UBS Investment Bank

Research Disclosures & Disclaimers

This website contains disclosures and disclaimers related to
published Research products, including those related to
regulation, potential conflicts of interest as well as those provided
by third data providers describing limitations on use of their
products.

UBS Disclosures/Disclaimers

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

CVM 598: Summary of Research Policies (Portuguese)

RG 79 Australia Research Information

Sponsored Research Letter of acknowledgment

Third Party Disclaimers

MSCI Disclaimer

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating	Rating Category	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020


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⁾
53%	32%	52%	31%	51%	31%	50%	31%
36%	30%	36%	28%	37%	29%	38%	29%
11%	21%	12%	22%	12%	18%	12%	19%

UBS Short-Term Rating	Rating Category	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020


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	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020

	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 ( + / - )		<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	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020

		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		<1%	<1%	<1%	<1%	<1%	<1%	2%	<1%
Stable	Hold		<1%	<1%	<1%	<1%	<1%	<1%	83%	49%
Negative	Sell		<1%	<1%	<1%	<1%	<1%	<1%	15%	29%

Research Bond Recommendation⁽³⁾

UBS Rating⁽⁵⁾	Rating Category	Time Horizon	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020

		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		<1%	<1%	<1%	<1%	<1%	<1%	8%	65%
Market Perform	Hold		<1%	<1%	<1%	<1%	<1%	<1%	77%	65%
Underperform	Sell		<1%	<1%	<1%	<1%	<1%	<1%	14%	69%

Research CDS Recommendation⁽⁴⁾

UBS Rating⁽⁵⁾	Rating Category	Time Horizon	Second Quarter 2021	First Quarter 2021	Fourth Quarter 2020	Third Quarter 2020

		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.

Important legal & regulatory information.

Use of this website is strictly for authorised users of clients of UBS and is subject to the terms and conditions of the System Use Agreement. Disclaimer and Market DataTerms of Use. If you are not an authorised user, you should not access or use this website. Products and services in this website may not be available for residents of certain jurisdictions. Please consult the restrictions relating to the product or service in question for further information. For information as to which entity provides the services in each jurisdiction, click here.