change as CRAs may deviate from the published calendar. While we have taken substantial care to cross-check the information, we don't take any liability for the completeness and correctness of the information provided. We welcome comments, clarifications and feed-back. Inprint RATINGPLATFORM Gesmbh, a limited liability company registered at the Commercial court of Vienna, Austria under the number FN h Registered office: Pötzleinsdorferstr. 17/1, A-1180 Vienna, Austria Please note that RATINGPLATFORM was established in 2010 and registered as limited liability company in August RATINGPLATOFRM is not linked to the European Ratingplatform as foreseen under Article 11 (a) of the Regulation 462/2013 amending Regulation 1060/2009.

3 Background and Structure The latest amendment of the EU Regulation on Credit Rating Agencies ("CRA III"or "CRA Regulation" going forward) entered into force on June 20th, CRA III introduced a number of specific requirements in the Sovereign market: - review of sovereign ratings every 6 months - publication of a calendar by the end of each year for rating actions on sovereigns during the next year. This research report focuses on the top level sovereign ratings and excludes Municipal ratings and sub-sovereign ratings. Based on the information published by EU registered CRAs, we have drafted this report in three section. The first section gives a cross-cra analysis on how the provisions of the CRA Regulation were implemented by the CRAs. The second section is a calendar of announced rating updates (as of December 30th, 2015). The last chapter details the coverage per. Legal background A "Sovereign rating is defined in Article 3 (1) v of the CRA Regulation. sovereign rating means: (i) a credit rating where the entity rated is a State or a regional or local authority of a State; (ii) a credit rating where the issuer of the debt or financial obligation, debt security or other financial instrument is a State or a regional or local authority of a State, or a special purpose vehicle of a State or of a regional or local authority; (iii) a credit rating where the issuer is an international financial institution established by two or more States which has the purpose of mobilising funding and providing financial assistance for the benefit of the members of that international financial institution which are experiencing or threatened by severe financing problems; Article 8a "Sovereign ratings" of the CRA Regulation introducces the Sovereign Calendar: 3. A credit rating agency shall, taking into consideration the second subparagraph of Article 8(5), publish on its website and submit to ESMA on an annual basis, in accordance with point 3 of Part III of Section D of Annex I, a calendar at the end of December for the following 12 months, setting a maximum of three dates for the publication of unsolicited sovereign ratings and related rating outlooks and setting the dates for the publication of solicited sovereign ratings and related rating outlooks. Such dates shall be set on a Friday. 4. Deviation of the publication of sovereign ratings or related rating outlooks from the calendar shall only be possible where necessary for the credit rating agency to comply with its obligations under Article 8(2), Article 10(1) and Article 11(1) and shall be accompanied by a detailed explanation of the reasons for the deviation from the announced calendar. According to Article 3 (1) x, unsolicited sovereign rating mean (...) a sovereign rating assigned by a credit rating agency other than upon request; " According to Article 8 (5), Sovereign ratings shall be reviewed at least every six months. ; On June 2nd, 2014, the European Securities and Markets Authority ("ESMA"), the single supervisor of CRAs in the European Union clarified that scheduled rating releases should occur on Friday after the closure of regulated markets. ESMA further clarified that CRAs are not obliged to publish rating updates on the scheduled. Page 3

4 Introduction to the European Sovereign Rating market While 30 CRAs are currently registered or certified with ESMA, 15 CRAs are active in the broader Sovereign market, which includes also the Sub-Sovereign level. 3 of these CRAs (European Rating Agency in Slovakia, INC Rating in Poland and Scope Ratings) cover exclusively the subsovereign level, which is not in the focus of this report. JCRA from Japan and Egan-Jones Rating Company from the US are both rating sovereigns - these two are certified with ESMA and don't publish sovereign calendars. The 10 remaining CRAs registered with ESMA are: ARC Rating ("ARC"), Bulgarian Credit Rating Agency ("BCRA"), Capital Intelligence ("CI"), DBRS, the Economist Intelligence Unit ("EIU"), ExpertRA, Feri EuroRating Services ("Feri"), Fitchratings ("Fitch"), Moody's Investor's Services ("Moody's") and Standard and Poor's ("S&P"). ARC, BCRA, DBRS, EIU, ExpertRA and Feri are rating exclusively on an unsolicited basis. Fitch, Moody's and S&P rate on an unsolicited and solicited basis. CI operates under a special model, where issuers may be charged for the rating and the rating are available only against the payment of a fee or subscription. For a detailed review of the European rating market and its 30 players, we refer to our "Guide to the European Rating Market" published in October This guide also includes a review of the key provisions of the CRA Regulation from an issuer perspective. Format of CRAs Sovereign calendar Agency ARC: BCRA CI: DBRS: EIU: ExpertRA: Feri: Fitch: Moody s: S&P: Comment ARC published on its website the list of sovereign rating dates. BCRA published one document outlining in separate section the Sovereign rating dates and the Municipal rating dates CI published a calendar relating only to Sovereigns, as CI does not rate any Municipalities in Europe DBRS sovereign calendar covers only European Sovereigns. DBRS does not rate European Municipalities. EIU's sovereign calendar is published according to geographic regions. ExpertRA was recently registered as CRA with ESMA. ExpertRA published on its website the list of sovereign rating dates. Feri published only 3 general dates. Feri rates 59 Sovereigns. Fitch has published two separate documents, one for Sovereigns and one for International Public Finance (covering Cities and Regions) Moody's published one document covering both Sovereign and Sub- Sovereigns. S&P published one document. It details in separate list dates set for Sovereigns and Sub-Sovereigns. Number of dates defined by CRAs The CRA Regulation requires CRA to set up to 3 dates for the review of unsolicited ratings. The CRA Regulation does not restrict the number for solicited ratings publications. These legal requirements have been applied as follows by CRAs: Page 4

