Policy on Distributing Credit Ratings, Reports and Updates

Capital Intelligence (CI) notifies rated entities of its decision to publish a credit rating and provides the rated entity with an advance copy of the Credit Rating Announcement during the working hours of the rated entity and at least a full working day before publication.

Except for private ratings provided only to the issuer, all credit rating actions are subsequently announced on CI’s website and made available to the public free of charge for a period of at least 14 days. Thereafter the Credit Rating Announcements are archived but are accessible to subscribers.

A credit rating action includes the following: the assignment of any new rating; any affirmation, change, withdrawal or suspension of an existing rating; the assignment of a new Outlook; any affirmation, change, withdrawal or suspension of an existing Outlook.

All withdrawn credit ratings are maintained on the Rating List for at least 3 months.

Rating Announcements include the credit ratings and outlook for the issuer or issue, as well as the key elements underlying the rating action. They also indicate whether the issuer participated in the rating process and the principal methodology that was used to determine the rating.

Public credit ratings are also disseminated via financial market news media and other electronic and print services.

Full credit rating reports and commentaries are made available to paying subscribers only.