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 |
| 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% |
