Investors Relations - Financial information - Rating

Rating

Current rating
Previous rating

Agency	Date of assessment	Rating	Outlook
FitchRatings
Long term	31/08/2012	BBB+	Negative
Short term	29/11/2011	F2
Standard & Poor's
Long term	10/09/2012	BBB	Negative

Both agencies add a sign (+) or (-) to each generic rating category to indicate a relative position within each category.

The long-term debt credit rating scale used by said agencies are as follows:

	FitchRatings	Standard & Poor's	Meaning
Investment grade
	AAA	AAA	Highest quality
	AA	AA	High quality
	A	A	Good quality
	BBB	BBB	Satisfactory quality that will be reduced with a change in circumstance
Speculative grade
	BB	BB	Moderate security: greater exposure to adverse factors
	B	B	Low security, greater vulnerability
	CCC	CCC	Identified vulnerability
	CC	CC	Delays in payments
	C	C	Delays in payments
	DDD	DDD	Few possibilities of payment
	DD	DD	Few possibilities of payment
	D	D	Few possibilities of payment

The short-term debt rating employed by the FitchRatings is as follows:

FitchRatings
F1 F2 F3 B C D

As with their long-term rating FitchRatings applies a (+) or (-) sign to each generic rating category.

These ratings may be revised, suspended or withdrawn by the rating agency at any time.

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Agency	Date of assessment	Rating	Outlook
FitchRatings
Long term	30/01/2012	A-	Stable
Short term	03/12/2010	F2
Standard & Poor's
Long term	30/05/2012	BBB	Stable