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Credit Rating Methodology

Three different statistical models were used to assess differences in scores between minority and low-income individuals, as opposed to residents of high minority or low- income areas (not all of whom, of course, are minorities or poor). Based on the most credible of the three models, African-American and Hispanic insureds had scores in the worst credit score group at a rate of about 30 percentage points higher than did other individuals (for example, where 30 percent of one group may have poor scores, compared to 60 percent of another group). A gap of 30 percentage. | MnRNINGSir Credit Rating Methodology November 2009 MnRNINGGfF 1 Contents Contributors.3 Overview of Methodology.5 Business Risk Evaluation.5 Assessing Financial Risk.6 Modeling Cash Flows.7 The Morningstar Credit Rating.8 Components of our Credit Ratings.9 The Cash Flow Cushion .9 Debt Refinancing Assessment within the Cash Flow Cushion .12 Business Risk Factors.12 Country Risk.12 Company Risk.13 Morningstar Solvency ScoreTM.16 Distance to Default.18 Structural Models.18 Assigning Long-Term Issuer Credit Ratings.22 Mapping Scores to Preliminary Credit Ratings.22 Procedures for Assigning Final Issuer Credit Ratings.24 Rating Assignment for Debt Issuers with Estimated Time to Default.24 Appendices.26 Appendix A Morningstar Solvency Score Model Development.26 Appendix B Backtesting.27 Appendix C Regulatory Score for Utilities.33 Morningstar s Standard Adjustments to Key Credit-Relevant Ratios for Non-Financial Corporations.34 Introduction.34 Definition of Credit Ratios.35 Balance Sheet Strength.35 Profitability.36 Cash Generation.36 Liquidity and Coverage.37 MORNINGSTAR 2 Contributors Joel Bloomer Associate Director - Consumer Heather Brilliant CFA Director - Securities Research Vahid Fathi Director - Quantitative Equity Research Adam Fleck Senior Analyst - Industrials Brett Horn Associate Director - Business Services Haywood Kelly CFA Vice President Securities Research Travis Miller Senior Analyst - Energy Warren Miller Senior Quantitative Analyst Brian Nelson CFA Director of Methodology and Training Catherine Odelbo President Securities Research Josh Peters CFA Strategist Dan Rohr CFA Senior Analyst Matthew Warren Associate Director - Banks MnRNINGGfF