For new issuers, while our ratings are prospective, we will not include proposed financing as a source in our liquidity calculations until the financing has been obtained or is fully underwritten. Similarly, we would not include rights issues as a source of liquidity for a company, unless the rights issue is irrevocably guaranteed (for example, an underwriter agrees to buy any securities not taken up by existing holders).Yunnan Wenshan Electric Power Co.,Ltd. Assigned Short-Term B2 & Long-Term Caa1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Yunnan Wenshan Electric Power Co.,Ltd.: We estimate the credit risk parameters by SMoothed Moving Average (SMMA) and Multiple Regression Credit Ratings for Yunnan Wenshan Electric Power Co.,Ltd. as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Caa1 Semantic Signals 70 36 Financial Signals 70 38 Risk Signals 30 52 Substantial Risks 31 36 Speculative Signals 81 34 *

The EBITDA declines companies would have to withstand and still have defined sources cover defined uses are as follows for each liquidity descriptor: Adequate: Positive A-B, even if forecasted EBITDA declines by 30%.Weak: A/B or A-B reflecting a material deficit over the next 12 months.China Wafer Level CSP Co Ltd Assigned Short-Term B3 & Long-Term Baa2 Credit Rating. How Does Credit Rating Model Work? Rating Model for China Wafer Level CSP Co Ltd: We estimate the credit risk parameters by Stochastic Oscillator and Pearson Correlation Credit Ratings for China Wafer Level CSP Co Ltd as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Baa2 Semantic Signals 31 87 Financial Signals 61 71 Risk Signals 43 62 Substantial Risks 70 80 Speculative Signals 31 80 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Ne

Our view of a company's financial policy is an important input when assessing its current and future liquidity position. For instance, we assess whether a company has historically had a higher risk appetite and an aggressive acquisition strategy that has strained its liquidity position, or whether it has taken actions to preserve liquidity in past downturns.HUMMINGBIRD RESOURCES PLC Assigned Short-Term Ba1 & Long-Term B1 Credit Rating. How Does Credit Rating Model Work? Rating Model for HUMMINGBIRD RESOURCES PLC: We estimate the credit risk parameters by Delay-Line Oscillators and Ridge Regression Credit Ratings for HUMMINGBIRD RESOURCES PLC as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 B1 Semantic Signals 41 58 Financial Signals 90 65 Risk Signals 68 53 Substantial Risks 80 55 Speculative Signals 74 71 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we ut

Given that it can be difficult to identify outstanding CP at any point in time, when considering coverage, we may include our expectations for peak outstanding CP during the year as opposed to CP balances as of the last filing date, especially if we believe reported balances are not reflective of typical borrowing patterns.WhiteHorse Finance Inc Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for WhiteHorse Finance Inc: We estimate the credit risk parameters by Chaikin Money Flow and Wilcoxon Sign-Rank Test Credit Ratings for WhiteHorse Finance Inc as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 66 37 Financial Signals 44 34 Risk Signals 57 50 Substantial Risks 39 75 Speculative Signals 61 69 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results f

If a company has a credit put that causes debt acceleration or collateral posting due to a downgrade of three notches or less, we would include these requirements under uses of liquidity, per paragraph 30 of the liquidity criteria. For example, if a 'BBB' rated company had a credit put that was triggered with a downgrade to speculative grade, we would include the corresponding cash requirement under uses of liquidity. This is because the criteria evaluate a company's liquidity position during times of stress, when potential downgrades are more likely.TRAVIS PERKINS PLC Assigned Short-Term B2 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for TRAVIS PERKINS PLC: We estimate the credit risk parameters by Rank Correlation Index (RCI) and Ridge Regression Credit Ratings for TRAVIS PERKINS PLC as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 B2 Semantic Signals 61 63 Financial Signals 36 50

When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when assessing liquidity as strong or exceptional, we only include a facility maturing beyond 24 months as a source of liquidity.Premier Bancshares, Inc. Assigned Short-Term B1 & Long-Term Ba1 Credit Rating. How Does Credit Rating Model Work? Rating Model for Premier Bancshares, Inc.: We estimate the credit risk parameters by Bollinger Bands and Pearson Correlation Credit Ratings for Premier Bancshares, Inc. as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B1 Ba1 Semantic Signals 50 62 Financial Signals 79 78 Risk Signals 66

In this scenario, we would still include the existing debt maturity as a use of liquidity in our A/B and A-B calculations, if the debt matures within the corresponding liquidity horizon. The rationale is that our liquidity assessment is essentially a stress test against a sudden and severe loss of capital markets access availability. For companies with an anchor of at least 'bbb-' that meet certain characteristics, as outlined in paragraphs 38 and 39 of the criteria, we may use a shorter three- to six-month time horizon when assessing upcoming maturities.Cadbury plc Assigned Short-Term B3 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Cadbury plc: We estimate the credit risk parameters by Directional Movement Indicator and Beta Credit Ratings for Cadbury plc as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Ba3 Semantic Signals 56 65 Financial Signals 37 43 Risk Signals 34 81 Substant

