VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATION PROJECT PROJECT NAME: A STUDY ON APPLICATION OF ALTMAN’S Z-SCORE MODEL IN ASSESSING THE PERFORMANCE AND THE POSSIBILITY OF BANKRUPTY OF LISTED ENTERPRISES IN VIETNAM STUDENT: PHAM THI THANH THAO Hanoi - Year 2020 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATION PROJECT PROJECT NAME: A STUDY ON APPLICATION OF ALTMAN’S Z-SCORE MODEL IN ASSESSING THE PERFORMANCE AND THE POSSIBILITY OF BANKRUPTY OF LISTED ENTERPRISES IN VIETNAM SUPERVISOR: DR.DO PHUONG HUYEN STUDENT: PHAM THI THANH THAO STUDENT ID: 16071111 COHORT: QH-2016-Q MAJOR: INTERNATIONAL BUSINESS Hanoi - Year 2020 LETTER OF DECLARATION I hereby declare that the Graduation Project “A STUDY ON APPLICATION OF ALTMAN’S Z-SCORE MODEL IN ASSESSING THE PERFORMANCE AND THE POSSIBILITY OF BANKRUPTY OF LISTED ENTERPRISES IN VIETNAM” is the results of my own research and has never been published in any work of others During the implementation process of this project, I have seriously taken research ethics; all findings of this project are results of my own research and surveys; all references in this project are clearly cited according to regulations I take full responsibility for the fidelity of the number and data and other contents of my graduation project Hanoi, 27/05/2020 Student (Signature and Full name) i ACKNOWLEDGEMENT I would like to sincerely thank Dr Do Phuong Huyen for her support and guidance, without which this project would not be possible I would also like to thank the teachers in International School for imparting their knowledges and sharing their experiences ii TABLE OF CONTENT LETTER OF DECLARATION i ACKNOWLEDGEMENT ii TABLE OF CONTENT iii TABLE OF NOTATIONS AND ABBREVIATIONS v LIST OF TABLES vi LIST OF CHARTS AND FIGURE .vii ABSTRACT CHAPTER 1: INTRODUCTION 1.1 NECESSITY 1.2 OBJECTIVE OF STUDY .4 1.3 CONTRIBUTION OF STUDY CHAPTER 2: LITERATURE REVIEW 2.1 INTERNATIONAL LITERATURE REVIEW 2.2 LITERATURE REVIEW IN VIETNAM 10 2.3 MUTIVARITE ANALYSIS METHOD- THE BASIS OF FORMING Z SCORE MODEL 12 2.3.1 Z-SCORE INDICATOR 12 2.3.2 DESCRIPTIVE VARIABLES .13 2.3.3 Z- SCORE MODEL FOR PUBLIC MANUFACTURING COMPANIES 15 2.3.4 Z- SCORE MODEL FOR PRIVATE FIRM .16 2.3.5 Z- SCORE MODEL FOR FIRMS (NON- MANUFACTURING AND MANUFACTURING FIRMS) .17 2.3.6 Z- SCORE MODEL FOR FIRMS IN EMERGING MARKET 18 CHAPTER 3: DATA AND METHODOLOGY 20 3.1 DATA 20 3.1.1 SOURCE OF DATA .20 3.1.2 SCOPE OF DATA 20 3.1.3 RESEARCH QUESTION AND HYPOTHIES 20 iii 3.2 METHODOLOGY 21 CHAPTER 4: EMPIRICAL RESULTS 22 4.1 RESULTS OF APPLYING THE Z-SCORE MODEL FOR 165 ENTERPRISES IN VIETNAM 22 4.1.1 STATISTICS ANALYSIS 22 4.1.2 RESULTS OF RESEARCH Z- SCORE MODEL 26 4.1.3 EVALUATE THE RESEARCH RESULTS 32 4.2 APPLICATION OF Z-SCORE MODEL FOR SAIGON PLASTIC PACKAGING COMPANY 34 4.2.1 HISTORY OF SAIGON PLASTIC PACKAGING COMPANY 34 4.2.2 ANALYSIS FINANCIAL SITUATION ANALYSIS FINANCIAL SITUATION OF SAIGON PLASTIC PACKAGING COMPANY 35 4.3.3 APPLICATION OF Z-SCORE MODEL FOR SAIGON PLASTIC PACKAGING COMPANY 43 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 48 5.1 CONCLUSION 48 5.2 LIMITATIONS OF RESEARCH 49 5.3 CONDITIONS TO APPLY Z- SCORE MODEL IN VIETNAM 51 5.4 RECOMMENDATIONS 52 5.4.1 IMPROVING INFORMATION TRANSPARENCY- FAIRNESSMONITORING 52 5.4.2 DEVELOPING A SYSTEM OF VIETNAM CREDIT RATING ACCORDING TO INTERNATIONAL STANDARDS .54 5.4.3 COMPLETING BANKRUPTCY LAW AND RELATED DOCUMENTS 55 REFERENCES 56 APPENDIX 62 APPENDIX 1: AUDITED FINANCIAL STATEMENT OF SAIGON PLASTIC PACKAGING 2014-2019 62 APPENDIX 2: STATISTICS TABLE 165 ENTERPRISES IN VIETNAM 74 iv TABLE OF NOTATIONS AND ABBREVIATIONS Abbreviation Meaning EBIT Earnings Before interest and taxes HOSE Ho Chi Minh Stock Exchange HNX Ha Noi Stock Exchange MDA Multiple Discriminant Analysis WC Working capital ROA Return on Asset ROE Return on Equity ROS Return on sales S&P rating Standard and Poor Rating SPP Saigon Plastic Packaging v LIST OF TABLES Table 1: Correspondence between Z’’- score and Standard & Poor Rating Table 2: Statistics variables: X1, X2, X3, X4 Table 3: Percentage of firm – X1 Table 4: Percentage of firms- X2 Table 5: Percentage of firms- X3 Table 6: Percentage of firms- X4 Table 7: Z’’-score Results Table 8: Asset Situation of Saigon Plastic Packaging Company 2012- 2019 Table 9: Asset Investment Rate of Saigon Plastic Packaging Company 2012- 2019 Table 10: Growth of Net Revenue of Saigon Plastic Packaging Company 2012- 2019 Table 11: Growth of Net Profit of Saigon Plastic Packaging Company 2012- 2019 Table 12: Expenses Situation of Saigon Plastic Packaging Company 2012- 2019 Table 13: Financial Ratios Table 14: Working capital/ Total Assets Ratio (X1) Table 15: Retained Earnings/ Total Assets (X2) Table 16: EBIT/Total Assets Table 17: Book value of Equity / Total Liabilities Table 18: Z’’- score = 3.25+6.56*X1+3.26*X2+6.72*X3+1.05*X4 vi LIST OF CHARTS AND FIGURE Figure 1: Percentage of firm – X1 Figure 2: Percentage of firms- X2 Figure 3: Percentage of firms- X3 Figure 4: Percentage of firms- X4 Figure 5: Z’’-score Trend for Enterprises in Vietnam Figure 6: Net revenue of Saigon Plastic Packaging Company 2012- 2019 Figure 7: Net profit of Saigon Plastic Packaging Company 2012- 2019 Figure 8: Expenses Situation of Saigon Plastic Packaging Company 2012- 2019 vii ABSTRACT The business environment always contains many volatile factors affecting the investment financing process as well as the business performance of enterprises, especially in the context of strong international economic integration which brings many opportunities and challenges for Vietnamese businesses Therefore, businesses always face positive periods alternating with the negative stages as well as the stage of success and failure in financial trends which always contain unpredictable potential When a negative period shifts from temporary to structural and chronic (and thus continues over time), the company is often destined to cease This affects creditors and other stakeholders a lot because businesses are insolvent and unable to pay the amount they owe as originally committed Therefore, early prediction about the bankruptcy of the