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Publications

Policy on Research Independence
Equity Research Rating System definitions
UBS Global Credit Strategy and Research Rating Definitions as of 5 July 2014
Global Research Disclaimer
Global Research Disclaimer (Spanish)
Portuguese/Brazil 483 Disclosure
RG 79 Australia Research Information

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating Rating Category Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Buy Buy
Neutral Hold/Neutral
Sell Sell
Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services(2)
48%24%48%25%46%25%46%27%
37%21%37%21%39%23%39%24%
15%12%15%13%15%12%16%13%


UBS Short-Term Rating Rating Category Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Buy Buy
Sell Sell
Coverage(3) IB Services(4) Coverage(3) IB Services(4) Coverage(3) IB Services(4) Coverage(3) IB Services(4)
<1%<1%<1%<1%<1%<1%<1%<1%
<1%<1%<1%<1%<1%<1%<1%<1%


UBS Global Credit Strategy and Research Ratings

Credit Ratings (Issuer)(1)

UBS Rating(5) Time Horizon Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Up to 12 months Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
AAA, AA, A ( + / - ) 46%100%46%100%46%100%44%100%
BBB, BB, B ( + / - ) 54%100%54%100%54%100%56%100%
CCC, CC, C ( + / - ) <1%<1%<1%<1%<1%<1%<1%<1%

Research Credit Outlook (Issuer)(2)

UBS Rating(5) Rating Category(8) Time Horizon Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Up to 6 months Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Positive Buy 3%67%3%67%3%100%5%22%
Stable Hold 67%68%67%73%68%81%67%46%
Negative Sell 29%77%30%77%30%83%28%47%

Research Bond Recommendation(3)

UBS Rating(5) Rating Category Time Horizon Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Up to 3 months Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Outperform Buy 4%58%5%52%9%68%21%45%
Market Perform Hold 65%72%62%72%62%87%50%54%
Underperform Sell 30%94%33%92%30%94%29%58%

Research CDS Recommendation(4)

UBS Rating(5) Rating Category Time Horizon Third Quarter 2018 Second Quarter 2018 First Quarter 2018 Fourth Quarter 2017
Up to 3 months Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Buy Protection Buy <1%<1%<1%<1%<1%<1%<1%<1%
Sell Protection Sell <1%<1%<1%<1%<1%<1%<1%<1%


UBS Investment Research Equity Ratings:
( 1 ) Percentage of companies under coverage globally within the 12-month rating category.
( 2 ) Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months.
( 3 ) Percentage of companies under coverage globally within the Short-Term rating category.
( 4 ) Percentage of companies within the Short-Term rating category for which investment banking (IB) services were provided within the past 12 months.

UBS Global Credit Strategy and Research Ratings:
( 1 ) UBS' assessment of a company's creditworthiness. Credit Ratings are only used in the evaluation of Swiss corporates
( 2 ) UBS' expected trend in a company's creditworthiness.
( 3 ) A corporate bond's expected relative performance versus a defined reference.
( 4 ) Recommendation to hedge a company's creditworthiness.
( 5 ) Note : Bond recommendations may be defined as 'Tactical', as in Tactical Outperform or Tactical Underperform, where there is a near term catalyst(s) taken into account.The UBS credit rating may be modified by the addition of a plus (+) or minus (-) sign where applicable to show relative standing within the major categories.
( 6 ) Percentage of companies under coverage globally within this rating category.
( 7 ) Percentage of companies within this rating category for which investment banking (IB) services were provided within the past 12 months.
( 8 ) To satisfy regulatory requirements, we assign Buy, Hold and Sell in our Credit Outlook ratings distribution table for our Issuer Rating system.

Note: On 5 July 2014, UBS adopted a new credit rating system. (See UBS Global Credit Strategy and Research Rating Definitions 5July2014 (pdf) for details). Prior to 5 July 2014, the UBS credit ratings and their definitions were: Company Credit Fundamentals: IMPROVING = anticipated to improve over the next six months; STABLE = anticipated to remain stable over the next six months; DETERIORATING = anticipated to deteriorate over the next six months. Company/Bond: BUY = anticipated to outperform other companies/bonds within a given peer group in the local currency investment universe* over a three-month horizon; HOLD = anticipated to perform in line other companies/bonds within a given peer group in the local currency investment universe* over a three-month horizon; SELL = anticipated to underperform other companies/bonds within a given peer group in the local currency investment universe* over a three-month horizon. * Europe - iBoxx NonSovereign € and NonGilt £ universe measured on a curve-adjusted, excess return basis. Credit Default Swaps: BUY PROTECTION = anticipated to widen by 5 bps or more; NEUTRAL PROTECTION = CDS level anticipated to neither widen nor tighten by more than 5 bps; SELL PROTECTION = CDS level anticipated to tighten by 5 bps or more.

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