Research Disclosures & Disclaimers

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Third Party Disclaimers

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating Rating Category
Buy Buy
Neutral Hold/Neutral
Sell Sell
Third Quarter 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services(2)
51%24%52%25%51%36%52%38%
40%19%40%22%40%38%40%38%
8%21%8%21%8%33%8%35%


UBS Short-Term Rating Rating Category
Buy Buy
Sell Sell
Third Quarter 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
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 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
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 Third Quarter 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
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 Third Quarter 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
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 Third Quarter 2024 Second Quarter 2024 First Quarter 2024 Fourth Quarter 2023
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%