Cabecera StructuredFinance

Other Financial Instruments

Maximum creditworthiness

A fund’s asset class rated in this category displays an excellent capacity to honour its financial commitments.

Very High creditworthiness

A fund’s asset class rated in this category maintains an excellent capacity to honour its financial commitments even under adverse changes in the economic environment.

High creditworthiness

A fund’s asset class rated in this category displays a high capacity to honour its financial commitments. However, this rating may deteriorate under adverse changes in the economic environment more so than the higher rated categories.

h2>Medium to High creditworthiness

A fund’s asset class rated in this category displays a more than adequate capacity to honour its financial commitments. However, this capacity is more likely to deteriorate under adverse changes in the economic environment than the higher rated categories.

Medium creditworthiness.

This category is the first to incorporate speculative characteristics. A fund’s asset class rated in this category displays an adequate capacity to honour its financial commitments. However, this capacity has weaknesses and it is likely to deteriorate under adverse changes in the economic environment.

Medium to Low creditworthiness

A fund’s asset class rated in this category may display the capacity to honour its financial commitments in the short-term however, adverse economic, financial or business conditions will probably impair the asset class ‘ability to meet its financial commitments.

Low creditworthiness

A fund’s asset class rated in this category currently has problems in honouring its financial commitments and therefore relies on favourable economic and financial conditions.

Very Low creditworthiness

A fund’s asset class rated in this category displays uncertainty in honouring its financial obligations with a high probability of missing some of its payments.

Extremely Low creditworthiness

A fund’s asset class rated in this category displays a high risk of interrupting payments.

Credit Quality close to default

A fund’s asset class rated in this category is close to default.

Default

The fund’s asset class is in default, has payment delays, has been declared insolvent or is currently undergoing insolvency proceedings.