Credit Agency Ratings | Investor Relations

Ratings Details

	S&P	Moody's	Fitch Ratings

Long-term Issuer	BBB+ (OS) 5/30/2017	Baa2 (OS) 7/16/2019	-

Long-term Issuer

BBB+ (OS)
5/30/2017

Baa2 (OS)
7/16/2019

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Long-Term Ratings Scale

Moody's

Highest Quality

(P)Aaa Aaa
High Quality

Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
Upper-Medium Quality

(P)A1 A1 A2 (P)A2 (P)A3 A3
Medium-Grade Quality

Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
Substantial Risk

(P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
High Risk

B1 (P)B1 (P)B2 B2 B3 (P)B3
Very High Risk

(P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
Highly Speculative

(P)Ca Ca
Default

C (P)C

S&P

Extremely Strong

AAA AAApi AAAt
Very Strong

AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
Strong

A+ A+pi A+t Api At A A- A-pi A-t
Adequate

BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
Less Vulnerable

BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
More Vulnerable

B+ B+pi B+t B Bpi Bt B- B-pi B-t
Currently Vulnerable

CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
Highly Vulnerable

CCpi CCt CC C+ C+pi C+t C Cpi Ct
Selective Default

SD SDpi SDt
Default

D+ D+pi D+t Dpi Dt D
Regulatory Supervision

R Rpi Rt

Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

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