company are of prime importance to the various stakeholders of the company as well as the whole society Bankruptcy prediction is an important task The first phase of determining the solvency can avoid evils shortly and protect the company from bankruptcy The bankruptcy of businesses can be predicted using many different research models However, this study applies the most famous model among the models, Z scores through the application of the sample of manufacturing and non-manufacturing companies of Vietnam from 2015 to 2019 to evaluate the performance of enterprises and predict bankruptcy and case about Saigon Plastic Packaging The study has found that the Z score model is appropriate and feasible to apply to analyze the performance of Vietnamese enterprises by industries, sectors, and forecast bankruptcy risk of enterprises Key word: Z-score model, bankruptcy, performance VHC AGM BBC BCF BHN CAN DAT DBC GTN HAD HHC HNM KDC LAF 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.23602 0.27666 0.26447 0.30001 0.43792 0.26537 0.24644 0.27493 0.4261 0.34389 0.43807 0.50114 0.48083 0.33981 0.18681 0.10125 0.20856 0.31087 0.34811 0.43352 0.22553 0.27081 0.08444 0.16468 0.24035 0.2437 0.21727 0.26082 0.21347 0.2331 0.27118 0.199 0.10204 0.04901 0.15689 0.1534 0.10827 -0.0192 -0.0364 -0.0461 0.22445 0.64584 0.31963 0.34832 0.52391 0.6133 0.56942 0.15871 0.23073 0.35651 0.28245 0.36826 0.14561 0.45375 0.32397 0.30967 0.18034 0.14582 0.18066 0.1683 0.41511 0.38992 0.27461 0.21548 0.18672 0.26693 0.32855 0.26885 0.2406 0.26561 0.21492 0.28082 0.35804 0.45525 0.4434 0.10572 0.06156 0.07314 0.12643 0.17294 0.08457 0.06855 0.07258 0.08677 0.06035 0.06869 0.19325 0.07973 0.04617 0.11874 0.04711 0.08121 0.02638 0.07729 0.12701 0.11733 0.08338 0.09342 0.05424 0.08608 0.05507 0.05937 0.02239 0.05651 0.06977 0.04799 0.075 0.02839 0.04314 0.0363 0.04853 0.00662 0.00567 0.00208 -0.0519 0.09994 0.07534 0.05043 0.07135 0.0974 0.00919 0.02268 0.07151 0.04435 0.03797 0.00204 -0.0001 -0.0436 -0.0482 -0.0459 0.20805 0.2157 0.21026 0.16491 0.15917 -0.2316 -0.1326 -0.0917 -0.493 -0.1805 0.0972 0.16639 0.1575 0.27682 0.20702 0.11181 0.0296 0.03057 0.07314 0.07506 0.1048 0.09318 0.1057 0.10642 0.07676 0.24036 0.24529 0.2005 0.17896 0.26451 0.12941 0.11479 0.09732 0.07304 0.09014 0.08134 0.01053 0.03547 0.0009 0.06827 0.04939 0.05223 0.05748 0.07387 0.07794 0.08185 0.1146 0.05705 0.02448 0.06535 0.03951 0.01044 0.03488 0.02544 0.00284 0.1587 0.12342 0.09287 0.08961 0.1227 0.08894 0.08418 0.0832 0.06889 0.06564 0.02229 0.02509 -0.0204 0.02127 0.01592 0.99702 0.17469 0.06349 0.02652 0.03662 0.09645 0.08915 0.03407 -0.2581 0.09163 0.92137 1.16297 1.40126 1.75848 2.8109 0.93841 0.89393 1.00309 2.16071 1.33464 2.34181 2.61145 2.73139 2.72213 1.77185 1.15244 1.46105 1.96318 2.01458 2.41676 1.58137 2.01593 0.88803 1.15418 2.00013 1.06724 1.03338 1.10069 0.80303 0.69233 1.1561 0.69754 0.5618 0.62722 0.59772 0.72934 0.73324 0.5578 0.49015 0.46085 0.90382 7.3212 3.85923 3.89635 7.58574 7.05855 8.29924 0.69172 1.07962 2.83765 1.36676 1.87904 2.22738 0.63418 0.6006 1.61063 0.93006 0.70352 0.58437 0.60417 3.94952 2.34765 2.24007 2.01243 2.15958 0.98174 1.03408 0.65272 1.19715 1.13079 75 7.1196 8.31959 8.68187 10.4088 11.9108 7.07212 6.20484 6.55064 9.21767 7.97546 9.56254 10.1291 10.2191 9.33542 7.04843 6.9634 8.43056 8.95791 9.00202 10.7961 7.41316 8.17935 5.47633 6.28495 7.94661 6.8984 6.1029 6.65962 5.67641 6.24548 6.75423 5.83241 4.96852 4.91071 5.65794 5.7286 5.74473 4.18543 3.83082 3.98922 6.0951 15.2657 9.65183 9.80389 14.5019 16.0769 16.7746 5.80592 6.732 9.7103 7.16562 8.27839 7.33619 7.50003 6.57078 7.12904 5.5777 4.6661 5.03462 4.94583 17.4983 10.15 8.51562 7.49244 7.50741 5.92504 6.65789 5.62907 2.74412 6.20702 Safe Zone AASafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AASafe Zone BBB Safe Zone ASafe Zone AAA Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AASafe Zone A+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA Safe Zone AAA Grey Zone BB+ Safe Zone BBB+ Safe Zone AA+ Safe Zone A+ Safe Zone BBB Safe Zone A Grey Zone BBBSafe Zone BBB Safe Zone A Grey Zone BBBGrey Zone BB Grey Zone BBGrey Zone BBBGrey Zone BBBGrey Zone BBBDistress Zone B Distress Zone BDistress Zone BSafe Zone BBB Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BBBSafe Zone A Safe Zone AAA Safe Zone AASafe Zone AAA Safe Zone AA Safe Zone AA Safe Zone ASafe Zone AAGrey Zone BB+ Grey Zone B+ Grey Zone BB Grey Zone BBSafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA Safe Zone AA Safe Zone BBB Safe Zone A Grey Zone BB+ Distress Zone CCC Safe Zone BBB MSN NAF PAN SAB SAF SCD SGC SMB 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.02372 0.06815 -0.0061 -0.051 -0.064 0.56268 0.36964 0.35084 0.23098 0.27918 0.32434 0.33431 0.27402 0.35972 0.24368 0.25193 0.22094 0.28549 0.39185 0.485 0.62441 0.44931 0.48774 0.41162 0.44436 0.49102 0.54728 0.57768 0.62331 0.66514 0.34468 0.33866 0.33306 0.19461 0.31856 -0.08 0.01306 -0.0085 -0.0546 -0.0375 0.11916 0.09605 0.1944 0.25075 0.29352 0.10316 0.13608 0.15728 0.08613 0.01627 0.00996 0.04768 0.06531 0.04631 0.043 0.25766 0.20075 0.26456 0.33415 0.41656 0.19705 0.18211 0.20052 0.20421 0.22323 0.07291 0.08148 -0.0127 0.00217 0.0301 0.15518 0.17481 0.19304 0.08828 0.18414 0.11409 0.16447 0.16829 0.10417 0.13677 0.07866 0.10349 0.11922 0.13799 0.0922 0.13904 0.11721 0.0983 0.05922 0.06638 0.10215 0.10871 0.09532 0.07863 0.0638 0.21076 0.30165 0.27797 0.24258 0.24937 0.24697 0.22623 0.24837 0.25536 0.24917 0.11559 0.12858 -0.0104 0.02526 0.08955 0.18743 0.21545 0.23836 0.18152 0.23665 0.16398 0.21058 0.21615 0.21811 0.33084 0.60592 0.38525 0.46706 1.11741 1.14269 2.66568 2.18427 1.22621 0.8855 1.1568 2.78284 3.4876 2.29338 1.72286 1.3305 1.87349 1.83931 1.89915 2.57591 2.91542 2.63815 1.9741 2.32793 1.77644 1.85503 2.34754 2.59725 3.41615 4.07703 3.87674 3.24047 2.30674 2.78828 1.67723 2.09699 1.37529 2.21578 1.69658 1.12092 1.45026 76 4.95889 5.11017 5.13526 5.83324 5.60626 11.0109 9.19961 8.01235 6.37375 6.79517 9.01856 9.99105 8.3091 8.09813 6.81452 9.12613 9.31218 9.84737 11.2447 12.5265 12.4182 10.3842 11.2166 10.1972 10.5149 9.95047 10.697 