Fitch Global Corporate Credit - Q2 2016

Fitch Global Corporate Credit - Q2 2016

www.fitchratings.com Fitch Global Corporate Credit Investment Grade Ratings Sub-Investment Grade Ratings Credit Opinions Q2 2016

www.fitchratings.com Contacts North America Business & Relationship Management Global Head of Corporates & Structured Products Jill Zelter Tel: +1 212 908 0774 jill.zelter@fitchratings.com Banker & Private Equity Coverage Vishal Damani Tel: +1 212 908 9148 vishal.damani@fitchratings.com HY Banker Coverage Ashish Gupta Tel: + 1 646 582 4821 ashish.gupta@fitchratings.com IG Banker Coverage Zuri Briscoe Tel: +1 212 908 0752 zuri.briscoe@fitchratings.com PE Coverage Issuer Team US Anna Laudon Tel: +1 212 908 0715 anna.laudon@fitchratings.com Ashish Raythatha Tel: +1 212 908 0362 ashish.raythatha@fitchratings.com Ian Hodgart Tel: +1 212 908 0819 Ian.hodgart@fitchratings.com Michael Mancini Tel: +1 212 908 0757 michael.mancini@fitchratings.com Sam Haddad Tel: +1 312 368 3190 sam.haddad@fitchratings.com Thomas Stone Tel: +1 312 368 2064 thomas.stone@fitchratings.com Tiffany Co Tel: +1 312 368 3185 tiffany.co@fitchratings.com Peter Van de North peter.vandenorth@fitchratings.com Tel:+1 212 908 0605 Issuer Team (continued) Canada Andrew Smitiuch Tel: +1 416 703 4824 andrew.smitiuch@fitchratings.com Neil Stirrat Tel: +1 416 644 6593 neil.stirrat@fitchratings.com Investor Team Deb Murnin Tel: +1 212 908 0312 deborah.murnin@fitchratings.com Nii-Ama Akuete Tel: +1 212 908 0342 niiama.akuete@fitchratings.com Frank Laurents Tel: +1 212 908 9127 frank.laurents@fitchratings.com Rick Kahn Tel: +1 212 612 7872 rick.kahn@fitchratings.com Marie De Tullio Tel: +1 212 908 0657 marie.detullio@fitchratings.com CLO Winnie Fong Tel: +1 212 908 9139 winnie.fong@fitchratings.com

Corporate Credit Book 2Q16 Contacts EMEA Business & Relationship Management Head of Corporates EMEA Anjali Sharma Tel: +44 (0) 20 3530 1341 anjali.sharma@fitchratings.com Banker & Private Equity Coverage Tatjana Cigic Tel: +44 (0) 20 3530 1705 tatjana.cigic@fitchratings.com HY Banker Coverage Marcus Coverdale Tel: +44 (0) 20 3530 1255 marcus.coverdale@fitchratings.com IG Banker Coverage Joseph Turpin Tel: +44 (0) 20 3530 1715 joseph.turpin@fitchratings.com PE Coverage Issuer Team UK Marc Turner Tel: +44 (0) 20 3530 1397 marc.turner@fitchratings.com Craig Gosnell Tel: +44 (0) 20 3530 1322 craig.gosnell@fitchratings.com Kathrin Fernitz Tel: +44 (0) 203 530 1572 kathrin.

fernitz@fitchratings.com France Laurent Roussel Tel: +33 1 44 29 91 27 laurent.roussel@fitchratings.com Etienne Sabot Tel: +33 1 44 29 92 70 etienne.sabot@fitchratings.com Germany Rolf Urban Tel: +49 69 768 0760 rolf.urban@fitchratings.com Italy Alessandro Settepani, Milan Tel: +39 02 879087 229 alessandro.settepani@fitchratings.com Middle East Jay Leitner, Dubai Tel: +971 4408 1804 jay.leitner@fitchratings.com CEE Miroslaw Dudzinski, Warsaw Tel: +48 22 338 62 83 miroslaw.dudzinski@fitchratings.com Issuer Team (continued) Russia/CIS Julia Belskaya von Tell Tel: +7 495 956 9908 julia.belskayavontell@fitchratings.com Mikhail Soloviev Tel: +7 495 956 7088 mikhail.soloviev@fitchratings.com Spain Yolanda Arnaiz, Barcelona Tel: +34 93 323 8415 yolanda.arnaiz@fitchratings.com Sub-Saharan Africa Fabrice Toka, Johannesburg Tel: +27 11 290 9400 fabrice.toka@fitchratings.com Nordics Daniel Figueroa, Stockholm Tel: +46 8 562 80 908 daniel.figueroa@fitchratings.com Turkey Gulcan Ustay, Istanbul Tel: +90 212 284 7859 gulcan.ustay@fitchratings.com Investor Team Aymeric Poizot Tel: +33 1 44 29 92 76 aymeric.poizot@fitchratings.com Rachel Cros Tel: +44 (0) 20 3530 1356 rachel.cros@fitchratings.com Joar Johnsen Tel: +44 (0) 20 3530 1214 joar.johnsen@fitchratings.com Joseph Cass Tel: +44 (0) 20 3530 1493 joseph.cass@fitchratings.com Chris Blakeney Tel: +44 (0) 20 3530 1748 christopher.blakeney@fitchratings.com CLO Andrew Cormack Tel: +44 (0) 20 3530 1320 andrew.cormack@fitchratings.com

www.fitchratings.com Contacts Latin America Business & Relationship Management Head of Corporates Latin America Kathleen Holtzman Tel: +212 908 9103 kathleen.holtzman@fitchratings.com Issuer Team New York (Banker & Private Equity) Saverio Minervini Tel: 1 212 908 0364 Saverio.minervini@fitchratings.com Brazil Nathalia Chaves Pereira Seoane Tel: +55 11 4504 2605 nathalia.seoane@fitchratings.com Chile Alejandro Bertuol Tel: +562 2 499 3300 alejandro.bertuol@fitchratings.com Colombia, Venezuela, Dominican Republic, Central America, Caribbean Carlos Fiorillo carlos.fiorillo@fitchratings.com Tel: +57 1 326 9999 Mexico Guillermo Vilchis Tel: 52-55-5955-1614 guillermo.vilchis@fitchratings.com Investor Team New York Frank Laurents Tel: +212 908 9127 frank.laurents@fitchratings.com Brazil Fabio Astolfi Tel: +55 11 4504 2210 fabio.astolfi@fitchratings.com Chile Loreto Hernandez Tel: +562 2 499 3300 loreto.hernandez@fitchratings.com Colombia, Venezuela, Dominican Republic Carlos Fiorillo carlos.fiorillo@fitchratings.com Tel: +57 1 326 9999 Central America Erick Campos Bolanos Tel: +506 2296 9182 / 9454 erick.campos@fitchratings.com Mexico Denise Bichara Tel: +52 81 8399 9100 denise.bichara@fitchratings.com

Corporate Credit Book 2Q16 Contacts Asia Business & Relationship Management Head of Corporates APAC Sing Chan Ng Tel: +65 6796 7210 singchan.ng@fitchratings.com Banker Team Coverage Patricia Li Tel: +852 2263 9973 patricia.li@fitchratings.com Banker Coverage Issuer Team North Asia Hong Kong Joyce Thorpe Tel: +852 2263 9955 joyce.thorpe@fitchratings.com Beijing Miranda Wu Tel: +86 10 8517 2130 miranda.wu@fitchratings.com Shanghai Emily Hu Tel: +86 21 5097 3380 emily.hu@fitchratings.com Seoul Jay Kim Tel: ++82 2 3278 8362 jay.kim@fitchratings.com Taiwan Daniel Ho +886 8175 7618 daniel.ho@fitchratings.com Issuer Team (continued) South Asia Mumbai Amit Ganju Tel: +91 22 4000 1737 amit.ganju@fitchratings.com Singapore Michael Lee Tel: +65 6796 7213 michael.lee@fitchratings.com Indonesia Eva Muis Tel: +62 21 2988 6802 eva.muis@fitchratings.com Sydney Ben Fleming Tel: +61 2 8256 0346 ben.fleming@fitchratings.com Tokyo Masaharu Hayashi Tel: +81 3 3288 2977 masaharu.hayashi@fitchratings.com Investor Team Hong Kong Wandy Hon Tel: +852 2263 9915 wandy.hon@fitchratings.com

