Rating Scales

eWatch Africa Investment Analytica Plc. has a set of scales designed to determine the credit rating of an entity, using an alphanumeric system with different levels from AAA (Investment Grade – Top Solvency Level-) to more degraded levels D (Very High Risk of Payment Failure or the entity is in default, has payment delays, has been declared insolvent or is currently undergoing insolvency proceedings) our rating scale is by construction a regional rating scale. This means that Ewtach, by default, rates all categories of debt (including bonds) of CEMAC issuers denominated in the regional currency, i.e. the CFA Franc. Ewatch allows itself to rate debt denominated in foreign currencies (especially Eurobonds), but in this case, assigned ratings make explicit reference to its global/international rating scale, using the prefix « i » as specified in the table that follows.