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S&P
MOODY'S
FITCH RATING

Long-term Issuer
A- (OS)
2/4/2019
-
A- (OS)
8/31/2016
Ratings History
A- (OS)
2/4/2019		 -
 A- (OS)
8/31/2016
BBB+ (OP)
5/17/2018		 -
 BBB+ (OP)
8/14/2015
BBB+ (OS)
2/26/2013		 -
 BBB+ (OP)
10/6/2014
BBB (OP)
2/28/2012		 -
 BBB+ (OP)
6/25/2014
Senior Unsecured
A-
2/4/2019
A3 (OS)
7/17/2019
A-
8/31/2016
Ratings History
A-
2/4/2019		 A3 (OS)
7/17/2019		 A-
8/31/2016
BBB+
2/26/2013		 A3 (OS)
11/8/2016		 BBB+
8/14/2015
BBB
2/20/2009		 Baa1 (OP)
8/19/2015		 BBB+
10/6/2014
-
 Baa1 (OS)
3/27/2014		 BBB+
6/25/2014

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.

Long-Term Ratings

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

Short-Term Ratings

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

Financial Strength Ratings

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.

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