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Corporate Credit Book 2Q16 Contents North America 8 – 28 EMEA 29 – 45 Latin America 46 – 51 Asia Pacific 52 – 58

www.fitchratings.com | Ratings as of 31/03/2016 Issuer/Issue Name Country Rating Aerospace & Defense Investment Grade Boeing Company (The) USA A General Dynamics Corporation USA A Goodrich Corporation USA AHarris Corporation USA BBBHoneywell International, Inc. USA A L-3 Communications Corporation USA BBBL-3 Communications Holdings, Inc. USA BBBLockheed Martin Corporation USA BBB+ Northrop Grumman Corporation USA BBB+ Northrop Grumman Systems Corporation USA BBB+ Raytheon Company USA ARockwell Collins, Inc.

USA ASub-Investment Grade Bombardier Inc. Canada B Huntington Ingalls Industries, Inc. USA BB+ Orbital ATK, Inc. USA BB+ TransDigm Group USA B TransDigm Inc. USA B Credit Opinion BE Aerospace USA - DigitalGlobe Inc USA - Ducommun Inc USA - LMI Aerospace Inc USA - Spirit Aerosystems Holdings Inc. USA - SRA International USA - Triumph Group, Inc. USA - Wesco Aircraft Hardware Corp USA - Issuer/Issue Name Country Rating Auto & Related Investment Grade BorgWarner, Inc. USA BBB+ Delphi Corporation USA BBB Ford Motor Company USA BBBGeneral Motors Company USA BBBHarley-Davidson, Inc. USA A Sub-Investment Grade Allison Transmission Holdings, Inc.

USA BB Allison Transmission, Inc. USA BB American Axle & Manufacturing Holdings, Inc.

USA BBAmerican Axle & Manufacturing, Inc. USA BBGoodyear Tire & Rubber Company (The) USA BB Meritor, Inc. USA B+ Tenneco, Inc. USA BB+ Credit Opinion Affinia Group Inc. USA - Chrysler Group LLC USA - Dana Holdings Corp. USA - Federal Mogul Corp. USA - Metaldyne Performance Group USA - Remy International Inc USA - Tower International Inc USA - Building Materials & Construction Investment Grade Black & Decker Holdings, LLC USA AFluor Corporation USA BBB+ Fortune Brands Home & Security, Inc. USA BBB Martin Marietta Materials, Inc. USA BBBMohawk Industries, Inc. USA BBB Owens Corning USA BBBNorth America

9 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Building Materials & Construction (continued) PPG Industries, Inc. USA ARPM International Inc. USA BBBSherwin-Williams Company (The) USA AStanley Black & Decker, Inc. USA AWhirlpool Corp. USA BBB Sub-Investment Grade USA - Trinidad Cement Limited Trinidad and Tobago BADT Corporation USA BB Masco Corporation USA BB+ USG Corporation USA B+ Vulcan Materials Company USA BB+ Credit Opinion AECOM Technology USA - Aecon Group Inc. USA - HD Supply USA - Headwaters Inc USA - McDermott International Inc USA - NCI Building Systems USA - SNC-Lavalin USA - Summit Materials LLC USA - Terex Corp.

USA - Business Services Credit Opinion Affinion Group Inc USA - ARC Document Solutions Inc USA - Bright Horizons Family Solutions Inc USA - DealerTrack Inc USA - Education Management LLC USA - EPIQ Systems Inc USA - FleetCor Technologies Inc. USA - Issuer/Issue Name Country Rating Business Services (continued) Interactive Data Corp. USA - Iron Mountain Inc. USA - KAR Auction Services Inc. USA - Manitowoc Co. Inc. USA - Nord Anglia Education Plc USA - On Assignment Inc. USA - Realogy Corp. USA - Rent-A-Center USA - Science Applications International Corp USA - Service Corp. USA - ServiceMaster USA - StoneMor Partners LP USA - Transunion USA - WESCO International Inc USA - Capital Goods Investment Grade Caterpillar Inc.

USA A Cummins Inc. USA A The Timken Company USA BBB Sub-Investment Grade Navistar International Corporation USA CCC Chemicals Investment Grade Methanex Corp. Canada BBBNOVA Chemicals Corporation Canada BBBAlbemarle Corporation USA BBBCF Industries Holdings, Inc. USA BBB CF Industries, Inc. USA BBB Dow Chemical Company USA BBB E.I. du Pont de Nemours and Company USA A

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Chemicals (continued) Eastman Chemical Co USA BBB Monsanto Company USA AMosaic Global Holdings Inc. USA BBB NewMarket Corporation USA BBB The Mosaic Company USA BBB Union Carbide Corporation USA BBBWestlake Chemical Corporation USA BBB Sub-Investment Grade Kronos International Inc. (Valhi, Inc.Unit) USA BBKronos Worldwide, Inc. USA BBCredit Opinion Ashland Inc. USA - Axiall USA - Celanese USA - Chemours USA - Chemtura Corp (fka Crompton Corp) USA - Hi-Crush Partners USA - Huntsman Corp USA - Minerals Technologies USA - Momentive Performance Materials USA - Nexeo Solutions LLC USA - OCI Beaumont LLC USA - OMNOVA Solutions Inc USA - Platform Specialty Chemicals USA - Polymer Group Inc USA - Tronox Limited USA - Viskase Cos Inc USA - W.R.

Grace USA - Issuer/Issue Name Country Rating Consumer Investment Grade Colgate-Palmolive Company USA AAHasbro, Inc. USA BBB+ Johnson (S.C.) & Son, Inc. USA AKimberly-Clark Corp. USA A Mattel, Inc. USA BBB+ Newell Rubbermaid, Inc. USA BBBSub-Investment Grade ACCO Brands Corporation USA BB Avon Products, Inc. USA B+ Spectrum Brands Canada, Inc. USA BBSpectrum Brands, Inc. USA BBCredit Opinion Bauer Performance Sports Ltd (fka Bauer Hockey Corp) USA - Coty Inc. USA - Jarden Corporation USA - Libbey Glass Inc USA - Mattress Firm Holding Corp. USA - Revlon Consumer Products USA - Tempur Sealy International USA - Visant Corporation (Jostens) USA - Weight Watchers International USA - Diversified Manufacturing Investment Grade Cooper US, Inc.

USA BBB+ Dover Corporation USA A Eaton Corporation USA BBB+ Flowserve Corporation USA BBB Hillenbrand, Inc. USA BBBHubbell Incorporated USA A

11 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Diversified Manufacturing (continued) IDEX Corporation USA BBB+ ITT Corporation USA BBB+ Kennametal Inc. USA BBB Parker-Hannifin Corp. USA A Rockwell Automation, Inc. USA A Snap-On Incorporated USA ATrinity Industries Inc. USA BBBUnited Technologies Corporation USA AXylem, Inc. USA BBB Sub-Investment Grade Harsco Corporation USA BB SPX Corporation USA BB+ Credit Opinion Belden Inc USA - Chicago Bridge & Iron Company N.V. USA - CNH Industrial USA - Colfax Corp. USA - Generac Power Systems Inc. USA - Granite Construction, Inc. USA - Oshkosh Corporation USA - Paccar USA - PGT Inc.

