Sovereign Credit Ratings

September 30, 2010	Moody's Downgrades Spain's Foreign Currency Government Bond Rating from Aaa to Aa1.
September 14, 2010	Standard & Poor’s Upgrades Sri Lanka’s Foreign Currency Sovereign Credit Rating from B to B+.
September 13, 2010	Standard & Poor’s Upgrades Argentina’s Foreign Currency from B- to B.
September 6, 2010	Standard & Poor’s Upgrades Uruguay’s Long-Term Foreign Currency Sovereign Credit Rating from BB to BB+.
August 27, 2010	Standard & Poor’s Downgrades Ghana’s Long-Term Sovereign Credit Rating from B+ to B.
August 24, 2010	Standard & Poor’s Downgrades Ireland’s Long-Term Sovereign Credit Rating from AA to AA-.
August 23, 2010	Moody's Downgrades Bahrain's Foreign Currency Government Bond Rating from A2 to A3.
August 2, 2010	Standard & Poor’s Upgrades Ecuador’s Long-Term Sovereign Credit Rating from CCC+ to B-.
July 28, 2010	Fitch Downgrades Vietnam’s Long-Term Foreign Currency Issuer Default Rating from BB- to B+.
July 27, 2010	Fitch Upgrades Uruguay's Long-Term Foreign Currency Issuer Default Rating from BB- to BB.
July 19, 2010	Moody's Downgrades Ireland's Government Bond Rating from Aa1 to Aa2.
July 13, 2010	Moody's Downgrades Portugal's Government Bond Rating from Aa2 to A1.
July 12, 2010	Fitch Upgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from RD (Restricted Default) to B.
July 6, 2010	Fitch Upgrades Ukraine’s Long-Term Foreign Currency Issuer Default Ratings (IDRs) from B- to B.
July 5, 2010	Standard & Poor’s Upgrades Qatar’s Long-Term Sovereign Credit Rating from AA- to AA.
June 16, 2010	Moody's Upgrades Chile's Government Bond Rating from A1 to Aa3.
June 14, 2010	Moody’s Downgrades Greece’s Government Bond Rating from A3 to Ba1 (Non-Investment Grade).
June 10, 2010	Standard & Poor’s Upgrades Estonia’s Long-Term Foreign Currency Sovereign Credit Rating from A- to A.
June 9, 2010	Moody's Upgrades Panama's Government Bond Rating from Baa2 to Baa3 (Investment Grade).
June 1, 2010	Moody's Upgrades Guatemala's Foreign Currency Government Bond Rating from Ba2 to Ba1.
May 28, 2010	Fitch Downgrades Spain’s Long-Term Foreign Currency Issuer Default Rating from AAA- to AA+.
May 26, 2010	Moody's Upgrades Nicaragua's Foreign Currency Government Bond Rating from Caa1 to B3.
May 25, 2010	Standard & Poor’s Upgrades Panama’s Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade).
May 19, 2010	Fitch Issues Angola a Long Term Foreign-Currency Issuer Default Rating of B+. Standard & Poor’s Issues Angola a Long-Term Foreign Currency Rating of B+.
May 17, 2010	Standard & Poor’s Upgrades Ukraine’s Long-Term Foreign Currency Rating from B- to B.
April 27, 2010	Standard & Poor's Downgrades Greece's Long-Term Sovereign Credit Rating from BBB+ to BB+ (Non-Investment Grade).
April 22, 2010	Moody's Upgrades the Dominican Republic's Government Bond Rating from B2 to B1.
April 14, 2010	Moody's Upgrades South Korea's Government Bond Rating from A2 to A1.
April 13, 2010	Moody's Upgrades Lebanon's Government Bond Rating from B2 to B1.
April 9, 2010	Fitch Downgrades Greece’s Long-Term Foreign Currency Issuer Default Rating from BBB+ to BBB-.
March 31, 2010	Fitch Raises Lebanon’s Long-Term Foreign Currency Issuer Default Rating from B- to B.
March 24, 2010	Fitch Downgrades Portugal’s Long-Term Foreign Currency Issuer Default Rating from AA to AA-.
March 23, 2010	Fitch Upgrades Panama’s Long-Term Foreign Currency Issuer Default Rating from BB+ to BBB- (Investment Grade).
