AR

Positive

Negative

Day

Affirmed

Up 1 Notches

Up 2 Notches

Up 3+ Notches

Affirmed

Down 1 Notches

Down 2 Notches

Down 3+ Notches

−7

0.66%

0.14%

−0.17%

−0.76%

−0.07%

−0.25%

*

−0.88%

**

−0.21%

−6

−0.32%

−0.12%

−0.55%

0.77%

−0.29%

**

−0.12%

−1.53%

***

0.39%

−5

−0.06%

0.09%

0.90%

*

0.16%

−0.13%

−0.86%

***

−1.61%

***

−1.18%

*

−4

0.02%

0.01%

2.42%

***

0.35%

−0.02%

−0.46%

***

−0.03%

−0.23%

−3

0.55%

0.34%

*

3.91%

***

0.31%

0.14%

−0.29%

**

−0.34%

−1.13%

−2

−0.24%

0.00%

−0.42%

1.75%

***

−0.54%

***

−0.17%

**

−1.13%

***

−4.17%

***

−1

0.19%

−0.68%

*

1.41%

***

0.49%

−0.87%

***

−1.74%

***

−1.05%

***

−3.20%

***

0

4.84%

***

0.07%

**

4.24%

***

8.94%

***

−0.65%

**

−3.74%

***

−2.89%

***

−8.63%

***

1

0.48%

0.17%

−0.11%

0.00%

−0.78%

***

−0.80%

***

−1.43%

***

−3.95%

***

2

−0.14%

−0.18%

1.34%

**

0.04%

−0.29%

−0.45%

***

−0.30%

0.95%

3

−0.77%

0.22%

0.23%

−0.30%

0.07%

0.03%

0.53%

*

1.51%

**

CAR

Positive

Negative

Day

Affirmed

Up 1 Notches

Up 2 Notches

Up 3+ Notches

Affirmed

Down 1 Notches

Down 2 Notches

Down 3+ Notches

(−60, −1)

7.53%

*

−0.48%

11.02%

***

6.36%

*

−1.83%

***

−7.68%

***

−12.66%

***

−23.69%

***

(−30, −1)

5.53%

−1.94%

9.84%

***

3.01%

−2.08%

***

−7.09%

***

−10.70%

***

−18.20%

***

(−7, −1)

0.80%

−0.23%

7.51%

***

3.07%

**

−1.78%

***

−3.88%

***

−6.58%

***

−9.72%

***

(0, 0)

4.84%

***

0.07%

**

4.24%

***

8.94%

***

−0.65%

**

−3.74%

***

−2.89%

***

−8.63%

***

(+1, +3)

−0.44%

0.21%

1.46%

−0.26%

−0.99%

***

−1.22%

***

−1.19%

**

−1.50%

***

N

20

55

11

14

193

199

68

38