S&P
Moody's
Fitch
Senior Unsecured
BBB (OS) 08/13/2021
Baa2 (OS) 05/06/2022
BBB- (OP) 06/28/2022
Baa3 (OS) 3/17/2021
BBB- (OS) 5/22/2020
BBB-12/19/2016
Baa3 (ON) 3/18/2020
BBB 10/17/2011
Baa3 (OS) 9/20/2017
BBB 4/28/2011
Baa2 (WN) 7/13/2017
BBB-6/6/2008
Baa2 (ON) 12/19/2016
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
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.
Highest Credit Quality
AAA AAA(EXP) AAApre
Very High Credit Quality
AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
High Credit Quality
A+ A+(EXP) A A(EXP) A- A-(EXP)
Good Credit Quality
BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
Speculative
BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
Highly Speculative
B+ B+(EXP) B B(EXP) B- B-(EXP)
High Default Risk
CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
Default
DDD DD D
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
(P)Ca Ca
C (P)C
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
D+ D+pi D+t Dpi Dt D
Regulatory Supervision
R Rpi Rt
Exceptionally High Quality
F1+ F1+(EXP)
F1 F1(EXP)
Good Quality
F2 F2(EXP)
Fair Quality
F3 F3(EXP)
B B(EXP)
C C(EXP)
D D(EXP)
Superior
(P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
Acceptable
(P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
Not Prime
NP (P)NP
A-1+
A-1
Satisfactory
A-2
A-3
B B-1 B-2 B-3
C
SD
D
R
Exceptionally Strong
AAA AAAq
AA+ AA+q AAq AA AA- AA-q
A+ A+q Aq A A- A-q
Good
BBB+ BBB+q BBBq BBB BBB- BBB-q
Moderately Weak
BB+ BB+q BB BBq BB- BB-q
Weak
B+ B+q B Bq B- B-q
Very Weak
CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
Distressed
DDD DDDq DDq DD Dq D
Exceptional Security
Aaa
Excellent Security
Aa1 Aa2 Aa3
Good Security
A1 A2 A3
Adequate Security
Baa1 Baa2 Baa3
Questionable Security
Ba1 Ba2 Ba3
Poor Security
B1 B2 B3
Very Poor Security
Caa1 Caa2 Caa3
Extremely Poor Security
Ca C
AAA AAApi
AA+ AA+pi AApi AA AA- AA-pi
A+ A+pi Api A A- A-pi
BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
Marginal
BB+ BB+pi BB BBpi BB- BB-pi
B+ B+pi B Bpi B- B-pi
CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
Extremely Weak
CCpi CC
Regulatory Action