Page 1

Credit Recommendations Summary Alphabetical Listings

15 November 10 Top Under & Overweight Recommendations Overweights Issuer Enel Imperial Tobacco Lloyds TSB Bank Axa BAA Cable & Wireless Heineken National Grid PLC Pernod Ricard SA Standard Chartered British American Tob Glencore Arcelor Metro Tesco WPP

Rec 6 6 6 4 4 4 4 4 4 4 6 5 7 7 7 7

% OW 83% 83% 83% 75% 75% 75% 75% 75% 75% 75% 67% 60% 57% 57% 57% 57%

Underweights Issuer UPM-Kymmene Bca Monte Paschi ING Groep Marks & Spencer Telekom Austria Telenor Aviva Bco Santander EDF Energy KBC M-real Rank Svenska Cellulosa Unicredito Italiano France Telecom Accor ENBW Morrison (Safeway) Stora Enso Wolters Kluwer Deutsche Telekom Fortum Portugal Telecom

Rec 5 4 4 4 6 6 3 3 3 3 3 3 3 3 8 5 5 5 5 5 7 7 7

% UW 80% 75% 75% 75% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 63% 60% 60% 60% 60% 60% 57% 57% 57%

The above table is calculated by dividing the number of overweight/underweight recommendations by the total number of recommendations we have seen. Credits are only included in the above table when we have received recommendations from at least 3 Providers Due to the method of calculation, the scores and the recommendations for those credits where there are only a few recommendations will be more volatile than those with a high number of recommendations. Therefore we recommend you consider the number of recommendations, the actual recommendation and the score as a whole. The tables on the following pages have been calculated by assigning each recommendation with a score and calculating the average (values assigned below). However, whilst modest over/underweight recommendations are considered in the calculations, the answers have been rounded so as to show Over, Market and Underweight results. Key Rec S W T Y

Total number of recommendations Rec has strengthened moving from MW/UW to OW/MW respectively No change in recommendation Rec has weakened moving from OW/MW to MW/UW respectively A new recommendation

Fundamental Recomendations Pos Positive Stbl Stable Neg Negative

Relative Value Recomendations Over Overweight Mrkt Marketweight Undr Underweight

Score © § ª

Result of the above calculation Score has improved from the previous week Score has not changed from the previous week Score has decreased from the previous week A new recommendation

g System y Scoring (OW) Overweight (MO) Modest Overweight (MW) Marketweight (MU) Modest Underweight (UW) Underweight

