S&P

Moody's

Fitch

Senior Unsecured

BBB- 06/01/2020

Baa3 (ON) 3/18/2020

BBB_ (OS) 5/22/2020

Ratings History

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.

Fitch

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

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

Fitch

Exceptionally High Quality

F1+ F1+(EXP)

High Quality

F1 F1(EXP)

Good Quality

F2 F2(EXP)

Fair Quality

F3 F3(EXP)

Speculative

B B(EXP)

High Default Risk

C C(EXP)

Default

D D(EXP)

Moody's

Superior

(P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1

Strong

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

S&P

Extremely Strong

A-1+

Strong

A-1

Satisfactory

A-2

Adequate

A-3

More Vulnerable

B B-1 B-2 B-3

Highly Vulnerable

C

Selective Default

SD

Default

D

Regulatory Supervision

R

Fitch

Exceptionally Strong

AAA AAAq

Very Strong

AA+ AA+q AAq AA AA- AA-q

Strong

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

Moody's

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

S&P

Extremely Strong

AAA AAApi

Very Strong

AA+ AA+pi AApi AA AA- AA-pi

Strong

A+ A+pi Api A A- A-pi

Good

BBB+ BBB+pi BBBpi BBB BBB- BBB-pi

Marginal

BB+ BB+pi BB BBpi BB- BB-pi

Weak

B+ B+pi B Bpi B- B-pi

Very Weak

CCC+ CCC+pi CCCpi CCC CCC- CCC-pi

Extremely Weak

CCpi CC

Regulatory Action

R

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.