Methodology Used For Calculating Hits and Misses

The "Hits and Misses" aims to measure the extent to which S&P and Moody's converge toward our rating. For example, if we rate an issuer "BB" and another rater moves from "BBB" to "BBB-", such an action would be considered a "hit". If the rater withdraws a rating, then such action would be neither a "hit" nor "miss". Additionally, if we rate an issuer at a different level than the other raters and warn that they might take a divergent action and subsequently take a divergent action, then such is not counted as a "miss". If a rater takes an action during the course of a year whereby they (1) move away from us and then towards us or (2) towards us and then away from us, then such actions cancel each other out and therefore are not considered a "hit" or a "miss".

Year 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Hits 330 360 282 392 487 370 372 365 355 351 425 441
Misses 25 23 11 26 26 18 17 16 14 13 16 15
  93% 94% 96% 94% 95% 95% 97% 96% 96% 96% 96% 97%