10.5152 11.7966 12.3838 10.679 9.91137 10.5936 7.79535 9.73219 5.64293 7.61345 6.97678 5.8739 7.19556 Grey Zone BB Grey Zone BB Grey Zone BB Grey Zone BBBGrey Zone BB+ Safe Zone AAA Safe Zone AAA Safe Zone AA+ Safe Zone BBB+ Safe Zone A Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA+ Safe Zone A Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA+ Safe Zone AAA Grey Zone BB+ Safe Zone AA+ Safe Zone A+ Safe Zone BBB Safe Zone AA- TAC TFC THB VCF VDL VNM DBD DHG DHT DMC DP3 IMP LDP 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.22133 0.27469 0.30392 0.24436 0.33435 0.38107 0.28132 0.22227 0.20871 0.24649 0.19054 -0.842 0.02886 0.08945 0.15004 0.42688 0.42512 0.00494 0.34441 0.39224 0.62334 0.56662 0.48907 0.55984 0.4786 0.3904 0.41582 0.29168 0.26549 0.22995 0.272 0.28655 0.29764 0.36527 0.27675 0.42868 0.44434 0.4096 0.51026 0.58576 0.24975 0.28161 0.30577 0.32608 0.29378 0.53265 0.5934 0.55716 0.61239 0.66467 0.11952 0.24106 0.30708 0.36865 0.47375 0.53835 0.45244 0.35728 0.33719 0.28005 0.06994 0.0829 0.12293 0.02226 0.01089 0.09654 0.12574 0.13918 0.11487 0.16364 0.07446 0.00442 0.00987 0.01382 0.04637 0.05166 0.05071 0.04603 0.05785 0.07286 0.4979 0.52307 0.07279 0.40636 0.42406 0.11712 0.08943 0.10307 0.14821 0.14767 0.19622 0.19034 0.16548 0.1915 0.17619 0.09993 0.10879 0.13215 0.17387 0.17386 0.18016 0.19289 0.07853 0.13083 0.16044 0.06216 0.09095 0.0996 0.0741 0.06622 0.14431 0.15651 0.11917 0.15615 0.15175 0.09972 0.15025 0.20295 0.31981 0.28064 0.07783 0.07921 0.05428 0.0705 0.08543 0.07014 0.07034 0.05298 -0.0283 0.00129 0.07857 0.08364 0.11609 0.0757 0.11465 0.10192 0.01257 0.02421 0.04218 0.08387 0.05402 0.0442 0.04081 0.02291 0.07197 0.1275 0.14914 0.12968 0.35838 0.3643 0.14919 0.11732 0.10733 0.09996 0.09375 0.34203 0.38409 0.3536 0.3239 0.28869 0.26154 0.12576 0.13627 0.14598 0.11374 0.21112 0.19493 0.18197 0.18077 0.17746 0.13584 0.15665 0.16753 0.1858 0.17249 0.18543 0.19363 0.1989 0.19541 0.19052 0.13982 0.14884 0.22561 0.42726 0.28118 0.10916 0.10951 0.08298 0.09866 0.11161 0.08777 0.08948 0.07506 -0.0571 0.06275 77 0.57515 0.6875 0.62762 0.4449 0.64101 0.92247 0.74264 0.59486 0.65418 0.74724 1.57303 -179.73 0.94122 0.78534 1.02191 2.32489 2.17146 0.27153 1.72166 1.84112 2.76532 3.34797 2.37248 5.03708 2.94621 3.19241 3.21338 2.21164 2.36791 1.98624 1.07855 1.16908 1.17131 1.63817 1.3553 2.99447 2.75247 2.07703 2.96153 4.3906 0.63868 0.64934 0.66801 0.76007 0.73261 4.07446 4.4102 2.70172 3.36624 4.4599 1.3712 2.03415 2.11995 3.06811 4.46983 4.87848 4.25554 3.68821 5.58021 5.40746 0.54845 0.52091 0.63518 0.46587 0.49013 6.14853 6.74579 7.13654 6.20336 7.42035 7.64608 5.97412 5.52757 5.63455 6.36633 6.68308 -190.53 4.85185 5.00392 6.02845 10.9714 11.0262 4.6763 11.0501 11.5868 11.6271 11.5623 10.0066 13.3664 10.5945 12.1012 12.5534 10.4013 10.2788 9.3584 8.25009 7.55706 7.77891 8.91406 7.81973 11.2124 10.9938 9.59673 11.3482 13.4183 6.67447 7.12835 7.4078 7.67731 7.32141 12.7389 13.5849 11.4669 12.624 14.0681 6.73848 8.45727 9.66813 12.8036 13.8556 12.8913 11.6804 10.201 12.214 11.7934 5.10317 5.17137 5.40047 3.40898 4.26199 Safe Zone BBB Safe Zone A Safe Zone AASafe Zone BBB Safe Zone AA Safe Zone AA+ Safe Zone BBB Grey Zone BB+ Grey Zone BB+ Safe Zone BBB+ Safe Zone A Distress Zone D Grey Zone BBGrey Zone BB Safe Zone BBB Safe Zone AAA Safe Zone AAA Grey Zone B+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA Safe Zone AA+ Safe Zone AAA Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone A Safe Zone AASafe Zone AA Safe Zone AA+ Safe Zone AA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone A Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Grey Zone BB Grey Zone BB+ Distress Zone CCC+ Distress Zone B MED MKV OPC PMC PME PPP SPM TRA 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.08932 0.08269 0.1436 0.15157 0.12059 -0.0151 0.01788 -0.0506 -0.0292 0.04341 0.37836 0.39527 0.11092 0.11381 0.28625 0.63651 0.64393 0.64252 0.70063 0.72032 0.552 0.62166 0.66138 0.65406 0.39095 0.0399 0.03293 -0.0413 0.09014 0.15885 0.42139 0.247 0.64554 0.46722 0.57138 0.47843 0.35342 0.24184 0.34419 0.3465 0.03088 0.03053 0.08076 0.08152 0.06484 0.01415 0.02456 0.01415 0.01314 0.02722 0.06384 0.05887 0.05663 0.06846 0.10594 0.14936 0.15786 0.13756 0.13094 0.12238 0.13342 0.14759 0.14644 0.14502 0.13944 0.03792 0.0629 0.05476 0.05616 0.06245 0.32163 0.31512 0.43145 0.41878 0.40727 0.12836 0.08386 0.10378 0.06023 0.06059 0.05263 0.05107 0.10967 0.11047 0.09317 0.06453 0.04917 0.03759 0.04085 0.05982 0.15698 0.13338 0.11052 0.11425 0.11754 0.31618 0.3128 0.27528 0.26109 0.24331 0.16863 0.185 0.1835 0.18214 0.17456 0.06226 0.07452 0.07302 0.07946 0.11163 0.02816 0.01605 0.02719 0.02239 0.02383 0.1975 0.20623 0.21543 0.14367 0.14801 78 0.32068 0.25605 0.36319 0.37807 0.42231 0.55779 0.68787 0.63006 0.67677 1.00341 3.38098 2.36268 1.16131 1.11118 1.39664 3.74485 4.06318 4.21959 5.52042 6.38474 3.78224 4.4964 4.64763 5.13359 5.62627 0.8596 1.27899 0.94558 1.55422 2.04414 1.60219 1.4831 3.75529 3.33146 2.85605 2.93283 2.79787 2.86257 2.29404 2.46543 4.62699 4.50406 5.57363 5.64937 5.32203 4.21671 4.50006 3.87855 4.08631 5.07909 10.5451 9.41203 6.12435 6.15428 7.72951 13.9692 14.3572 14.1938 15.8239 16.7133 12.4106 13.7737 14.1791 14.6277 13.3498 4.95629 5.51481 4.64117 6.19031 7.39215 8.93434 7.56271 13.0171 11.3287 11.485 11.2136 10.1654 9.62816 9.07843 9.30391 Grey Zone B+ Grey Zone B+ Grey Zone BB+ Grey Zone BB+ Grey Zone BB+ Distress Zone B Grey Zone B+ Distress Zone BDistress Zone BGrey Zone BB Safe Zone AAA Safe Zone AAA Safe Zone BBB Safe Zone BBB Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Grey Zone BB+ Grey Zone B+ Safe Zone BBB Safe Zone AA Safe Zone AAA Safe Zone AA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA VDP AAA BMP BRC DPC NTP CSM DAG DNP DAG 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.4889 0.50788 0.50831 0.47101 0.43467 0.20692 0.07193 0.0332 0.10403 0.21718 0.60025 0.5508 0.48467 0.51495 0.40151 0.27268 0.3203 0.34378 0.32564 0.27924 0.86034 0.87029 0.90293 0.91232 0.1502 0.10845 0.15352 0.08675 0.05655 0.11183 0.1833 0.1095 0.02012 -0.0153 0.00381 0.37353 0.31573 0.25814 