+2 +1 0 -1 -2


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

Score

¨ 0.0

2

2

2

-1.0

¨ ¨ ¨ ¨

1

3

-0.6

1

0.0

Relative Credit

Rec

ABB

2

Fundamental

Value

X

Stable

Underweight

X 1 X 1 X 1 X

Stable

Underweight

Positive

Marketweight

Negative

Underweight

Stable

Overweight

Stable

Marketweight

Stable

Marketweight

ABN Amro Accor Adecco Aegon Ahold

Marketweight 1

Air France Air Liquide Akzo Nobel

Marketweight

X 2 X

1

Alcatel Alliander (Noun) Allianz Allied Irish Bk Alstom

Overweight

X 1 X 1 X 1 X

1

Stable

Marketweight

Negative

Marketweight

Negative

Marketweight

Stable

Overweight

Altria Anglian Water

Marketweight 1

X

Stable

Anglo American Anglo Irish Bk

Marketweight 1

X

Negative

ANZ Arcelor

Overweight Marketweight Overweight

2

X

Stable

Ardagh Glass

Overweight Overweight

Assa Abloy

Marketweight

Atlantia

1

Aviva

1

Axa

1

B Sky B

1

BAA

1

BAE Systems

1

X X X X X X

Stable

Marketweight

Positive

Underweight

Negative

Overweight

Positive

Overweight

Negative

Overweight

Stable

Underweight

Banesto

Underweight

Bank of America

Overweight

X X 2 X 2 X

Bank of Ireland

1

Negative

Overweight

Barclays

1

Negative

Overweight

Stable

Marketweight

Stable

Marketweight

BASF Bayer Bayerische L'bank Bca Intesa Bca Monte Paschi

Overweight

X 1 X

Stable

Marketweight

Stable

Underweight

X

Stable

1

Bca Pop Milano Bco Com Portugues

Underweight 1

Bco de Sabadell Bco Espirito Santo

Underweight 1

X

Negative

Bco Popular Espanol

Marketweight Underweight

Bco Santander

1

Bertelsmann

2

BHP Billiton

1

BMW

2

BNP Paribas

1

Bombardier

1

Bosch (Robert)

1

Bouygues

Underweight

X X X X X X X

Stable

Underweight

Positive

Marketweight

Negative

Marketweight

Positive

Marketweight

Negative

Underweight

Stable

Overweight

Positive

Rec

W S T W W W W W W W W W W W W W W W W W W W S W W W W W W W W W W W W W W W W W W W W W W W W W

4 1 5 2 4 4 2 5

2.0

1

1

3 3 4

-2.0

1

0.0

1

¨ 0.0 ¨ 0.0

1 2

¨ ¨ ¨ ¨

0.0

4 3 4 3

0.0

§

0.8

2

0.0

2

0.0

1

3

1

-0.2

1

1

1

1

-2.0

1

1

0.0

1

2

¨ 0.0

1

1

¨ -2.0

1

0.0

1 1

3 4

¨ 0.0

2

4

0.0 1.0 1

4

5 1 5 4 2

W 2

0.0

1

2

0.0 2.0

1 1

-2.0 2.0

1 1

-2.0

1

0.0

¨ ¨ ¨ ¨

0.0

2

2

0.0

1

2

-0.7

1 2

0.7

1

1.3

3

2

2.0

2

-2.0

1

1

2

-0.7 -2.0 2.0

1 2

1 1

2 -2.0

0.0

1.3

3 1

1

0.0

0.7

2

0.0

3 1

2

1

1

¨ 0.0

1

¨ -2.0 ¨ ¨ ¨ ¨ ¨ ¨ ¨

1

1

1.0

1 1

1

-2.0 2.0

1 2 1

0.0

1

-1.0

2

-2.0 -1.0

1

1

-1.0

2

2

-0.4

1

-2.0

1

2

-1.3

3

1

1

0.2 0.0

1 2

-2.0 2.0

1

3 2

2 1

0.0

0.0

1

1

0.0 2.0

1

¨ 0.0 ¨ 0.0

0.6 1.5

1

¨ ¨ ¨ ¨ ¨ ¨

0.0 2.0

1 4

0.5

1

2 5

1

1

2 4

0.0

2

1 1

1

1

2 3

1

0.0

1

1 2

1.0

2

1

1 3

2

-0.5

1

-2.0

2 4

1.0

2

1

1

1 7

1

1

2 2

2 1

0.0

1

1 2

1

1

2 2

§ © ª § § ª § § § § § © § § § § § § § ª § § © § © § © § § § § § § § § § § § § § § § § ª § § § §

