Research Disclosures & Disclaimers

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

UBS Disclosures/Disclaimers

Third Party Disclaimers

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating	Rating Category
Buy	Buy
Neutral	Hold/Neutral
Sell	Sell

First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services⁽²⁾
52%	24%	51%	24%	51%	24%	52%	25%
40%	20%	41%	20%	40%	19%	40%	22%
8%	22%	8%	22%	8%	21%	8%	21%

UBS Short-Term Rating	Rating Category
Buy	Buy
Sell	Sell

First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
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	First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
UBS Rating⁽⁵⁾	Time Horizon	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	First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
UBS Rating⁽⁵⁾	Rating Category⁽⁸⁾	Time Horizon	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	First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
UBS Rating⁽⁵⁾	Rating Category	Time Horizon	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	First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024		Second Quarter 2024
UBS Rating⁽⁵⁾	Rating Category	Time Horizon	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%