Credit quality ratings by Standard & Poor’s assist investors by evaluating the credit worthiness of many bond issues. A: An obligation rated ‘A’ is somewhat more susceptible to adverse effects of changes in circumstances and economic conditions than higher-rated obligations. However, the obligor’s capacity to meet its obligation is still strong. BBB: An obligation rated ‘BBB’ exhibits adequate protection parameters. Adverse economic conditions or changing circumstances are more likely to lead to weakened capacity of the obligor to meet its obligation. BB: An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. It faces ongoing uncertainties and adverse business, financial, or economic conditions could lead to the obligor’s inadequate capacity to meet its obligation. B: An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB,’ but the obligor currently has the capacity to meet its obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity to meet its obligation. CCC: An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its obligation. Adverse business, financial, or economic conditions could cause the obligor to be unable to meet its obligation. NR: This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate the obligation.
Credit ratings issued by Moody's Investors Service, Inc. and its ratings affiliates (“mis”) are Moody’s current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities, and Moody’s publications may include Moody’s current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody’s defines credit risk as the risk that an entity may not meet its contractual, financial obligations as they come due and any estimated financial loss in the event of default. credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. credit ratings and Moody’s opinions included in Moody’s publications are not statements of current or historical fact. Moody’s publications may also include quantitative model-based estimates of credit risk and related opinions or commentary published by Moody’s Analytics, Inc. credit ratings and Moody’s publications do not constitute or provide investment or financial advice, and credit ratings and Moody’s publications are not and do not provide recommendations to purchase, sell, or hold particular securities. neither credit ratings nor Moody’s publications comment on the suitability of an investment for any particular investor. Moody’s issues its credit ratings and publishes Moody’s publications with the expectation and understanding that each investor will, with due care, make its own study and evaluation of each security that is under consideration for purchase, holding, or sale. Moody’s credit ratings and Moody’s publications are not intended for use by retail investors and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings or Moody’s publications when making an investment decision. if in doubt you should contact your financial or other professional adviser. all information contained herein is protected by law, including but not limited to, copyright law, and none of such information may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person without Moody’s prior written consent. credit ratings and Moody’s publications are not intended for use by any person as a benchmark as that term is defined for regulatory purposes and must not be used in any way that could result in them being considered a benchmark.