USA - Wireco Worldgroup Inc USA - Diversified Services Investment Grade Paypal, Inc. USA BBB+ Pitney Bowes Inc. USA BBBPitney Bowes International Holdings, Inc. USA BBBIssuer/Issue Name Country Rating Electric-Corporate Investment Grade TransAlta Corporation Canada BBBAEP Texas Central Co. USA BBB+ AEP Texas North Co. USA BBB+ AGL Resources, Inc. USA BBB+ Alabama Gas Corporation USA AAlabama Power Company USA A Ameren Corp. USA BBB+ Ameren Illinois Company USA BBB+ American Electric Power Company, Inc. USA BBB American Transmission Co. LLC USA A Appalachian Power Co. USA BBB Atlantic City Electric Company USA BBB Atmos Energy Corporation USA AAVANGRID, Inc.

USA BBB Berkshire Hathaway Energy Company USA BBB+ Black Hills Corp. USA BBB+ Black Hills Power, Inc. USA BBB+ California Independent System Operator USA A+ CenterPoint Energy Houston Electric, LLC USA BBB+ CenterPoint Energy Resources Corp. USA BBB CenterPoint Energy, Inc. USA BBB Central Maine Power Co. USA BBB+ CMS Energy Corporation USA BBB Connecticut Light and Power Company (The) USA BBB+ Consolidated Edison Co. of New York, Inc. - Con Ed USA BBB+ Consolidated Edison, Inc. (Con Ed) USA BBB+ Consumers Energy Co. USA ADelmarva Power & Light Company USA BBB+ Dominion Resources, Inc. USA BBB+

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Electric-Corporate (continued) DTE Electric Co. USA ADTE Energy Co. USA BBB+ DTE Gas Co. USA BBB+ Duke Energy Carolinas, LLC USA A Duke Energy Corporation USA BBB+ Duke Energy Florida, Inc. USA BBB+ Duke Energy Indiana, Inc. USA BBB+ Duke Energy Kentucky USA BBB+ Duke Energy Ohio, Inc. USA BBB+ Duke Energy Progress, Inc. USA AEdison International USA AEversource Energy USA BBB+ Exelon Corp. USA BBB Florida Power & Light Co. USA A Georgia Power Company USA A Gulf Power Company USA AHawaiian Electric Company, Inc.

USA BBB+ Hawaiian Electric Industries, Inc. USA BBB Indiana Michigan Power Co. USA BBBIndianapolis Power & Light Co. USA BBBIntegrys Holding, Inc. USA BBB+ Kansas Gas & Electric Co. USA BBB+ Kentucky Power Co. USA BBBKern River Funding Corp. USA AKeySpan Corp. USA BBB+ KeySpan Gas East Corp. USA BBB+ Laclede Gas Co. USA BBB+ Laclede Group, Inc. (The) USA BBB+ MidAmerican Energy Company USA AMidAmerican Funding LLC USA BBB+ Mississippi Power Company USA BBB+ Issuer/Issue Name Country Rating Electric-Corporate (continued) Nevada Power Company dba NV Energy USA BBB New York State Electric & Gas Corp.

USA BBB+ NextEra Energy Capital Holdings, Inc. (formerly FPL Group Capital Inc.) USA ANextEra Energy, Inc. USA ANicor Gas Company USA A Northern Indiana Public Service Company USA BBBNorthern Natural Gas Company USA A Northern States Power Co. - Minnesota USA ANorthern States Power Co. - Wisconsin USA ANorthWestern Corporation USA BBB+ NSTAR Electric Company USA A NSTAR Gas Company USA AOGE Energy Corp. USA AOhio Power Co. USA BBB+ Ohio Valley Electric Corporation USA BBBOklahoma Gas & Electric Co. USA A Otter Tail Corporation USA BBBOtter Tail Power USA BBB Pacific Gas & Electric Company USA BBB+ PacifiCorp USA APEPCO Holdings, Inc.

USA BBB PG&E Corporation USA BBB+ Pinnacle West Capital Corp. USA APotomac Electric Power Co. USA BBB Progress Energy Inc. USA BBB PSEG Power LLC USA BBB+ Public Service Company of Colorado USA APublic Service Company of New Hampshire USA BBB+ Public Service Company of North Carolina USA BBB Public Service Electric & Gas Co. USA A-

13 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Electric-Corporate (continued) Public Service Enterprise Group Incorporated USA BBB+ Rochester Gas & Electric Corporation USA BBB Rockland Electric Company USA BBB+ San Diego Gas & Electric Co. USA A SCANA Corporation USA BBBSempra Energy USA BBB+ Sempra Global USA BBB+ Sierra Pacific Power Company d/b/a NV Energy USA BBB SourceGas, LLC USA BBB South Carolina Electric & Gas Co. USA BBB Southern California Edison Company USA ASouthern Company USA A Southern Electric Generating Company USA A Southern Power Co. USA BBB+ Southwest Power Pool USA A Southwestern Electric Power Co.

USA BBBSouthwestern Public Service Company USA BBB Tampa Electric Company USA BBB+ TECO Energy, Inc. USA BBB Union Electric Co. USA BBB+ Virginia Electric and Power Company USA AWashington Gas Light Co. USA A+ WEC Energy Group, Inc. USA BBB+ Westar Energy, Inc. USA BBB+ Western Massachusetts Electric Company USA BBB+ WGL Holdings, Inc. USA A Wisconsin Electric Power Co. USA A Wisconsin Gas LLC USA AWisconsin Public Service Corp. USA A Xcel Energy Inc. USA BBB+ Issuer/Issue Name Country Rating Electric-Corporate (continued) Sub-Investment Grade Canadian Solar Inc. Canada BB ContourGlobal L.P.

Cayman islands B+ Calpine Construction Finance Company, L.P. USA B+ Calpine Corporation USA B+ Dayton Power & Light Company USA BB+ DPL Inc. USA B+ FirstEnergy Corp. USA BB+ IPALCO Enterprises, Inc. USA BB+ Mountaineer Gas Company USA BB+ The AES Corporation USA BBEnergy (Oil & Gas) Investment Grade Nabors Industries, Ltd Bermuda BBBEncana Corporation Canada BBBRepsol Oil & Gas Canada Inc. Canada BBBAnadarko Petroleum Corp. USA BBB Apache Corporation USA BBB Boardwalk Pipelines, LP USA BBBBuckeye Partners, L.P. USA BBBCascade Natural Gas Corporation USA ACentennial Energy Holdings, Inc. USA BBB Colorado Interstate Gas Company USA BBBColumbia Pipeline Group, Inc.

USA BBBConocoPhillips USA AConocoPhillips Company USA ADCP Midstream Partners, LP USA BBBDevon Energy Corporation USA BBB+ El Paso Natural Gas Company USA BBB-

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Energy (Oil & Gas) (continued) El Paso Pipeline Partners Operating Company, L.L.C. USA BBBEnable Midstream Partners, LP USA BBBEnable Oklahoma Intrastate Transmission, LLC USA BBBEnergy Transfer Partners, L.P. USA BBBEnlink Midstream Partners, LP USA BBBEnterprise Products Operating LLC USA BBB+ EQT Corporation USA BBBEQT Midstream Partners, LP USA BBBFreeport-McMoRan Oil & Gas LLC USA BBBGulf South Pipeline Company, LP USA BBBHalliburton Company USA AHess Corporation USA BBB ITT Holdings LLC USA BBBKerr-McGee Corp.

