Markets

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Downgrade

Event Date

Changes on Ratings

Total

Event Date

Changes on Ratings

Total

Hong Kong (16.91)

1997/5/14

+1

5

1998/8/31

−1

1

2001/2/9

+1

2005/7/20

+1

2006/7/27

+1

2008/7/31

+1

2010/12/16

+1

India (10.02)

2005/2/2

+1

2

1998/10/22

−1

1

2007/1/30

+1

Indonesia (7.50)

1995/4/18

+1

10

1997/10/10

−1

11

1999/3/30

+4

1997/12/31

−1

2000/10/10

+5

1998/1/9

−1

2002/9/5

+4

1998/1/27

−3

2003/5/12

+1

1998/3/11

−1

2003/10/8

+1

1998/5/15

−1

2004/12/22

+1

1999/3/29

−4

2006/7/26

+1

2000/4/17

−4

2010/4/23

+1

2001/5/21

−1

2011/4/8

+1

2001/11/2

−1

2002/4/23

−3

South

Korea (14.36)

1995/5/3

+1

8

1997/10/24

−1

4

1998/2/18

+3

1997/11/25

−2

1999/1/25

+1

1997/12/11

−3

1999/11/11

+1

1997/12/22

−4

2001/11/13

+1

2002/7/24

+1

2005/7/27

+1

2012/9/14

+1

Malaysia

(13.78)

1994/12/29

+2

4

1997/12/23

−1

4

1999/11/10

+1

1998/4/17

−1

2002/8/20

+1

1998/7/24

−1

2003/10/8

+1

1998/9/15

−2

Philippine (9.05)

1995/5/30

+1

5

2003/4/24

−1

2

1997/2/21

+1

2005/1/17

−1

2010/11/12

+1

2012/7/4

+1

2013/5/2

+1

1994/12/29

+1

3

1997/9/3

−1

3

Thailand (12.66)

2003/10/8

+1

1997/10/24

−2

2004/8/26

+1

1998/1/8

−1

Total

38

25