5 3 Dates for all Sovereigns: Feri covers 59 Sovereigns on an unsolicited basis and announced 3 days for their updates 3 Dates specified for each single Sovereign: EIU and Moody s 2 to 3 dates: DBRS, Fitch and S&P have set 2 dates for most Sovereings. 3 dates were set only set for those Sovereigns were a review would have fallen into end of December 2016 or early 2017 in those cases a third review date was set in December dates: ARC, BCRA, CI, ExpertRA Coverage of CRA Sovereign calendar The table below compares the number of Sovereigns, where CRAs have announced specific review dates with the number of Sovereign Ratings as reported by each CRA to the Central Repository of Ratings ("CEREP") mantained by ESMA as of end June 2015: Number of Number of Sovereigns having Sovereigns rated Agency dates according to CEREP Share ARC % BCRA CI 3 13 NA % DBRS % EIU % ExpertRA Feri NA % Fitch % Moody s *) % S&P % *) Moody's reports 294 Sovereigns to CEREP. Our figure is based on our reserach. Sovereign Rating dates during 2016 When bundling the information provided by each CRA into a single calendar, the following results appear: Number of CRAs having scheduled sovereign rating releases in 2016 Page 5

6 90 Number of announced rating releases in There are only 2 Fridays in 2016 where CRAs haven't announced any reviews: January 1st and December 30th. Otherwise, there shall be a constant flow of information as usually 5 to 7 CRAs are releasing new information every week. During August, this average falls to 3 CRAs only. The number of rating releases peak at 3 dates (with close to 80 rating releases). These peaks relate to Feri, which updates all 59 rated sovereigns at once. Otherwise, every week between 10 to 25 rating updates are currently scheduled. Constant Flow of Information Selected EU Member States Announced Rating dates ARC 0 DBRS 1 EIU 2 ExpertRA 3 Feri 4 Fitch 5 Moody's 6 S&P 7 8 France Germany Italy Spain United Kingdom Page 6

7 The graph above illustrates the announced rating dates for the mayor European economies. The example of Germany is illustrative: 7 CRAs are rating Germany (DBRS, EIU, ExpertRA, Feri, Fitch, Moody's, S&P) and announced collectively 19 reviews during 2016 on 13 separate dates. On 1 date (April 15th), 3 CRAs have scheduled updates and on 4 other dates 2 CRAs may take rating actions - the combination of CRAs differeing at each time. EIU, Feri and Moody's have set 3 dates (in case of Feri these dates relate to all sovereigns) while the others have set 2. Given this different pattern of reviews, no trend on which CRA acts first can be determinded. On average every 3 weeks a rating on Germany is updated. The longest period between 2 rating dates is 10 While the CRA Regulation mandates a reveiw of the sovereign ratings every 6 months, the dates announced on 152 countries by the 10 CRAs active in the Sovereign segment, means that the review of a sovereign occurs on average every 10 For 38 Sovereigns, a review takes place within a month and for a further 57 Sovereigns every 2 months. For 78Sovereigns, 2 CRAs have announced rating releases on the same date. Similar to the case of Germany above, the combination of CRAs differs substantially. Number of CRAs per country Based on the list of sovereign ratings published by CRAs by end of December 2015, we note that the 10 CRAs cover a total of 169 countries collectively. No country is covered by all CRAs. China, Cyprus, Germany, India, Portugal, Spain, Turkey and the US are rated by 7 Agencies. 29 Sovereings are rated by 6 CRAs, 27 by 5, 33 by 4, 22 by 3 and 21 by Sovereigns are rated by one agency only. Page 7

8 January Nb of CRAs Nb of Rating Actions ARC BCRA CI UAE. Kuwait, Qatar. DBRS United Kingdom. Denmark. EIU Argentina, Brazil, Colombia, El Salvador, Estonia, Guatemala, New Zealand. Angola, Austria, Cyprus, Equatorial Guinea, France, India, Indonesia, Kenya, Panama, Qatar, Slovakia, Spain. Azerbaijan, Bahrain, Ireland, Pakistan, Senegal, Serbia, Thailand, Ukraine. ExpertRA Feri Fitch Germany, Luxembourg. Iceland, Poland, Rwanda. Armenia, Belgium, Romania. Kazakhstan, Russia. Cape Verde, Croatia, Spain. Malta. Lithuania, Poland, Portugal. France, Ireland, Slovenia. ESM, United Kingdom, Zambia. Moodys Germany, Malta, Uganda. Belgium, Croatia, Iceland, Poland, Serbia. Czech Republic, Greece. Azerbaijan, Gabon, Slovakia. S&P As of December 30th, 2015 Page 8