USA BBB Kinder Morgan Energy Partners, LP USA BBBKinder Morgan, Inc. USA BBBLOCAP LLC USA BBB+ Loews Corporation USA A LOOP LLC USA BBB+ Marathon Oil Corporation USA BBB Marathon Petroleum Corporation USA BBB MDU Resources Group, Inc. USA BBB+ Midcontinent Express Pipeline LLC USA BBB MPLX LP USA BBBNabors Industries, Inc. USA BBBNational Fuel Gas Co. USA BBB Noble Energy Inc. USA BBBOccidental Petroleum Corp. USA A Ocean Energy, Inc. USA BBB Panhandle Eastern Pipe Line Co. USA BBBIssuer/Issue Name Country Rating Energy (Oil & Gas) (continued) Pioneer Natural Resources Co. USA BBBPolar Tankers Inc.

USA ARegency Energy Partners USA BBBRuby Pipeline LLC USA BBBSouthern Natural Gas Company USA BBBSpectra Energy Capital, LLC. USA BBB Spectra Energy Partners, LP USA BBB Sunoco Logistics Partners L.P. USA BBB Sunoco Logistics Partners Operations L.P. USA BBB Tennessee Gas Pipeline Company, L.L.C. USA BBBTexas Eastern Transmission, LP USA BBB+ Texas Gas Transmission, LLC USA BBBValero Energy Corporation USA BBB Western Gas Partners, LP USA BBBWilliams Partners L.P. USA BBBSub-Investment Grade Energy XXI LTD Bermuda C Chesapeake Energy Corp. USA BCITGO Holding, Inc. USA BCITGO Petroleum Corp.

USA B DCP Midstream, LLC USA BB+ Energy Transfer Equity, L.P. USA BB Energy XXI Gulf Coast, Inc. USA C GlobalSantaFe Inc. USA BB IFM (US) Colonial Pipeline 2 LLC USA BB+ Jones Energy Holdings, LLC USA B Kosmos Energy Ltd. USA B Murphy Oil Corporation USA BB+ Newfield Exploration Company USA BB+ NGL Energy Partners LP USA B+ NuStar Logistics, L.P. USA BB

15 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Energy (Oil & Gas) (continued) Seacor Holdings, Inc. USA B Southwestern Energy Company USA B+ Sunoco LP USA BB Transocean, Inc. USA BB Unit Corporation USA B+ Weatherford International Ltd. (Bermuda) USA BB Weatherford International, LLC USA BB Williams Companies, Inc. (The) USA BB+ Credit Opinion Atlas Energy LP USA - Breitburn Energy Partners USA - C&J Energy USA - Callon Petroleum Co. USA - Concho Resources, Inc USA - Continental Resources USA - Crestwood Midstream Partners, LP USA - Denbury Resources Inc. USA - Diamond Offshore Drilling USA - EnCana USA - EP Energy LLC USA - EXCO Resources USA - Green Plains Inc USA - Linn Energy LLC USA - Magnum Hunter Resources Corp.

USA - MEG Energy Corporation USA - Ocean Rig USA - Pacific Drilling SA USA - Phillips 66 USA - QEP Resources USA - Quicksilver Resources Inc. USA - Range Resources Corporation USA - Issuer/Issue Name Country Rating Energy (Oil & Gas) (continued) Sabine Oil USA - SandRidge Energy, Inc. USA - Seadrill Ltd USA - Seventy Seven Operating LLC USA - Targa Resources Partners, L.P. USA - Tesoro Corporation USA - Vantage Drilling USA - Western Refining Co LP USA - Environmental Services Investment Grade Browning Ferris Industries, Inc. USA BBB Republic Services, Inc. USA BBB Waste Connections, Inc. USA BBB Waste Management, Inc.

USA BBB Food, Beverage & Tobacco Investment Grade Kellogg Canada, Inc. Canada BBB Altria Group, Inc. USA BBB+ Archer Daniels Midland Company USA A Bottling Group, LLC USA A Brinker International, Inc. USA BBBBrown-Forman Corporation USA A Bunge Finance Europe B.V. USA BBB Bunge Limited USA BBB Bunge Limited Finance Corp. USA BBB Cargill Incorporated USA A Coca-Cola Enterprises, Inc. USA BBB+ Coca-Cola Refreshments USA, Inc and Coca-Cola Refreshments Canada, Ltd. USA A+ ConAgra Foods, Inc. USA BBBDarden Restaurants, Inc. USA BBB-

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Food, Beverage & Tobacco (continued) Flowers Foods, Inc. USA BBB General Mills Cereals LLC USA BBB+ General Mills, Inc. USA BBB+ Ingredion Incorporated USA BBB Kellogg Company USA BBB Kellogg Europe Company Limited USA BBB Kellogg Holding Company Limited USA BBB Kraft Canada, Inc. USA BBBKraft Heinz Foods Company USA BBBLand O Lakes Inc USA BBBLand O'Lakes Capital Trust I USA BBBMcDonald's Corporation USA BBB+ Molson Coors Brewing Company USA BBB Mondelez International, Inc. USA BBB Ocean Spray Cranberries, Inc.

USA BBBPepsiCo, Inc. USA A Pepsi-Cola Metropolitan Bottling Company, Inc. USA A Philip Morris Capital Corp. USA BBB+ Philip Morris International, Inc. USA A Ralcorp Holdings Inc. USA BBBStarbucks Corporation USA A The Coca-Cola Company USA A+ The Hillshire Brands Company USA BBB The Kraft Heinz Company USA BBBTyson Foods, Inc. USA BBB Universal Corporation USA BBBSub-Investment Grade Ball Corporation USA BB+ CIH International S.a.r.l. USA BB+ Constellation Brands, Inc. USA BB+ Dean Foods Company USA BBIssuer/Issue Name Country Rating Food, Beverage & Tobacco (continued) Dean Holding Company USA BBJBS USA Lux S.A.

USA BB+ Arcos Dorados Holdings Inc. British Virgin Islands BB+ Credit Opinion Alliance One USA - ARAMARK Inc. USA - Bloomin Brands (OSI) USA - Boulder Brands [fkaSmart Balance] USA - Darling Ingredients USA - Denny's USA - Keurig Green Mountain USA - NPC International, Inc. USA - Pinnacle Foods Finance LLC USA - Post Holdings USA - Prestige Brands USA - Restaurant Brands International USA - Wendy's International Inc. USA - Gaming, Lodging & Leisure Investment Grade Expedia, Inc. USA BBBLas Vegas Sands Corp USA BBBLas Vegas Sands, LLC USA BBBMarriott International, Inc. USA BBB Seminole Tribe of Florida USA BBBStarwood Hotels & Resorts Worldwide Inc.

USA BBB VML U.S. Finance, LLC USA BBBWyndham Worldwide Corporation USA BBBSub-Investment Grade Wynn Macau, Limited Cayman islands BB Agua Caliente Band of Cahuilla Indians USA BB

17 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Gaming, Lodging & Leisure (continued) Boyd Gaming Corporation USA B Caesars Entertainment Corporation USA CC Caesars Entertainment Resort Properties, LLC USA BCaesars Growth Properties Holdings, LLC USA BCorner Investment PropCo, LLC USA BMarina District Finance Company, Inc USA B MGM Resorts International USA B+ Peninsula Gaming, LLC USA B Pinnacle Entertainment, Inc. USA B+ Quechan Indian Tribe USA BRegal Entertainment Group USA B+ Wynn America, LLC USA BB Wynn Las Vegas LLC USA BB Wynn Resorts, Limited USA BB Credit Opinion 888 Holdings USA - Affinity Gaming LLC USA - Amaya Holdings USA - American Casino & Entertainment Properties LLC USA - Carnival Corp USA - ClubCorp USA - Diamond Resorts USA - Eldorado Resorts Inc.