March 12, 2010	Standard & Poor’s Raises Indonesia’s Long-Term Foreign-Currency Sovereign Rating from BB- to BB.
March 11, 2010	Standard & Poor's Raises Ukraine's Foreign Currency Sovereign Credit Rating from CCC+ to B-.
February 16, 2010	Fitch Upgrades Jamaica’s Long-Term Foreign Currency Issuer Default Rating from CCC to B-.
February 3, 2010	Fitch Downgrades Jamaica’s Long-Term Foreign Currency Issuer Default Rating to RD, then Subsequently Upgrades to CCC.
January 14, 2010	Standard & Poor's Revises Jamaica's Sovereign Credit Rating to "Select Default."
January 8, 2010	Moody's Upgrades Turkey's Government Bond Rating from Ba3 to Ba2.
December 16, 2009	Moody’s Raises Peru Foreign-Currency Government Rating from Ba1 to Baa3.
December 14, 2009	Standard & Poor’s Downgrades Mexico’s Foreign-Currency Sovereign Credit Rating from BBB+ to BBB.
December 3, 2009	Fitch Upgrades Turkey’s Long-Term Foreign Currency Issuer Default Rating from BB- to BB+.
November 24, 2009	Fitch Downgrades Jamaica’s Issuer Default Rating from B to CCC.
November 23, 2009	Fitch Downgrades Mexico's Foreign Currency Issuer Default Rating from BBB+ to BBB.
November 18, 2009	Moody's Downgrades Jamaica's Foreign Currency Bond Rating from B2 to Caa1.
November 15, 2009	Moody's Downgrades El Salvador from Baa3 (Investment Grade) to Ba1.
November 12, 2009	Fitch Downgrades Ukraine’s Long-Term Foreign-Currency Issuer Default Rating from B to B-.
November 4, 2009	Standard & Poor's Downgrades Jamaica's Long-Term Foreign Currency Rating from CCC+ to CCC.
October 13, 2009	Moody's Downgrades Barbados' Foreign Currency Government Bond Rating to Baa3 from Baa2.
September 28, 2009	Moody's Downgrades Lithuania's Foreign Currency Rating from A3 to Baa1.
September 22, 2009	Moody's Upgrades Brazil's Long-Term Foreign Currency Rating from Ba1 to Baa3 (Investment Grade).
September 16, 2009	Moody's Upgrades Indonesia's Sovereign Rating from Ba3 to Ba2.
August 21, 2009	Standard & Poor's Downgrades Nigeria's Long-Term Foreign Currency Rating from BB- to B+.
August 5, 2009	Standard & Poor’s Downgrades Jamaica’s Long-Term Foreign Currency Rating from B- to CCC+.
July 16, 2009	Moody’s Upgrades South Africa’s Foreign Currency Rating from Baa1 to A3.
June 17, 2009	Fitch Downgrades El Salvador's Issuer Default Rating from BB+ to BB.
June 15, 2009	Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating to CCC+ from SD.
May 12, 2009	Moody's Downgrades Ukraine's Foreign Currency Government Bond Rating from B1 to B2. Standard & Poor's Downgrades El Salvador's Long-Term Sovereign Credit Rating from BB+ to BB.
April 23, 2009	Moody's Downgrades Lithuania's Foreign Currency Rating from A2 to A3. Moody's Downgrades Latvia's Foreign Currency Rating from Baa1 to Baa3.
April 21, 2009	Moody's Downgrades Fiji's Government Bond Rating from Ba2 to B1.
April 16, 2009	Fitch Downgrades Thailand's Long-Term Foreign Currency Issuer Default Rating from BBB+ to BBB.
April 8, 2009	Fitch Downgrades Estonia's Long-Term Foreign Currency Issuer Default Rating from A- to BBB+. Fitch Downgrades Latvia's Long-Term Foreign Currency Issuer Default Rating from BBB- (Investment Grade) to BB+. Fitch Downgrades Lithuania's Long-Term Foreign Currency Issuer Default Rating from BBB+ to BBB.
April 1, 2009	Moody's Upgrades Lebanon's Foreign-Currency Government Bond Rating from B3 to B2.