0.17853 0.16127 0.09099 0.0094 0.03069 0.08034 0.02221 0.37353 0.31573 0.25814 0.17853 0.16127 0.06852 0.13019 0.10079 0.09798 0.0782 0.05957 0.05259 0.06201 0.03531 0.07545 0.18377 0.18693 0.12042 0.10981 0.09229 0.05849 0.06263 0.0734 0.07532 0.08195 0.03775 0.05677 0.09099 0.05251 0.07484 0.13391 0.10719 0.10811 0.10986 0.13691 0.09833 0.05727 0.01553 0.00637 0.01769 0.03138 0.0543 0.03704 0.03585 0.06379 0.05621 0.0342 0.03597 0.00785 0.00712 0.03138 0.0543 0.03704 0.03585 0.06379 0.11801 0.15237 0.14485 0.11387 0.0933 0.0382 0.063 0.0893 0.05047 0.10301 0.27446 0.27235 0.2034 0.18854 0.18576 0.0712 0.09996 0.08021 0.08246 0.09627 0.05867 0.08405 0.114 0.06601 0.10473 0.1418 0.14684 0.1485 0.09987 0.1287 0.13949 0.11598 0.04044 0.03647 0.05032 0.07592 0.0786 0.07903 0.07729 0.07348 0.11532 0.0719 0.05325 0.03006 0.03737 0.07592 0.0786 0.07903 0.07729 0.07348 79 3.02479 2.77627 2.80967 2.12467 1.78882 0.72184 0.44975 0.55062 0.65516 0.68789 4.76362 3.86958 5.78749 6.84334 6.48748 2.09136 2.48553 3.21306 2.97149 3.12927 11.8781 8.65409 10.919 16.864 1.19712 1.12186 1.15581 0.95877 0.85849 1.29347 0.75039 0.65332 0.44031 0.4478 0.48191 0.96687 0.86502 0.83403 0.81288 0.71372 0.58997 0.28247 0.33577 0.35492 0.3749 0.96687 0.86502 0.83403 0.81288 0.71372 10.6496 10.9451 10.8366 9.65538 8.86161 5.81625 4.78886 4.84816 5.0746 6.33522 14.6329 13.3659 14.2658 15.4385 14.245 7.90388 8.83687 9.65724 9.306 9.28165 21.8831 18.7957 21.7009 27.5568 6.44004 6.52885 6.80691 6.17613 5.55164 6.65291 6.49833 5.62041 4.1667 3.88557 4.17682 7.32801 6.93469 6.47098 5.91093 5.75914 5.42456 4.20292 4.27896 4.37722 4.06367 7.32801 6.93469 6.47098 5.91093 5.75914 Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BBBGrey Zone BBGrey Zone BBGrey Zone BB Safe Zone BBB+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone ASafe Zone ASafe Zone A Safe Zone BBB Grey Zone BB+ Safe Zone A Safe Zone AGrey Zone BB+ Distress Zone B Distress Zone BDistress Zone B Safe Zone AA Safe Zone A+ Safe Zone ASafe Zone BBB Grey Zone BBBGrey Zone BB+ Distress Zone B Distress Zone B Distress Zone B Distress Zone BSafe Zone AA Safe Zone A+ Safe Zone ASafe Zone BBB Grey Zone BBB- DRC DTT HCD PBP PMP RDP SFN SPP SRC TPC 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.13573 0.14404 0.083 0.06472 0.16618 0.22023 0.22879 0.20816 0.21512 0.23217 0.45773 0.51328 0.19627 0.50637 0.49876 0.20303 0.02477 -0.0017 0.04712 0.07072 0.189 0.12171 0.04189 0.03421 0.02388 0.02891 -0.0064 0.04399 0.02088 0.05222 0.56504 0.6168 0.65356 0.72339 0.70367 0.0985 0.10061 0.00537 -0.037 -1.4536 0.45775 0.30557 0.25054 0.25476 0.34585 0.30831 0.17921 0.15268 0.20041 0.21885 0.14662 0.07982 0.05073 0.04067 0.07422 0.0252 0.05226 0.03442 0.03236 0.04401 0.03728 0.11269 0.10778 0.15151 0.15682 0.1425 0.08866 0.06114 0.07152 0.03933 0.08742 0.07375 0.05432 0.0359 0.01798 0.07829 0.09974 0.0444 0.02018 0.01984 0.16903 0.15307 0.18184 0.13654 0.12177 0.03279 0.04388 0.0358 0.0276 -1.6228 0.10139 0.03324 0.01439 0.01259 0.05875 0.03111 0.0419 0.06148 0.0571 0.05009 0.18678 0.19062 0.08931 0.08011 0.13058 0.0586 0.07572 0.04396 0.04874 0.06761 0.0675 0.11861 0.10138 0.08747 0.05635 0.15129 0.11143 0.09895 0.10316 0.06129 0.12298 0.11097 0.10061 0.07346 0.05803 0.13894 0.08792 -0.0017 0.039 0.07485 0.24405 0.25012 0.23112 0.1244 0.12711 0.06978 0.07221 0.0735 0.07759 -1.6389 0.1876 0.17694 0.05958 0.01802 0.07174 0.03736 0.05029 0.06524 0.06832 0.05149 80 1.13808 1.28279 1.20455 1.16647 1.51655 3.64842 3.40991 3.11207 2.09891 2.62421 1.1069 1.64177 1.05208 3.17526 2.99981 1.23824 0.89234 0.79343 0.84396 0.79829 1.02046 0.8159 0.50328 0.38063 0.39488 0.65242 0.65455 0.52151 0.44582 0.40348 11.8077 12.5293 14.1405 11.9033 11.0174 0.39029 0.32643 0.30892 0.31815 -0.5075 1.6322 0.90557 0.66744 0.67393 0.89628 1.34346 1.10632 1.04828 0.97937 1.01568 7.06849 7.08306 5.82482 5.57028 7.05191 9.00144 9.01049 8.29085 7.29802 8.12628 7.99013 9.50536 6.67486 10.9875 10.5616 7.36322 5.38732 4.93623 5.37161 5.09217 6.67272 5.89123 4.90646 4.48477 4.26983 5.31362 4.81124 4.21981 4.18292 4.58388 21.5458 22.6318 24.5307 21.7749 20.6855 4.88177 4.881 4.2202 3.95258 -23.122 9.55784 7.50278 6.04162 5.79097 7.13349 7.0356 6.06184 5.99109 6.23822 6.26141 Safe Zone AASafe Zone AAGrey Zone BBBGrey Zone BB+ Safe Zone AASafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AASafe Zone AA+ Safe Zone AA+ Safe Zone AAA Safe Zone A Safe Zone AAA Safe Zone AAA Safe Zone AA Grey Zone BB+ Grey Zone BBGrey Zone BB+ Grey Zone BB Safe Zone A Safe Zone BBB Grey Zone BBDistress Zone B Distress Zone B Grey Zone BB+ Grey Zone BBDistress Zone B Distress Zone B Grey Zone B+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BBGrey Zone BBDistress Zone B Distress Zone BDistress Zone D Safe Zone AAA Safe Zone AA Safe Zone BBB Grey Zone BBBSafe Zone AASafe Zone AASafe Zone BBB Safe Zone BBB Safe Zone BBB Safe Zone BBB+ TPP DAH HOT NVT OCH PDC SGH VNG SVI VBC CLL 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.11548 0.03021 -0.1441 0.00558 0.00066 -0.1811 -0.0478 -0.0328 -0.0326 -0.0895 -0.0862 -0.0579 0.09331 0.21336 0.30462 0.15639 -0.0217 -0.0477 0.00576 0.1512 0.02218 -0.0331 0.02646 0.02545 0.00736 -0.009 0.0676 -0.0819 -0.0744 -0.1303 0.15274 0.62066 0.67185 0.70313 0.71917 -0.1153 0.01804 0.12401 0.09657 -0.0887 0.18909 0.21234 0.16645 0.10786 0.22401 0.16264 0.1008 0.07462 0.06651 0.08475 0.21058 0.27872 0.37098 0.33654 0.2876 0.06334 0.069 0.01151 0.01333 0.01588 0.01297 0.04837 0.03604 0.01942 0.02094 0.06553 0.07288 0.07892 0.13713 0.09225 -0.1616 -0.1589 -1.2887 -1.3321 -1.0575 -0.2663 -0.2875 -0.2467 -0.2376 -0.2531 -0.1955 -0.1611 -0.0792 -0.0782 -0.0749 0.12349 0.08545 0.14184 0.18656 0.23029 0.0108 0.02426 0.00907 0.00266 -0.0211 0.14605 0.17572 0.15026 0.12424 0.23296 0.0897 0.06953 0.06385 0.05732 0.05665 0.14503 0.16594 0.16456 0.14611 0.1562 0.11983 0.09257 0.05111 0.0499 0.05191 0.04717 0.0881 0.08273 0.05024 0.04009 0.09301 0.09577 0.11236 0.1701 0.10928 -0.065 0.03401 -0.7729 0.08511 0.11269 0.04056 0.00925 0.03367 0.05074 0.04704 0.00788 0.03412 0.02611 0.0043 0.008 0.08772 0.06839 0.12331 0.13936 0.13385 0.02075 0.05084 0.06284 0.07183 