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Global Custody Network

Credit Ratings
Updated - October 2016

Relationship S&P S&P S&P Moody's Moody's Moody's Fitch Fitch Fitch
Country Sub-Custodian Type L/T S/T Date L/T Debt S/T Debt Date L/T S/T Date
Benin Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
The Hong Kong & Shanghai Banking Corporation Limited acting through its
Bermuda Agent A A-1 13-Oct-16 A1 P-1 13-Oct-16 AA- F1+ 13-Oct-16
agent, HSBC Bank Bermuda Limited
Bosnia-Herzegovina: The Federation of
UniCredit Bank d.d. Agent BBB A-2 13-Oct-16 Baa1 P-1 13-Oct-16 A- F2 13-Oct-16
Bosnia and Herzegovina (Sarajevo)
Bosnia-Herzegovina: The Republika of
UniCredit Bank d.d. Agent BBB A-2 13-Oct-16 Baa1 P-1 13-Oct-16 A- F2 13-Oct-16
Srpska (Banja Luka)
Botswana Standard Chartered Bank of Botswana Limited Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Burkina Faso Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Costa Rica Banco Nacional de Costa Rica Agent Not Rated Not Rated N/A Ba2 NP 13-Oct-16 BB+ B 13-Oct-16
Croatia Privredna Banka Zagreb d.d. Agent BBB- A-3 13-Oct-16 Baa1 P-2 13-Oct-16 BBB+ F2 13-Oct-16
Denmark Nordea Bank Danmark A/S Agent AA- A-1+ 13-Oct-16 Aa3 P-1 13-Oct-16 AA- F1+ 13-Oct-16
Estonia Swedbank AS Agent AA- A-1+ 13-Oct-16 Aa3 P-1 13-Oct-16 AA- F1+ 13-Oct-16
Finland Nordea Bank Finland Plc. Agent AA- A-1+ 13-Oct-16 Aa3 P-1 13-Oct-16 AA- F1+ 13-Oct-16
Georgia JSC Bank of Georgia Agent BB- B 13-Oct-16 B1 NP 13-Oct-16 BB- B 13-Oct-16
Ghana Standard Chartered Bank of Ghana Limited Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Guinea-Bissau Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Not Applicable. Citibank is a direct member of Clearstream Banking, S.A.
Iceland ICSD AA A-1+ 13-Oct-16 Not Rated Not Rated N/A AA F1+ 13-Oct-16
which is an ICSD.
Ivory Coast Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Jamaica Scotia Investments Jamaica Limited Agent Not Rated Not Rated N/A Not Rated Not Rated N/A Not Rated Not Rated N/A
Jordan Standard Chartered Bank, Jordan Branch Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Kenya Standard Chartered Bank Kenya Limited Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Latvia Swedbank AS acting through its agent, Swedbank AB Agent AA- A-1+ 13-Oct-16 Aa3 P-1 13-Oct-16 AA- F1+ 13-Oct-16
The Hong Kong & Shanghai Banking Corporation Limited acting through its
Lebanon Agent A A-1 13-Oct-16 A1 P-1 13-Oct-16 AA- F1+ 13-Oct-16
agent, HSBC Bank Middle East Limited
Lithuania Swedbank AS acting through its agent, Swedbank AB Agent AA- A-1+ 13-Oct-16 Aa3 P-1 13-Oct-16 AA- F1+ 13-Oct-16
Macedonia Raiffeisen Bank International AG Agent BBB A-2 13-Oct-16 Baa2 P-2 13-Oct-16 WR WR 13-Oct-16
Mali Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Not Applicable. Citibank is a direct member of Clearstream Banking, S.A.
Malta ICSD AA A-1+ 13-Oct-16 Not Rated Not Rated N/A AA F1+ 13-Oct-16
which is an ICSD.
Mauritius The Hong Kong & Shanghai Banking Corporation Limited Agent AA- A-1+ 13-Oct-16 Aa2 P-1 13-Oct-16 AA- F1+ 13-Oct-16
Standard Bank of South Africa Limited acting through its agent, Standard
Namibia Agent BBB- A-3 13-Oct-16 Baa2 P-2 13-Oct-16 BBB- F3 13-Oct-16
Bank Namibia Limited
Niger Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Norway DNB Bank ASA Agent A+ A-1 13-Oct-16 Aa2 P-1 13-Oct-16 Not Rated Not Rated N/A
The Hong Kong & Shanghai Banking Corporation Limited acting through its
Oman Agent A A-1 13-Oct-16 A1 P-1 13-Oct-16 AA- F1+ 13-Oct-16
agent, HSBC Bank Oman S.A.O.G.
The Hong Kong & Shanghai Banking Corporation Limited acting through its
Qatar Agent A A-1 13-Oct-16 A1 P-1 13-Oct-16 AA- F1+ 13-Oct-16
agent, HSBC Bank Middle East Limited
The Hong Kong & Shanghai Banking Corporation Limited acting through its
Saudi Arabia Agent A A-1 13-Oct-16 A1 P-1 13-Oct-16 AA- F1+ 13-Oct-16
agent, HSBC Saudi Arabia Ltd.
Senegal Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Serbia UniCredit Bank Srbija a.d. Agent BBB A-2 13-Oct-16 Baa1 P-1 13-Oct-16 A- F2 13-Oct-16
Slovenia UniCredit Banka Slovenija d.d.. Ljubljana. Agent BBB A-2 13-Oct-16 Baa1 P-1 13-Oct-16 A- F2 13-Oct-16
Standard Bank of South Africa Ltd acting through its affiliate Stanbic Bank
Tanzania Agent BBB- A-3 13-Oct-16 Baa2 P-2 13-Oct-16 BBB- F3 13-Oct-16
Tanzania Ltd
Togo Standard Chartered Bank Cote d'Ivoire Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Tunisia Union Internationale de Banques Agent Not Rated Not Rated N/A Not Rated Not Rated N/A Not Rated Not Rated N/A
Uganda Standard Chartered Bank of Uganda Limited Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Uruguay Banco Itau Uruguay S.A. Agent Not Rated Not Rated N/A Baa3 P-3 13-Oct-16 Not Rated Not Rated N/A
Zambia Standard Chartered Bank of Zambia Plc Agent BBB+ A-2 13-Oct-16 A1 Not Rated 13-Oct-16 A+ F1 13-Oct-16
Standard Bank of South Africa Ltd acting through its affiliate Stanbic Bank
Zimbabwe Agent BBB- A-3 13-Oct-16 Baa2 P-2 13-Oct-16 BBB- F3 13-Oct-16
Zimbabwe Ltd

October 2016
Relationship S&P S&P S&P Moody's Moody's Moody's Fitch Fitch Fitch
Country Sub-Custodian Type L/T S/T Date L/T Debt S/T Debt Date L/T S/T Date

* Euroclear Bank s.a./n.v. ICSD


* Clearstream Banking ICSD

* Citibank, as global custodian, is a direct member of Euroclear Bank and Clearstream, which are ICSDs and not sub-custodians.

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October 2016

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