March 31, 2009	Moody's Downgrades Hungary's Government Bond Rating from A3 to Baa1.
March 30, 2009	Standard & Poor's Downgrades Hungary's Long-Term Foreign Credit Rating from BBB to BBB-.
March 24, 2009	Standard & Poor's Downgrades Lithuania's Sovereign Credit Rating from BBB+ to BBB.
March 23, 2009	Moody's Upgrades Chile's Foreign-Currency Government Bond Rating from A2 to A1.
March 18, 2009	Standard & Poor's Downgrades Jamaica's Long-Term Sovereign Credit Rating from B to B-.
March 4, 2009	Moody's Downgrades Jamaica's Foreign-Currency Government Bond Rating from B1 to B2.
February 25, 2009	Standard & Poor's Downgrades Ukraine's Long-Term Foreign-Currency Rating from B to CCC+.
February 24, 2009	Standard & Poor's Downgrades Latvia's Sovereign Credit Rating from BBB- (Investment Grade) to BB+.
February 12, 2009	Fitch Downgrades Ukraine's Long-Term Foreign Currency Issuer Default Rating from B+ to B.
February 10, 2009	Moody's Upgrades Belize's Government Bond Rating from Caa1 to B3.
February 4, 2009	Fitch Downgrades Russia's Long-Term Issuer Default Rating from BBB+ to BBB.
January 19, 2009	Fitch Downgrades Mongolia's Long-Term Foreign Currency Issuer Default Rating from B+ to B.
January 12, 2009	Moody's Upgrades Uruguay's Foreign-Currency Bond Rating of Uruguay from B1 to Ba3.
January 7, 2009	Moody's Downgrades Latvia's Foreign-Currency Government Rating from A3 to Baa1.
December 23, 2008	Standard & Poor's Downgrades Dominican Republic's Long-Term Sovereign Credit Rating from B+ to B.
December 16, 2008	Fitch Downgrades Ecuador’s Long-Term Sovereign Credit Rating to RD from CCC. Moody's Downgrades Ecuador's Government Bond Rating from Caa1 to Ca.
December 15, 2008	Standard & Poor’s Downgrades Ecuador’s Long-Term and Short-Term Sovereign Credit Ratings to SD from CCC- and C, Respectively. Fitch Downgrades Venezuela's Issuer Default Rating from BB- to B+.
December 8, 2008	Standard & Poor's Downgrades Russia's Foreign-Currency Sovereign Credit Rating from BBB+ to BBB.
December 4, 2008	Moody's Downgrades Iceland's Long-Term Foreign Currency Rating from A1 to Baa1.
November 18, 2008	Fitch Downgrades Jamaica's Issuer Default Rating from B+ to B.
November 17, 2008	Standard & Poor's Downgrades Hungary's Long-Term Foreign Currency Rating from BBB+ to BBB.
November 14, 2008	Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from B- to CCC-. Moody's Downgrades Ecuador's Sovereign Rating from B3 to Caa1.
November 10, 2008	Fitch Downgrades Hungary's Long-Term Foreign Currency Issuer Default Rating from BBB+ to BBB. Fitch Downgrades Kazakhstan's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-. Fitch Downgrades Bulgaria's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-. Fitch Downgrades Romania's Long-Term Foreign Currency Issuer Default Rating from BBB to BB+.
November 7, 2008	Moody's Downgrades Hungary's Foreign-Currency Government Bond Rating from A2 to A3. Moody's Downgrades Latvia's Foreign-Currency Government Bond Rating from A2 to A3.
October 31, 2008	Standard & Poor's Downgrades Argentina's Foreign-Currency Sovereign Rating from B to B-.
October 30, 2008	Standard & Poor's Downgrades Bulgaria's Long-Term Sovereign Credit Rating from BBB+ to BBB.
October 28, 2008	Moody's Downgrades Pakistan's Government Bond Rating from B2 to B3.
October 27, 2008	Standard & Poor's Downgrades Romania's Long-Term Foreign Currency Rating from BBB- to BB+.
August 19, 2008	Moody's Upgrades Peru's Foreign-Currency Government Bond Rating from Ba2 to Ba1.
