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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
Second Quarter 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services(2)
57%32%56%32%55%32%54%32%
35%26%35%28%35%29%36%30%
9%21%8%22%10%26%10%23%


UBS Short-Term Rating Rating Category
Buy Buy
Sell Sell
Second Quarter 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
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 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
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 Second Quarter 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
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 Second Quarter 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
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 Second Quarter 2022 First Quarter 2022 Fourth Quarter 2021 Third Quarter 2021
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%