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Moody's
Long-Term Rating Definitions:
Aaa: Obligations rated Aaa are
judged to be of the highest quality, with minimal credit risk.
Aa:
Obligations rated Aa are judged to be of high
quality and are subject to very low credit risk.
A:
Obligations rated A are considered
upper-medium grade and are subject to low credit risk.
Baa:
Obligations rated Baa are subject to moderate credit risk.
they are considered medium-grade and as such may possess certain
speculative characteristics.
Ba:
Obligations rated Ba are judged to have speculative
elements and are subject to substantial credit risk.
B:
Obligations rated B are considered
speculative and are subject to high credit risk.
Caa:
Obligations rated Caa are judged to be of poor standing
and are subject to very high credit risk.
Ca:
Obligations rated Ca are highly speculative and are
likely in, or very near, default, with some prospect of recovery of
principal and interest.
C:
Obligations rated C are the lowest rated
class of bonds and are typically in default, with little prospect for
recovery of principal or interest.
Note:
Moody's appends numerical modifiers 1, 2, and 3
to each generic rating category; the modifier 1 indicates that the
obligation
ranks in the higher end of its generic rating category; the modifier 2
indicates a mid-range ranking; and the modifier 3 indicates a ranking
in the
lower and of that generic rating category.
Moody's
Municipal Long-Term Rating Definitions:
Aaa: Issuers or issues rated
Aaa demonstrate the strongest creditworthiness relative to other US
municipal or tax-exempt issuers or issues.
Aa:
Issuers or issues rated Aa demonstrate very strong
creditworthiness relative to other US municipal or tax-exempt issuers
or issues..
A:
Issuers or issues rated A present
above-average creditworthiness relative to other US municipal or
tax-exempt issuers or issues.
Baa:
Issuers or issues rated Baa represent average
creditworthiness relative to other US municipal or tax-exempt issuers
or issues.
Ba:
Issuers or issues rated Ba demonstrate below-average
creditworthiness relative to other US municipal or tax-expert issuers
or issues.
B:
Issuers or issues rated B
demonstrate weak creditworthiness relative to other US municipal or
tax-expert issuers or issues.
Caa: Issuers or issues rated
Caa demonstrate very weak creditworthiness relative to other US
municipal or tax-expert issuers or issues..
Ca:
Issuers or issues
rated Ca demonstrate extremely weak creditworthiness relative to other
US
municipal or tax-expert issuers or issues..
C: Issuers or issues
rated C demonstrate the weakest creditworthiness relative to other US
municipal or tax-expert issuers or issues.
Note:
Moody's appends numerical modifiers 1, 2, and 3
to each generic rating category; the modifier 1 indicates that the
obligation
ranks in the higher end of its generic rating category; the modifier 2
indicates a mid-range ranking; and the modifier 3 indicates a ranking
in the
lower and of that generic rating category.
Moody's
Short-Term Rating Definitions:
MIG 1: This designation denotes
superior credit quality. Excellent protection is afforded by
established cash flows, highly reliable liquidity support, or
demonstrated broad-based access to the market for refinancing.
MIG 2: This
designation denotes strong credit quality. Margins of protection
are ample, although not as large as in the preceding group.
MIG
3: This designation denotes acceptable credit quality.
Liquidity and cash-flow protection may be narrow, and market
access for refinancing is likely to be less well-established.
SG:
This designation denotes speculative-grade credit quality.
Debt instruments in this category may lack sufficient margins of
protection.
Moody's
Demand Obligation Rating Definitions:
VMIG 1: This
designation denotes superior credit quality. Excellent protection
is
afforded by the superior short-term credit strength of the liquidity
provider and structural and legal protections that ensure the timely
payment of purchase price upon demand.
VMIG 2: This
designation denotes strong credit quality. Good protection is
afforded by the strong short-term credit strength of the liquidity
provider and structural and legal protections that ensure the timely
payment of purchase price upon demand.
VMIG 3: This
designation denotes strong credit quality. Adequate protection is
afforded by the satisfactory short-term credit strength of the
liquidity
provider and structural and legal protections that ensure the timely
payment of purchase price upon demand.
SG: This
designation denotes speculative-grade credit quality. Demand
features rated in this category may be supported by a liquidity
provider that does not have an investment grade short-term rating or
may lack the structural and/or legal protections necessary to ensure
the timely payment of purchase price upon demand.
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©
2009, Moody’s Investors Service, Inc. or
its affiliates (“Moody’s”). Moody’s ratings
(“Ratings”) are proprietary to
Moody’s and are protected by copyright and other intellectual
property laws.
Ratings are licensed to Distributor by Moody’s. Ratings may not
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.
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