9 February March Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Albania, Belgium, Canada, Chile, Croatia, Greece, Honduras, Italy, Moldova, Netherlands, Nigeria, Portugal Oman. Egypt. Cyprus. EFSF, ESM. Netherlands. Belgium. Bulgaria, Cambodia, Cameroon, Côte divoire, Finland, Macedonia, Mauritius. Cuba, Iran, Jamaica, Kuwait, Latvia, Lebanon, Paraguay, Peru, Philippines, Russia, Slovenia, Taiwan, Tanzania, Turkey. Botswana, Mongolia, Sri Lanka, Syria, Tunisia. Bosnia and Herzegovina, Costa Rica, Denmark, Malawi, Norway, Oman, Sierra Leone. ExpertRA Feri Fitch Kyrgyzstan. Armenia, Belarus. Austria, Ireland. Denmark, Slovakia. Macedonia, Malta. Azerbaijan, Turkey. Congo, Namibia, Portugal, Tunisia. Moodys Bulgaria, EFSF, Finland. Kenya, Latvia. Czech Republic, Spain. Austria, Bosnia and Herzegovina, Germany, Greece, Luxembourg, Oman. Belgium, Hungary, Netherlands. S&P Abu Dhabi, Albania, Democratic Republic of Congo, Israel, Mozambique, Ras Al Khaimah, Sharjah. Andorra, Angola, Guernsey, Jersey, Kuwait, Liechtenstein. EFSF. Iraq. Lebanon, Qatar, Sweden. As of December 30th, 2015 Page 9

10 March April Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Macedonia. Bahrain, Slovenia. Portugal. Finland, Ireland. Italy. Malta. Spain. Algeria, Australia, Czech Republic, Gabon, Ghana, Hungary, Iraq, Kazakhstan, Libya, Luxembourg, Romania, Saudi Arabia, Singapore, South Africa, Uganda. China, Ecuador, Ethiopia, Jordan, Lithuania, Namibia, Nicaragua, South Korea, Sweden, Switzerland, United Kingdom, Uzbekistan, Venezuela, Vietnam. Papua New Guinea, Poland, Seychelles, Uruguay. Bolivia, Congo, Egypt, Estonia, Israel, Malta. Dominican Republic, El Salvador, Japan, Mexico, Mozambique, Turkmenistan, US. ExpertRA Feri Fitch Andorra, Finland, Greece. Sweden. Angola, Lithuania, Slovenia. Georgia, Germany. Ethiopia, Switzerland. Moodys Croatia, EU, Switzerland. Armenia, Cyprus, Estonia, Ethiopia, Qatar, Serbia. Denmark, Uganda. Albania. Angola, Azerbaijan, Sweden, Turkey. S&P Bosnia and Herzegovina, Kazakhstan, Rwanda. Austria, Cyprus, Denmark, Finland, Hungary, Lithuania, Luxembourg, Nigeria, Portugal, Russia, Zambia. Congo, kyrgyzstan. Macedonia, Spain. Belarus, Cape Verde, Morocco, Romania, Saudi Arabia. As of December 30th, 2015 Page 10

11 May Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Germany, Malaysia, Morocco, Myanmar, Pakistan, Paraguay, Sudan Malaysia. Iran, Lebanon. Bangladesh, Hong Kong, Iceland, UAE. France, Portugal. Angola, Argentina, Azerbaijan, Brazil, Canada, Colombia, Honduras, Moldova. Bahrain, Cameroon, Côte divoire, Kenya, Macedonia, Panama, Qatar, Ukraine. India. Bulgaria. Austria, Norway. Guatemala, Mauritius, Trinidad and Tobago. ExpertRA Feri Fitch Moodys Germany, Uzbekistan. 59 Sovereigns Czech Republic, Luxembourg, Norway, Russia. Bahrain, Moldova, Namibia, Slovakia. Cyprus. Cyprus, Italy, Lesotho, Morocco. Botswana, Egypt, Romania. Kazakhstan, Mozambique. Gabon, Latvia, Netherlands. Malta, Portugal. Ukraine. Ireland, Lithuania, Montenegro, Poland. S&P Cameroon, Kenya. Ethiopia, France, Ghana, Jordan, Norway. Botswana, United Kingdom. Turkey. Egypt, Georgia, Italy, Montenegro. As of December 30th, 2015 Page 11

12 June Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Italy, South Africa. India, Latvia, Serbia, Slovenia, Taiwan Jordan, Turkey. Democratic Republic of Congo, Indonesia, Mongolia, Thailand. Spain. Cyprus, Sweden. Greece. EU. Belarus, Bosnia and Herzegovina, Bulgaria, Cuba, Denmark, Gabon, Greece, Malawi. Algeria, Cambodia, Chile, Croatia, Ethiopia, Iran, Kuwait, Luxembourg, Norway, Sierra Leone, Spain. Lebanon, Sweden, Turkey, Vietnam. ExpertRA Feri Fitch China, US. Estonia, Hungary. Cameroon, Rwanda. Bulgaria, San Marino. Cote d'ivoire, EFSF, ESM, France, United Kingdom. Serbia. Moodys France, Kuwait, Slovenia. Korea, United Kingdom, Zambia. Bulgaria, ESM, Finland. EFSF, Latvia. Czech Republic, Spain. Netherlands, Oman, Switzerland. Burkina, Latvia. Bulgaria, Ireland, South Africa. Bahrain, Estonia, Ukraine. Senegal, Slovenia. S&P As of December 30th, 2015 Page 12

