Company

MLCR Rating

Probability of Downgrading to A−

Probability of Downgrading Below A−

Bond 1

A+

12.9%

9.1%

Bond 2

AA−

6.3%

22.3%

Bond 3

A

17.2%

38.8%

Bond 4

AA+

13.7%

11.1%

Bond 5

A

8.8%

34.8%

Bond 6

A

6.5%

25.3%

Bond 7

A

13.5%

47.3%

Bond 8

A

10.9%

6.6%

Bond 9

A

14.3%

23.7%

Bond 10

A

14.6%

29.1%