Login to Market Intelligence Platform

S&P Global Market Intelligence provides data, news, research and analysis ("Information") on global public and private companies. 

The following guidelines set forth the rules for the use for all S&P Global Market Intelligence Information in all media:

All Information provided by S&P Global Market Intelligence, in any form, is proprietary to S&P Global Market Intelligence and is protected by U.S. and international laws governing intellectual property.

Commercial use of the Information is prohibited without our express written permission.

All citations must be limited in scope. Reproduction of substantial portions of Information contained in this report is prohibited. 

The FTSE/ATHEX-20 Index is produced by FTSE International Limited in conjunction with the Athens Stock Exchange. The FTSE/ATHEX-20 Index is calculated in accordance with a standard set of ground rules established by FTSE International Limited.

© FTSE International Limited 2017

© Athens Stock Exchange 2017

© The Financial Times Limited 2017

© The London Stock Exchange Limited 2017

All rights reserved.

Copyright © 2017 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

Reproduction of Leveraged Commentary & Data content (including, without limitation, credit-related analyses, data and ratings) (“Content”) in any form is prohibited except with the prior written permission of S&P Global Market Intelligence. 

Leveraged Commentary & Data (“LCD”) is a part of S&P Global Market Intelligence, a division of S&P Global Inc. (“S&P Global”).  S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities.  As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.  LCD is within a division that is separate from S&P Global Ratings and does not have access to non-public information originating from S&P Global Ratings.  Any references to expected or anticipated ratings in the Content are from third party sources and are not statements from S&P Global Ratings or any other rating agency.   While S&P Global Market Intelligence has obtained information from sources it believes to be reliable, S&P Global Market Intelligence does not review information provided by a third-party for accuracy or completeness.

S&P Global and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions (, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.  In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

A reference to a particular investment or security, a credit rating or any observation concerning an investment or security provided in the Content is not a recommendation to buy, sell, or hold such investment or security or make any other investment decisions and does not address the suitability of any investment or security.  The Content should not be relied on as a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients in making investment and other business decisions.  S&P Global Market Intelligence does not act nor shall be deemed to be acting as a fiduciary in providing the Content.

Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.  In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

S&P Global Market Intelligence’s opinions, quotes  and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact  or  recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence may provide index data. Direct investment in an index is not possible. Exposure to an asset class represented by an index is available through investable instruments based on that index. S&P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such.  S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. S&P Global Market Intelligence, its affiliates, and third party providers (together, “S&P Global”) do not guarantee the accuracy, completeness or timeliness of any content provided, including model, software or application, and are not responsible for errors or omissions, or for results obtained in connection with use of content.  S&P Global disclaims all express or implied warranties, including (but not limited to) any warranties of merchantability or fitness for a particular purpose or use. 

S&P Global Market Intelligence’s opinions, quotes and credit-related and other analyses  are statements of opinion as of the date they are expressed and not statements of fact or  recommendation to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. 

S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions.

S&P Global provides a wide range of services to, or relating to, many organizations.  It may receive fees or other economic benefits from organizations whose securities or services it may recommend, analyze, rate, include in model portfolios, evaluate, price or otherwise address. 

Copyright © 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.

These materials have been prepared solely for information purposes based upon information generally available to the public and from sources believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON “AS IS” BASIS. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.  In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

S&P Global Market Intelligence’s opinions, quotes  and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact  or  recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such.  S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P Global Ratings does not contribute to or participate in the creation of credit scores generated by S&P Global Market Intelligence. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence PD credit model scores from the credit ratings issued by S&P Global Ratings.

S&P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) and S&P Global Research Europe Limited (“SPGRE”) (collectively, “S&P Investment Advisory Services” or “S&P IAS”), each a part of S&P Global Market Intelligence. S&P IAS provides non-discretionary advisory services to institutional clients and does not provide advice to underlying clients of the firms to which it provides advisory services. In the United States, advisory services are offered by SPIAS. SPIAS does not act as a "fiduciary" or as an "investment manager", as defined under Employee Retirement Income Security Act (ERISA), to any investor. SPGRE, which is authorized and regulated by the Financial Conduct Authority, under license number 539851 and trades as S&P Global Market Intelligence or S&P Global, includes within its territorial scope under the Markets in Financial Instruments Directive (MiFID) in relation to the provision of advisory services, the following European Union member states and the three (3) European Economic Area European Free Trade Association (EFTA) States (Iceland, Liechtenstein and Norway):  Austria; Belgium; Bulgaria; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Gibraltar; Greece; Hungary; Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta; Netherlands; Norway; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden and the United Kingdom. In the United Kingdom to the extent the material is a financial promotion it is issued and approved by SPGRE. SPIAS and SPGRE, each a wholly owned subsidiary of S&P Global Inc., operate under the S&P Global Market Intelligence brand.

