RATINGS

AGENCY LONG TERM SHORT TERM PERSPECTIVE DATE LAST REVIEW
S&P(1) Nota BBB+ A-2 Estable 22 April 2016
MOODY's(2) Nota Baa1 P-2 Positiva 26 April 2016
FITCH(3) Nota BBB+ F-2 Estable 8 July 2016

 

Warning: the foregoing ratings may be revised, suspended or withdrawn at any time by the rating agency.

RATINGS AGENCIES

  • Moodys' Investors Services Limited

    AGENCY MOODY´S INVESTORS SERVICE LIMITED (www.moodys.com)
    LONG-TERM RATINGS Baa1 (June 2012)
    LONG-TERM RATINGS OUTLOOK Positive (April 2016)
    LONG-TERM RATINGS MEANING Subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category. The outlook is an opinion regarding the possible direction of the rating in the medium term.
    SHORT-TERM RATINGS P2 (December 2007)
    LAST RATING REVIEW 26 April 2016
    SHORT-TERM RATINGS MEANING Superior ability to repay short-term debt obligations.

    Warning: the foregoing ratings may be revised, suspended or withdrawn at any time by the rating agency.

  • Standard & Poor's Ratings Services

    AGENCY STANDARD & POOR'S RATINGS SERVICES (www.standardandpoors.com)
    LONG-TERM RATINGS BBB+ (April 2016)
    LONG-TERM RATINGS OUTLOOK Stable (April 2016)
    LONG-TERM RATINGS MEANING It presents adequate protection parameters. However, it is more likely that adverse economic conditions or short-term changes will probably lead to the weakening of the ability of the issuer to meet its financial commitment on the obligation. The "+" or "-" symbols show relative standing within the major rating categories. A stable outlook means that the rating is not likely to change over the intermediate to longer term.
    SHORT-TERM RATINGS A-2 (November 2007)
    LAST RATING REVIEW 22 April 2016
    SHORT-TERM RATINGS MEANING STRONG capacity to meet financial commitments. It is the second highest category given by Standard & Poor's.

    Warning: the foregoing ratings may be revised, suspended or withdrawn at any time by the rating agency.

  • Fitch Ratings Inc.

    AGENCY FITCH RATINGS INC. (www.fitchratings.com)
    LONG-TERM RATINGS BBB+ (August 2012)
    LONG-TERM RATINGS OUTLOOK Stable (March 2014)
    LAST RATING REVIEW 8 July 2016
    LONG-TERM RATINGS MEANING Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. The &quot+&quot or &quot-&quot symbols denote relative status within major rating categories. The outlook indicates the direction a rating is possible to move over a one to two-year period.
    SHORT-TERM RATINGS F-2 (April 2009)
    SHORT-TERM RATINGS MEANING Good credit quality. Indicates good intrinsic capacity for timely payment of financial commitments.

    Warning: the foregoing ratings may be revised, suspended or withdrawn at any time by the rating agency.

(1) Nota Long-term: It presents adequate protection parameters. However, it is more likely that adverse economic conditions or short-term changes will probably lead to the weakening of the ability of the issuer to meet its financial commitment on the obligation. The "+" or "-" symbols show relative standing within the major rating categories. A stable outlook means that the rating is not likely to change over the intermediate to longer term. 
Short-term: Strong capacity to meet financial commitments. It is the second highest category of Standard & Poor's.

(2) Nota Long-term: Subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category. The outlook is an opinion regarding the possible direction of the rating in the medium term.
Short-term: Superior ability to repay short-term debt obligations.

(3) Nota  Long-term: Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. The "+" or "-" symbols denote relative status within major rating categories. The outlook indicates the direction a rating is possible to move over a one to two-year period.
Short-term: Good credit quality. Indicates good intrinsic capacity for timely payment of financial commitments.