GOVERNMENT BOND RATINGS�
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
Mapping of Rating			Country	S&P Rating	Moody's rating
S&P	Moody's		Abu Dhabi	NA	Aa2
A	A2		Albania	B+	B1
A-	A3		Andorra (Principality of)	BBB	Baa2
A+	A1		Angola	CCC+	B3
AA	Aa2		Argentina	CCC+	Ca
AA-	Aa3		Armenia	NA	Ba3
AA+	Aa1		Aruba	BBB	Baa2
AAA	Aaa		Australia	AAA	Aaa
B	B2		Austria	AA+	Aa1
B-	B3		Azerbaijan	BB+	Ba2
B+	B1		Bahamas	B+	Ba3
BB	Ba2		Bahrain	B+	B2
BB-	Ba3		Bangladesh	BB-	Ba3
BB+	Ba1		Barbados	B-	Caa1
BBB	Baa2		Belarus	B	B3
BBB-	Baa3		Belgium	AA	Aa3
BBB+	Baa1		Belize	B-	Caa3
C	C2		Benin	B+	B1
C-	C3		Bermuda	A+	A2
C+	C1		Bolivia	B+	B2
CC	Ca2		Bosnia and Herzegovina	B	B3
CC-	Ca3		Botswana	BBB+	A3
CC+	Ca1		Brazil	BB-	Ba2
CCC	Caa2		Bulgaria	BBB	Baa1
CCC-	Caa3		Burkina Faso	B	B2
CCC+	Caa1		Cambodia	NA	B2
			Cameroon	B-	B2
			Canada	AAA	Aaa
			Cape Verde	B-	B3
			Cayman Islands	NA	Aa3
			Chile	A	A1
			China	A+	A1
			Colombia	BB+	Baa2
			Congo (Democratic Republic of)	CCC+	Caa1
			Congo (Republic of)	CCC+	Caa2
			Cook Islands	B+	B1
			Costa Rica	B	B2
			C�te d'Ivoire	NA	Ba3
			Croatia	BBB-	Ba1
			Cuba	NA	Ca
			Curacao	BBB	Baa2
			Cyprus	BBB-	Ba1
			Czech Republic	AA-	Aa3
			Denmark	AAA	Aaa
			Dominican Republic	BB-	Ba3
			Ecuador	B-	Caa3
			Egypt	B	B2
			El Salvador	B-	Caa1
			Estonia	AA-	A1
			Ethiopia	CCC	Caa2
			Fiji	B+	B1
			Finland	AA+	Aa1
			France	AA	Aa2
			Gabon	N/A	Caa1
			Georgia	BB	Ba2
			Germany	AAA	Aaa
			Ghana	B-	B3
			Greece	BB	Ba3
			Guatemala	BB-	Ba1
			Guernsey (States of)	AA-	Aa3
			Honduras	BB-	B1
			Hong Kong	AA+	Aa3
			Hungary	BBB	Baa2
			Iceland	A	A2
			India	BBB-	Baa3
			Indonesia	BBB	Baa2
			Iraq	B-	Caa1
			Ireland	AA-	A2
			Isle of Man	NA	Aa3
			Israel	AA-	A1
			Italy	BBB	Baa3
			Jamaica	B+	B2
			Japan	A+	A1
			Jersey (States of)	AA	Aaa
			Jordan	B+	B1
			Kazakhstan	BBB-	Baa2
			Kenya	B	B2
			Korea	AA	Aa2
			Kuwait	A+	A1
			Kyrgyzstan	NA	B2
			Laos	NA	Caa2
			Latvia	A+	A3
			Lebanon	D	C
			Liechtenstein	AAA	Aaa
			Lithuania	A+	A2
			Luxembourg	AAA	Aaa
			Macao	NA	Aa3
			Macedonia	BB-	Ba3
			Malaysia	A-	A3
			Maldives	NA	Caa1
			Mali	NA	Caa1
			Malta	A-	A2
			Mauritius	NA	Baa2
			Mexico	BBB	Baa1
			Moldova	NA	B3
			Mongolia	B	B3
			Montenegro	B	B1
			Montserrat	BBB-	Baa3
			Morocco	BB+	Ba1
			Mozambique	CCC+	Caa2
			Namibia	NA	Ba3
			Netherlands	AAA	Aaa
			New Zealand	AA+	Aaa
			Nicaragua	B-	B3
			Niger	NA	B3
			Nigeria	B-	B2
			Norway	AAA	Aaa
			Oman	B+	Ba3
			Pakistan	B-	B3
			Panama	BBB	Baa2
			Papua New Guinea	B-	B2
			Paraguay	BB	Ba1
			Peru	#N/A	Baa1
			Philippines	BBB+	Baa2
			Poland	A-	A2
			Portugal	BBB	Baa2
			Qatar	AA-	Aa3
			Ras Al Khaimah (Emirate of)	A-	A3
			Romania	BBB-	Baa3
			Russia	BBB-	Baa3
			Rwanda	B+	B2
			Saudi Arabia	A-	A1
			Senegal	B+	Ba3
			Serbia	BB+	Ba2
			Sharjah	NA	Baa3
			Singapore	NA	Aaa
			Slovakia	A+	A2
			Slovenia	AA-	A3
			Solomon Islands	NA	Caa1
			South Africa	BB-	Ba2
			Spain	A	Baa1
			Sri Lanka	CCC+	Caa2
			St. Maarten	NA	Ba2
			St. Vincent & the Grenadines	NA	B3
			Suriname	NA	Caa3
			Swaziland	NA	B3
			Sweden	AAA	Aaa
			Switzerland	AAA	Aaa
			Taiwan	AA	Aa3
			Tajikistan	B-	B3
			Tanzania	NA	B2
			Thailand	BBB+	Baa1
			Togo	B	B3
			Trinidad and Tobago	BBB-	Ba2
			Tunisia	N/A	Caa1
			Turkey	B+	B2
			Turks and Caicos Islands	BBB+	Baa1
			Uganda	B	B2
			Ukraine	B	B3
			United Arab Emirates	AA	Aa2
			United Kingdom	AA	Aa3
			United States	AAA	Aaa
			Uruguay	BBB	Baa2
			Uzbekistan	BB-	B1
			Venezuela	NA	C
			Vietnam	BB	Ba3
			Zambia	NA	Ca