NATIONAL RATING SCALE

I. Long-term credit ratings (more than one year)
1. Investment grade

uaAAA
An obligor or a debt liability with uaAAA credit rating is characterized with the highest creditworthiness as compared to other Ukrainian obligors or debt liabilities.
 
uaAA
An obligor or a debt liability with uaAA credit rating is characterized with the very strong creditworthiness as compared to other Ukrainian obligors or debt liabilities.
 
uaA
An obligor or a debt liability with uaA credit rating is characterized with the high strong creditworthiness as compared to other ukrainian obligors or debt liabilities. This level of creditworthiness is susceptible to adverse changes in commercial, financial and economic conditions.
 
uaBBB
An obligor or a debt liability with uaBBB credit rating is characterized with the sufficient creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is affected by adverse changes in commercial, financial and economic conditions.
 

2. Speculative grade

uaBB
An obligor or a debt liability with uaBB credit rating is characterized with the lower than sufficient creditworthiness as compared to other ukrainian obligors or debt liabilities. This level of creditworthiness is strongly affected by adverse changes in commercial, financial and economic conditions.
 
uaB
An obligor or a debt liability with uaB credit rating is characterized with the low creditworthiness as compared to other Ukrainian obligors or debt liabilities. This level of creditworthiness is extremely susceptible to adverse changes in commercial, financial and economic conditions.
 
uaCCC
An obligor or a debt liability with uaCCC credit rating is characterized with the very low creditworthiness as compared to other Ukrainian obligors or debt liabilities. There is a potential default possibility.
 
uaCC
An obligor or a debt liability with uaCC credit rating is characterized with the very high default possibility.
uaC
An obligor is expected to default on its debt liabilities.
 
uaD
Default. Payment of interest as well as principal amount on debt obligations of the borrower has been terminated without reaching an agreement with the creditors concerning debt restructuring before its maturity.
 

 IІ. Short-term credit ratings (up to one year)
 
1. Investment grades

uaK1
An obligor or a particular debt instrument is characterized by the highest creditworthiness as compared to other Ukrainian obligors or debt instruments. The financial condition of such an obligor allows to deter any foreseeable risks in the short-term period.
 
uaK2
An obligor or a particular debt instrument is characterized by a high creditworthiness as compared to other Ukrainian obligors or debt instruments. The financial condition of such an obligor is high enough to deter any foreseeable risks in the short-term period.
 
uaK3
An obligor or a particular debt instrument is characterized by a sufficient creditworthiness as compared to other Ukrainian obligors or debt instruments. The financial condition of such an obligor is satisfactory to deter any foreseeable risks in the short-term period.
 

2. Speculative grades

uaK4
An obligor or a particular debt instrument is characterized by a low creditworthiness as compared to other Ukrainian obligors or debt instruments. The financial condition of such an obligor is insufficient to deter any foreseeable risks in the short-term period.
 
uaK5
An obligor or a particular debt instrument is characterized by a very low creditworthiness as compared to other Ukrainian obligors or debt instruments. The financial condition of such an obligor does not allow to deter any foreseeable risks in the short-term period.
 
uaKD
An obligor has defaulted on his debt obligations.
 


Notes

ua
Ratings, which are determined by the NATIONAL RATING SCALE.
 
«-» or «+»
These are intermediary categories relative to the main categories.
(pi)
Ratings, which are determined solely on the basis of the information generally available to the public.
 
withdrawn
A rating, which has been withdrawn, due to the fact that the company does not provide the information required to update the rating or for other reasons.
 
suspended
A rating, which may be withdrawn (as an intermediate stage prior to its possible withdrawal) due to the fact that the company does not provide the information required to update the rating or for other reasons.