Fitch Ratings Credit Research Sovereigns Get insightful macroeconomic commentary and actionable credit ratings that help you measure risk and uncover opportunities for sovereigns across the globe. With over 100 years of experience in independent thinking and rigorous analytics, Fitch delivers balanced ratings, insightful research and precise monitoring tools to help you make important credit judgments with confidence.

• 121* sovereigns rated, covering 98% of global GDP: 39 developed market sovereigns, 32 Middle East and Africa, 19 Latin America, 16 EM Europe, 12 EM Asia • Named #1 forecaster for US interest rates, Italian inflation, and Korean exchange rates by FocusEconomics at Analyst Forecast Awards 2019 • Named ‘Most Transparent Ratings Agency’ in the 2019 Environmental Finance Sustainable Investment Awards 2017, 2018

Expertise Transparency Get deeper and broader insights into sovereigns globally. Fitch Fitch Ratings and Fitch Solutions continuously develop tools and Ratings analysts deliver meaningful national and international capabilities which help investors identify risks when analyzing sovereigns. scale ratings and research for the sovereign universe. Clients speak Fitch Ratings publishes objective, forward-looking credit opinions, directly with Fitch Ratings sovereign analysts to understand their and Fitch Solutions, via the Fitch Connect platform, offers access to analysis, and fully understand their rationale for all ratings and quantifiable macroeconomic data and thought-provoking analysis, such research reports through the rating cycle. as Global Perspective by Fitch Ratings Global Head of Sovereign Ratings, Fitch Ratings analysts continuously monitor market activity and Global Economic Outlooks, and Macro-Prudential Risk Monitor. offer timely feedback on 121* sovereigns ratings worldwide to ensure investors have a full grasp of risk across the universe. Global The sovereign analysts are also supported by a dedicated With 46 sovereign and supranational professionals with an average macroeconomic analyst team which maintains forecasts on key tenure of 15+ years, Fitch Ratings research is built on local knowledge indicators and develops scenarios used to stress rating baselines. and global expertise which investors can leverage for success.

www.fitchsolutions.com * as of December 2020 Sovereign Rating Coverage

Abu Dhabi Egypt Luxembourg Singapore Andorra El Salvador Macao Slovakia Angola Estonia Malaysia Slovenia Argentina Ethiopia Maldives South Africa Armenia Finland Malta Spain Aruba France Mexico Sri Lanka Australia Gabon Mongolia Suriname Austria Georgia Morocco Sweden Azerbaijan Germany Mozambique Switzerland Bahrain Ghana Namibia Taiwan Bangladesh Greece Netherlands Thailand Bank of England Guatemala New Zealand Tunisia Belarus Hashemite Kingdom of Jordan Nicaragua Turkey Belgium Hong Kong Nigeria Uganda Benin North Macedonia, Republic of Ukraine Bolivia Iceland Norway United Arab Emirates Brazil India Oman Bulgaria Indonesia Pakistan of America Cabo Verde Iraq Panama Uruguay Cameroon Ireland Paraguay Uzbekistan, Republic of Canada Israel Peru Vietnam Chile Italy Philippines Zambia China Jamaica Poland * Subject to public review calendar Colombia Japan Portugal as per EU regulations Congo, Republic of Kazakhstan Qatar December 2020 Costa Rica Kenya Ras Al Khaimah Cote d'Ivoire Korea Romania Croatia Kuwait Russia Cyprus Laos Rwanda Czech Republic Latvia San Marino Denmark Lebanon Saudi Arabia Dominican Republic Lesotho Serbia Ecuador Lithuania Seychelles

Introducing the Interactive Sovereign Rating Model Use the proprietary Interactive Sovereign Rating Model the Fitch Rating analysts have used since 2015. The Model generates a score calibrated linearly to a rating and incorporates a combination of historical, current and forward-looking data. The Sovereign Rating Model (SRM) uses the four pillars of Fitch Ratings’ Sovereign Rating Criteria: structural features, macroeconomic performance, policies and prospects, public finances and external finances. SRM is a multiple regression model that employs 18 quantitative variables. Centered three-year averages are used for the more dynamic variables, such as the current account and fiscal balances. Accessible through Fitch Connect, the interactive SRM enables you to input your own forecast assumptions across the range of quantitative variables. The interactive SRM also enables you to project the potential future direction of the model output and, in turn, the likelihood of rating upgrades or downgrades.

