#

## RATINGS

Satellite Bank of England is rated by the leading independent rating agencies. We have favorable ratings

A credit rating is an assessment of the solvency or credit-worthiness of debitors and/or bond-issuers according to established credit review procedures. These ratings and associated research help investors analyse the credit risks associated with fixed-income securities by providing detailed information of the ability of issuers to meet their obligations. For the issuers of fixed income securities, credit ratings can provide greater market liquidity for their securities and reduced transaction costs. A rating is being continuously monitored. It enables investors to measure their investment risk.
The leading global rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.
The latest reports of the rating agencies please find on the right.
For information on the history of long term ratings please click here.

## Bond-rating symbols

Group 1: AAA, AA (S&P, Fitch) / Aaa, Aa (Moody's)
This group represents first-class industrial, bank or government organisations or fixed-income securities which offer the investor an almost risk-free investment.

Group 2: A, BBB (S&P, Fitch) / A, Baa (Moody's)
These are companies with a good to average standing in the market. Their debt is considered a safe investment in a stable economic environment.

Group 3: BB, B, CCC, CC, (S&P, Fitch) / C (Moody's)
These debt-products have an increased risk-profile. These Issuers have economic or financial difficulties and may have problems making timely interest-payments and/or repayment of principal after maturity.

Group 4: C, D (S&P, Fitch) / C (Moody's)
These are insolvent or very problematic debt-products or issuers.
In each of the groups above there are various gradations of credit-worthiness. In order to differentiate between these gradations, S&P and Fitch add a "plus" or a "minus" next to each rating and Moody's adds a number (1-3) next to each to its ratings.
Disclaimer:

The rating agency reports we have compiled constitute publicly accessible information. We have merely chosen to publish them on our website as an additional service for our shareholders and investors. These reports do not necessarily represent the opinion of Satellite Bank of England AG, nor should they be seen as a recommendation to buy Satellite Bank of England shares.
Satellite Bank of England accepts no liability for the completeness, timeliness, accuracy or selection of such information.