August 15, 2008	Standard & Poor's Upgrades Trinidad & Tobago's Long-Term Sovereign Rating from A- to A.
August 11, 2008	Standard & Poor's Downgrades Argentina's Long-Term Foreign Currency Rating from B+ to B.
August 7, 2008	Standard & Poor's Downgrades the Seychelles' Long-Term Foreign Currency Rating from CCC to SD .
August 5, 2008	Standard & Poor's Upgrades Lebanon's Long-Term Foreign Currency Rating from CCC+ to B-.
August 1, 2008	Standard & Poor's Downgrades The Seychelles' Long-Term Foreign Currency Rating from B to CCC.
July 31, 2008	Standard & Poor's Upgrades People's Republic of China's Long-Term Sovereign Credit Rating from A to A+.
July 22, 2008	Standard & Poor's Upgrades Uruguay's Long-Term Foreign-Currency Rating from B+ to BB-.
July 16, 2008	Moody's Upgrades Russia's Government Bond Rating from Baa2 to Baa1.
July 14, 2008	Standard & Poor's Upgrades Peru's Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade).
June 19, 2008	Moody's Upgrades Colombia's Foreign-Currency Government Bond Rating from Ba2 to Ba1.
June 12, 2008	Standard & Poor's Downgrades Ukraine's Long-Term Foreign Currency Rating from BB- to B+.
May 29, 2008	Fitch Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB-.
May 21, 2008	Moody's Downgrades Pakistan's Government Bond Rating from B1 to B2.
May 15, 2008	Standard & Poor's Downgrades Its Long-Term Foreign Currency Rating on Pakistan from B+ to B.
April 30, 2008	Standard & Poor's Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade).
April 17, 2008	Moody's Upgrades Israel's Foreign-Currency Bond Rating from A2 to A1.
April 2, 2008	Fitch Upgrades Peru's Long-Term Foreign Currency Rating from BB+ to BBB-. Fitch Downgrades Sri Lanka's Long-Term Foreign Currency Rating from BB- to B+.
March 20, 2008	Moody's Upgrades Ecuador's Foreign Currency Government Bond Rating from Caa2 to B3.
March 4, 2008	Fitch Upgrades the Czech Republic's Long-Term Foreign Currency Issuer Default Rating from A to A+.
February 26, 2008	Standard & Poor's Upgrades Panama's Long-Term Sovereign Credit Rating from BB to BB+.
February 20, 2008	M oody's Comments on Legal Injunctions Against Petroleos de Venezuela, S.A.
February 13, 2008	Fitch Upgrades Indonesia's Long-Term Foreign Currency Rating from BB- to BB.
February 11, 2008	Standard & Poor's Statement: Petroleos de Venezuela S.A., Venezuela, And Related Issuers Ratings Unaffected By Court Ruling. Fitch Upgrades Israel's Foreign-Currency Issuer Default Rating from A- to A.
February 8, 2008	Fitch Ratings Statement: British Court Order to Freeze PDVSA Assets To Have Minimal Near-Term Impact.
January 31, 2008	Standard & Poor's Downgrades Lebanon's Long-Term Sovereign Credit Rating from B- to CCC+.
January 30, 2008	Standard & Poor's Downgrades Lithuania's Long-Term Foreign Currency Rating from A to A-.
December 18, 2007	Standard & Poor's Upgrades Chile's Foreign Currency Rating from A to A+.
December 7, 2007	Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to 'Select Default'.
November 27, 2007	Standard & Poor's Upgrades Israel's Long-Term Foreign Currency Rating from A- to A.
November 21, 2007	Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating from CCC to B-.
October 18, 2007	Moody's Upgrades Indonesia's Foreign-Currency Bond Rating from B1 to Ba3.
October 11, 2007	Standard & Poor's Upgrades the Czech Republic's Foreign Currency Sovereign Credit Rating from A- to A.
October 9, 2007	Standard & Poor's Downgrades Kazakhstan's Long-Term Foreign Currency Rating from BBB to BBB-.
October 8, 2007	Standard & Poor's Upgrades Mexico's Long-Term Foreign-Currency Rating from BBB to BBB+.
September 19, 2007	Fitch Upgrades Mexico's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB+.