1 0.0

4

1 Marketweight

Score

1

2

0.0

3

1

-0.5

1


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Relative Credit

Rec

Fundamental

BP

Value Overweight

Bradford & Bingley

Marketweight

British Airways

1

British American Tob

3

British Tel

3

Cable & Wireless

1

Cadbury Schweppes

1

X X X X X

Stable

Marketweight

Stable

Overweight

Positive

Overweight

Stable

Overweight

Stable

Overweight

CapGemini

Overweight

Capital One

Marketweight

Capitalia Carlsberg Carrefour Casino

Marketweight

X 2 X 1 X

1

Stable

Marketweight

Stable

Marketweight

Positive

Caterpillar CBA Cent Eur Dist Corp Cent Eur Media Ent

Overweight

X 1 X

Positive

Overweight

Stable

Marketweight

X 1 X 2 X

Stable

Marketweight

1

Centrica CEZ Ciba Clariant

Underweight 1

Stable

Underweight

Stable

Marketweight

Clerical Medical Cognis Colt Telecom Commerzbank Compass Continental

Overweight

X X 1 X 1 X 2 X 1

Stable

Underweight

1

Stable

Marketweight

Stable

Marketweight

Stable

Underweight

Positive

Underweight

Stable

Marketweight

Credit Agricole Credit Suisse

Overweight Marketweight

Marketweight 1

X

Daily Mail

Overweight

Daimler Chrysler

2

Danone

1

X X

Positive

Overweight

Positive

Underweight

Danske

Underweight

Deere & Co

Marketweight

Degussa

1

Deutsche

1

Deutsche Bahn

1

Deutsche Lufthansa

2

Deutsche Post

1

Deutsche Telekom

3

X X X X X X

Stable

Overweight

Negative

Marketweight

Stable

Overweight

Positive

Marketweight

Stable

Marketweight

Stable

Underweight

Dexia Diageo

Underweight 1

X

Stable

DNB NOR Dong Dow Chemical

Overweight

X 1 X 2

Negative

Overweight

Positive

Overweight

DSG Intl (Dixons) DSM E.ON EADS EDF

Underweight

Underweight

T 2 X 2 X 1 X 2

Negative

Underweight

Stable

Overweight

Negative

Overweight

Stable

Underweight

Rec

W W T W W W W W W W W W W W W W W W W W W S W W W W W W W W W W T W W T W W S W W W W S W W W W W W

Score

Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

1 1 3 6 7 4 3

0.0

1 4

2

1

3

4

0.7

0.0

1

3

1

1.3

0.0

1

1.3

2

1

2

0.7

1

2

0.7

1

0.0

1

3

1

1

3

2

-0.2

2

1

3

3

-0.4

2

1

1.3

1

0.0

1

3 1

2.0

1

¨ 2.0 ¨ 0.0

1

1.0

1

1

0.0

1

1

1

1

2 1 2 5

2

¨ 0.0 ¨ 0.0 ¨ 0.0

1 2

1

1 2 1 5 3 4

¨ ¨ ¨ ¨ ¨

4

1

1

-1.0

2

2

-0.4 1.0

1

1

0.0

1

1

0.0

1

2

2

-0.4

0.0

1

2

1

-0.7

1

3

1

-0.5

1

2

1

1

3

1.0

1

1

¨ 0.0

1

1

-1.0

0.0

1 6

-2.0 0.0

1

4 4

0.0

1

¨ 0.0 ¨ 0.0 ¨ 2.0

1 2

0.0

3

0.0

1

7

2

1.3

3

6

0.0

1

¨ ¨ ¨ ¨ ¨

Score 2.0

1

0.0

2.0

1

¨ 1.0 ¨ 2.0

1

1

2

0.0 0.3

4

0.7

3

1

-0.5

2

1

1

-0.5

1

1

0.0

1

2

0.7

1

1

3 3 1 7 3 7

¨ ¨ ¨ ¨ ¨ ¨

1

0.0

1

-2.0

1

0.0 2.0

1 2

0.0

2 1

0.0

2

2 4

¨ 0.0

1

¨ -1.0 ¨ 2.0

1

3 6 2

1

1

6 3 2

1

0.3

3

0.0

3

4

-1.1

1

1

-1.0

2

2

-1.0

4

1

2 2

-1.0

1

0.0

2

-1.0

1

0.0

1

1 1

0.7 1

2

0.7 1.0

1

1

© ¨ ¨ ¨

0.3 2.0

3 1

2 4

1

1

1

-0.5

2

-1.0

2

4

0.7

1

2

0.7

1

1

-1.0

§ § ª § © © § § § § © ª § § § § § § § § § © § § ª § § ª § § § § ª § § ª § § © ª § § ª © § § § ª ª §


