Interplay of Global Corporate Finance Rating Methodologies When Analyzing Corporate Finance

This document is a guideline as to how we, on a global basis, generally analyze corporate issuers and their financial obligations when more than one principal industry-specific methodology is used to determine a credit rating or other credit opinion. This document also explains how certain criteria may apply in conjunction with the industry-specific methodology to form a credit rating or other credit opinion in respect of an issuer and/or the issuer's securities. In all cases, we rate corporate issuers and their financial obligations based on the rating methodology or methodologies and criteria that are deemed applicable.