September 4, 2007	Standard & Poor's Upgrades the Dominican Republic's Long-Term Sovereign Credit Rating from B to B+.
August 23, 2007	Moody's Upgrades Brazil's Foreign-Currency Rating from Ba2 to Ba1.
July 27, 2007	Fitch Upgrades Uruguay's Sovereign Issuer Default Rating from B+ to BB-.
July 26, 2007	Moody's Upgrades Hong Kong's Foreign-Currency Bond Rating from Aa3 to Aa2. Moody's Upgrades China's Long-Term Foreign Currency Rating from A2 to A1.
July 25, 2007	Moody's Upgrades South Korea's Long-Term Foreign Currency Rating from A3 to A2.
July 16, 2007	Moody's Upgrades Peru's Foreign-Currency Bond Rating from Ba3 to Ba2.
June 21, 2007	Fitch Upgrades Colombia's Foreign Currency Issuer Default Rating from BB to BB+.
June 12, 2007	S tandard & Poor's Introduces Sovereign Recovery Ratings and Issues Speculative-Grade Recovery Rating Report.
June 5, 2007	Moody's Upgrades Panama's Country Ceiling from Baa1 to A3.
May 16, 2007	Standard & Poor's Upgrades Brazil's Long-Term Sovereign Credit Rating from BB to BB+.
May 15, 2007	Moody's Downgrades Cerro Negro - Merrill Lynch Commentary.
May 14, 2007	Moody's Downgrades Cerro Negro from B1 to B3.
May 10, 2007	Fitch Upgrades Brazil's Long-Term Foreign Currency from BB to BB+.
May 9, 2007	"Rating EM Corporate Bonds and Piercing the Sovereign Ceiling." Presentation by Vincent J. Truglia (Moody's Investors Service) at EMTA Corporate Bond Forum.
May 2, 2007	Moody's Upgrades Dominican Republic's Foreign-Currency Bond Rating from B3 to B2.
March 29, 2007	Standard & Poor's Upgrades Poland's Long-Term Foreign Currency Rating from BBB+ to A-.
March 5, 2007	Standard & Poor's Upgrades Colombia's Long-Term Foreign Currency Rating to BB+.
January 30, 2007	Standard & Poor's Upgrades India's Sovereign Credit Rating from BB+ to BBB-. Moody's Downgrades Ecuador's Sovereign Rating from Caa1 to Caa2.
January 23, 2007	Fitch Downgrades Ecuador's Long-Term Foreign Currency Rating from B- to CCC.
January 19, 2007	Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from CCC+ to CCC.
January 18, 2007	Fitch Upgrades Poland's Foreign Currency Rating from BBB+ to A-.
December 22, 2006	Moody's Downgrades Hungary's Foreign Currency Rating from A1 to A2.
December 21, 2006	Moody's Upgrades Uruguay's Foreign Currency Rating to B1 from B3.
December 7, 2006	Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to 'Select Default'.
November 22, 2006	Moody's Upgrades Pakistan's Foreign Currency Bond Rating to B1.
November 20, 2006	Standard & Poor's Raises Peru's Long-Term Foreign Currency Rating to BB+.
November 2, 2006	Standard & Poor's Upgrades Kazakhstan's Long-Term Foreign Currency Rating to BBB.
October 26, 2006	Standard & Poor's Raises Bulgaria's Foreign Currency Rating to BBB+.
October 17, 2006	Moody's Upgrades Slovakia's Foreign Currency Bond Rating to A1.
October 6, 2006	Moody's Upgrades Romania's Long-Term Foreign Currency Rating to Baa3.
October 4, 2006	Moody's Upgrades Credit Ratings on Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
October 2, 2006	Standard & Poor's Raises Argentina's Long-Term Foreign Currency Rating to B+.
September 28, 2006	Standard & Poor's Upgrades Uruguay's Long-Term Foreign Currency Rating to B+.
September 27, 2006	Moody's Upgrades Hong Kong's Foreign Currency Rating to Aa3.
September 7, 2006	Standard & Poor's Upgrades Vietnam's Long-Term Foreign Currency Rating to BB.
September 4, 2006	Standard & Poor's Upgrades the Russian Federation's Long-Term Foreign Currency Rating to BBB+.