For these reasons, although the criteria establish no rating threshold for liquidity, we typically expect: Instances of 'B+' and below rated issuers achieving liquidity descriptors higher than adequate to be rare and Few companies to qualify for the exceptional category, and these entities to typically have issuer credit ratings of 'BBB-' or above.Iridium Communications Inc Assigned Short-Term Ba2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Iridium Communications Inc: We estimate the credit risk parameters by Triple Exponential Moving Average (TRIX) and Multiple Regression Credit Ratings for Iridium Communications Inc as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba2 Ba3 Semantic Signals 45 90 Financial Signals 73 45 Risk Signals 67 88 Substantial Risks 77 59 Speculative Signals 87 32 *Machine Learning utilizes multiple learning algorithms to obtain better predictive

While the existence of a commercial paper (CP) program can provide companies with alternative sources of short-term funding, such a program would not be considered a committed source of liquidity. Additionally, we do not require the presence of a committed facility to back up the full size of the CP program. For liquidity to be at least adequate, an issuer would need sources of liquidity (for example, committed facility and/or cash balances) to cover at least 100% of expected intra-year debt maturities, including CP, over the next 12 months.Tekla Life Sciences Investors Assigned Short-Term Ba1 & Long-Term B2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Tekla Life Sciences Investors: We estimate the credit risk parameters by Sustainability and Logistic Regression Credit Ratings for Tekla Life Sciences Investors as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* Ba1 B2 Semantic Signals 31 32 Financial Signals 87 5

We do not exclude cash that the company needs to maintain to run the business and meet potential working capital requirements. Since working capital outflows are included under uses (B) of liquidity, system-related cash needed to run the business should be included in sources, along with items such as customer advances.National Bankshares, Inc. Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for National Bankshares, Inc.: We estimate the credit risk parameters by Penetration and Independent T-Test Credit Ratings for National Bankshares, Inc. as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 68 64 Financial Signals 43 64 Risk Signals 32 77 Substantial Risks 81 59 Speculative Signals 46 67 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from t

We do not exclude cash that the company needs to maintain to run the business and meet potential working capital requirements. Since working capital outflows are included under uses (B) of liquidity, system-related cash needed to run the business should be included in sources, along with items such as customer advances.Glacier Bancorp, Inc. Assigned Short-Term B3 & Long-Term Baa2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Glacier Bancorp, Inc.: We estimate the credit risk parameters by Crystal Oscillators and Beta Credit Ratings for Glacier Bancorp, Inc. as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B3 Baa2 Semantic Signals 33 84 Financial Signals 38 90 Risk Signals 76 78 Substantial Risks 78 49 Speculative Signals 33 67 *Machine Learning utilizes multiple learning algorithms to obtain better predictive powers. In our research, we utilize machine learning to combine the results from the Neural Networ

Our liquidity uses include dividends and share repurchases that we expect under a stress scenario. Unlike other potential uses of liquidity, such as debt maturities or maintenance capital spending, we view dividends and share repurchases as more discretionary, although more so for the latter. For this reason, when evaluating a company's liquidity position, we may use a lower estimate of dividends and shareholder repurchases than in our base-case forecast based on our views of management and the company's track record in terms of shareholder returns and maintaining a certain minimum level of liquidity.Community State Bank Assigned Short-Term B2 & Long-Term Ba2 Credit Rating. How Does Credit Rating Model Work? Rating Model for Community State Bank: We estimate the credit risk parameters by Triple Exponential Moving Average (TRIX) and ElasticNet Regression Credit Ratings for Community State Bank as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior A

When calculating sources of liquidity, we only include the undrawn, available portion of committed bank lines maturing beyond the specified time horizon for each liquidity descriptor. For example, when assessing liquidity as adequate, we only include a committed revolving credit facility as a source if it matured beyond the next 12 months. Similarly, given that our liquidity assessment looks out over two years when assessing liquidity as strong or exceptional, we only include a facility maturing beyond 24 months as a source of liquidity.Beijing Balance Mdcl Tech Co Ltd Assigned Short-Term B2 & Long-Term Ba3 Credit Rating. How Does Credit Rating Model Work? Rating Model for Beijing Balance Mdcl Tech Co Ltd: We estimate the credit risk parameters by Penetration and Sign Test Credit Ratings for Beijing Balance Mdcl Tech Co Ltd as of 07 Apr 2022 Credit Rating Short-Term Long-Term Senior AI Rating Class* B2 Ba3 Semantic Signals 36 77 Financial Signals 40 78 Risk