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Relative Credit

Rec

Fundamental

EDF Energy

Value Underweight

Edison

2

Elec de Portugal

2

X X

Negative

Underweight

Negative

Marketweight

Electrolux

Underweight

X X 2 X 2 X 1 X

Elia

1

Stable

Underweight

ENBW

2

Stable

Underweight

Negative

Overweight

Positive

Overweight

Stable

Marketweight

Endesa Enel Ericsson Erste Bank

Marketweight

Eureko BV

Overweight

EWE Fiat Finmeccanica

X 2 X 1 X 1

Stable Negative

Marketweight

Stable

Marketweight

FKI

Marketweight

Foodcorp

1

Ford

1

Fortis

1

Fortum

2

France Telecom

2

Fresenius

1

X X X X X X

Stable

Overweight

Stable

Overweight

Stable

Marketweight

Stable

Underweight

Stable

Underweight

Stable

Overweight

Friends Provident

Overweight

Gas Natural

2

Gaz de France

2

GECC

1

Generali

1

GKN Holdings

1

GlaxoSmithKline

2

Glencore

1

Grohe

1

GUS

1

X X X X X X X X X

Negative

Marketweight

Stable

Marketweight

Stable

Overweight

Stable

Marketweight

Positive

Marketweight

Stable

Marketweight

Stable

Overweight

Stable

Overweight

Stable

Underweight

Hammerson

Underweight

Hannover RE

1

Hanson

1

Havas

1

HBOS

1

HeidelbergCement

2

Heineken

2

Henkel

2

Hilton (Ladbrokes)

