BBB (on the scale: AAA, AA, A, BBB, BB, B, CCC, CC, R, SD and D; the ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or a minus (-) to show relative standing within the major rating categories) - An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. A-2 (on the scale: A-1, A-2, A-3, B, C, R, SD and D) - An obligor rated 'A-2' has a satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in the highest rating category.

Ratings for unsecured issuances under Euro Medium Term Note Programme (EMTN)

Resolution counterparty rating (RCR)

Rating for Poland

Analysts

The MSCI ESG Rating measures a company's resilience to long-term ESG risks. Companies are rated on a scale from AAA (leader) to CCC (laggard) based on their exposure to sector-specific risks and their ability to manage those risks compared to their peer group.

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