Research Disclosures & Disclaimers
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products. UBS Disclosures/Disclaimers
Quarterly Rating Breakdown
UBS Investment Research Equity Ratings
UBS 12-Month Rating | Rating Category | Buy | Buy |
Neutral | Hold/Neutral |
Sell | Sell |
Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 | Coverage(1) | IB Services (2) | Coverage(1) | IB Services (2) | Coverage(1) | IB Services (2) | Coverage(1) | IB Services(2) |
55% | 24% | 56% | 26% | 57% | 32% | 56% | 32% |
36% | 21% | 35% | 22% | 35% | 26% | 35% | 28% |
9% | 18% | 9% | 18% | 9% | 21% | 8% | 22% |
UBS Short-Term Rating | Rating Category | Buy | Buy |
Sell | Sell |
Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 | 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 | Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 |
Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) |
AAA, AA, A ( + / - ) | Up to 12 months | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
BBB, BB, B ( + / - ) | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
CCC, CC, C ( + / - ) | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Research Credit Outlook (Issuer)(2)
UBS Rating(5) | Rating Category(8) | Time Horizon | Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 |
Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) |
Positive | Buy | Up to 6 months | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Stable | Hold | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Negative | Sell | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Research Bond Recommendation(3)
UBS Rating(5) | Rating Category | Time Horizon | Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 |
Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) |
Outperform | Buy | Up to 3 months | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Market Perform | Hold | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Underperform | Sell | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Research CDS Recommendation(4)
UBS Rating(5) | Rating Category | Time Horizon | Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 |
Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) | Coverage(6) | IB Services(7) |
Buy Protection | Buy | Up to 3 months | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
Sell Protection | Sell | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |