TRANSACTION MATRIX(2015-2018)

Corporate

  AAA AA A BBB BB B CCC CC C D
AAA 100% 0% 0% 0% 0% 0% 0% 0% 0% 0%
AA 0% 100% 0% 0% 0% 0% 0% 0% 0% 0%
A 0% 11% 78% 9% 2% 0% 0% 0% 0% 0%
BBB 0% 0% 11% 85% 3% 0% 0% 0% 0% 1%
BB 0% 0% 0% 0% 100% 0% 0% 0% 0% 0%
B 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
CCC 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
CC 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
C 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
D 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

SME

  ARSME-1 ARSME-2 ARSME-3 ARSME-4 ARSME-5 ARSME-6 ARSME-7 ARSME-8
ARSME-1 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-2 0% 80% 17% 3% 0% 0% 0% 0%
ARSME-3 0% 11% 84% 5% 0% 0% 0% 0%
ARSME-4 0% 0% 87% 13% 0% 0% 0% 0%
ARSME-5 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-6 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-7 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-8 0% 0% 0% 0% 0% 0% 0% 0%

Each row corresponds to an initial rating

Each column corresponds to a rating after 4th year

TRANSACTION MATRIX(2017-2019)

Corporate

  AAA AA A BBB BB B CCC CC C D
AAA 100% 0% 0% 0% 0% 0% 0% 0% 0% 0%
AA 7% 93% 0% 0% 0% 0% 0% 0% 0% 0%
A 0% 0% 98% 2% 0% 0% 0% 0% 0% 0%
BBB 0% 0% 14% 80% 6% 0% 0% 0% 0% 0%
BB 0% 0% 0% 0% 100% 0% 0% 0% 0% 0%
B 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
CCC 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
CC 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
C 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
D 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

SME

  ARSME-1 ARSME-2 ARSME-3 ARSME-4 ARSME-5 ARSME-6 ARSME-7 ARSME-8
ARSME-1 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-2 0% 80% 18% 2% 0% 0% 0% 0%
ARSME-3 0% 18% 77% 5% 1% 0% 0% 0%
ARSME-4 0% 0% 58% 42% 0% 0% 0% 0%
ARSME-5 0% 0% 100% 0% 0% 0% 0% 0%
ARSME-6 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-7 0% 0% 0% 0% 0% 0% 0% 0%
ARSME-8 0% 0% 0% 0% 0% 0% 0% 0%

Each row corresponds to an initial rating

Each column corresponds to a rating after 4th year