13 July Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Romania. Saudi Arabia. Qatar, UAE. Kuwait. Jamaica, Namibia, Peru, Philippines, Russia, Slovakia, Sri Lanka, Syria, Tunisia, Uruguay. Congo, Cyprus, Czech Republic, Estonia, Iraq, Malta, Netherlands, Saudi Arabia, Uganda. United Kingdom. Costa Rica, Ecuador, Finland, Germany, Hungary, Ireland, Nicaragua, Oman, Romania, South Korea, Turkmenistan, US. Denmark. China, Equatorial Guinea, Ghana, Iceland, Japan, Jordan, Kazakhstan, Papua New Guinea, Senegal, South Africa, Tanzania. Libya, Moldova, New Zealand, Poland, Singapore. ExpertRA Feri Fitch 59 Sovereigns Kazakhstan, Russia. Belgium. Iceland, Ireland, Poland. Armenia, Romania. Moodys Austria, Belgium, Bosnia and Herzegovina, Germany, Greece, Luxembourg. Ethiopia, EU, Hungary, Netherlands, Switzerland. Croatia, Cyprus, Korea, Serbia. Denmark, Estonia, Moldova, Uganda. Poland. EFSF, Germany, Malta, Uganda. Belgium, Croatia, Iceland, Serbia. Czech Republic, Greece. S&P As of December 30th, 2015 Page 13

14 August Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Mauritius. Oman. Germany. EFSF, ESM. Netherlands. Albania, Austria, Belgium, Bolivia, Egypt, France, Honduras, Israel, Nigeria, Portugal, UAE. Bangladesh, Dominican Republic, Italy, Macedonia, Mexico, Morocco, Sudan. Latvia, Malaysia, Mozambique, Myanmar, Pakistan, Venezuela. Australia, Botswana, Hong Kong, Trinidad and Tobago. Gabon. ExpertRA Kyrgyzstan. Armenia, Belarus. Feri Fitch Cape Verde, Croatia, Denmark, Spain. Austria. Slovakia. Macedonia, Malta, Portugal, Turkey. Azerbaijan, Sweden, Tunisia. Moodys Bahrain, Slovakia. Albania, Angola, Azerbaijan, Sweden, Turkey. Armenia, Kenya. Botswana, Egypt, Romania. Oman. S&P Andorra, Azerbaijan, Gabon, Guernsey, Jersey, Liechtenstein, Slovakia. Abu Dhabi, Albania, Democratic Republic of Congo, Israel, Mozambique, Ras Al Khaimah, Sharjah. Angola, Kuwait. Iraq, Zambia. As of December 30th, 2015 Page 14

15 September Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Cyprus, Egypt Portugal. India. Belgium, Ireland. Finland. Italy. Bahrain, Democratic Republic of Congo, Sierra Leone. Angola, Argentina, Azerbaijan, Belarus, Brazil, Colombia, Kenya. Macedonia. Algeria, Luxembourg, Namibia, Qatar, Ukraine. Bahrain, Slovenia. Guatemala, India, Indonesia, Panama, Serbia, Seychelles, Switzerland, Taiwan, Thailand, United Kingdom. Bulgaria, Canada, Cuba, Lithuania, Malta, Slovakia, Uruguay, Uzbekistan. ExpertRA Germany, Uzbekistan. Feri Fitch Andorra, Congo, Finland, Greece, Namibia. Angola, Germany, Lithuania, Slovenia. Georgia. Moodys Malta, Namibia, Portugal. Lithuania, Poland. France, Ireland, Montenegro, Slovenia. ESM, Kuwait, United Kingdom. Bulgaria, EFSF, Qatar. S&P Lebanon, Qatar, Sweden. Bosnia and Herzegovina, Kazakhstan, Rwanda. Austria, Cyprus, Denmark, Finland, Hungary, Lithuania, Luxembourg, Nigeria, Portugal, Russia. Congo, kyrgyzstan. Macedonia, Spain. As of December 30th, 2015 Page 15

16 Oktober November Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Malaysia. Iran, Lebanon. Spain. Portugal. France. Austria, Chile, Congo, Cyprus, El Salvador, Japan, Netherlands, Turkmenistan, US. Croatia, Equatorial Guinea, Iceland, Iran, Ireland, Senegal, Spain. Cambodia, Germany, Jamaica, Kuwait, Lebanon, New Zealand, Paraguay, Russia, Sri Lanka, Syria, Tunisia. Oman, Peru, Philippines, Turkey. South Africa, Spain. Albania, Belgium, Bosnia and Herzegovina, Costa Rica, France, Iraq, Portugal, Saudi Arabia. ExpertRA Cyprus. Feri Fitch Ethiopia, Norway, Switzerland. Czech Republic, Gabon, Luxembourg, Russia. Cyprus, Italy, Lesotho, Morocco. Kazakhstan, Mozambique. Latvia, Netherlands. Moodys Latvia. Czech Republic, Greece, Korea, Spain. Austria, Germany, Luxembourg. Bahrain, Finland, Netherlands, Zambia. Belgium, Egypt, EU, Hungary, Switzerland. S&P Belarus, Cape Verde, Morocco, Romania, Saudi Arabia. Cameroon, Kenya, Malta. Ethiopia, France, Ghana, Jordan, Norway. Botswana, United Kingdom. Turkey. As of December 30th, 2015 Page 16