www.fitchsolutions.com Sample Research Reports

Semi- Report Type Report Description Ad-hoc Monthly Quarterly Annual Annual Tracks 20 high frequency data series for 20 major economies ü 20/20 Data Dashboard in developed and emerging markets to provide a graphic Every other snapshot of economic developments driving world growth month Visual summary of the key environmental, social and governance risk factors relevant to rating decision. ESG risk ESG Navigator factors are extracted from existing criteria and then scored to ü indicate relevance and materiality to a rating decision FitchWire Quick-fire commentary on topical news ü Tracks high frequency macroeconomic data for the 33 countries included in JP Morgan’s Next Generation Market Frontier Vision Index. Covers five years of historical data and data series ü harmonised across all countries to facilitate comparisons Global Economic Overview of global and country-specific economic situation Outlook and Fitch Ratings forecasts for key economic indicators ü Global Economic Forecasts for key economic indicators for major countries Outlook Datasheet in Excel ü Timely, thematic macro research highlighting key topics with Global Macro potential to impact credit markets, and scenario analyses to Scenario/Insight ü complement Fitch Ratings baseline macro forecasts Commentaries by James McCormack, Fitch Ratings Global Global Perspective Head of Sovereign Ratings, on key issues affecting the world ü economy Macro-Prudential Risk Updates on all systemic risk indicators to identify build-up of Monitor potential stress in banking systems ü Rating Actions History Complete archive of rating actions (Excel) ü Visual overview of the key quantitative and qualitative factors that drive a sovereign . Fully aligned Ratings Navigator with published criteria and clearly articulates how a rating is ü derived Highlights key themes and credit topics, including country- Regional Overview & specific overview, and short commentaries on key economic Country Macro Update ü indicators for various key countries (APAC, LatAm, MENA) Sovereign Criteria Report explaining Fitch Ratings sovereign rating methodology ü Key statistics for all rated sovereigns, enabling comparison of Sovereign Data key indicators for different countries active in international Comparator ü capital markets Topical report discussing credit-relevant topics offering Special Report/ further insight into the rationale behind credit ratings, Comment ü including key global credit themes Transition & Default Metrics on default and rating migration Study ü

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Content Delivery An innovative, robust and comprehensive credit analytics and macro intelligence platform designed to service the individual data consumption models of professionals, investment managers, strategists and economists.

Web Excel Add-In A powerful and intuitive desktop interface that delivers Access the full Fitch Connect data set using a the comprehensive suite of Fitch Ratings and Fitch Microsoft Excel interface. Leverage pre-built templates Solutions proprietary content along with advanced developed by Fitch Solutions for single entity tear analytical tools and functionality that includes custom sheets, peer and summary analysis for banks and views, search and discovery, portfolio, benchmarking, sovereigns. Customize and save templates to generate league tables and alerts. and populate internal financial risk analysis models.

API Feeds Using the Application Programmable Interface (API) The Feeds channel delivers flat, delimited files for clients gain on-demand access to Fitch Solutions data ingestion in the client’s internal database environment. that can easily be integrated by them into their own Flexible file structures, multiple file formats, and a user proprietary or third party off-the-shelf workflow systems. defined delivery schedule facilitate ease of data feed setup and use.

Client Services Learn More A dedicated team of client service professionals based in , Take a tour of Fitch Connect – the powerful and intuitive platform London, Hong Kong, Singapore and Tokyo provide support. that delivers credit ratings, credit research, Financial Implied Credit Scores, fundamental data, country and industry research, [email protected] macroeconomic and industry data, and a curated news service. [email protected] Request a demo by visiting us at fitchconnect.com [email protected] Contact us at [email protected]

About Fitch Solutions Fitch Solutions provides credit and macro intelligence solutions Our solutions, powered by Fitch Connect, are built on our history helping clients to excel at managing their credit risk, gain of credit, macro and industry expertise to help you make more deeper insights into the and fixed income markets, and get informed business decisions. comprehensive intelligence about the macroeconomic environment.

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