August 31, 2006	Fitch Upgrades Peru's Foreign Currency Issuer Default Rating to BB+. Fitch Upgrades Romania's Foreign Currency Issuer Default Rating to BBB. Moody's Upgrades Brazil Foreign Currency Ceiling to Ba1.
August 29, 2006	Fitch Awards B+ Foreign-Currency Issuer Default Rating to Jamaica.
August 22, 2006	Standard & Poor's Upgrades Aries Rating to AAA Following Russian Paris Club Prepayment.
August 17, 2006	Fitch Revises Ratings Methodology, Upgrades 40 Countries.
August 4, 2006	Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to CC.
August 1, 2006	Fitch Upgrades Argentina's Ratings on Performing Foreign Currency Debt Issued Under Foreign Law to B-.
July 27, 2006	Standard & Poor's Upgrades People's Republic of China Long-Term Rating to A.
July 26, 2006	Standard & Poor's Upgrades Indonesia's Long-Term Foreign Currency Rating to BB-.
July 25, 2006	Fitch Upgrades Russia's Foreign Currency Rating to BBB+.
July 17, 2006	Standard & Poor's Upgrades Guatemala's Long-Term Foreign Currency Rating to BB.
July 16, 2006	Moody's Upgrades Chile's Foreign Currency Rating to Baa1.
June 28, 2006	Fitch Upgrades Brazil's Long-Term Foreign Currency Rating to BB.
June 15, 2006	Standard & Poor's Lowers Long-Term Rating on Hungary to BBB+.
May 24, 2006	Moody's Raises Foreign-Currency Country Ceilings Reflecting Revised Methodology.
May 17, 2006	Moody's Upgrades Bosnia and Herzegovina's Foreign Currency Rating to B2.
May 5, 2006	Fitch Upgrades Dominican Republic Long-Term Foreign Currency Rating to B.
March 23, 2006	Standard & Poor's Upgrades Argentina's Long-Term Rating to B.
February 28, 2006	Standard & Poor's Upgrades Brazil's Long-Term Foreign Currency Rating to BB.
February 23, 2006	New Emerging Markets-Focused Rating Agency Announced: International Ratings Group.
February 6, 2006	Nigeria Assigned a BB- by Standard & Poor's.
February 3, 2006	Standard & Poor's Upgrades Venezuelan Long-Term Rating to BB-.
January 30, 2006	Nigeria Assigned a BB- Rating by Fitch.
December 15, 2005	Standard & Poor’s Upgrades Russian Long-Term Foreign Currency Rating to BBB.
August 25, 2005	Fitch Upgrades South Africa's Long-Term Foreign Currency Rating to BBB+.
August 17, 2005	Fitch Upgrades Bulgaria's Long-Term Foreign Currency Rating to BBB.
August 12, 2005	Standard & Poor's Raises Long-Term Foreign Currency Rating on Venezuela at B+.
August 9, 2005	Standard & Poor's Raises Morocco's Long-Term Foreign Currency Rating to BB+.
August 3, 2005	Fitch Upgrades Russia to BBB.
August 1, 2005	Standard & Poor's Raises South Africa's Long-Term Foreign Currency Rating to BBB+.
July 20, 2005	Standard & Poor's Raises Long-Term Rating on China to A-.
January 31, 2005	Standard & Poor’s Upgrades Russian Long-Term Foreign Currency Rating to Investment Grade. Standard & Poor’s Upgrades Mexico’s Long-Term Foreign Currency Rating to BBB.
January 18, 2005	Standard & Poor’s Lowers Venezuela’s Long- and Short-Term Foreign Currency Ratings to ‘SD’ from ‘B’.
November 18, 2004	Fitch Upgrades Russia to Investment Grade.
September 17, 2004	Standard & Poor's Raises Brazil's Long Term Foreign Currency Rating to BB-, Stable Outlook.
June 24, 2004	S&P Raises Bulgaria Foreign Currency Rating to Investment Grade. S&P Issues Report on Aries Vermogensverwaltungs GmbH, Russian Federation Sovereign Credit-Linked Notes.
February 7, 2002	Mexico Is Upgraded by Standard & Poor's to BBB-.
February 6, 2002	Mexico is Upgraded by Moody's to Baa2.