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COBI Index composite ratings are updated once a month as part of the rebalancing process for index constituent change. But for the index daily characters, the composite rating will be updated soonest if possible. COBI index composite ratings are the simple averages of ratings from three agencies: Moody’s/S&P/Fitch. The composite rating is calculated by assigning a numeric equivalent to the ratings in each agency’s scale. The average of the numeric equivalents for each agency that rates a bond is rounded to the nearest integer and then converted back to an equivalent composite rating using the scale in the following chart. If only two of the designated agencies rate a bond, the composite rating is based on an average of the two. Likewise, if only one of the designated agencies rates a bond, the composite rating is based on that one rating.