Agency Date of assessment Rating Outlook
FitchRatings      
Long term 05/09/2016 BBB+ Stable
Short term 11/29/2011 F2  
Standard & Poor's
Long term 06/27/2016 BBB Stable

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These ratings may be revised, suspended or withdrawn by the rating agency at any time.

Agency Date of assessment Rating Outlook
FitchRatings
Long term 07/30/2014 BBB+ Stable
Short term 03/12/2010 F2  
Standard & Poor's
Long term 06/18/2015 BBB Positive

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These ratings may be revised, suspended or withdrawn by the rating agency at any time.

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