Uncertainty has a cycle, like everything else, which threatened to peak in 2016, as geopolitical risk took centre-stage in shaping the fortunes of global corporates. Our view: the net effects of anti-trade sentiment from growing nationalism, protectionism, and Brexit are likely to outweigh greater hope for fiscal stimulus in corporates’ investment planning.An overall stable outlook for corporate ratings in 2017 also fails to show persisting high levels of regional disparity. Net Negative Outlooks and Watches improved strongly in the U.S, but Latin American corporates are facing increasingly challenging conditions and a weakening credit trend with Negative Outlooks comprising 31% of our international rating portfolio. The slow recovery from the recession in Brazil, weak domestic growth rates in Chile, tax reforms in Colombia, and economic uncertainty in Mexico will continue to pressure ratings over the next 12 to 18 months.

U.S. Corporates 2

EMEA Corporates 3

Latin American Corporates 4

Asia-Pacific Corporates 5

Global Automotive 6

U.S. & EMEA Consumer/Food, Beverage, Tobacco 7

Global Pharma and Biotech 8

Global Mining 9

Semiconductors 10

Global Shipping 11

Aerospace & Defence 12

U.S. Homebuilding 13

U.S. Building & Home Products 14

North American Diversified Industrials/Capital Goods 15

North American Chemicals 16

U.S. Gaming 17

U.S. Lodging & Leisure 18

U.S. Healthcare 19

North American Energy 20

North American Midstream 21

U.S. Equity REITs 22

U.S. Retail & Restaurants 23

North American Telecom/Cable 24

U.S. Media & Entertainment 25

U.S. Technology 26

North American Airlines 27

U.S. Utilities, Power & Gas 28

EMEA Auto Manufacturers 29

EMEA Auto Suppliers 30

EMEA Building Materials & Products 31

EMEA Engineering & Construction 32

EMEA Chemicals 33

EMEA Diversified Industrials/Capital Goods 34

EMEA Gaming 35

EMEA Hotels 36

Western European Steel 37

Russian Steel 38

EMEA Integrated Oil & Gas 39

Russian Oil & Gas 40

EMEA Refining 41

EMEA Real Estate 42

EMEA Retail 43

Western European Telecom/Cable 44

EMEA Land Transport 45

EMEA Airlines 46

South African/Namibian Utilities 47

EMEA Utilities 48

Indonesian Autos 49

Indian Auto Manufacturers 50

Japanese Auto Manufacturers 51

Korean Auto Manufacturers 52

Chinese Auto Manufacturers 53

Indian Homebuilding 54

Indonesian Construction 55

China Homebuilding 56

Chinese Cement 57

Chinese Engineering & Construction 58

Sri Lankan Alcoholic Beverages 59

China Packaged Foods 60

Macau Gaming 61

Asia-Pacific Gaming 62

Indian Pharma 63

Indian Steel 64

China Base Metals 65

Chinese Steel 66

Asian Thermal Coal 67

Asian Crude Palm Oil 68

Chinese Oil & Gas 69

South-East Asia Oil & Gas 70

Indian Oil & Gas 71

Singapore Office REITs 72

Singapore Retail REITs 73

Chinese Commercial Real Estate 74

Hong Kong Commercial Property 75

Singapore Hospitality REITs 76

Singapore Industrial REITs 77

Indonesian Real Estate 78

Chinese Retail 79

Sri Lankan Retail 80

Indonesian Food Retail 81

Chinese Telecoms 82

Singapore Telecoms 83

Philippine Telecoms 84

Indonesian Telecoms 85

Malaysian Telecoms 86

Korean Telecoms 87

Sri Lankan Telecoms 88

Indian Telecoms 89

Thai Telecoms 90

Australian Airlines 91

Indonesian Air- and Seaports 92

Hong Kong & China Utilities 93

Indian Utilities 94

South East Asia Utilities 95

Peruvian Corporates 96

Colombian Corporates 97

Brazilian Corporates 98

Chilean Corporates 99

Mexican Corporates 100

Latin American Cement 101

Brazilian Construction 102

Colombian Building Materials/ Construction 103

Latin American Chemicals 104

Latin American Sugar & Ethanol 105

Latin American Beverages 106

Latin American Packaged Foods 107

Colombian Food 108

Latin American Protein 109

Latin American Media 110

Latin American Pulp & Paper 111

Latin American Metals & Mining 112

Latin American Energy 113

Latin American Real Estate 114

Latin American Retail 115

Latin American Telecoms 116

Colombian Telecoms 117

Latin American Airlines 118

Dominican Power 119

Chilean Electricity 120

Latin American Power Utilities 121

Colombian Gas 122

Colombian Power 123