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CREDIT SUISSE AG Paradeplatz 8 P.O. Box Tel. Fax +41 844 33 88 44 +41 44 333 88 77 CH-8070 Zurich Switzerland <a href="mailto:[email protected]" target="_blank">[email protected] </a>Rating Overview of Swiss Companies <ul style="display: flex;"><li style="flex:1">Company </li><li style="flex:1">CS Rating </li><li style="flex:1">CS Outlook </li><li style="flex:1">Changes since June 2009 </li><li style="flex:1">S&P </li><li style="flex:1">Moody's </li></ul><ul style="display: flex;"><li style="flex:1">ABB </li><li style="flex:1">Low A </li><li style="flex:1">Stable </li><li style="flex:1">A–, Stable </li></ul>BBB–, Stable n.r. A3, Stable Adecco AFG Mid BBB Low BBB High A Negative Stable Stable Stable Stable Stable Stable Outlook changed from Stable to Negative Outlook changed from Negative to Stable Baa3, Stable n.r. n.r. n.r. n.r. n.r. n.r. <ul style="display: flex;"><li style="flex:1">Alpiq </li><li style="flex:1">n.r. </li></ul>Aryzta Axpo High BBB Low AA Low A <ul style="display: flex;"><li style="flex:1">Coverage initiation </li><li style="flex:1">n.r. </li></ul>n.r. <ul style="display: flex;"><li style="flex:1">A–, Stable1 </li><li style="flex:1">Bâloise </li></ul><ul style="display: flex;"><li style="flex:1">BKW </li><li style="flex:1">Low AA </li><li style="flex:1">n.r. </li></ul>–1 notch, outlook changed from Negative to Stable <ul style="display: flex;"><li style="flex:1">Bobst Group </li><li style="flex:1">Low BBB </li><li style="flex:1">Stable </li><li style="flex:1">n.r. </li></ul>n.r. n.r. <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Bucher Industries </li></ul>CKW High BBB n.r. Stable <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Drop coverage </li></ul><ul style="display: flex;"><li style="flex:1">Clariant </li><li style="flex:1">High BB </li></ul>Low A Stable Stable BBB–, Stable n.r. Ba1, Stable <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Coop </li></ul>–1 notch, outlook changed from Stable to Negative –1 notch, outlook changed from Negative to Stable Edipresse EGL High BB Low A Negative Stable n.r. n.r. n.r. n.r. EMS Chemie Energiedienst EOS <ul style="display: flex;"><li style="flex:1">Low A </li><li style="flex:1">Stable </li></ul>Stable n.r. <ul style="display: flex;"><li style="flex:1">Outlook changed from Negative to Stable </li><li style="flex:1">n.r. </li></ul>n.r. n.r. <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Low A </li></ul><ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Drop coverage </li></ul>Flughafen Zurich Forbo Mid BBB Mid BBB High BBB Stable Stable Stable BBB+, Positive n.r. <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li></ul><ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Geberit </li><li style="flex:1">A–, Stable </li></ul>–2 notches, outlook changed from Negative to Stable Outlook changed from Under Review to Stable Georg Fischer Givaudan Low BBB High BBB Stable Stable n.r. n.r. n.r. n.r. Baa2, Negative <ul style="display: flex;"><li style="flex:1">Glencore International </li><li style="flex:1">Mid BBB </li></ul>High A Stable Stable Stable BBB–, Stable <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Hilti </li><li style="flex:1">n.r. </li></ul>Outlook changed from Under Review to Stable <ul style="display: flex;"><li style="flex:1">Holcim </li><li style="flex:1">Mid BBB </li><li style="flex:1">BBB, Stable </li><li style="flex:1">Baa2, Stable </li></ul><ul style="display: flex;"><li style="flex:1">Jelmoli </li><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li><li style="flex:1">Drop coverage </li></ul>Lindt & Sprüngli Lonza High A Mid BBB High A Mid AA n.r. Stable Stable Stable Stable n.r. <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li></ul><ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li></ul><ul style="display: flex;"><li style="flex:1">Migros </li><li style="flex:1">A, Stable </li></ul>AA, Stable n.r. <ul style="display: flex;"><li style="flex:1">Nestlé </li><li style="flex:1">Aa1, Negative </li></ul><ul style="display: flex;"><li style="flex:1">NOK </li><li style="flex:1">Drop coverage </li></ul><ul style="display: flex;"><li style="flex:1">Novartis </li><li style="flex:1">Mid AA </li></ul>Low A Low AA Stable Negative Stable <ul style="display: flex;"><li style="flex:1">AA–, Stable </li><li style="flex:1">Aa2, Negative </li></ul><ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">PSP Swiss Property </li></ul>Raiffeisen Switzerland n.r. <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Aa1, Stable </li></ul>–1 notch, outlook changed from Negative to Stable <ul style="display: flex;"><li style="flex:1">Rieter </li><li style="flex:1">High BB </li><li style="flex:1">Stable </li><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li></ul><ul style="display: flex;"><li style="flex:1">Roche </li><li style="flex:1">Low AA </li></ul>High A Low A AAA Stable Stable Stable Stable n.r. AA–, Stable n.r. A2, Stable <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Schindler </li></ul><ul style="display: flex;"><li style="flex:1">Sika </li><li style="flex:1">A–, Stable </li></ul>n.r. n.r. <ul style="display: flex;"><li style="flex:1">Skyguide </li><li style="flex:1">n.r. </li></ul>SRG SSR idée Suisse Swisscom <ul style="display: flex;"><li style="flex:1">n.r. </li><li style="flex:1">Drop coverage </li></ul><ul style="display: flex;"><li style="flex:1">Mid A </li><li style="flex:1">Stable </li><li style="flex:1">A, Stable </li><li style="flex:1">A2, Stable </li></ul><ul style="display: flex;"><li style="flex:1">Swiss Life </li><li style="flex:1">High BBB </li></ul>Mid BBB Low AA Stable Stable Stable BBB+, Stable2 n.r. Swiss Prime Site Swiss Re <ul style="display: flex;"><li style="flex:1">Coverage initiation </li><li style="flex:1">n.r. </li><li style="flex:1">n.r. </li></ul><ul style="display: flex;"><li style="flex:1">Outlook changed from Negative to Stable </li><li style="flex:1">A+, Stable </li><li style="flex:1">A1, Stable </li></ul><ul style="display: flex;"><li style="flex:1">Syngenta </li><li style="flex:1">Mid A </li><li style="flex:1">Stable </li><li style="flex:1">A, Stable </li><li style="flex:1">A2, Stable </li></ul><ul style="display: flex;"><li style="flex:1">UBS </li><li style="flex:1">High A </li><li style="flex:1">Stable </li></ul>Stable Stable A+, Stable n.r. AA–, Stable3 Aa3, Negative n.r. A1, Stable3 <ul style="display: flex;"><li style="flex:1">Valora </li><li style="flex:1">Low BBB </li></ul><ul style="display: flex;"><li style="flex:1">High A </li><li style="flex:1">Zurich Insurance </li></ul>n.r. = not rated 1Insurance Financial Strength (IFS) rating. This implies a BBB+ rating for senior bonds issued by Bâloise (note: the bonds are not rated by S&P). 2Insurance Financial Strength (IFS) rating. Swiss Life Holding rated BBB–, Stable 3Insurance Financial Strength (IFS) rating. Senior debt ratings one notch lower (i.e. A+, Stable at S&P and A2, Stable at Moody’s) to reflect subordination of senior debt holders to policyholders. Source: "Swiss Corporate Credit Handbook 2010"

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