Benchmark ratings are defined and assigned by probability of default over ten years. Ratings are
valid for one to five years depending on default probability (rating grade).
Issuer sponsored ratings do not quantify credit risk, nor do they forecast validity for any
period of time.
"Those are problems for non-institionanal investors generally but are most pronounced in the
municipal market." Carl Dincesen, President, Benchmark Bond Ratings, Inc.Rating Scale
Benchmark Bond Ratings, Inc ®. Copyright, Garden City, NY Tel 516 280 3577 Fax 516 741 5005