Rating

Rating

PBG S.A. holds credit rating assigned by two leading international rating agencies: Standard and Poor’s (S&P) and Moody’s.

Date of update		Ratings
Year	Month	S&P	Moody's
2011	October	BB - , outcome stable more information
2011	December		B2 , outcome stable
2012	May	B+ , credit watch more information	Caa1 ,the rating has been placed on review for possible further downgrade more information
2012	May	SD (selective default) more information
2012	June	D (default)	D (default) As PBG has filed for insolvency, Moody’s will withdraw the ratings.
2012	August	Standard & Poor’s acting at the Company's request, withdrew its rating on PBG, which will no longer be reviewed or rated by the agency. The Management Board's request is related to a decision by the District Court of Poznań of June 13th 2012 declaring the Company to be insolvent, in voluntary arrangement.

S&P		Moody's
Rating	Meaning	Rating	Meaning
AAA	Excellent Quality	Aaa	Excellent Quality
AA+	High Quality	Aa1	High Quality
AA		Aa2
AA-		Aa3
A+	Good Quality	A1	Good Quality
A		A2
A-		A3
BBB+	Satisfactory Quality. Some long-term uncertainties.	Baa1	Satisfactory Quality. Some long-term uncertainties.
BBB		Baa2
BBB-		Baa3
BB+	Questionable Quality/Speculative	Ba1	Questionable Quality/Speculative
BB		Ba2
BB-		Ba3
B+	Low Quality/Highly Speculative Ability to meet debt payment over any long period of time may be small	B1	Low Quality/Highly Speculative Ability to meet debt payment over any long period of time may be small
B2		B
B-		B3
CCC+	Very Poor Quality. Default is a real possibility	Caa1	Very Poor Quality. Default is a real possibility
CCC		Caa2
CCC-		Caa3
CC	Default of some kind appears probable
C	Imminent default	Ca	Imminent default
DDD	Default. Expected recovery of 90%-95%	C	Default. Poor perspectives to achieve a position acceptable to invest in the company.
DD	Default. Expected recovery of 50%-90%
D	Default. Expected recovery of <50%

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