Ratings

The ratings can be reviewed, suspended or withdrawn by the rating agency at any time.

An obligor rated 'BBB' has adequate capacity to meet its financial commitments.However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments.

Ratings can be modified by the addition of a plus (+) or minus (-) sign to show relative standing position within the rating categories.

A stable outlook means that the rating is not likely to change over the intermediate to longer term.

Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification. 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 end of that generic rating category.

The outlook is an opinion regarding the possible direction of the rating in the medium term.

Good credit quality. "BBB" ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

The outlook indicates the direction a rating is possible to move over a one to two-year period.