1

Holcim

2

Hornbach Baumarkt

1

HSBC

1

X X X X X X X X X X X

Negative

Underweight

Stable

Underweight

Stable

Underweight

Negative

Overweight

Stable

Overweight

Positive

Overweight

Stable

Underweight

Stable

Overweight

Stable

Marketweight

Stable

Marketweight

Stable

Marketweight

HSH Nordbank Hutchison Whampoa Iberdrola ICI Imperial Tobacco

Marketweight

X 2 X 1 X 3 X 1

Stable

Overweight

Stable

Marketweight

Stable

Marketweight

Positive

Ineos Group Ineos Vinyls

Marketweight

Overweight Marketweight

1

X

Positive

Overweight

Rec

W T W W W W W W W W W W W W W W W W W W W W W T W W W W W W W W W W W W W W T W W W W W W W W W W W

Score

Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

3 6 7

1

¨ -2.0 ¨ -2.0

5 4 6 5

¨ ¨ ¨ ¨ ¨

0.0

1

0.0

2

-1.0 1.0

1 1

0.0

1

2

3

-0.5

2

2

2

3

-0.3

1

-2.0

2

-2.0

3

-1.2

2 1

1

1

1

1

4

2 2 7 8 2

¨ 0.0 ¨ -2.0 ¨ 0.0

1

7 1 1 2 4 5 3 5

1 2 2 4 4 4 4 5 1 4

¨ ¨ ¨ ¨ ¨ ¨

7 2 6

1

2

0.0

1

1

2

1

0.0

0.0

1

1

2.0

0.0

1

2

1.5

0.0

1

0.0

2

1

2

4

-0.7

0.0

2

1

2

5

-1.0

0.0

1

2

2.0

1

2.0

0.0

1

¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨

0.0

2

2

3

2

0.0

2

3

2

2

0.4

0.0

1

1

0.0

1

-1.0

1

0.0

2.0

1

2.0 0.0

1

1

1

1

0.0 0.0

0.0

2

1

2

1

0.0

1

3

1

1

0.0

1

0.0

1

2

-2.0

1

0.0

1

0.0

1

-2.0 2.0

1 1

0.0

2 2

2

3

0.0

2

0.0

1

2

0.0

2

1

0.0

1

0.0

1

1

1

1

0.0

2

2

0.0

1 1

2

1

1 2

-0.8

1

-2.0

1

-1.0 1.5 1.0

2

1.3

1 3

1

-0.5

1

1

0.5

2

2

-0.4 0.0

3

0.3

1

0.0

1

1.0

2

3

5 1

-0.3 0.0

2 1 1

¨ 2.0

-1.0 -2.0

1

0.0

0.7

2

2 2

0.8 1.3

1 2

1 1

0.0

2

2

1 2

0.0 2.0

1 4

2

1

1 7

1.3 -0.4

1

1 1

2

1 2

1 5

0.5

3

5

2 1

-0.7

2

1 2

Score

2

1.3 0.0 2.0

§ ª © § § § § § § § § § § § § § § § ª § § § § ª § § § § § § § § ª § § © § © ª § ª § © § § § § § § §


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Relative Credit

Rec

ING

X 1 X 1 X

ING Groep International Power

1

Fundamental

Value

Stable

Overweight

Negative

Underweight

Positive

Overweight

Invensys

Marketweight

ISS A/S

Overweight

ITV

1

X

Positive

Marketweight

Stable

Marketweight

Positive

Marketweight

JPMorgan Chase JTI UK (Gallaher) Kabel Deutschland

Overweight

X 1 X

1

Kaupthing Bank

Overweight

KBC

Underweight

Kingfisher KPN Lafarge

X 2 X 2 X

Stable

Underweight

Stable

Marketweight

Stable

Marketweight

X

Stable

2

Land Securities Lanxess

Marketweight 1

LBW

Marketweight

Legal & General Linde Lloyds TSB Bank

Overweight

X 1 X

2

Stable Stable

Lloyds, The Society of Lottomatica LVMH Marks & Spencer

Metso Michelin

X 1 X 1 X 1

Marketweight

Stable

Marketweight

Negative

Underweight

Stable

Marketweight

Negative

Marketweight

Positive

Underweight

Overweight

X 2 X 2 X 2

Overweight 1

X

Stable

M-real Munich Re

Underweight Underweight

1

X

Negative

NAB

Overweight Overweight

National Grid Gas Plc National Grid PLC

Overweight

Stable

Morgan Stanley Morrison (Safeway)

