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Long term
Last revision
Standard & Poor's BBB+  A-2 Stable
Moody's Baa2 P-2 Positive
Fitch A- F-2 Stable


These credit ratings may be reviewed, suspended or withdrawn at any time by the respective rating agency.

Standard & Poor's
Award/Confirmation date
06/12/2017 BBB+ 
08/05/2017 BBB
05/07/2016 BBB
26/02/2016 BBB
05/05/2015 BBB
11/07/23 BBB
15/10/2012 BBB+ 
08/03/2012 BBB+ 
18/01/2012 A-
21/09/2011 A-
05/04/2011 BBB+ 
14/12/2007 BBB+ 
06/09/2005 A
15/07/2004 A
12/02/2003 A
11/12/2002 A
05/12/2001 A
02/02/2001 A+
29/09/2000 A+
23/08/1999 A+
02/09/1992 AA
23/12/1991 AA-
Award/Confirmation date
16/07/2019 Baa2
01/08/2018 Baa2
31/08/2017 Baa2
03/08/2016 Baa2
17/05/2016 Baa2
13/02/2016 Baa2
27/03/2015 Baa2
14/10/2014 Baa2
12//12/2013 Baa2
05/11/2012 Baa2
16/02/2012 Baa1
05/10/2011 A3
04/05/2011 A3
08/04/2009 A3
22/05/2008 A3
23/02/2006 A3
06/09/2005 A3
02/12/2004 A3
27/02/2003 Baa1
15/01/2003 A2
31/01/2002 A2
22/06/2000 Aa3
13/07/1999 Aa3
Award/Confirmation date
11/02/2019 A-
19/02/2018 BBB+
16/05/2017 BBB+
10/05/2016 BBB+
05/05/2015 BBB+
15/04/2014 BBB+
17/01/2013 BBB+
15/04/2012 A-
30/01/2012 A-
17/11/2010 A-
13/11/2008 A-
19/10/2007 A
16/02/2006 A+
06/09/2005 A
15/11/2004 A
19/10/2003 A
07/10/2002 A
21/08/2002 A+
08/06/2001 A+
06/02/2001 AA-
08/11/1999 AA-
25/01/1999 AA
18/10/1996 AA

Standard & Poor's

A debtor with an “A” rating is one who has a strong capacity to meet its financial commitments, although, in some way, it is more sensitive to adverse changes in economic circumstances and conditions than debtors with higher ratings.



Bonds and preferential shares rated A are considered upper-medium-grade, with high security in the collection of principal and interest, although the risk of default is not 100% eliminated.



High credit quality. ‘A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.


Clarifications on the nomenclature

Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through B. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Fitch applies the same signs from the AAA category.

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