0.05044 0.12426 0.1372 0.10089 0.09886 0.21265 0.14806 0.1138 0.11192 0.09999 0.10012 0.14491 0.16131 0.17302 0.1671 0.16455 81 0.42679 0.37515 0.25302 0.25995 0.35676 0.42875 1.098 1.07312 0.99302 1.37853 3.00286 3.02088 3.0567 4.24 3.92832 1.89826 1.91993 2.63252 2.87979 1.97833 0.61444 0.47737 0.58168 0.61238 0.62915 2.93549 2.81758 0.91652 0.90488 0.9805 1.9859 20.9415 14.7324 13.9657 11.032 0.79055 0.75754 1.62364 1.28971 0.97313 0.63394 0.78699 0.60611 0.58248 1.0534 0.50322 0.34822 0.3311 0.29812 0.33264 3.45837 5.89561 24.5202 7.82497 9.46295 5.46741 4.68911 2.95171 3.93834 4.02954 2.87134 4.83886 4.83532 4.47943 4.44833 6.67611 6.92296 8.08403 10.6918 10.4082 5.30559 4.83418 -3.6939 2.54094 3.62883 3.44516 2.65903 3.45633 3.62615 3.45002 5.68875 6.35595 3.59234 3.48567 3.23426 7.32925 30.0483 24.4174 24.0711 21.2016 3.49838 4.58445 6.22016 5.72906 3.96041 6.46717 6.96411 6.14618 5.63853 8.01402 6.13273 5.26829 5.04742 4.85813 5.01274 9.70929 12.8938 33.129 15.2731 16.6877 Grey Zone BB+ Grey Zone B+ Distress Zone CCC Distress Zone BDistress Zone BDistress Zone CCC Grey Zone BBGrey Zone BBDistress Zone B Distress Zone B Safe Zone A Safe Zone A+ Safe Zone AA+ Safe Zone AAA Safe Zone AAA Grey Zone BB+ Grey Zone BBDistress Zone D Distress Zone CCC Distress Zone CCC+ Distress Zone CCC+ Distress Zone CCC Distress Zone CCC+ Distress Zone CCC+ Distress Zone CCC+ Grey Zone BBBSafe Zone BBB+ Distress Zone CCC+ Distress Zone CCC+ Distress Zone CCC+ Safe Zone AA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Distress Zone CCC+ Grey Zone B+ Safe Zone BBB Grey Zone BBBDistress Zone BSafe Zone ASafe Zone A+ Safe Zone BBB Grey Zone BB+ Safe Zone AA+ Safe Zone BBB Grey Zone BB+ Grey Zone BB Grey Zone BBGrey Zone BB Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA CAG CDN DS3 DVP DXP GMD HAH HMH MAC PVT PHP NAP 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 0.25315 0.25556 0.28174 0.3283 0.34893 0.38404 0.36287 0.05274 0.16868 0.27896 0.31467 0.26625 0.18611 0.24041 0.24489 0.49807 0.44526 0.53201 0.51766 0.58669 0.61669 0.70326 0.77347 0.77941 0.72981 0.11916 -0.0811 -0.0401 -0.0173 -0.0633 0.11322 0.1458 0.06689 0.20538 0.2073 0.28453 0.26778 0.27704 0.42203 0.42106 0.33614 0.32405 0.34038 0.40269 0.3362 -0.6243 0.20381 0.20886 0.18078 0.11985 0.19389 0.26823 0.30298 0.3049 0.37285 0.18378 0.28695 0.07187 0.12253 0.18002 0.07168 0.06084 0.02046 0.02098 0.02708 0.11526 0.10382 0.07621 0.0477 0.11079 0.1875 0.05401 0.07705 0.06448 0.05732 0.20818 0.17463 0.20724 0.20358 0.2054 0.25862 0.14982 0.09838 0.11325 0.11885 0.12808 0.11177 0.09858 0.05425 0.04994 0.16221 0.15926 0.09495 0.11375 0.10972 0.40772 0.41452 0.43242 0.4045 0.36997 0.0834 0.11962 0.09137 0.09683 0.10416 0.07026 0.064 0.0674 0.08297 0.0901 0.06393 0.0987 0.10143 0.07795 0.10084 0.04802 0.07634 0.08239 0.06482 0.03569 0.10777 0.09021 0.02713 0.02727 0.03431 0.171 0.15545 0.1275 0.12131 0.14385 0.23924 0.06432 0.09342 0.05943 0.07179 0.2825 0.29885 0.28966 0.27183 0.23641 0.28605 0.14252 0.08323 0.10637 0.11779 0.06937 0.05949 0.07035 0.23146 0.084 0.2029 0.15785 0.13639 0.11773 0.09474 0.14207 0.1233 0.08296 0.05536 0.05623 0.09244 0.13514 0.0907 0.06134 0.06569 0.06658 0.07992 0.08937 0.1075 0.1078 0.12265 0.14566 0.11563 0.1178 0.1149 0.06175 0.09541 0.10337 0.07845 0.04292 82 11.1949 16.0069 19.0762 23.5068 25.4017 4.5944 3.63153 2.08974 3.04703 4.38975 2.38239 8.49881 6.17541 6.63051 4.12045 5.33296 5.84592 8.16745 10.472 10.8968 7.29212 15.2876 22.3126 16.7451 16.3375 1.65873 1.37996 1.69051 1.88968 1.84855 1.29872 1.46597 1.76821 2.78679 2.1902 19.2155 11.7427 16.9438 17.9799 14.1689 3.54532 3.45068 2.94376 3.32579 3.01845 0.81142 0.91483 1.02639 1.01519 1.07249 2.81761 3.00343 3.26152 2.98704 3.20161 6.14921 9.09173 11.9167 9.32424 6.6912 17.6233 22.5383 25.3772 30.3374 32.5296 12.1183 10.8266 6.8955 8.52661 11.0171 10.0347 14.5286 11.834 12.3987 9.85228 14.694 14.8867 17.9379 20.1318 20.7986 17.7175 25.3614 32.6323 27.0293 26.3709 6.6571 4.93085 5.55589 6.85298 5.50291 7.2487 7.32564 6.77144 8.68542 7.90394 27.5766 19.5164 24.8255 26.5881 22.4734 10.0707 10.2971 9.48124 10.1116 9.4059 0.68325 6.29327 6.51807 6.49476 6.1805 8.51303 9.46376 9.76985 9.43226 10.1585 11.4838 15.5688 17.1973 14.5828 11.8614 Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone A+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone A Grey Zone BBGrey Zone BB+ Safe Zone A+ Grey Zone BB+ Safe Zone AASafe Zone AA Safe Zone A Safe Zone AAA Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Distress Zone D Safe Zone BBB+ Safe Zone ASafe Zone ASafe Zone BBB Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA MAS NCT BCE 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 CDC 2015 2016 2017 2018 2019 CEO 2015 2016 2017 2018 2019 CIG 2015 2016 2017 2018 2019 CKG 2015 2016 2017 2018 2019 D11 2015 2016 2017 2018 2019 -0.0128 0.0438 -0.153 -0.1556 -0.1461 0.52269 0.6136 0.51119 0.5397 0.49637 0.39791 0.32733 0.25291 0.15444 0.30215 0.43253 0.38366 0.38976 0.39743 0.42922 0.3439 0.22283 0.20839 0.06034 0.10668 0.17744 0.4191 0.34799 0.37329 0.34176 0.38487 0.49516 0.41751 0.38046 0.45018 0.41 0.56548 0.25039 0.36175 0.18353 0.23053 0.25028 0.13861 0.10411 0.10998 0.33802 0.35735 0.34855 0.34152 0.4316 0.01402 0.02274 0.02522 0.02997 0.05472 0.0238 0.02466 0.03092 0.03166 0.04425 0.05584 0.04995 0.03712 0.02694 0.03218 -0.3031 -0.2114 -0.1917 -0.1478 -0.1442 0.0204 0.01622 0.01298 0.0118 0.0014 0.12209 0.08721 0.02542 0.02277 0.039 0.44044 0.44475 0.33378 0.16876 0.1722 0.77152 0.6923 0.66718 0.58918 0.47123 0.02328 0.02025 0.03791 0.04027 0.0575 0.03916 0.04138 0.04587 0.04728 0.05641 0.10735 0.09756 0.09395 0.0737 0.12211 -0.0882 0.00309 0.00206 0.01234 0.00226 0.05694 0.04222 0.03854 0.04574 0.03738 0.01601 0.0068 0.00664 0.03298 0.0556 83 1.04548 0.97157 0.72565 0.79522 0.84269 5.33348 8.26735 6.283 6.10656 7.24895 0.24398 0.39213 0.44505 0.39521 0.74996 0.48237 0.6322 0.41013 0.37358 0.50593 0.72212 0.69074 0.65562 0.41526 0.83854 0.05478 0.5182 0.44754 0.65137 0.58556 0.23369 0.2072 0.17083 0.22505 0.16304 0.91555 0.98269 0.3398 0.20665 0.20524 7.97519 8.36213 5.70309 4.53758 4.69189 