'AA' National Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country's highest rated issuers or obligations.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'A' National Ratings denote expectations of a low level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'BBB' National Ratings denote a moderate level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'B' National Ratings denote a significantly elevated level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'CCC' National Ratings denote a very high level of default risk relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'CC' National Ratings denote the level of default risk is among the highest relative to other issuers or obligations in the same country or monetary union.

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

A default or default-like process has begun

The ISO International Country Code is placed in parentheses immediately following the rating letters to indicate the identity of the National market within which the rating applies. Example of Mexicos Country code: Banco S3 Mexico, S.A. : AAA(mex)

'RD' ratings indicate an issuer that, in Fitch's opinion, has experienced an uncured payment default on a bond, loan or other material financial obligation but that has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure and has not otherwise ceased business

'D' National Ratings denote an issuer that has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

Indicates a broad-based default event for an entity, or the default of a short-term obligation.

Superior Recovery Prospects Given Default

'RR2' rated securities have characteristics consistent with securities historically recovering 71%-90% of current principal and related interest.

Good Recovery Prospects Given Default

'RR3' rated securities have characteristics consistent with securities historically recovering 51%-70% of current principal and related interest.

Average Recovery Prospects Given Default

'RR4' rated securities have characteristics consistent with securities historically recovering 31%-50% of current principal and related interest.

Below Average Recovery Prospects Given Default

'RR5' rated securities have characteristics consistent with securities historically recovering 11%-30% of current principal and related interest.

Poor Recovery Prospects Given Default

'RR6' rated securities have characteristics consistent with securities historically recovering 0%-10% of current principal and related interest.

Very High Fundamental Credit Quality

'aa' ratings denote very strong prospects for ongoing viability. Fundamental characteristics are very strong and stable, such that it is considered highly unlikely that the financial institution would have to rely on extraordinary support to avoid default. This capacity is not significantly vulnerable to foreseeable events.

High Fundamental Credit Quality

'a' ratings denote strong prospects for ongoing viability. Fundamental characteristics are strong and stable, such that it is unlikely that the financial institution would have to rely on extraordinary support to avoid default. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

Good Fundamental Credit Quality

'bbb' ratings denote good prospects for ongoing viability. The financial institution's fundamentals are adequate, such that there is a low risk that it would have to rely on extraordinary support to avoid default. However, adverse business or economic conditions are more likely to impair this capacity.

Speculative Fundamental Credit Quality

'bb' ratings denote moderate prospects for ongoing viability. A moderate degree of fundamental financial strength exists, which would have to be eroded before the financial institution would have to rely on extraordinary support to avoid default. However, an elevated vulnerability exists to adverse changes in business or economic conditions over time.

Highly speculative Fundamental Credit Quality

'b' ratings denote weak prospects for ongoing viability. Material failure risk is present, but a limited margin of safety remains. The financial institution's capacity for continued unsupported operation is vulnerable to deterioration in the business and economic environment.

Substantial Fundamental Credit Risk

Very low margin for safety. Failure of the financial institution is a real possibility. The capacity for continued unsupported operation is highly vulnerable to deterioration in the business and economic environment.

Very High Levels of Fundamental Credit Risk

Failure of the financial institution appears probable.

Exceptionally High Levels of Fundamental Credit Risk

Failure of the financial institution is imminent or inevitable.

An entity that, in Fitch's opinion, has failed, i.e. either: has defaulted on its senior obligations to third-party, non-government creditors; or requires extraordinary support or needs to impose losses on subordinated obligations to restore its viability.