PDF《营业报告书》

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2014 Upgrades Downgrades % Upgraded % Downgraded (No.) (%) Corporate Finance Historical Rating Activity Source: Fitch Banking &

Finance 41% Industrials 53% Insurance 6% Corporate Finance Ratings Distribution by Sector ?2014a a Year-end. Source: Fitch North America 40% Europe 29% APAC 15% LATAM 12% Middle East &

Africa 4% Corporate Finance Ratings Distribution by Region ?2014a a Year-end. Source: Fitch %

2013 2014 Sector Upgraded Downgraded Default Rate Upgraded Downgraded Default Rate Financial Institutionsa 7.88 7.57 0.23 8.25 5.60 0.08 Industrials 7.74 9.97 0.72 7.08 8.11 0.84 All Global Corporate 7.80 8.87 0.50 7.61 6.98 0.49 a Includes banks, finance and insurance companies. Source: Fitch Corporate Finance Activity by Broad Sector

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2013 2014 EM Upgrades DM Upgrades EM Downgrades DM Downgrades (No.) Source: Fitch Corporate Finance Developed and Emerging Market Historical Rating Activ........