17 November December Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU Bulgaria Italy. Jordan, Turkey. Austria, Norway. Cyprus, Sweden. Greece, Poland. Cameroon, Côte divoire, Czech Republic, Ecuador, Finland, Italy, Kazakhstan, Nicaragua, Romania, Uganda. Botswana, China, Ghana, Hungary, Jordan, Libya, Mauritius, Morocco, Mozambique, Slovenia, South Africa, South Korea, Trinidad and Tobago. Mongolia, Papua New Guinea, Poland, Singapore. Belarus, Bolivia, Denmark, Egypt, Greece, Israel, Malawi, Nigeria, Norway. Australia, Dominican Republic, Ethiopia, Mexico, Seychelles, UAE. ExpertRA Feri Fitch 59 Sovereigns Ukraine. Estonia, Hungary, Rwanda. China, US. Cameroon. Bulgaria, San Marino. Cote d'ivoire, EFSF, ESM, France, United Kingdom. Moodys S&P Armenia, Croatia, Cyprus. Bosnia and Herzegovina, Denmark, Estonia, Serbia, Uganda. EFSF, Egypt, Georgia, Italy, Montenegro, Oman. Montenegro, Oman. Netherlands, Switzerland. Burkina, Latvia. Albania, Angola, Azerbaijan, Ethiopia, Kenya, Kuwait, Namibia, Qatar, Romania, Sweden, Turkey. Bulgaria, Ireland, Poland, South Africa. Botswana, Moldova, Slovakia. Bahrain, Estonia, Ukraine. As of December 30th, 2015 Page 17

18 December Nb of CRAs Nb of Rating Actions ARC BCRA CI DBRS EIU ExpertRA Feri Fitch Saudi Arabia. EU. Bangladesh, Democratic Republic of Congo, Hong Kong, Lithuania, Malaysia, Myanmar, Sudan, Sweden, Switzerland, Tanzania, United Kingdom, Uzbekistan, Venezuela. Serbia Belgium. Moodys S&P Croatia, Germany, Senegal, Serbia, Slovenia, Uganda. As of December 30th, 2015 Page 18

19 Abu Dhabi Albania Algeria Andorra Angola 2 agencies are covering Abu Dhabi: Fitch, S&P. Fitch didn't announce any specific dates for their rating actions. The rating dates announced by S&P are as follows: on February 5: S&P; on August 5: S&P. 4 agencies are covering Albania: EIU, Feri, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 5: EIU, S&P; on April 1: Moody's; on April 15: Feri; on July 15: Feri; on July 29: EIU; on August 5: Moody's, S&P; on November 4: EIU; on November 11: Feri; on December 2: Moody's. On average every 4 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 13 weeks Only EIU covers Algeria. The rating dates announced are as follows: on March 11: EIU; on June 10: EIU; on September 16: EIU. 2 agencies are covering Andorra: Fitch, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 12: S&P; on March 11: Fitch; on July 29: S&P; on September 2: Fitch. On average every 10 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 20 4 agencies are covering Angola: EIU, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: EIU; on February 12: S&P; on March 25: Fitch; on April 8: Moody's; on April 29: EIU; on August 5: Moody's; on August 12: S&P; on September 9: EIU; on September 23: Fitch; on December 2: Moody's. On average every 5 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 14 Argentina Armenia Aruba 6 agencies are covering Argentina: DBRS, EIU, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on January 15: EIU; on April 15: Feri; on April 29: EIU; on July 15: Feri; on September 9: EIU; on November 11: Feri. On average every 9 weeks a rating is released. The shortest period between two rating dates is 2 weeks.the longest is 13 3 agencies are covering Armenia: ExpertRA, Fitch, Moody's. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: Fitch; on March 4: ExpertRA; on March 18: Moody's; on July 22: Fitch; on August 5: ExpertRA; on August 12: Moody's; on November 11: Moody's. On average every 7 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 18 2 agencies are covering Aruba: Fitch, S&P. Fitch, S&P didn't announce any specific dates for their rating actions. As of December 30th, 2015 Page 19

20 Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados 6 agencies are covering Australia: DBRS, EIU, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on March 11: EIU; on April 15: Feri; on July 15: Feri; on August 19: EIU; on November 11: Feri; on December 9: EIU. On average every 8 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 13 6 agencies are covering Austria: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: EIU; on February 5: Fitch; on February 26: Moody's; on March 18: S&P; on April 15: Feri; on May 13: DBRS; on June 24: Moody's; on July 15: Feri; on July 29: EIU; on August 5: Fitch; on September 16: S&P; on October 7: EIU; on October 21: Moody's; on November 11: DBRS, Feri. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 6 weeks 4 agencies are covering Azerbaijan: EIU, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 29: EIU, S&P; on February 26: Fitch; on April 8: Moody's; on April 29: EIU; on July 29: S&P; on August 5: Moody's; on August 26: Fitch; on September 9: EIU; on December 2: Moody's. On average every 5 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 13 weeks 2 agencies are covering Bahamas: Moody's, S&P. Moody's, S&P didn't announce any specific dates for their rating actions. 5 agencies are covering Bahrain: CI, EIU, Fitch, Moody's, S&P. Fitch didn't announced by CI, EIU, Moody's, S&P are as follows: on January 29: EIU; on March 18: CI; on April 15: Moody's; on May 6: EIU; on June 10: S&P; on July 29: Moody's; on September 2: EIU; on September 23: CI; on October 28: Moody's; on December 9: S&P. On average every 5 weeks a rating is released. The shortest period between two rating dates is 3 weeks.the longest is 7 4 agencies are covering Bangladesh: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on April 22: EIU; on August 5: EIU; on December 16: EIU. 2 agencies are covering Barbados: Moody's, S&P. Moody's, S&P didn't announce any specific dates for their rating actions. As of December 30th, 2015 Page 20