USA - Extended Stay America Inc USA - FelCor Lodging Trust USA - Georgia Worldwide USA - Hersha Hospitality USA - Hilton Worldwide, Inc. USA - Hospitality Properties Trust USA - Hyatt Hotels Corp. USA - Issuer/Issue Name Country Rating Gaming, Lodging & Leisure (continued) Intrawest Corp USA - Isle of Capri Casinos USA - La Quinta Holdings Inc. USA - Marriott Vacations Worldwide Corporation USA - Mohegan Tribal Gaming Authority USA - Orbitz Worldwide, Inc. USA - Penn National Gaming Inc. USA - Priceline USA - Royal Caribbean Cruises Ltd. USA - Sabre Inc. USA - Scientific Games Corp USA - Six Flags Theme Parks Premier Parks USA - Station Casinos USA - Travelport USA - Tropicana Entertainment USA - Global Power Investment Grade Arizona Public Service Co.

USA AElm Road Generating Station Supercritical LLC USA A NV Energy, Inc. USA BBBOrange & Rockland Utilities, Inc. USA BBB+ Health Care Investment Grade Warner Chilcott Limited Bermuda BBBAbbott Laboratories USA A Actavis, Inc. USA BBBAgilent Technologies, Inc. USA BBB+ Allergan, Inc. USA BBBAmerisourceBergen Corp. USA AAmgen Inc. USA BBB

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Health Care (continued) Baxalta Incorporated USA BBB+ Baxter International Inc. USA BBB+ Bio-Rad Laboratories Inc. USA BBBBoston Scientific Corporation USA BBBBristol-Myers Squibb Company USA ACardinal Health, Inc. USA BBB+ Eli Lilly and Company USA A Express Scripts Holding Company USA BBB Forest Laboratories, Inc. USA BBBJohnson & Johnson USA AAA Life Technologies Corp. USA BBB McKesson Corp. USA BBB+ Merck & Co., Inc. USA A Owens & Minor Inc. USA BBBPerkinElmer, Inc. USA BBB Pfizer Inc.

USA A+ Pharmacia Corp. USA A+ Quest Diagnostics Inc USA BBB RP Select Finance Trust USA BBB RPI Finance Trust USA BBBSt. Jude Medical, Inc. USA AThermo Fisher Scientific Inc. USA BBB Wyeth LLC USA A+ Sub-Investment Grade CHS/Community Health Systems, Inc. USA B+ Community Health Systems, Inc. USA B+ HCA Holdings, Inc. USA BB HCA Inc. USA BB LifePoint Health, Inc. USA BB Tenet Healthcare Corp. USA B Universal Health Services, Inc. USA BB+ Issuer/Issue Name Country Rating Health Care (continued) Credit Opinion 21st Century Oncology USA - Alere Medical USA - Alkermes, Inc. USA - Alliance Healthcare USA - Amsurg USA - Biomet USA - BioScrip Inc USA - Catalent Pharma Solutions Inc.

USA - Catamaran Corp. USA - Concordia Healthcare USA - DaVita Inc. USA - DJO Finance LLC USA - Emdeon Inc USA - Endo Pharmaceutical USA - Envision Healthcare Corporation USA - Grifols/ Talcris USA - Halyard Health Inc. USA - HealthSouth Corp. USA - Hill-Rom Holdings Inc. USA - Hologic Inc. USA - Horizon Pharma USA - IASIS Health USA - Immucor Inc USA - IMS Health Inc. USA - Indivior USA - Jazz Pharmaceuticals Plc USA - Kindred Healthcare USA - Kinetic Concepts USA - Lantheus Medical Imaging Inc. USA - Mallinckrodt Plc USA -

19 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Health Care (continued) MedAssets USA - Merge USA - Mylan Pharmaceuticals Inc. USA - Omnicare Inc. USA - Par Pharmaceutical Companies, Inc. USA - Quintiles Transnational USA - RadNet Inc USA - Select Medical Holdings Corp. USA - Surgical Care Affiliates USA - Team Health Inc USA - Truven Health Analytics [ExWolverine Healthcare] USA - United Surgical Partners International Inc USA - Valeant Pharmaceuticals USA - Homebuilding Investment Grade Centex Corp. USA BBBM.D.C. Holdings, Inc. USA BBBNVR, Inc. USA BBB+ PulteGroup, Inc. USA BBBToll Brothers, Inc.

USA BBBSub-Investment Grade Beazer Homes USA, Inc. USA BCalAtlantic Group, Inc. USA BBD. R. Horton, Inc. USA BB+ Hovnanian Enterprises, Inc. USA CCC KB Home (formerly Kaufman and Broad Home Corp.) USA B+ Lennar Corporation USA BB+ M/I Homes, Inc. USA B+ Meritage Homes Corporation USA BBIssuer/Issue Name Country Rating Homebuilding (continued) Credit Opinion Allegion US Holding Company Inc USA - Armstrong World Industries Inc. USA - Continental Building Products USA - Interline Brands USA - Monitronics International Inc USA - Nortek, Inc. USA - Ply Gem Industries USA - William Lyon Homes USA - Industrial & Manufacturing Credit Opinion Argan Inc USA - Rexnord USA - Wabash National Corp.

USA - Industrial Revenue & Pollution Control Investment Grade Public Service Co. of Oklahoma USA BBB Media & Entertainment Investment Grade 21st Century Fox America, Inc. USA BBB+ ABC Inc. USA A Broadridge Financial Solutions USA BBB+ CBS Broadcasting, Inc. USA BBB CBS Corporation USA BBB Cox Enterprises, Inc. USA BBB+ Discovery Communications LLC USA BBBDisney Enterprises, Inc. USA A Electronic Arts Inc. USA BBB Fidelity National Information Services, Inc. USA BBB IHS Inc. USA BBB

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Media & Entertainment (continued) Insurance Services Office, Inc. USA BBB+ Interpublic Group of Companies, Inc. USA BBB McGraw Hill Financial, Inc. USA BBB+ NBC Universal Media LLC USA AScripps Networks Interactive, Inc. USA BBB+ The Dun & Bradstreet Corporation USA BBB Thomson Reuters Corporation USA BBB+ Time Warner Inc. USA BBB+ Twenty-First Century Fox, Inc. USA BBB+ Verisk Analytics, Inc. USA BBB+ Viacom Inc. USA BBB+ Walt Disney Company (The) USA A Western Union Company (The) USA BBB+ Sub-Investment Grade AMC Entertainment Inc.

USA B+ Clear Channel Worldwide Holdings Inc. USA B DreamWorks Animation SKG, Inc. USA B+ First Data Corp. USA B HMH Publishers LLC USA B+ Houghton Mifflin Harcourt Publishers, Inc. USA B+ Houghton Mifflin Harcourt Publishing Company USA B+ iHeartCommunications, Inc. USA CCC McGraw-Hill Global Education Finance, Inc. USA B+ McGraw-Hill Global Education Holding, LLC USA B+ McGraw-Hill School Education Holdings, LLC USA B MHGE Parent Finance, Inc. USA B+ MHGE Parent, LLC USA B+ Regal Cinemas Corporation USA B+ Univision Communications, Inc. USA B Issuer/Issue Name Country Rating Media & Entertainment (continued) Credit Opinion Activision Blizzard Inc USA - AMC Networks USA - Cedar Fair LP USA - Cengage Learning USA - Cenveo Corporation USA - Cinemark USA - Commscope Inc USA - Cumulus Media Inc.

