Annual report: Period Ended 31 December 2012 - Invesco Perpetual

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18 City Merchants High Yield Trust Limited Glossary of Terms continued Credit ratings The definitions for the credit ratings shown in the financial statements are as follows: Moody’s Ratings Investment Grade Aaa: judged to be of the highest quality, with minimal credit risk. Aa1, Aa2, Aa3: judged to be of high quality and are subject to very low credit risk. A1, A2, A3: considered upper-medium grade and are subject to low credit risk. Baa1, Baa2, Baa3: subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. Speculative Grade (non-investment grade) Ba1, Ba2, Ba3: judged to have speculative elements and are subject to substantial credit risk. B1, B2, B3: considered speculative and are subject to high credit risk. Caa1, Caa2, Caa3: judged to be of poor standing and are subject to very high credit risk. Ca: highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C: lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. WR: withdrawn rating. P: provisional. Standard & Poor’s Ratings Investment Grade AAA: the best quality borrowers, reliable and stable (many of them governments). AA: quality borrowers, a bit higher risk than AAA. A: economic situation can affect finance. BBB: medium class borrowers, which are satisfactory at the moment. Non-investment Grade BB: more prone to changes in the economy. B: financial situation varies noticeably. CCC: currently vulnerable and dependent on favourable economic conditions to meet commitments. CC: highly vulnerable, very speculative. C: highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations. CI: past due on interest. R: under regulatory supervision due to the company’s financial situation. SD: has selectively defaulted on some obligations. D: has defaulted on obligations and S&P believes that the company will generally default on most or all obligations. NR: not rated.
City Merchants High Yield Trust Limited 19 Financial Statements 20 Report of the Directors 36 Statement of Directors’ Responsibilities 38 Independent Auditor’s Report 39 Statement of Comprehensive Income 39 Statement of Changes in Equity 40 Balance Sheet 41 Statement of Cashflows 42 Notes to the Financial Statements
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Annual report: Period Ended 31 December 2012 - Invesco Perpetual

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