21 Belarus Belgium Belize Bermuda Bolivia Bosnia and Herzegovina Botswana 4 agencies are covering Belarus: EIU, ExpertRA, Moody's, S&P. Moody's didn't announced by EIU, ExpertRA, S&P are as follows: on March 4: ExpertRA; on April 8: S&P; on June 3: EIU; on August 5: ExpertRA; on September 9: EIU; on October 7: S&P; on December 2: EIU. On average every 7 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 9 6 agencies are covering Belgium: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 15: S&P; on January 22: Fitch; on February 5: EIU; on March 4: DBRS, Moody's; on April 15: Feri; on June 24: Moody's; on July 1: Fitch; on July 15: Feri, S&P; on July 29: EIU; on September 2: DBRS; on November 4: EIU, Moody's; on November 11: Feri; on December 23: Fitch. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 10 weeks 2 agencies are covering Belize: Moody's, S&P. Moody's, S&P didn't announce any specific dates for their rating actions. 2 agencies are covering Bermuda: Moody's, S&P. Moody's, S&P didn't announce any specific dates for their rating actions. 4 agencies are covering Bolivia: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announced by EIU are as follows: on April 1: EIU; on July 29: EIU; on December 2: EIU. 3 agencies are covering Bosnia and Herzegovina: EIU, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 26: Moody's; on March 4: EIU; on March 11: S&P; on June 3: EIU; on June 24: Moody's; on September 9: S&P; on November 4: EIU; on November 18: Moody's. On average every 5 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 12 3 agencies are covering Botswana: EIU, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 26: EIU; on April 22: Moody's; on April 29: S&P; on August 19: EIU, Moody's; on October 28: S&P; on November 18: EIU; on December 9: Moody's. On average every 6 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 16 weeks Brazil 5 agencies are covering Brazil: DBRS, EIU, Feri, Fitch, Moody's. DBRS, Fitch, Moody's didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on January 15: EIU; on April 15: Feri; on April 29: EIU; on July 15: Feri; on September 9: EIU; on November 11: Feri. On average every 9 weeks a rating is released. The shortest period between two rating dates is 2 weeks.the longest is 13 As of December 30th, 2015 Page 21

22 Bulgaria 6 agencies are covering Bulgaria: BCRA, EIU, Feri, Fitch, Moody's, S&P,. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 5: Moody's; on February 12: EIU; on April 15: Feri; on May 13: BCRA; on June 3: EIU, Fitch, Moody's, S&P; on July 15: Feri; on September 30: EIU, Moody's; on November 11: BCRA, Feri; on December 2: Fitch, S&P. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 11 weeks Burkina Faso Cambodia Only S&P covers Burkina Faso. The rating dates announced are as follows: on May 27: S&P; on November 25: S&P. 2 agencies are covering Cambodia: EIU, Moody's. Moody's didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on February 12: EIU; on June 10: EIU; on October 21: EIU. Cameroon Canada Cape Verde 4 agencies are covering Cameroon: EIU, Fitch, S&P. Fitch didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Fitch, S&P are as follows: on February 12: EIU; on April 15: S&P; on May 6: EIU; on May 27: Fitch; on October 14: S&P; on November 11: EIU; on November 25: Fitch. On average every 7 weeks a rating is released. The shortest period between two rating dates is 2 weeks.the longest is 20 6 agencies are covering Canada: DBRS, EIU, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on February 5: EIU; on April 15: Feri; on April 29: EIU; on July 15: Feri; on September 30: EIU; on November 11: Feri. On average every 8 weeks a rating is released. The shortest period between two rating dates is 2 weeks.the longest is 11 2 agencies are covering Cape Verde: Fitch, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 29: Fitch; on April 8: S&P; on July 29: Fitch; on October 7: S&P. On average every 12 weeks a rating is released. The shortest period between two rating dates is 10 weeks.the longest is 16 Cayman Islands Chile Only Moody's covers Cayman Islands. Moody's didn't announce any specific dates for their rating actions. 6 agencies are covering Chile: DBRS, EIU, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on February 5: EIU; on April 15: Feri; on June 10: EIU; on July 15: Feri; on October 7: EIU; on November 11: Feri. On average every 8 weeks a rating is released. The shortest period between two rating dates is 5 weeks.the longest is 12 As of December 30th, 2015 Page 22

23 China Colombia Congo Cook Islands Costa Rica Cote d'ivoire 7 agencies are covering China: DBRS, EIU, ExpertRA, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, ExpertRA, Feri are as follows: on March 18: EIU; on April 15: Feri; on June 3: ExpertRA; on July 15: EIU, Feri; on November 11: Feri; on November 18: EIU; on November 25: ExpertRA. On average every 5 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 17 weeks 6 agencies are covering Colombia: DBRS, EIU, Feri, Fitch, Moody's, S&P. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on January 15: EIU; on April 15: Feri; on April 29: EIU; on July 15: Feri; on September 9: EIU; on November 11: Feri. On average every 9 weeks a rating is released. The shortest period between two rating dates is 2 weeks.the longest is 13 4 agencies are covering Congo: EIU, Fitch, Moody's, S&P. Moody's didn't announced by EIU, Fitch, S&P are as follows: on March 4: Fitch; on March 25: S&P; on April 1: EIU; on July 1: EIU; on September 2: Fitch; on September 23: S&P; on October 7: EIU. On average every 5 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 13 Only S&P covers Cook Islands. S&P didn't announce any specific dates for their rating actions. 4 agencies are covering Costa Rica: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on March 4: EIU; on July 8: EIU; on November 4: EIU. 3 agencies are covering Cote d'ivoire: EIU, Fitch, Moody's. Moody's didn't announced by EIU, Fitch are as follows: on February 12: EIU; on May 6: EIU; on June 10: Fitch; on November 11: EIU; on December 9: Fitch. Croatia 5 agencies are covering Croatia: EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 15: S&P; on January 29: Fitch; on February 5: EIU; on March 11: Moody's; on April 15: Feri; on June 10: EIU; on July 15: Feri, Moody's, S&P; on July 29: Fitch; on October 14: EIU; on November 11: Feri, Moody's; on December 16: S&P. On average every 4 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 11 weeks Cuba 2 agencies are covering Cuba: EIU, Moody's. Moody's didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on February 19: EIU; on June 3: EIU; on September 30: EIU. As of December 30th, 2015 Page 23