USA - Dreamworks Entertainment USA - E.W. Scripps USA - EMMIS Communications USA - Entercom Communications USA - Gannett Co. Inc. USA - Gray Television USA - Hemisphere Media Holdings USA - Lamar Media USA - Lions Gate Entertainment Corp USA - Live Nation Worldwide Inc. USA - Mastercard Incorporated USA - Media General, Inc. USA - National Cinemedia Inc. USA - Nexstar Broadcasting USA - Nielsen USA - OUTFRONT Media USA - Quad/Graphics Inc. USA - R.R. Donnelley & Sons USA - Radio One Inc USA - Salem Communications Corp USA - SeaWorld Parks & Entertainment Inc. USA - Sinclair Broadcast Group USA -

21 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Media & Entertainment (continued) Sirius XM Radio Inc. USA - Time Inc USA - Townsquare Media USA - Tribune Co USA - Warner Music Group (WMG) USA - Metals & Mining Credit Opinion AK Steel USA - Alpha Natural Resources USA - Appvion [ex-Appleton Papers Inc] USA - CONSOL Energy Inc. USA - Noranda Aluminum USA - Novelis Inc. USA - Steel Dynamics Inc. USA - Walter Energy USA - Westmoreland Coal Co. USA - Natural Gas & Propane Investment Grade Atlanta Gas Light Co. USA BBB+ Brooklyn Union Gas Co. USA BBB+ Central Hudson Gas & Electric Corp.

USA BBB+ Consolidated Natural Gas Co. USA BBB+ Dominion Gas Holdings, LLC USA ANiSource Inc. USA BBBNorth Shore Gas Co. USA A Northwest Pipeline LLC USA BBB Peoples Gas Light and Coke Co. USA ASouthern California Gas Co. USA A Southwest Gas Corporation USA ATranscontinental Gas Pipe Line Company, LLC USA BBB Issuer/Issue Name Country Rating Natural Gas & Propane (continued) UGI Utilities, Inc. USA ASub-Investment Grade AmeriGas Finance Corp. USA BB AmeriGas Partners, L.P. USA BB Natural Resources Investment Grade Goldcorp Inc. Canada BBB Kinross Gold Corporation Canada BBBYamana Gold Inc. Canada BBBAmericas Mining Corporation (AMC) USA BBB+ Freeport-McMoRan Inc.

USA BBBReliance Steel & Aluminum Co. USA BBB Sub-Investment Grade First Quantum Minerals Ltd Canada B Teck Resources Ltd. Canada B+ Uranium One Inc. Canada BBAlcoa Inc. USA BB+ Arch Coal, Inc. USA D Peabody Energy (Formerly P&L Coal Holding Corp.) USA C United States Steel Corporation (U.S. Steel Corp) USA B+ Packaging & Containers Credit Opinion Berry Plastics USA - BWAY Corporation USA - Crown Holdings USA - Owens-Illinois USA - Reynolds Group Holdings Inc. USA - Rock-Tenn Co. USA - Sealed Air Corp. USA -

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Property/Real Estate Investment Grade Brixmor Property Group, Inc. USA BBBCaparra Center Associates, LLC USA BBB+ Sub-Investment Grade Caparra Hills, LLC USA B+ Real Estate Investment Trust Investment Grade AIMCO Properties, L.P. USA BBBAmerican Assets Trust, Inc. USA BBB American Assets Trust, L.P. USA BBB Apartment Investment and Management Company (AIMCO) USA BBBBoston Properties Limited Partnership USA BBB+ Boston Properties, Inc. USA BBB+ Brandywine Operating Partnership L.P. USA BBBBrandywine Realty Trust USA BBBBrixmor Operating Partnership, LP USA BBBCamden Property Trust USA BBB+ Care Capital Properties, Inc.

USA BBBCare Capital Properties, L.P. USA BBBCBL & Associates Limited Partnership USA BBBCBL & Associates Properties, Inc. USA BBBCorporate Office Properties Trust USA BBBCorporate Office Properties, L.P. USA BBBDDR Corp. USA BBBDigital Realty Trust, Inc. USA BBB Digital Realty Trust, L.P. USA BBB Duke Realty Corporation USA BBB Duke Realty Limited Partnership USA BBB EastGroup Properties, Inc. USA BBB EastGroup Properties, L.P. USA BBB Issuer/Issue Name Country Rating Real Estate Investment Trust (continued) EPR Properties USA BBBEquity Residential USA AERP Operating Limited Partnership USA AEssex Portfolio L.P.

USA BBB+ Essex Property Trust, Inc. USA BBB+ Federal Realty Investment Trust USA AFirst Industrial Realty Trust, Inc. USA BBBFirst Industrial, L.P. USA BBBHCP, Inc. USA BBB+ Healthcare Realty Trust Incorporated USA BBB Host Hotels & Resorts, Inc. USA BBBHost Hotels & Resorts, L.P. USA BBBHudson Pacific Properties, Inc. USA BBBHudson Pacific Properties, L.P. USA BBBKimco Realty Corporation USA BBB+ Lepercq Corporate Income Fund L.P. USA BBB Lexington Realty Trust USA BBB Liberty Property Limited Partnership USA BBB Liberty Property Trust USA BBB Mid-America Apartment Communities, Inc. USA BBB Mid-America Apartments L.P.

USA BBB National Retail Properties, Inc. USA BBB+ Omega Healthcare Investors, Inc. USA BBBPrologis, Inc. USA BBB Prologis, L.P. USA BBB Realty Income Corp. USA BBB+ Reckson Operating Partnership, LP USA BBBRegency Centers Corp. USA BBB Regency Centers, L.P. USA BBB Rexford Industrial Realty, Inc. USA BBBRexford Industrial Realty, LP USA BBB-

23 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Real Estate Investment Trust (continued) Simon Property Group, Inc. USA A Simon Property Group, L.P. USA A SL Green Operating Partnership, L.P. USA BBBSL Green Realty Corp. USA BBBSovran Acquisition Ltd. Partnership USA BBB Sovran Self Storage, Inc. USA BBB STAG Industrial Operating Partnership, L.P. USA BBB STAG Industrial, Inc. USA BBB Store Capital Corporation USA BBBTerreno Realty Corporation USA BBBTerreno Realty, LLC USA BBBVentas, Inc. USA BBB+ Vornado Realty Trust USA BBB Vornado Realty, LP USA BBB Washington Prime Group, L.P.

USA BBBWelltower Inc. USA BBB+ WP Glimcher Inc. USA BBBSub-Investment Grade Corrections Corporation of America USA BB+ Forest City Enterprises, Inc. USA BBForest City Realty Trust, Inc. USA BBREIT Credit Opinion American Capital Mortgage Investment Corp.

USA - Bimini Capital Management Inc. USA - Retailing Investment Grade Signet Jewelers Ltd Bermuda BBBAutoZone Inc. USA BBB Issuer/Issue Name Country Rating Retailing (continued) Best Buy Co., Inc. USA BBBCoach, Inc. USA BBB Costco Wholesale Corporation USA A+ Dillard's, Inc. USA BBBGap Inc. (The) USA BBBHome Depot, Inc. (The) USA A Kohl's Corporation USA BBB+ Kroger Co. (The) USA BBB Macy's Inc. USA BBB+ Macy's Retail Holdings Inc. USA BBB+ Nordstrom, Inc. USA BBB+ Staples, Inc. USA BBBTarget Corporation USA ATiffany & Co. USA BBB+ Wal-Mart Stores, Inc. USA AA Sub-Investment Grade J. C. Penney Company, Inc.