With respect to the models recommended by S&P IAS, investors should realize that such investment recommendations are provided only as a general guideline.  There is no agreement or understanding whatsoever that S&P IAS will provide individualized advice to any investor. S&P IAS is not responsible for client suitability.  S&P IAS does not take into account any information about any investor or any investor’s assets when creating, providing or maintaining any model. S&P IAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments.  Individual investors should ultimately rely on their own judgment and/or the judgment of a financial advisor in making their investment decisions.

S&P IAS or its affiliates (collectively, S&P Global) and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION.  In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P Global’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P Global assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions.

While S&P IAS has obtained information from sources it believes to be reliable, S&P IAS does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P Global may have information that is not available to other S&P Global divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P Global Ratings Services does not contribute to or participate in the provision of investment advice and or MAPs. S&P Global Ratings may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at:

www.standardandpoors.com/usratingsfees.

S&P Dow Jones Indices and its affiliates do not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that seeks to provide an investment return based on the returns of any proprietary index of S&P Dow Jones Indices.

Exposure to the cash asset class is represented by allocations to money market mutual funds. For certain asset classes, S&P IAS may substitute a mutual fund if an ETF does not yet exist that may provide the desired exposure or if S&P IAS does not believe available ETFs meet selection criteria.

Based on a universe of funds provided to S&P IAS, S&P IAS may include in a model portfolio or substitution list, if applicable, otherwise present as an investment option and/or recommend for investment certain funds to which S&P Global licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary S&P index, such as the S&P 500.  S&P IAS includes these funds in models, otherwise presents them as an investment option and/or recommends them for investment based on asset allocation, sector representation, liquidity and other factors; however, S&P IAS has a potential conflict of interest with respect to the inclusion of these funds.  In cases where S&P Global is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in S&P Global  receiving compensation in addition to the subscription fees or other compensation for services rendered by S&P IAS.  In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P Global Market Intelligence and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address. S&P IAS may consider research and other information from affiliates in making its investment recommendations. 

An investment based upon the model should only be made after consulting with a financial advisor and with an understanding of the risks associated with any investment in securities, including, but not limited to, market risk, currency risk, interest rate risk, political and credit risks, the risk of economic recession and the risk that issuers of securities or general stock market conditions may worsen, over time.  Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. As with any investment, investment returns and principal value will fluctuate, so that when redeemed, an investor’s shares may be worth more or less than their original cost. S&P Global is not a tax advisor. A tax advisor should be consulted to evaluate the impact of tax-exempt securities on portfolios and the tax consequences of making any particular investment decision.

Risks disclaimers:

Investors should be aware that there are risks in investing in securities and investing in these securities involves risk of loss of an investor’s principal investment and other losses that clients should be prepared to bear. Additionally, Models that allocate to the following assets classes are subject, but not limited, to additional risks:

Emerging markets and international developing equity investing involves greater risks such as economic and political systems that are less developed, and likely to be less stable, than those of more advanced countries and markets that are characterized by lack of liquidity and price volatility.

• Small Cap and Mid Cap companies entail greater risk than investing in larger, more established ones.

• Large cap companies investment may underperform investment that are primarily focus on stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor.

• Real estate investment trusts may be affected by changes in the value of the underlying property, the quality of credit extended, defaults by borrowers and heavy cash flow dependency.

• High yield bonds are lower-rated fixed income securities that may involve greater risk than investments in higher-rated (“investment grade”) securities.

• Commodities are affected by underlying commodity prices which may exhibit high volatility.

• Mortgage-backed securities have heightened sensitivity to interest rate risk, are subject to prepayment risk and the resulting uncertainty of the timing of cash flow and are subject to the market’s perception of the creditworthiness of the issuer.
• Inflation-protected securities are subject to several general risks, including interest rate risk, credit risk, and market risk. Interest payments on inflation-protected securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary fixed-income securities.

• The price of fixed-income securities will fluctuate with changes in interest rates and in response to changes in the financial condition of the issuer.  The value of fixed-income securities generally rises when interest rates fall, and fall when interest rates rise.  Prices of longer-term securities generally increase or decrease more sharply than those of shorter-term securities in response to interest rate changes.  An investor could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Credit ratings may reflect the varying degrees of risk. Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest.

• Although funds may generally use derivative instruments such as futures contracts and swaps for hedging and risk management, funds in the alternative asset class may use them to a greater extent, which may result in magnified risks. These instruments are subject to certain risks such as unanticipated changes in securities prices and global currency markets and sudden changes in the liquidity of the market for the derivative instrument. The use of derivatives may also create leveraging risk which may cause greater volatility.

