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www.spglobal.com/ratingsdirect April 5, 2018 28


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www.spglobal.com/ratingsdirect April 5, 2018 29


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www.spglobal.com/ratingsdirect April 5, 2018 32


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www.spglobal.com/ratingsdirect April 5, 2018 47


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www.spglobal.com/ratingsdirect April 5, 2018 48


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www.spglobal.com/ratingsdirect April 5, 2018 49


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www.spglobal.com/ratingsdirect April 5, 2018 50


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www.spglobal.com/ratingsdirect April 5, 2018 51


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www.spglobal.com/ratingsdirect April 5, 2018 52


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www.spglobal.com/ratingsdirect April 5, 2018 53


Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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www.spglobal.com/ratingsdirect April 5, 2018 54


Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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www.spglobal.com/ratingsdirect April 5, 2018 55


Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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www.spglobal.com/ratingsdirect April 5, 2018 56


Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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www.spglobal.com/ratingsdirect April 5, 2018 57


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www.spglobal.com/ratingsdirect April 5, 2018 58


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www.spglobal.com/ratingsdirect April 5, 2018 59


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www.spglobal.com/ratingsdirect April 5, 2018 60


Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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www.spglobal.com/ratingsdirect April 5, 2018 79


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www.spglobal.com/ratingsdirect April 5, 2018 81


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www.spglobal.com/ratingsdirect April 5, 2018 82


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www.spglobal.com/ratingsdirect April 5, 2018 83


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www.spglobal.com/ratingsdirect April 5, 2018 84


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www.spglobal.com/ratingsdirect April 5, 2018 85


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www.spglobal.com/ratingsdirect April 5, 2018 86


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www.spglobal.com/ratingsdirect April 5, 2018 92


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www.spglobal.com/ratingsdirect April 5, 2018 146


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www.spglobal.com/ratingsdirect April 5, 2018 147


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www.spglobal.com/ratingsdirect April 5, 2018 148


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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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Default, Transition, and Recovery: 2017 Annual Global Corporate Default Study And Rating Transitions

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