USA B J.C. Penney Corporation, Inc. USA B Kmart Corp. USA CC Kmart Holding Corp. USA CC L Brands, Inc. USA BB+ Levi Strauss & Co. USA BB Liberty Interactive LLC USA BB QVC, Inc. USA BB Rite Aid Corporation USA B Sears Holdings Corporation USA CC Sears Roebuck Acceptance Corp. USA CC Sears, Roebuck and Co. USA CC SuperValu Inc. USA B Toys 'R' Us - Delaware, Inc. USA CCC

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Retailing (continued) Toys 'R' Us Property Co. I, LLC. USA CCC Toys 'R' Us Property Co. II, LLC USA CCC Toys 'R' Us, Inc. USA CCC Credit Opinion 99 Cents Only Stores USA - Bon-Ton Stores USA - Burlington Coat Factory USA - Cabela's USA - Claires Stores USA - Dollar Tree, Inc. USA - Empire Company Limited USA - GNC Holdings USA - Gymboree Corp. USA - Hanesbrands Inc. USA - J. Crew Group, Inc. USA - Kate Spade & Co USA - Lands' End USA - Men's Wearhouse USA - Michaels Stores Inc. USA - NBTY, Inc.

USA - Neiman Marcus USA - Party City Holdings USA - Pep Boys (Manny Moe & Jack) USA - Pier 1 Imports USA - PVH Corp. USA - Roundy's USA - Sally Beauty Holdings Inc. USA - Smart and Final Stores Inc. USA - Sprouts Farmers Market USA - The Pantry USA - Vince Holdings Corp. USA - Issuer/Issue Name Country Rating Technology Investment Grade Constellation Software, Inc. Canada BBBAccenture Capital Inc. USA A+ Accenture plc USA A+ Affiliated Computer Services Inc. USA BBB Arrow Electronics, Inc. USA BBBAvago Technologies Finance Pte. Ltd. USA BBBAvnet, Inc. USA BBBCA, Inc. USA BBB+ Cadence Design Systems Inc.

USA BBB+ Computer Sciences Corp. USA BBB Corning Inc. USA BBB+ CSRA Inc. USA BBBeBay Inc. USA BBB Electronic Data Systems LLC USA AFlextronics International Ltd. USA BBBHewlett Packard Enterprise Co. USA AHP Inc. USA BBB+ Ingram Micro Inc. USA BBBIntel Corporation USA A+ International Business Machines Corp. (IBM) USA A+ Jabil Circuit, Inc. USA BBBKeysight Technologies, Inc. USA BBB KLA-Tencor Corp. USA BBBLexmark International Inc. USA BBBMicrosoft Corporation USA AA+ Motorola Solutions, Inc. USA BBB National Semiconductor Corporation USA A+ Oracle Corporation USA A+ Paypal Holdings Inc. USA BBB+

25 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Technology (continued) Seagate HDD Cayman USA BBBSeagate Technology Public Limited Company USA BBBTexas Instruments Incorporated USA A+ Xerox Corporation USA BBBSub-Investment Grade Anixter Inc. USA BB+ Anixter International Inc. USA BB+ Dell Inc. USA BB Dell International LLC USA BB Equinix, Inc. USA BB Western Digital Corp. USA BB+ Credit Opinion Aeroflex Incorporated USA - Alliance Data Systems Corp. USA - Amkor Technology Inc. USA - Ancestry.com USA - API Technologies Inc. USA - Aspect Software Group Holdings USA - Avaya, Inc.

USA - AVG Technologies USA - Booz Allen & Hamilton Inc. USA - CDW Corporation USA - Endurance International Group Holdings USA - Entegris Inc USA - Epicor Software Corporation USA - EVERTEC Inc USA - Genpact International Inc USA - Infor Global Solutions USA - Informatica USA - Internap Network Services Corp USA - Issuer/Issue Name Country Rating Technology (continued) Lattice Seminconductor USA - Micro Focus USA - Microsemi USA - MoneyGram International USA - NXP B.V. USA - Omnivision Technologies USA - Rovi Corp. USA - Sensata Technologies Holdings N.V. USA - SITEL Worldwide Corp USA - SS&C Technologies Inc.

USA - SunEdison Semiconductor Ltd USA - SunGard Data Systems, Inc. USA - Verifone Systems Inc. USA - Verint Systems Inc. USA - Visa Inc. USA - Western Digital USA - Zebra Technologies Corp. USA - Telecommunications Investment Grade Rogers Communication Canada, Inc. Canada BBB+ TELUS Communications, Inc. Canada BBB+ TELUS Corp. Canada BBB+ Alltel Corporation USA AAmerican Tower Corporation USA BBB Ameritech Capital Funding Corp. USA AAT&T Corp. USA AAT&T Inc. USA AAT&T Mobility LLC USA ABellSouth Corp. USA ABellSouth Telecommunications, Inc. USA A-

www.fitchratings.com | Ratings as of 31/03/2016 North America Continued Issuer/Issue Name Country Rating Telecommunications (continued) CC Holdings GS V LLC USA BBBCellco Partnership USA AComcast Cable Communications, LLC USA AComcast Cable Holdings, LLC (formerly AT&T Broadband LLC) USA AComcast Corp. USA AComcast Holdings Corporation USA AComcast MO Group, Inc. (f/k/a MediaOne Group, Inc.) USA AComcast MO of Delaware, LLC (f/k/a MediaOne of Delaware, Inc.) USA ACox Communications Inc. USA BBB+ Crown Castle International Corp. USA BBBCrown Castle Operating Company USA BBBDIRECTV Holdings LLC USA AGTE Corporation USA AGTE Southwest, Inc.

USA AIndiana Bell Telephone Co. USA AMichigan Bell Telephone Co. USA ANBCUniversal Enterprise, Inc. USA ANew Cingular Wireless Services, LLC USA APacific Bell Telephone Company USA ASouthwestern Bell Telephone Company USA ATime Warner Cable Enterprises LLC USA BBB Time Warner Cable Inc. USA BBB Verizon California Inc. USA AVerizon Communications Inc. USA AVerizon Delaware USA AVerizon Florida USA AVerizon Maryland USA AVerizon New England Inc. USA AVerizon New Jersey USA AVerizon New York Inc. USA AIssuer/Issue Name Country Rating Telecommunications (continued) Verizon Pennsylvania USA AVerizon Virginia USA AWisconsin Bell Telephone Company USA ASub-Investment Grade Cogeco Cable Inc.

Canada BB+ Comcel Trust Cayman islands BB+ Digicel Group Limited Jamaica B Digicel International Finance Limited (DIFL) Jamaica B Digicel Limited Jamaica B Cablevision Systems Corporation USA BBCCO Holdings, LLC USA BBCenturyLink, Inc. USA BB+ Charter Communications Operating, LLC USA BBClearwire Communications LLC USA B+ Communications Sales & Leasing, Inc. USA BBCSC Holdings, LLC (Cablevision-U.S.) USA BBCSL Capital, LLC USA BBDISH DBS Corporation USA BBDISH Network Corp. USA BBEmbarq Corporation USA BB+ Embarq Florida, Inc. USA BB+ Frontier Communications Corporation USA BB Frontier North USA BB Frontier West Virginia USA BB Level 3 Communications, Inc.

