14 Penn Plaza, 225 West 34th Street Phone: (212) 244-6575
        New York, NY 10122 Fax: (212) 695-1618
Ratings
Breakdown of ratings for the year 2005 and prior:
2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
SATISFACTORY 10.24% 11.08% 10.69% 10.64% 12.77% 14.81% 15.63% 16.11% 15.65% 15.61% 17.43%
FAIR 32.00% 29.52% 29.26% 29.28% 30.54% 31.70% 31.98% 30.77% 30.70% 31.33% 31.29%
BARELY FAIR 33.64% 34.71% 33.63% 30.14% 29.96% 29.57% 28.94% 28.49% 27.53% 27.98% 26.68%
POOR 11.69% 11.38% 11.79% 12.64% 11.71% 10.54% 10.90% 11.42% 12.04% 11.24% 11.16%
UNSATISFACTORY 12.34% 13.23% 14.53% 17.23% 14.95% 13.30% 12.49% 13.15% 13.97% 13.66% 13.32%
DANGEROUS 0.06% 0.08% 0.07% 0.07% 0.07% 0.08% 0.06% 0.06% 0.08% 0.15% 0.09%
Reference to CAB ratings: SATISFACTORY Excellent financial condition
FAIR  Adequate financial condition
BARELY FAIR Limited financial condition
POOR Weak financial condition
UNSATISFACTORY Inadequate financial condition
DANGEROUS Distressed financial condition