18.5656 21.7731 18.8203 18.2749 18.6912 6.3186 6.01924 5.71333 5.04643 6.58438 6.9346 6.78907 6.64656 6.67033 7.12024 7.1676 6.25542 6.05782 4.66489 5.75573 2.89064 5.87508 5.39156 5.9839 5.65201 6.46928 7.05237 6.46952 6.32792 6.63008 7.40652 8.32131 5.37683 6.13589 5.17027 Safe Zone AA+ Safe Zone AAA Grey Zone BBBGrey Zone B+ Grey Zone B+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone BBB+ Safe Zone BBB Grey Zone BBBGrey Zone BB Safe Zone ASafe Zone A+ Safe Zone A Safe Zone ASafe Zone A Safe Zone AASafe Zone AASafe Zone BBB+ Safe Zone BBB Grey Zone B+ Grey Zone BBBDistress Zone CCC Safe Zone BBB Grey Zone BB+ Safe Zone BBB Grey Zone BBBSafe Zone ASafe Zone AASafe Zone ASafe Zone BBB+ Safe Zone ASafe Zone AA Safe Zone AAA Grey Zone BB+ Safe Zone BBB Grey Zone BB D2D 2015 2016 2017 2018 2019 DIG 2015 2016 2017 2018 2019 DTA 2015 2016 2017 2018 2019 DXG 2015 2016 2017 2018 2019 EVG 2015 2016 2017 2018 2019 FIR 2015 2016 2017 2018 2019 HDC 2015 2016 2017 2018 2019 HDG 2015 2016 2017 2018 2019 HLD 2015 2016 2017 2018 2019 HPX 2015 2016 2017 2018 2019 0.44374 0.41136 0.45011 0.35914 0.37263 0.43527 0.49077 0.52638 0.38587 0.47106 -0.1625 -0.025 -0.1055 -0.1402 -0.041 0.41139 0.55717 0.49819 0.48789 0.49242 0.8435 0.57678 0.44568 0.33174 0.32528 0.64012 0.86088 0.47997 0.27925 0.41024 0.58122 0.62422 0.64687 0.46746 0.28831 0.38439 0.31498 0.41088 0.26354 0.01353 0.6188 0.62161 0.49426 0.41042 0.49625 0.01907 0.04925 0.12998 0.07837 0.24963 0.03547 0.0339 0.06924 0.0854 0.19171 0.01298 0.02034 0.03289 0.05313 0.04766 -0.0124 -0.0093 0.00334 0.01311 0.02423 0.10691 0.12166 0.07265 0.10602 0.0863 0.04762 0.05994 0.11969 0.07318 0.08212 36.6158 0.10056 0.07238 0.14518 0.41546 0.04947 0.04737 0.05667 0.07181 0.0671 0.08591 0.05748 0.05695 0.07403 0.07902 0.07642 0.08878 0.10374 0.16417 0.24266 0.05991 0.08814 0.03627 0.06534 0.13087 0.06308 0.05117 0.07569 0.0744 0.22348 0.00783 0.0183 0.04477 0.06586 0.06204 0.00805 0.00617 0.0233 0.02445 0.0242 0.1526 0.15338 0.13603 0.16493 0.13013 0.05569 0.04376 0.08809 0.04656 0.02928 0.09045 0.12984 0.0807 0.14953 0.26509 0.06186 0.05345 0.07616 0.0907 0.08136 0.06456 0.0611 0.05174 0.09543 0.11667 0.08991 0.10209 0.10482 0.12847 0.13628 0.04799 0.04935 0.06566 0.0825 0.07588 84 0.52979 0.41078 0.51807 0.42496 0.61246 1.09181 0.90913 0.90537 0.89111 0.95741 0.77941 1.10471 0.96007 0.8527 0.68107 0.983 1.74647 0.82948 0.82329 0.86624 5.85518 4.95433 8.52761 7.26869 5.83941 -1.0116 8.4306 1.52749 0.52793 2.4156 1.12717 0.88336 0.91121 0.96068 0.88652 0.74745 0.37688 0.32918 0.32048 0.30988 1.60007 2.08145 1.48 1.11281 1.68626 0.31621 0.35304 0.46546 0.52865 0.78002 7.25673 6.83419 7.48104 6.83056 8.46429 7.34672 7.61329 8.0618 7.33271 7.91772 3.01593 4.25742 3.73321 3.43285 3.93796 8.35488 10.1661 8.54002 8.76901 8.54566 15.4608 12.7252 16.1098 13.6097 11.9797 126.362 18.9498 8.78074 7.11435 11.6133 8.82333 8.78603 9.14671 8.16883 6.83762 7.27034 6.3099 6.82431 6.19792 4.70578 9.84276 10.4888 9.08895 8.50929 9.98285 4.22492 4.56273 5.15086 5.08662 6.64316 Safe Zone AASafe Zone A Safe Zone AA Safe Zone A Safe Zone AAA Safe Zone AA Safe Zone AA+ Safe Zone AA+ Safe Zone AA Safe Zone AA+ Distress Zone CCC Distress Zone B Distress Zone CCC+ Distress Zone CCC+ Distress Zone BSafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AASafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone A Safe Zone AASafe Zone BBB+ Safe Zone A Safe Zone BBB Grey Zone B+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Distress Zone B Grey Zone B+ Grey Zone BB Grey Zone BB Safe Zone A- HQC 2015 2016 2017 2018 2019 HU1 2015 2016 2017 2018 2019 HUT 2015 2016 2017 2018 2019 ICG 2015 2016 2017 2018 2019 IJC 2015 2016 2017 2018 2019 ITC 2015 2016 2017 2018 2019 KDH 2015 2016 2017 2018 2019 L14 2015 2016 2017 2018 2019 NBB 2015 2016 2017 2018 2019 NDN 2015 2016 2017 2018 2019 NHA 2015 2016 2017 2018 2019 NLG 2015 2016 2017 2018 2019 0.38716 0.40972 0.31064 0.32064 0.34999 0.21121 0.18744 0.26114 0.15771 -0.0662 0.17609 0.06355 0.07073 0.04257 0.05916 0.65563 0.63478 0.33168 0.50964 0.5548 0.43585 0.43508 0.27505 0.10129 0.09954 0.61085 0.59939 0.51196 0.62876 0.11612 0.77407 0.75208 0.75055 0.66436 0.58587 0.07832 0.14531 0.42991 0.58699 0.73286 0.16065 0.41883 0.43872 0.44053 0.36846 0.53815 0.62838 0.62998 0.21619 0.22849 -0.0804 0.08563 0.25672 0.23883 0.37641 0.51723 0.58768 0.47026 0.48321 0.44926 0.10258 0.05165 0.01531 0.0137 0.01288 0.0176 0.0108 0.00639 0.02652 0.02521 0.04118 0.0539 0.04781 0.02521 0.02985 0.05327 0.0514 0.02878 0.14952 0.15167 0.0164 0.0139 0.02254 0.0297 0.04324 -0.0976 0.00866 0.02245 0.02519 0.037 0.03153 0.05909 0.07184 0.08864 0.10025 0.04829 0.06225 0.17118 0.27471 0.31319 0.04699 0.02943 0.04187 0.06943 0.11952 0.14026 0.12871 0.17177 0.06431 0.06901 0.04278 0.11942 0.14807 0.14775 0.26738 0.07135 0.09316 0.10925 0.13512 0.16868 0.12138 0.0188 0.0236 0.01618 0.01556 0.02849 0.01811 0.01699 0.02602 0.01491 0.04267 0.07248 0.04973 0.02157 0.02984 0.0552 0.01768 0.00158 0.13837 0.04767 0.02985 0.02607 0.03706 0.04313 0.05315 0.00866 0.01024 0.02404 0.02593 0.02978 0.03897 0.07449 0.07604 0.10825 0.09 0.06252 0.08178 0.27714 0.24807 0.2173 0.01612 0.01263 0.0201 0.04476 0.07632 0.15795 0.09507 0.1284 0.06459 0.04085 0.09826 0.14731 0.18681 0.18326 0.3183 0.05707 0.08132 0.1238 0.12162 0.11427 85 1.68228 1.43887 2.06968 1.85625 1.81316 0.39623 0.36722 0.21953 0.21044 0.18899 0.32111 0.37326 0.42795 0.41271 0.41201 3.58367 3.0124 0.88027 3.2489 5.85825 0.67657 0.48136 0.26077 0.2713 0.32062 1.83281 0.85128 0.8122 0.83239 0.78192 0.96077 1.24264 1.75592 2.07292 1.37528 0.16075 0.25389 0.93903 2.34281 4.71881 0.55502 0.38553 0.62916 0.67934 0.61643 4.3017 3.33894 2.6034 0.5067 0.4423 2.08654 12.6279 20.9936 18.9555 10.926 0.93488 1.02801 0.88993 0.92486 1.31788 8.7062 7.74335 7.66951 7.45583 7.59628 5.30039 5.0221 5.32854 4.76691 3.1963 5.1633 4.72153 4.65336 4.1897 4.36853 11.8584 10.8635 6.4545 11.4219 13.8554 7.07365 6.83003 5.65068 4.58593 4.73779 8.92161 8.17291 7.69602 8.50502 5.15348 9.70137 10.1816 10.7625 10.8012 9.46896 4.51019 5.22234 9.47662 12.1232 15.4936 5.14813 6.58314 7.06014 7.38028 7.21682 