At-a-glance rating portfolio snapshots, transition & default studies, and insights on rating performance covering a full range of debt sectors. At-a-glance rating portfolio snapshots, transition & default studies, and insights on rating performance covering a full range of debt sectors. 01 Rating Distribution - Corporate and Public Finance 02 Outlook and Watch - Corporate and Public Finance 03 Rating Actions - Corporate and Public Finance 04 Transition Tables - Corporate and Public Finance 05 Rating Distribution - Structured Finance 06 Outlook and Watch - Structured Finance 07 Rating Actions - Structured Finance

08 Transition Tables – Structured Finance 09 Transition and Default Studies Transition and Default Studies Overview and Methodology In this video you will learn more about the methodology behind Fitch’s annual transition and default studies and understand how to interpret the matrices with the help of some example calculations. In this video you will learn more about the methodology behind Fitch’s annual transition and default studies and understand how to interpret the matrices with the help of some example calculations. 10 Best-Case/Worst-Case Measures Best/Worst Case Ratings by Sector For any rating, the literal best-case scenario is ‘AAA’ and the worst-case scenario is default. But because this information is of little additional value to market participants, Fitch offers a best- and worst-case scenario based on historical performance. For any rating, the literal best-case scenario is ‘AAA’ and the worst-case scenario is default. But because this information is of little additional value to market participants, Fitch offers a best- and worst-case scenario based on historical performance.