• Index investing risk – The indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Market fluctuations can cause the performance of an index to be significantly influenced by a handful of companies. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, performance may sometimes be lower than funds that actively invest in stocks that comprise the index. As a result of index sampling the securities selected will not provide investment performance matching that of the index.

• Managed portfolio risk – As an actively managed portfolio, the value of a fund’s investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, or the manager’s investment techniques could fail to achieve the fund’s investment objective.

• Fixed income risks –Investing in fixed income securities and related derivatives involves risks such as interest rate risk, credit risk and the possibility that an issuer will default on the payment of interest and principal.  An investor could lose money if the issuer or guarantor of a fixed income security or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations.  Credit ratings may reflect the varying degrees of risk. 

Model portfolios may be subject, but not limited, to these additional risks:

• Model portfolio returns are also affected by the ability of the underlying fund managers to achieve their investment objectives.

• Equity model portfolios and models that may include them tend to be more volatile, have higher betas and sector concentration or exclude entire sectors. In addition, models that use S&P Global’s fair value methodology are sensitive to earnings estimates and their realizations.

• Currency Risk – The value of a fund’s foreign investments will be affected by changes in currency exchange rates.  The U.S. dollar value of a foreign security decreases when the value of the U.S. dollar rises against the foreign currency in which the security is denominated and increases when the value of the U.S. dollar falls against such currency.

• Event risk – There may be risk due to unforeseen events associated with a company.

• Market risk – Securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic conditions, or particular industries represented in the securities markets, such as competitive conditions.  In addition, the markets may not favor a particular kind of security, such as dividend-paying securities, and may not favor equities or bonds at all.

• Stock market risk – Stock market risk refers to the fact that stock prices typically fluctuate more than the values of other types of securities, typically in response to changes in the particular company’s financial condition and factors affecting the market in general.  Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline.  Consequently, a broad-based market drop may also cause a stock’s price to fall.  Bond market risk generally refers to credit risk and interest rate risk.

• Fixed income model portfolios’ selection of fixed income securities are subject to shifts in interest rates and credit risks and the risk that an issuer may default on payments of interest and principal. 

Performance Disclosures for Model Allocation Portfolios

Performance Disclosures for Equity Models

General Country Disclaimer:

Information and advice provided with S&P IAS investment advisory services is not directed to, or intended for the use of any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where the provision of such service would be contrary to law or regulation or which would subject S&P IAS and/or S&P Global to any registration or licensing requirements in such jurisdiction.

Information and advice provided with S&P IAS investment advisory services is not directed to, or intended for the use of any person or entity who is not in a class qualified to receive investment advice (e.g., a qualified person and/or investor), as defined by the local laws or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is legally registered or domiciled.

For residents of the European Economic Area (EEA): MHFRE, which is authorized and regulated by the Financial Conduct Authority, provides investment advisory services in the EEA countries listed here:  Austria; Belgium; Bulgaria; Cyprus; Czech Republic; Denmark; Estonia; Finland; France; Germany; Gibraltar; Greece; Hungary; Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta; Netherlands; Norway; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden and United Kingdom (see further disclosure below).

For residents of Korea – S&P IAS does not act as a “collective investment manager” or “discretionary investment manager” as defined under the Financial Investment Services and Capital Markets Act of Korea (“FSCMA”). This material is distributed to you as a “qualified professional investor” as defined under the FSCMA.

For residents of Malaysia - This service is being provided in Malaysia by Standard & Poor’s Malaysia Sdn Bhd, which is regulated by the Securities Commission of Malaysia.

For residents of the United Arab Emirates (UAE) – S&P IAS and its affiliates neither undertake banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank Board of Directors’ Resolution No. 164/8/94 regarding the regulations for investment companies nor provides financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis. If you do not understand any of the contents of the service, you should contact a financial advisor. 

For residents of the United Kingdom: This service is being provided in the United Kingdom by MHFRE, which is authorized and regulated by the Financial Conduct Authority for the conduct of investment business in the UK. investment advisory services are only directed at and should only be relied on by investors outside of the UK or investors who are inside the UK and who are professional clients in matters relating to investments or who are high net worth investors, as defined by the FCA and in Article 19(5) or Article 49(2) (a) to (d) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, respectively. MHFRE may not provide investment advisory services to retail clients, as defined by the FCA.

© 2018 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved. STANDARD & POOR’S, S&P, S&P 500, CAPITAL IQ, S&P CAPITAL IQ are registered trademarks of S&P Global Market Intelligence Inc. or its affiliates.