24 Curacao Cyprus Only S&P covers Curacao. S&P didn't announce any specific dates for their rating actions. 7 agencies are covering Cyprus: CI, DBRS, EIU, ExpertRA, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: EIU; on March 4: CI; on March 18: Moody's, S&P; on April 22: ExpertRA, Fitch; on June 3: DBRS; on July 1: EIU; on July 15: Moody's; on September 2: CI; on September 16: S&P; on October 7: EIU; on October 14: ExpertRA; on October 21: Fitch; on November 11: Moody's; on December 2: DBRS. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 7 weeks Czech Republic 5 agencies are covering Czech Republic: EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: S&P; on February 19: Moody's; on March 11: EIU; on April 15: Feri, Fitch; on June 17: Moody's; on July 1: EIU; on July 15: Feri; on July 22: S&P; on October 14: Fitch, Moody's; on November 11: EIU, Feri. On average every 4 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 12 weeks Democratic Republic of Congo 3 agencies are covering Democratic Republic of Congo: EIU, Moody's, S&P. Moody's didn't announce any specific dates for their rating actions. The rating dates announced by EIU, S&P are as follows: on February 5: S&P; on May 27: EIU; on August 5: S&P; on September 2: EIU; on December 16: EIU. On average every 11 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 16 Denmark 6 agencies are covering Denmark: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 15: DBRS; on February 12: Fitch; on March 4: EIU; on March 18: S&P; on March 25: Moody's; on April 15: Feri; on June 3: EIU; on July 15: DBRS, Feri; on July 22: Moody's; on July 29: Fitch; on September 16: S&P; on November 11: Feri; on November 18: Moody's; on December 2: EIU. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 8 weeks Dominican Republic Ecuador 4 agencies are covering Dominican Republic: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on April 8: EIU; on August 5: EIU; on December 9: EIU. 4 agencies are covering Ecuador: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on March 18: EIU; on July 8: EIU; on November 11: EIU. As of December 30th, 2015 Page 24

25 EFSF Egypt El Salvador Equatorial Guinea ESM Estonia 4 agencies are covering EFSF: DBRS, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 5: Moody's; on February 12: DBRS; on February 19: S&P; on June 10: Fitch, Moody's; on July 8: S&P; on August 12: DBRS; on September 30: Moody's; on November 11: S&P; on December 9: Fitch. On average every 5 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 16 weeks 6 agencies are covering Egypt: CI, EIU, Feri, Fitch, Moody's, S&P. Fitch didn't announced by CI, EIU, Feri, Moody's, S&P are as follows: on February 26: CI; on April 1: EIU; on April 15: Feri; on April 22: Moody's; on May 13: S&P; on July 15: Feri; on July 29: EIU; on August 19: Moody's; on September 2: CI; on November 4: Moody's; on November 11: Feri, S&P; on December 2: EIU. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 9 weeks 4 agencies are covering El Salvador: EIU, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on January 15: EIU; on April 8: EIU; on October 7: EIU. Only EIU covers Equatorial Guinea. The rating dates announced are as follows: on January 22: EIU; on July 15: EIU; on October 14: EIU. 3 agencies are covering ESM: DBRS, Fitch, Moody's. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 29: Moody's; on February 12: DBRS; on June 3: Moody's; on June 10: Fitch; on August 12: DBRS; on September 23: Moody's; on December 9: Fitch. On average every 8 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 16 5 agencies are covering Estonia: EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 15: EIU; on March 18: Moody's; on April 1: EIU; on April 15: Feri; on May 20: Fitch; on June 10: S&P; on July 1: EIU; on July 15: Feri; on July 22: Moody's; on November 11: Feri; on November 18: Fitch, Moody's; on December 9: S&P. On average every 4 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 16 weeks As of December 30th, 2015 Page 25

26 Ethiopia 4 agencies are covering Ethiopia: EIU, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on March 18: EIU, Moody's; on April 8: Fitch; on April 22: S&P; on June 10: EIU; on July 8: Moody's; on October 7: Fitch; on October 21: S&P; on December 2: Moody's; on December 9: EIU. On average every 4 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 13 weeks EU Fiji Finland France 2 agencies are covering EU: DBRS, Moody's. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on March 11: Moody's; on June 17: DBRS; on July 8: Moody's; on November 4: Moody's; on December 16: DBRS. On average every 10 weeks a rating is released. The shortest period between two rating dates is 3 weeks.the longest is 17 2 agencies are covering Fiji: Moody's, S&P. Moody's, S&P didn't announce any specific dates for their rating actions. 6 agencies are covering Finland: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 5: Moody's; on February 12: EIU; on March 11: DBRS, Fitch; on March 18: S&P; on April 15: Feri; on June 3: Moody's; on July 8: EIU; on July 15: Feri; on September 2: Fitch; on September 9: DBRS; on September 16: S&P; on October 28: Moody's; on November 11: EIU, Feri. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 7 weeks 6 agencies are covering France: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: EIU, Moody's; on April 15: Feri; on April 22: S&P; on April 29: DBRS; on May 20: Moody's; on June 10: Fitch; on July 15: Feri; on July 29: EIU; on September 16: Moody's; on October 21: S&P; on October 28: DBRS; on November 4: EIU; on November 11: Feri; on December 9: Fitch. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 12 weeks Gabon 4 agencies are covering Gabon: EIU, Fitch, Moody's, S&P. Moody's didn't announced by EIU, Fitch, S&P are as follows: on January 29: S&P; on March 11: EIU; on May 6: Fitch; on June 3: EIU; on July 29: S&P; on August 26: EIU; on October 14: Fitch. On average every 6 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 8 As of December 30th, 2015 Page 26