USA BBLevel 3 Financing, Inc. USA BBQwest Communications International Inc. USA BB+ Qwest Corporation USA BB+ Qwest Services Corporation USA BB+ Sprint Communications, Inc. USA B+

27 Corporate Credit Book 2Q16 Issuer/Issue Name Country Rating Telecommunications (continued) Sprint Corporation USA B+ Telephone and Data Systems, Inc. USA BB+ United States Cellular Corp. USA BB+ Windstream Holdings of the Midwest, Inc. USA BBWindstream Services, LLC USA BBCredit Opinion Cequel Communications LLC USA - Cincinnati Bell USA - Consolidated Communications USA - General Communication Inc. USA - Hawaiian Telcom Holdco Inc. USA - Intelsat Jackson USA - Liberty Cablevision of Puerto Rico LLC USA - Mitel Networks Corp USA - nTelos Inc USA - Nuance Communications Inc. USA - Open Text Corp USA - SBA Communications USA - Syniverse Technologies, Inc.

USA - Telesat Canada USA - T-Mobile USA - West Corp. USA - Wide Open West Finance, LLC USA - Zayo Group USA - Transportation Investment Grade Alaska Air Group Inc. USA BBBKansas City Southern USA BBBKansas City Southern Railway Company USA BBBKirby Corporation USA BBB Issuer/Issue Name Country Rating Transportation (continued) Southwest Airlines Co. USA BBB+ The Brink's Company USA BBBSub-Investment Grade Grupo TACA Holdings Limited Bahamas B Air Canada Canada B+ Garda World Security Corporation Canada B+ American Airlines, Inc. USA BBDelta Air Lines USA BB+ Hawaiian Airlines USA B Hawaiian Holdings, Inc.

USA B JetBlue Airways Corporation USA BBSpirit Airlines, Inc. USA BB+ United Airlines, Inc. USA BBUnited Continental Holdings, Inc. USA BBCredit Opinion ADS Waste Holdings USA - Atlantic Aviation FBO Inc USA - Navios Maritime Holdings USA - Quality Distribution Inc. USA - Rand Logistics Inc. USA - Swift Transportation Co. USA - Union Pacific USA - XPO Logistics, Inc. USA - YRC Worldwide Inc USA - Utilities Sub-Investment Grade Viridian Group Investments Limited Cayman islands B+ Credit Opinion Ameresco USA - Atlantic Power Corp USA -

www.fitchratings.com | Ratings as of 31/03/2016 Issuer/Issue Name Country Rating Utilities (continued) Brookfield Renewable Energy Partners L.P. USA - CLECO Corporation USA - Dynegy Inc USA - Idaho Power USA - ITC Holdings Corp USA - NRG Energy Inc USA - Puget Energy Inc. USA - TerraForm Power USA - North America Continued

29 Corporate Credit Book 2Q16 EMEA Issuer/Issue Name Country Rating F+1/ Fitch Only Aerospace & Defense Investment Grade MTU Aero Engines AG Germany BBB- √ JSC National Company Kazakhstan Engineering Kazakhstan BBBAirbus Group SE Netherlands ABAE Systems plc United Kingdom BBB Rolls-Royce Holdings plc United Kingdom A Sub-Investment Grade Finmeccanica SpA Italy BB+ Russian Helicopters JSC Russian Federation BB √ Sukhoi Civil Aircraft JSC Russian Federation BB- √ Credit Opinion SSCP Titan Bidco Limited United Kingdom - Survitec Group (Finance 3) Ltd (Survitec) United Kingdom - Auto & Related Investment Grade Compagnie Generale des Etablissements Michelin France ARenault SA France BBBContinental AG Germany BBB Daimler AG Germany AVolkswagen AG Germany BBB+ Compagnie Financiere du Groupe Michelin Senard et Cie Switzerland ADelphi Automotive PLC United Kingdom BBB GKN Holdings PLC United Kingdom BBBSub-Investment Grade Goodyear Dunlop Tires Europe B.V.

Belgium BB Faurecia S.A. France BB- √ GIE PSA Tresorerie France BB Peugeot S.A. France BB √ Issuer/Issue Name Country Rating F+1/ Fitch Only Auto & Related (continued) HP Pelzer Holding GmbH Germany B Fiat Chrysler Automobiles N.V. Netherlands BBJaguar Land Rover Automotive plc United Kingdom BBCredit Opinion Alliance Automotive Group France - Financiere Cofidim (Cofidim) France - Parts Holding (Autodistribution) France - Cordenka Holding B.V. Germany - FTE Verwaltungs GmbH (FTE Automotive) Germany - Jasione GmbH (Jost) Germany - Samvardhana Motherson Automotive Systems Group BV Germany - Schaeffler AG Germany - ZF Friedrichshafen AG Germany - Gestamp Automocion S.A.

Spain - Grupo Antolin-Irausa, S.A. Spain - Nelson Bidco Limited United Kingdom - Rhino Midco 2 Limited United Kingdom - TI Fluid Systems Limited United Kingdom - Building Materials & Construction Investment Grade Compagnie de Saint-Gobain France BBB Lafarge SA France BBBVinci S.A. France BBB+ CRH plc Ireland BBB James Hardie Building Products, Inc.

Ireland BBBJames Hardie International Finance Ltd. Ireland BBBJames Hardie International Group Ltd. Ireland BBBFerrovial, S.A. Spain BBB √

www.fitchratings.com | Ratings as of 31/03/2016 Issuer/Issue Name Country Rating F+1/ Fitch Only Building Materials & Construction (contimued) LafargeHolcim Ltd Switzerland BBB Sub-Investment Grade HeidelbergCement AG Germany BB+ √ Astaldi S.p.A Italy B+ L'isolante K-Flex S.p.A. Italy B √ Officine Maccaferri S.p.A. Italy B √ Salini Impregilo S.p.a. Italy BB √ Ideal Standard International SA Luxembourg CC √ Grupo Aldesa Spain B √ Isolux Corsan SA Spain B- √ Obrascon Huarte Lain SA (OHL) Spain BB- √ Credit Opinion Alu Holdco 1 Limited (Corialis) Belgium - Icopal A/S Denmark - Safari Finco 1 Oy (Paroc) Finland - Bonhom SAS (Frans Bonhomme) France - Dry Mix Solutions Investissements S.A.S.

(Parex) France - Kerneos Holding Group SAS France - Loxam S.A.S. France - Sophielux 1 S.A. (Socotec) France - Pfleiderer GmbH Germany - ZT Management Holding GmbH Germany - Titan Cement Company S.A. Greece - Foam Investments II S.a.r.l Luxembourg (Armacell) Luxembourg - Xella International s.a.r.l (Xella) Luxembourg - Ursa Insulation Holding B.V. Netherlands - ACS, Actividades de Construccion y Servicios, S.A. Spain - Ahlsell AB Sweden - Orascom Construction Limited United Arab Emirates - Issuer/Issue Name Country Rating F+1/ Fitch Only Building Materials & Construction (contimued) Amber Bidco Limited United Kingdom - Euro Road Infrastructure Investment Midco Limited United Kingdom - Capital Goods Investment Grade GEA Group Aktiengesellschaft Germany BBB Siemens AG Germany A AB Volvo Sweden BBB Atlas Copco AB Sweden A √ ABB Ltd Switzerland ASub-Investment Grade SGD Group SAS France B- √ Arcelik Turkey BB+ √ Credit Opinion Konecranes Plc Finland - Tokheim Group SAS France - Alison Midco S.a.r.l.

Germany - Paternoster Holding III GmbH (Wittur) Germany - Signode Industrial Group Lux S.A. Luxembourg - Stromboli Investissements SAS Switzerland - VAT Holding AG Switzerland - Chemicals Investment Grade Solvay SA Belgium BBB BASF SE Germany A+ Israel Chemicals Ltd. Israel BBB √ OCP SA Morocco BBB- √ Akzo Nobel N.V. Netherlands BBB+ Royal DSM N.V. Netherlands ASaudi Basic Industries Corporation (SABIC) Saudi Arabia A+ EMEA Continued

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