12.8157 11.9365 11.539 5.84394 5.71278 5.71289 18.4503 28.7154 26.4332 20.2021 8.24076 9.03478 8.45746 8.64871 8.89868 Safe Zone AAA Safe Zone AA+ Safe Zone AA+ Safe Zone AA Safe Zone AA Grey Zone BB+ Grey Zone BB Grey Zone BB+ Grey Zone BBDistress Zone CCC Grey Zone BB Grey Zone B+ Grey Zone B+ Distress Zone B Distress Zone B Safe Zone AAA Safe Zone AAA Safe Zone ASafe Zone AAA Safe Zone AAA Safe Zone AASafe Zone A Grey Zone BBBGrey Zone B+ Grey Zone B+ Safe Zone AAA Safe Zone AAA Safe Zone AA+ Safe Zone AAA Grey Zone BB Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone B+ Grey Zone BB Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Safe Zone ASafe Zone AASafe Zone AA Safe Zone AASafe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BBBGrey Zone BBBGrey Zone BBBSafe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA NTL 2015 2016 2017 2018 2019 NVL 2015 2016 2017 2018 2019 PDR 2015 2016 2017 2018 2019 PXI 2015 2016 2017 2018 2019 QCG 2015 2016 2017 2018 2019 RCL 2015 2016 2017 2018 2019 SCR 2015 2016 2017 2018 2019 TDC 2015 2016 2017 2018 2019 VC3 2015 2016 2017 2018 2019 VC7 2015 2016 2017 2018 2019 0.68272 0.52447 0.63081 0.55901 0.57401 0.17985 0.41825 0.37414 0.32743 0.58219 0.69102 0.71343 0.6814 0.65642 0.52158 0.03162 0.25311 0.16562 0.22637 0.39127 0.43558 0.3158 0.22799 0.22208 0.21319 0.53157 0.69063 0.50599 0.29606 0.18379 0.48671 0.37121 0.25024 0.30815 0.37299 0.20798 0.24232 0.15592 0.08749 -0.0703 0.09065 0.25762 0.36088 0.29628 0.26514 0.11503 0.13716 0.24591 0.39256 0.41975 0.23806 0.2676 0.23398 0.24066 0.29478 0.02071 0.02608 0.05877 0.08736 0.09694 0.02187 0.03206 0.04951 0.05841 0.06241 0.02501 -0.0117 -0.0477 -0.0583 -0.0706 0.02543 0.03016 0.03634 0.02661 0.04011 0.06674 0.03998 0.05091 0.02031 0.01806 0.05698 0.05502 0.03982 0.03055 0.05708 0.01599 0.01929 0.01948 0.0218 0.0251 0.03428 0.06562 0.05681 0.07776 0.07161 0.0145 0.02837 0.05933 0.04702 0.02696 0.09524 0.0694 0.07545 0.08672 0.18639 0.03611 0.08358 0.0767 0.08663 0.06021 0.0268 0.03404 0.05543 0.06856 0.07917 0.05988 0.01186 -0.0188 0.01301 -0.0053 0.00459 0.01612 0.04672 0.01244 0.01315 0.08605 0.05157 0.06424 0.02831 0.02204 0.04627 0.035 0.0422 0.04564 0.04536 0.03953 0.04006 0.04053 0.04465 0.06928 0.04469 0.08294 0.07865 0.03924 0.06805 0.05346 0.0593 0.06455 0.05585 0.04895 86 2.31858 2.31472 1.54151 1.44882 1.92398 0.29769 0.37941 0.36609 0.41374 0.37335 0.4309 0.36429 0.39692 0.46537 0.45545 0.38014 0.31946 0.2706 0.35711 0.78586 0.97509 0.95184 0.56229 0.61117 0.6027 1.90189 3.64211 1.87595 0.69011 0.67344 1.54983 0.77016 0.57388 0.70532 0.7707 0.19418 0.20169 0.18629 0.2225 0.24766 0.24472 0.34987 0.73374 0.83334 0.73513 0.30708 0.30298 0.68004 1.15965 1.27503 11.5792 10.4598 10.2765 9.80571 11.2492 5.05259 7.03875 6.79577 6.69937 8.18185 8.48692 8.64587 8.67069 8.69589 7.88525 4.34051 5.28727 4.33868 5.0074 6.3762 7.24496 6.52774 5.76839 5.51889 5.50049 9.52992 12.0817 9.13672 6.17319 5.36981 8.56681 6.90835 5.90753 6.41835 6.99702 5.13597 5.38343 4.80425 4.42869 3.59621 4.51376 6.07861 7.10154 6.5858 6.45192 4.73353 4.9589 6.20446 7.57141 7.75913 Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Safe Zone AASafe Zone A Safe Zone A Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AA+ Distress Zone B Grey Zone BB+ Distress Zone B Grey Zone BB Safe Zone BBB+ Safe Zone AASafe Zone AGrey Zone BBBGrey Zone BB+ Grey Zone BB+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone BBB Grey Zone BB+ Safe Zone AAA Safe Zone A+ Safe Zone BBB Safe Zone ASafe Zone A+ Grey Zone BB Grey Zone BB+ Grey Zone BBDistress Zone B Distress Zone CCC+ Grey Zone B+ Safe Zone BBB Safe Zone AASafe Zone ASafe Zone AGrey Zone B+ Grey Zone BB Safe Zone BBB Safe Zone AA Safe Zone AA+ VCR 2015 2016 2017 2018 2019 VHM 2015 2016 2017 2018 2019 VPH 2015 2016 2017 2018 2019 VPI 2015 2016 2017 2018 2019 CTD 2015 2016 2017 2018 2019 AME 2015 2016 2017 2018 2019 C69 2015 2016 2017 2018 2019 CLG 2015 2016 2017 2018 2019 CSC 2015 2016 2017 2018 2019 CTX 2015 2016 2017 2018 2019 -0.4536 -0.4205 -0.442 -0.4639 -0.285 -0.1839 -0.2755 0.19878 0.4038 0.09125 0.43292 0.41429 0.40235 0.33845 0.40546 0.18131 0.16204 0.32293 0.19677 0.29622 0.24654 0.37887 0.36299 0.38472 0.43319 -0.0411 0.08378 0.13084 0.11661 0.2073 0.03744 0.25307 0.11554 -0.1138 0.3379 0.08692 0.0404 0.06109 0.05936 0.09004 0.25014 0.22092 0.37666 0.3803 0.10447 0.03399 0.12198 0.12919 0.06012 -0.1002 -0.0689 -0.0626 -0.079 -0.0932 -0.2422 0.05716 0.07918 0.0411 0.06372 0.13202 0.07012 0.05536 0.15348 0.13469 0.03196 0.0214 0.02021 0.05924 0.09285 0.0949 0.08177 0.12225 0.10968 0.09536 0.06352 0.03473 0.03458 0.05185 0.0683 0.04636 0.0003 0.018 0.02879 0.0274 0.01794 -0.0246 0.04041 0.01398 0.02101 -0.3851 0.02623 0.04437 0.12797 0.1065 0.05496 0.05176 0.04972 0.13767 0.12264 0.08473 0.00307 0.00881 -0.0084 -0.0029 -0.0092 0.04914 0.08474 0.05868 0.18466 0.16286 0.10022 0.06838 0.13562 0.10153 0.03067 0.00293 0.01798 0.14699 0.08721 0.08857 0.11878 0.15017 0.12979 0.11133 0.05499 0.00444 0.01858 0.04 0.05874 0.04235 0.03415 0.03563 0.04642 0.04732 0.03808 0.03438 0.03097 0.02793 0.02899 -0.3581 0.0396 0.05534 0.27389 0.21435 0.01314 0.01636 0.01253 0.12829 0.00808 0.11714 87 0.52617 0.57743 0.51192 0.49674 0.23273 0.39215 0.34138 0.24584 0.67294 0.48832 0.55366 0.59517 0.98599 1.02789 1.32414 0.19467 0.15601 1.19765 0.57625 0.42845 0.70913 1.1319 0.85253 0.89864 1.09577 0.54201 0.43825 0.3879 0.32787 0.37754 0.27822 0.77192 0.61993 0.86545 0.82558 0.23379 0.28448 0.35917 0.3745 0.05761 0.36974 0.42171 0.70503 0.87776 0.48964 0.35239 0.31641 0.459 0.38241 0.73441 0.62284 0.95255 0.57397 0.40534 0.7728 2.9719 2.62882 5.34047 8.05415 5.88616 7.5734 7.23264 8.33643 7.6709 7.61044 4.73326 4.66349 7.80682 6.03465 6.54765 6.67666 8.33154 7.75614 7.77635 7.81886 3.69239 4.49731 4.95346 4.97662 5.44203 4.01819 6.01876 5.06469 3.81938 6.64783 4.21642 4.15358 4.26119 4.29591 0.2391 5.63079 5.65856 8.71889 8.45403 4.71688 4.12167 4.62872 5.89032 4.50006 4.42724 Distress Zone D Distress Zone D Distress Zone D Distress Zone D Distress Zone D Distress Zone CCC Distress Zone CCC Grey Zone BB+ Safe Zone AA+ Safe Zone BBB Safe