Marketweight Overweight

Merrill Lynch Metro

Overweight

Marketweight 2

X

Stable

Overweight

Nestle

Marketweight

Next

Marketweight

Nordea

1

X

Stable

Norske Skog Northumbrian Water

Marketweight Marketweight

1

X

Stable

Overweight

Novartis

Overweight

Old Mutual

Overweight

X X 1 X 1 X

Ono Finance

1

Stable

Marketweight

OTE

2

Negative

Overweight

Positive

Underweight

Negative

Marketweight

Pearson Pemex Pernod Ricard SA Peugot Philips Porsche

Overweight

X X 1 X 2

Positive

Marketweight

1

Positive

Underweight

Positive

Marketweight

Rec

W W W W W W W W W W W T S W W W W W W W W W W W W W W W W W W W W W W W S W S W W W W W T W W W W W

3 4 2

Score

¨ 0.0 ¨ -2.0 ¨ 2.0

Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

1

1 1

1

1 1

1 3 2

2

¨ 2.0

1

2 1 3

1 1

1

7 6

¨ 0.0 ¨ 0.0 ¨ 0.0

2

4 4

5 4

¨ 0.0

¨ 0.0 ¨ 0.0

2 1

1.3

1

0.0 2.0

5

1

1

¨ 0.0 ¨ 0.0 ¨ -2.0

1

¨ 0.0 ¨ -0.5 ¨ 1.0

2

0.4 1.7 1

1 1

2

1

1

-0.3

3

-1.3 2.0

1 1 1

3

0.3

2

2

-0.4

2

2

-1.0

4 1

1

1

2.0

2

¨ 0.0

1

2 1

¨ -2.0

1

2

1

3

-1.0

2

-0.7

1

0.8 2.0

1

¨ 0.0

2

3

1

0.0

1

1.3 0.0

1 1

¨ 0.0

1

1

1

1

2

1

1

¨ ¨ ¨ ¨

0.0 2.0

3

1

1

0.5 0.0 1.0

3 3

-2.0

¨ 1.0 ¨ 2.0 ¨ 2.0

2.0 1

1 2

0.0 1.5

2

1

-2.0

-0.3 0.0

2

¨ 0.0

0.5 0.0

2

1

2

-0.6

1

0.0

3

1

1.3

1

1

4

2

0.0

1

4

1

2

-0.5

1

1

5

2

1

2

1

4

2.0

1

1

5

-1.3

2

2

6

2

1

3

2

1

-0.3

1

2

0.3

2

1

5

1

3

1 4

1

1

3 4

0.0

2

2 5

2.0

-0.4

1 7

0.0

2

2 2

1.3

2

4

1 6

1

1

1 5

1

2

1 3

1.0

1

3

-1.3 0.0

1

1 6

3

1

2

¨ 0.0 ¨ 2.0

Score 0.7

2

3

1

0.0

1

1

1

-1.0

1

2

1

1

0.0

§ ª ª § © § § § § § § ª © § § § § § § § ª § § © § ª § § § ª § ª § § © § © § © © § ª § § ª § © § ª §