27 Georgia Germany 3 agencies are covering Georgia: Fitch, Moody's, S&P. Moody's didn't announced by Fitch, S&P are as follows: on April 1: Fitch; on May 13: S&P; on September 30: Fitch; on November 11: S&P. On average every 11 weeks a rating is released. The shortest period between two rating dates is 6 weeks.the longest is 20 7 agencies are covering Germany: DBRS, EIU, ExpertRA, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 29: DBRS; on January 8: Fitch, S&P; on February 26: Moody's; on April 1: Fitch; on April 15: EIU, ExpertRA, Feri; on June 24: Moody's; on July 8: EIU, S&P; on July 15: Feri; on July 29: DBRS; on September 23: ExpertRA, Fitch; on October 21: EIU, Moody's; on November 11: Feri; on December 16: S&P. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest is 10 Ghana Greece Guatemala Guernsey Honduras 4 agencies are covering Ghana: EIU, Fitch, Moody's, S&P. Fitch, Moody's didn't announced by EIU, S&P are as follows: on March 11: EIU; on April 22: S&P; on July 15: EIU; on October 21: S&P; on November 18: EIU. On average every 9 weeks a rating is released. The shortest period between two rating dates is 4 weeks.the longest is 14 6 agencies are covering Greece: DBRS, EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on January 22: S&P; on February 5: EIU; on February 26: Moody's; on March 11: Fitch; on April 15: Feri; on June 3: EIU; on June 10: DBRS; on June 24: Moody's; on July 15: Feri; on July 22: S&P; on September 2: Fitch; on October 14: Moody's; on November 11: Feri; on December 2: EIU; on December 9: DBRS. On average every 3 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 7 3 agencies are covering Guatemala: EIU, Fitch, S&P. Fitch, S&P didn't announced by EIU are as follows: on January 15: EIU; on May 13: EIU; on September 23: EIU. Only S&P covers Guernsey. The rating dates announced are as follows: on February 12: S&P; on July 29: S&P. 2 agencies are covering Honduras: EIU, Moody's. Moody's didn't announce any specific dates for their rating actions. The rating dates announced by EIU are as follows: on February 5: EIU; on April 29: EIU; on July 29: EIU. As of December 30th, 2015 Page 27

28 Hong Kong Hungary 5 agencies are covering Hong Kong: EIU, Feri, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on April 15: Feri; on April 22: EIU; on July 15: Feri; on August 19: EIU; on November 11: Feri; on December 16: EIU. On average every 7 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 12 5 agencies are covering Hungary: EIU, Feri, Fitch, Moody's, S&P. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on March 4: Moody's; on March 11: EIU; on March 18: S&P; on April 15: Feri; on May 20: Fitch; on July 8: EIU, Moody's; on July 15: Feri; on September 16: S&P; on November 4: Moody's; on November 11: Feri; on November 18: EIU, Fitch. On average every 3 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 9 weeks Iceland 4 agencies are covering Iceland: EIU, Fitch, Moody's, S&P. Moody's didn't announced by EIU, Fitch, S&P are as follows: on January 15: Fitch, S&P; on April 22: EIU; on July 15: EIU, Fitch, S&P; on October 14: EIU. On average every 7 weeks a rating is released. At least 2 agencies are releasing their ratings on the same date. The longest period between 2 rating dates is 14 weeks India 7 agencies are covering India: ARC, DBRS, EIU, Feri, Fitch, Moody's, S&P,. DBRS, Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by ARC, EIU, Feri, are as follows: on January 22: EIU; on April 15: Feri; on May 13: ARC; on May 20: EIU; on July 15: Feri; on September 16: ARC; on September 23: EIU; on November 11: Feri. On average every 6 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 12 Indonesia Iran 5 agencies are covering Indonesia: EIU, Feri, Fitch, Moody's, S&P. Fitch, Moody's, S&P didn't announce any specific dates for their rating actions. The rating dates announced by EIU, Feri are as follows: on January 22: EIU; on April 15: Feri; on May 27: EIU; on July 15: Feri; on September 23: EIU; on November 11: Feri. On average every 8 weeks a rating is released. The shortest period between two rating dates is 6 weeks.the longest is 12 3 agencies are covering Iran: CI, EIU, Feri. All rating agencies announced specific rating dates. These agencies have announced the following rating dates: on February 19: EIU; on April 15: Feri; on April 22: CI; on June 10: EIU; on July 15: Feri; on October 14: EIU; on October 21: CI; on November 11: Feri. On average every 5 weeks a rating is released. The shortest period between two rating dates is 1 weeks.the longest is 13 As of December 30th, 2015 Page 28

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