Rationale

Emerging Credit Rating Limited (ECRL) has affirmed AA- (Pronounced as ‘Double A Minus’) long term credit rating along with

Emerging Credit Rating Limited (ECRL) has downgraded the long-term credit rating to BB+ (Pronounced as ‘double B Plus’) and

Emerging Credit Rating Limited (ECRL) has downgraded the long-term credit rating to A+ (Pronounced as ‘A plus’) and the

Emerging Credit Rating Limited (ECRL) has assigned BBB+ (Pronounced as “Triple B Plus”) long term credit rating and ST-3

ECRL has downgraded the existing rating to AA-B (Pronounced as “Double A Minus Bond”) for Mercantile Bank 3rd Subordinated

ECRL has downgraded long term credit rating to BBB+ (Pronounced as “Triple B Plus”) and short term credit rating

Emerging Credit Rating Limited (ECRL) has affirmed AA (Pronounced as “Double A”) long term credit rating and ST-2 short

Emerging Credit Rating Limited (ECRL) has affirmed A+ (Pronounced as “Single A Plus’”) long term credit rating and ST-2

Emerging Credit Rating Limited (ECRL) has affirmed AA-B* (Pronounced as Double A Minus Bond) long term credit rating to

Emerging Credit Rating Limited (ECRL) has affirmed AA+ (Pronounced as “Double A Plus”) long term credit rating and ST-2