# Credit rating history

Long-term ratings

As at 31.12.13 31.12.12 31.12.11 31.12.10 31.12.09 31.12.08 31.12.07 31.12.06 31.12.05 31.12.04
Fitch A A A A+ A+ A+ AA AA+ AA+ AAA
Moody's A2 A2 Aa3 Aa3 Aa3 Aa2 Aaa Aa2 Aa2 AA2
Standard & Poor's A A A A+ A+ A+ AA AA+ AA+ AA+

Each of these ratings reflects only the view of the applicable rating agency at the time the rating was issued, and any explanation of the significance of a rating may be obtained only from the rating agency. A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated independently of any other rating. There is no assurance that any credit rating will remain in effect for any given period of time or that a rating will not be lowered, suspended or withdrawn entirely by the rating agency if, in the rating agency's judgment, circumstances so warrant.