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Relative Credit

Rec

Portugal Telecom

X 2 X 1 X 1 X

PPR Prudential Publicis

2

Fundamental

Value

Stable

Underweight

Positive

Overweight

Positive

Marketweight

Stable

Underweight

Rabobank Nederland Rallye

Overweight

X

Positive

X 1 X 2 X

Negative

Overweight

Stable

Underweight

Negative

Marketweight

1

Rank RBS Red Electrica Reed Elsevier

Underweight 1

Remy Cointreau

Marketweight

X X X X X X

Positive

Marketweight

Stable

Marketweight

Stable

Underweight

Stable

Overweight

Stable

Underweight

Stable

Overweight

X 1 X 1 X 2 X

Negative

Marketweight

Renault

2

Rentokil

1

Repsol

2

Rexam

1

Rhodia

1

Rolls-Royce

2

Royal & Sun Alliance RWE Safilo Sainsbury Saint-Gobain

Overweight 2

Positive

Marketweight

Stable

Marketweight

Stable

Underweight

Sampo Oyj Sanofi Aventis Scania Schneider

Overweight

X 2 X 1 X 1

Negative

Scottish & Southern Seat Pagine Gialle

Underweight

Stable

Marketweight Marketweight

X 1 X 1 X

Stable

Overweight

Stable

Underweight

Stable

Marketweight

X 1 X 1 X

Stable

Marketweight

Negative

Marketweight

Stable

Overweight

1

SEB Securitas SES Global Severn Trent Water

Overweight 1

Shell

Overweight

Siemens

2

Smiths Group

1

X X

Stable

Marketweight

Stable

Underweight

X X X X X X

Stable

Marketweight

Stable

Marketweight

Negative

Marketweight

Stable

Overweight

Smurfit Kappa Group

Overweight

Societe Generale

1

Sodexho Alliance

1

Solvay

1

Standard Chartered

1

Standard Life

1

Stora Enso

1

Negative

Overweight

Stable

Underweight

Storebrand Suedzucker

Overweight 2

X

Positive

Suez

Swedbank

Overweight Marketweight

Svenska Svenska Cellulosa

Underweight

Positive

SCOR Scottish & Newcastle

Overweight

Underweight 1

X

Stable

Underweight Overweight

Rec

W W W W W W W W W S W W W W W W W W W W T W W W W W W W T W W W T W W W W W W W W W S W S W W W W W

7 5 3 6

Score

¨ ¨ ¨ ¨

Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

Score

1

3

-1.0

0.0 1.0

1

2.0

1

0.0

1

3

3 2

0.3

3

-0.8

1 4

¨ 2.0

1

5 6 2 2 4

¨ -2.0 ¨ 0.0 ¨ -1.0

1

¨ ¨ ¨ ¨ ¨ ¨

1.0

¨ ¨ ¨ ¨

2 4

1

0.0

3

4

1

4 2

1

2 4

4 2

1

4 2 4 3 5

1

0.2

2

-0.7

1

1

-1.0

1

1

0.5

2

-0.2

1 1

0.0

1

0.0

2

-1.0

1

4 1 2 1

2

1 2

1

2 1 2 1

0.3

1

-0.5

2

1

-0.7

3

1

-0.5

1.0

1

1

1

1

1

1

-0.5

1

2

1

0.0

1

1

1

¨ 0.0 ¨ -2.0 ¨ 0.0

2.0

1

1 1

1 1

1

0.0 0.0

2

¨ 0.0 ¨ 0.0 ¨ 0.0

1.0 1

1

2

1

1

1

0.0 0.3 1.0 2.0

1

¨ 0.0 ¨ 0.0

2

¨ ¨ ¨ ¨ ¨ ¨

0.0

1

2

0.0

1

4

0.0

2

0.0

1

1.5

0.0

3

1

1

-2.0

1

-0.3

1.5

2

-2.0

1

0.0

1

-2.0

3 1

0.0

2

1

2

1

0.7

3

-1.2 1.0

1

¨ 1.0

1

1

2

3

1

0.5

2

1

1

0.3

1

1

-1.0

1

2

-1.0

2 3

0.0 1

2 3

1

4 3

1.0

2 1

0.0

1.0

1

1

1

0.0

1 6

0.0 -0.3

2

2 3

-0.3

1 2

1 3

1 1

2 3

2 2

0.7 -2.0

2

2 1

-1.3

1

0.0

¨ -2.0 ¨ 2.0 ¨ 0.0

2 1

1

2 3

1 2

1

0.0

2.0

0.7

1 1

3 5

2.0 1

2

1 6

3

1

3 6

0.8

2 1

1

1

4

¨ 0.0

1 1

2

0.7

ª § © ª § § § § § © § § § © § § § © © § ª © © § § § § § ª § § § ª § § § § § ª § § § © § © ª © § ª §


Credit Recommendations Summary Alphabetical Listings

15 November 2010 Relative Credit

Rec

Fundamental

Swiss Life Swiss Re

1

Tate & Lyle

1

TDC

2

Telecom Italia

2

Telefonica

2

Telekom Austria

2

Telenor

2

TeliaSonera

2

Telstra

1

Tesco

3

X X S X X X X X X X

Negative

Overweight

Stable

Marketweight

Positive

Overweight

Positive

Overweight

Stable

Marketweight

Negative

Underweight

Negative

Underweight

Stable

Marketweight

Negative

Marketweight

Positive

Overweight

Thales Thames Water

Marketweight 1

X

Negative

Thomson ThyssenKrupp

Value Underweight

Underweight Marketweight

1

X

Positive

TNT

Marketweight Underweight

Tomkins

1

Total Capital

1

TPSA

1

TUI

2

TVN

1

X X X X X

Stable

Marketweight

Stable

Marketweight

Stable

Marketweight

Stable

Marketweight

Stable

Overweight

UBS

Overweight

Unicredito Italiano

1

Unilever

2

Union Fenosa

1

UPM-Kymmene

1

UU Water

1

Valeo

1

Vattenfall

2

Veolia Environnement

2

X X X X X X X X

Negative

Underweight

Stable

Marketweight

Stable

Overweight

Stable

Underweight

Stable

Underweight

Positive

Overweight

Negative

Marketweight

Stable

Marketweight

Verbund

Underweight

Vinci

Overweight

Virgin Media (NTL) Vivendi Universal Vodafone Volkswagen Volvo

X X 2 X 3 X 4 X 1

Positive

Underweight

2

Positive

Marketweight

Negative

Marketweight

Stable

Marketweight

Positive

Marketweight

WestLB

Marketweight

Wind

2

Wind Hellas

1

Wolters Kluwer

1

World Direct' (Truvo)

