Sovereign

Country

SGC CCE* Dynamics Date
National currency Foreign currency National currency Foreign currency

Armenia

B+
B+
B
B
Confirmed 28.07.2017

Belarus

B
B-
CCC+
CCC
Confirmed 28.07.2017

China

AA-
AA-
A+
A+
Confirmed 19.05.2017

Cyprus

BB+
BB+
BB+
BB+
Upgraded 06.10.2017

Germany

AAA
AAA
AAA
AAA
Confirmed 15.09.2017

Kazakhstan

BBB-
BBB-
BB+
BB+
Confirmed 14.07.2017

Kyrgyzstan

B
B
B-
B-
Confirmed 21.07.2017

Russian Federation

BBB-
BBB-
BBB-
BBB-
Confirmed 14.07.2017

USA

AAA
AAA
AAA
AAA
Confirmed 19.05.2017

Uzbekistan

B+
B
CCC+
CCC
Confirmed 22.09.2017

All ratings listed in the table above are unsolicited and rated entities did not participate in the rating process


*While SGC ratings reflect the agency's opinion on the ability of the government to meet both its current and future financial liabilities, CCE ratings measure the overall credit climate of the country, which does not attach a specific risk to any particular issuer or instrument, but rather rates the systematic risk of the country as a whole. Therefore CCE ratings are not to be considered as credit ratings under the Regulation (EC) No 1060/2009 of the European Parliament as amended by Regulations (EU) No 513/2011 and (EU) No 462/2013 (the CRA Regulation) and are not reported to ESMA ERP system, while SGC ratings are considered as credit ratings according to these regulations and are reported to ESMA ERP system.