The ratings of Standard & Poor's, Fitch und
Moody's are used to determine which bonds should
be included in the Swiss Bond Index (SBI). The SIX Swiss Exchange proceeds as follows:
Because the three agencies do not provide complete coverage, the SIX Swiss Exchange uses additional ratings of Swiss
borrowers that are supplied by Credit Suisse, UBS, Bank Vontobel
and Zürcher Kantonalbank.
The SBI® Domestic includes securities with Moody's, Fitch or Standard & Poor's (S&P) ratings
of Aaa/AAA to Baa3/BBB-. If a given bond is rated by more than one rating agency, the lowest rating
determines whether it is included in the SBI® Domestic and its subindices.
If neither Moody's, Fitch nor Standard & Poor's (S&P) provide a rating, the ratings of the four Swiss
banks mentioned above are used. In order to be included in the SBI Domestic, a security must be rated by at least
two of the four banks. The lowest of these bank ratings determines whether a security is included in
the SBI® Domestic and its subindices.
Hence the ratings of the four Swiss banks are used only if no rating is provided by the three
international agencies.
The SBI® Foreign includes securities with Moody's, Fitch or Standard & Poor's (S&P) ratings
of Aaa/AAA to Baa3/BBB-. If a given bond is rated by more than one rating agency, the lowest rating
determines whether it is included in the SBI® Foreign and its subindices.
For each bond, the SIX Swiss Exchange determines a so-called "composite rating" on the basis
of the ratings it uses. This rating alone determines whether a bond is included in the SBI® or
attributed to the subindices. The composite rating scale is drawn up on the basis of AAA, AA, A and BBB
bonds exclusively.
 | | |
Spectrum of ratings
|
Corresponding SBI® composite rating
| |
high
|
low
|
| | Aaa/AAA | Aaa/AAA | AAA | | Aa1/AA+ | Aa3/AA- | AA | | A1/A+ | A3/A- | A | | Baa1/BBB+ | Baa3/BBB- | BBB |
Examples of composite ratings:
| | | |
Bonds
|
Sources of ratings
|
SBI® Composite-Rating
| | | Moody's | S&P | Fitch | ZKB | UBS | CS | Vontobel | | |
Bonds W
| Aa3* | AA+ | AA+ | | A+ | | A+ | AA | |
Bonds X
| Aaa | AA* | | | | | | AA | |
Bonds Y
| | | | AA | A+ | A-* | | A | |
Bonds Z
| A3* | | | BBB+ | A- | BBB | | A |
* These ratings are taken into account
| 