1

WPP

3

X X X X X

Stable

Underweight

Negative

Underweight

Stable

Underweight

Negative

Underweight

Stable

Marketweight

Yorkshire Water Zurich Fin Svs

Overweight 1

X

Stable

Overweight

Rec

W W W S W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W T W W W W W W W W S W

Score

Fundamental

Relative Value

Recomendations Pos Sta Neg

Recomendations Over Mrkt Undr

1 4 3 5 6 7 6 6 8 1 7

1

¨ ¨ ª ¨ ¨ ¨ ¨ ¨ ¨ ¨

-2.0

1

0.0

1

2

2

1

1

2

3

2

2

3

1

0.5

2

4

1

0.4

0.0

2

-1.0

1

1

-1.0

1

1

0.0

2

-2.0 0.7

2

4

-1.2

1

1

4

-0.8

2

3

3

-0.3

1 1

2

2 2 3 1

2

1

4 1 5 4 4 7 6

¨ 2.0

1

2

2

8 5 6

2 5 1 7

0.0

1

2

0.0

0.0

1

2

0.0

0.0

2

1

0.0

1

1

-2.0

1

1

1

0.7

2

1

2

-0.7 0.0

2

0.0

1

0.0

1

1

4

-1.6

0.0

1

2

2

-1.0

2.0

4

1

-1.0

1

0.0

2

2.0

1

1

2

1

1

0.5

2

4

1

0.3

1

4

1

0.0

1

-2.0

2.0

1

1.0

1

-1.0 0.0

1

2

0.0

1

2

-0.8

1

-0.4

3

2

2

0.4

2

2

1

0.4

1

2

1

3

-0.3

1

1

1

2

-0.5

1

1

-1.0

3

0.8

1 4

1 1 1 1

1.0

1

0.0

1

¨ ¨ ¨ ¨ ¨

0.0 2.0

0.0

-2.0 0.0

1 1

-2.0 -0.3

2 1

2

1 4

0.4 -2.0 0.0

1

¨ ¨ ¨ ¨ ¨

1 1

2

1 4

0.0

1

2 5

-2.0

0.0

1

¨ ¨ ¨ ¨ ¨ ¨ ¨ ¨

1.0 0.0

1

1 4

1

1

3 3

0.0

1 4

1

¨ -2.0

¨ ¨ ¨ ¨ ¨

0.0 0.8

2

1 2

0.8 1

2.0

1 5

-2.0

2.0

1 1

Score

1

4

1

1

2

-1.2 -2.0

2

0.4 1.0

1

¨ 0.0

3 1

2

0.8

§ © § © ª © ª ª § § ª § § § © § § § § § § § § § § § § § § § § § © § ª § § § § § § § © © ©

This document is intended to provide a simplified view of the Credit Recommendations to highlight potential investment opportunities. The information is from numerous sources we believe to be reliable, reliable however, however the persons providing the advice are not bound to update their recommendations and those recommendations are subject to change. This document is intended to be read by persons who are investment professionals who understand the limitations of such work. We would strongly recommend that persons conduct their own research prior to making investment decisions based on this report.

http://www.bridport.ch/investorservices/research/Pdf/R-Alphabetical%20Credit%20Recommendation  

http://www.bridport.ch/investorservices/research/Pdf/R-Alphabetical%20Credit%20Recommendation.pdf

Read more
Read more
Similar to
Popular now
Just for you