Zone AA Safe Zone AASafe Zone AAA Safe Zone AA+ Safe Zone AA+ Grey Zone B+ Grey Zone B+ Safe Zone AA+ Safe Zone BBB Safe Zone ASafe Zone A Safe Zone AAA Safe Zone AA+ Safe Zone AA+ Safe Zone AA+ Distress Zone CCC+ Distress Zone B Grey Zone BB Grey Zone BB Grey Zone BB+ Distress Zone BSafe Zone BBB Grey Zone BB Distress Zone BSafe Zone ADistress Zone B Distress Zone B Distress Zone B Distress Zone B Distress Zone D Grey Zone BB+ Grey Zone BBBSafe Zone AAA Safe Zone AAA Grey Zone B+ Distress Zone BGrey Zone B+ Safe Zone BBB Grey Zone B+ Distress Zone B CX8 2015 2016 2017 2018 2019 DC4 2015 2016 2017 2018 2019 DIH 2015 2016 2017 2018 2019 DTD 2015 2016 2017 2018 2019 HBC 2015 2016 2017 2018 2019 HU3 2015 2016 2017 2018 2019 HUB 2015 2016 2017 2018 2019 IDJ 2015 2016 2017 2018 2019 KTT 2015 2016 2017 2018 2019 LEC 2015 2016 2017 2018 2019 TCR 2015 2016 2017 2018 2019 0.17574 0.16261 0.17621 0.16725 0.25879 0.32717 0.27007 0.27877 0.36072 0.34671 0.23201 0.20074 0.18741 0.28163 0.37233 0.35859 0.31961 0.26204 0.15557 0.09839 0.04672 0.08859 0.05628 0.07606 0.14227 0.19852 0.18261 0.15377 0.16817 0.30822 0.28477 0.30925 0.26239 0.27041 0.26779 0.05749 0.08813 0.15809 0.2531 0.16906 0.37808 0.28603 0.3817 0.56251 0.91449 0.38695 0.48812 0.14167 0.13984 0.14497 0.04932 0.14119 0.1074 0.11567 0.19037 0.01463 0.0128 0.01092 0.00873 0.00925 0.02832 0.02558 0.02792 0.04495 0.04181 0.02701 0.02487 0.02038 0.01136 0.00695 0.02082 0.0395 0.06606 0.07084 0.05456 0.0158 0.04675 0.05879 0.03948 0.04998 0.02347 0.03822 0.04033 0.04034 0.08777 0.1392 0.13653 0.18951 0.20894 0.23713 -0.192 -0.2173 -0.1784 -0.013 0.01663 0.00451 0.00529 0.03434 0.06113 0.11375 0.05396 0.10221 0.05246 0.04762 0.04666 0.02139 0.03465 -0.0191 -0.107 -0.1294 0.01504 0.01216 0.01325 0.01234 0.01219 0.04357 0.04532 0.03577 0.06202 0.05407 0.02601 0.02013 0.02583 0.01402 0.00803 0.00105 0.03936 0.05331 0.06283 0.05024 0.03432 0.07515 0.09569 0.03072 0.05079 0.06052 0.07343 0.05188 0.05136 0.07979 0.10052 0.07778 0.11812 0.12015 0.11446 0.00048 -0.0227 0.00987 0.1306 0.02807 0.00968 0.00907 0.03446 0.03024 0.07933 0.06385 0.07406 0.02921 0.0171 0.02049 0.04673 0.04602 -0.0383 -0.0682 0.03551 88 0.40062 0.32501 0.37212 0.30811 0.55044 0.53914 0.43053 0.34604 0.70575 1.05064 0.31037 0.29251 0.28745 0.4485 0.35475 0.87888 0.85979 0.89462 0.82013 0.35869 0.17282 0.19025 0.21393 0.22522 0.31029 0.40155 0.44763 0.35724 0.29226 0.714 0.69853 0.69688 1.02524 1.12598 1.31947 89.9905 28.2191 5.28723 2.78942 0.34122 1.30708 0.83228 1.7224 82.2428 11.1507 4.63469 29.7525 0.55997 0.4748 0.46794 0.72071 1.07617 0.81055 0.56854 0.87423 4.97226 4.78142 4.92125 4.78203 5.63769 6.34746 5.86165 5.77346 6.92063 7.12726 5.36076 5.09035 5.02123 5.69963 6.14155 6.60012 6.64268 6.48193 5.78485 4.78751 4.0201 4.68833 4.67856 4.32061 5.01332 5.45714 5.53592 5.11396 5.13676 6.84392 6.98086 6.97818 7.45931 7.69474 7.93433 97.4944 32.5974 9.32343 8.67434 4.96022 7.1824 6.07846 7.90601 93.6975 21.8613 11.2598 38.523 5.13463 4.93607 4.98218 4.71399 5.7284 4.48603 3.79852 5.23358 Grey Zone BB Grey Zone BBGrey Zone BBGrey Zone BBGrey Zone BB+ Safe Zone BBB+ Safe Zone BBB Grey Zone BBBSafe Zone A+ Safe Zone AAGrey Zone BB+ Grey Zone BB Grey Zone BB Grey Zone BBBSafe Zone BBB Safe Zone ASafe Zone ASafe Zone AGrey Zone BBBGrey Zone BBDistress Zone BGrey Zone B+ Grey Zone B+ Distress Zone B Grey Zone BB Grey Zone BB+ Grey Zone BB+ Grey Zone BB Grey Zone BB Safe Zone A Safe Zone A+ Safe Zone A+ Safe Zone AA Safe Zone AA+ Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Safe Zone AASafe Zone BBB Safe Zone AA+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Grey Zone BB Grey Zone BBGrey Zone BB Grey Zone B+ Grey Zone BBBDistress Zone B Distress Zone BGrey Zone BB THG 2015 0.14181 2016 0.10691 2017 0.10196 2018 0.06078 TKU 2019 0.03171 2015 0.41255 2016 2017 2018 2019 VCS 2015 2016 2017 2018 2019 VHL 2015 2016 2017 2018 2019 VIS 2015 2016 2017 2018 2019 VGS 2015 2016 2017 2018 2019 0.3706 0.22469 0.24777 0.23023 0.19881 0.30405 0.49293 0.48158 0.46101 0.0514 0.05365 0.06822 0.06704 0.10149 -0.0932 0.01106 0.16262 0.07041 0.01938 0.05312 0.12417 0.1409 0.15661 0.17224 0.09673 0.15608 0.17035 0.14612 0.20681 0.02895 0.14124 0.10027 0.10255 0.07693 0.15399 0.23479 0.39553 0.29107 0.31181 0.14487 0.17961 0.12751 0.14727 0.13338 -0.0408 0.00055 0.01455 -0.1216 -0.2106 0.07093 0.06961 0.06066 0.09819 0.08904 0.11114 0.14768 0.13693 0.11686 0.14415 0.03345 0.15339 0.11562 0.10159 0.07304 0.20143 0.25884 0.30595 0.30668 0.30672 0.14216 0.12978 0.17776 0.16961 0.1417 0.01512 0.04803 0.04583 -0.0903 -0.0527 0.08425 0.08586 0.0757 0.06518 0.07524 89 0.51574 0.6596 0.59646 0.56069 0.80032 2.1672 1.52417 1.17156 1.26547 1.1286 0.5601 0.76536 1.69457 1.63137 1.61526 0.79831 0.76461 0.94048 1.11671 1.16047 0.52681 0.33351 0.57115 0.36475 0.23859 0.94872 0.62319 0.51682 0.79015 0.65033 5.784 6.14511 6.02062 5.49907 5.94122 8.55105 8.77272 7.05795 7.22115 6.68696 6.99791 8.55304 11.6083 11.1319 11.0479 5.85301 5.86247 6.29522 6.48222 6.52134 3.16048 3.99729 5.27188 3.09167 2.58744 5.39198 5.52281 5.42344 5.86513 5.85864 Grey Zone BBBSafe Zone BBB Safe Zone BBB Grey Zone BB+ Safe Zone BBB Safe Zone AAA Safe Zone AAA Safe Zone AASafe Zone AASafe Zone A Safe Zone A+ Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone AAA Safe Zone BBB Safe Zone BBB Safe Zone BBB+ Safe Zone ASafe Zone ADistress Zone CCC Distress Zone BGrey Zone BB+ Distress Zone CCC Distress Zone CCC Grey Zone BB+ Grey Zone BB+ Grey Zone BB+ Safe Zone BBB Safe Zone BBB ... effectiveness of the model in applying the model in Vietnam, and at the same time points out the advantages and limitations of the model application in the analysis of the case of Vietnam and making recommendations...VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATION PROJECT PROJECT NAME: A STUDY ON APPLICATION OF ALTMAN’S Z- SCORE MODEL IN ASSESSING THE PERFORMANCE AND THE POSSIBILITY OF BANKRUPTY. .. LETTER OF DECLARATION I hereby declare that the Graduation Project ? ?A STUDY ON APPLICATION OF ALTMAN’S Z- SCORE MODEL IN ASSESSING THE PERFORMANCE AND THE POSSIBILITY OF BANKRUPTY OF LISTED ENTERPRISES