EADS Global Website - Credit Ratings

Ratings

To assist debt and fixed income investors to better evaluate the risk of any given investment, the capital market uses the publicly available independent assessments of rating agencies. Through regular discussions with the senior management of companies, rating agencies gain an insight into the strategy and planning of the companies that they rate. Using this information as a base, supplemented by quantitative analysis, rating agencies evaluate the creditworthiness of the issuer companies through a system of rating classifications. Companies which want to raise money in the capital markets in the form of bonds, commercial paper and other debt instruments normally need a minimum of one or, better, two ratings.

The leading international rating agencies are Standard & Poor's, Moody's Investors Service and Fitch Ratings.

Current Ratings

Rating Agency / Analyst	Short Term	Long Term	Outlook	Last Update
Standard & Poor's Werner Stäblein	A-2	A-	positive	20 September 2011
Moody's Investors Service Russell Solomon	Not rated	A1	stable	9 March 2007
Fitch Ratings (unsolicited) Tom Chruszcz	F2	BBB+	stable	8 February 2008

The higher the rating classification is, the smaller is the potential risk that a company cannot meet its debt obligations (interest and principal). The debt investor charges a higher rate of interest for financing a higher risk. Thus a company with a strong rating can raise capital more advantageously than a company which has a less favourable rating. Additionally, the outlook given by a rating agency provides a supplementary reference point for the investor in assessing the probable development of the rating.

Rating History

Standard & Poor's Rating History

Short Term	Long Term	Outlook	Rating Action
A-2	A -	stable	22 September 2010
A-2	BBB+	stable	10 May 2007
A-2	A -	Negative watch	11 October 2006
A-1	A	Negative watch	3 October 2006
A-1	A	negative	14 June 2006
A-1	A	stable	30 April 2004
A-1	A	negative	3 September 2003
A-1	A	Negative watch	18 March 2003
A-1	A	stable	8 January 2001

Moody's Rating History

Short Term	Long Term	Outlook	Rating Action
NR	A1	stable	9 March 2007
NR	A1	negative watch	22 September 2006
NR	A1	stable	23 June 2005
NR	A3	stable	15 March 2002
NR	A2	negative watch	27 September 2001
NR	A2	stable	8 March 2001

Fitch Rating History

Short Term	Long Term	Outlook	Rating Action
F2	BBB+	stable	8 February 2008
F2	A-	negative	12 March 2007
F2	A-	negative watch	10 October 2006
F1	A	negative watch	4 October 2006
F1	A	negative	14 June 2006
F1	A	stable	9 July 2004