Credit Rating Agency Credit Rating Outlook Year
S&P BBB+ Positive 2022
Moody's Baa1 Stable 2022

Credit Rating Definition

AAA Aaa Judged to be of the highest quality, with minimal risk
AA+/AA/AA- Aa1/Aa2/Aa3 Judged to be of high quality and subject to very low credit risk
A+/A/A- A1/A2/A3 Considered upper medium-grade and subject to low credit risk
BBB+/BBB/BBB- Baa1/Baa2/Baa3 Subject to moderate credit risk and considered medium-grade
BB+/BB/BB- Ba1/Ba2/Ba3 Judged to have speculative elements and subject to substantial credit risk
B+/B/B- B1/B2/B3 Considered speculative and subject to high credit risk
CCC+/CCC/CCC- Caa1/Caa2/Caa3 Judged to poor standing and subject to very high credit risk
CC Ca Likely in, or very near, default, with some prospect of recovery in principal and interest
C C Expected to have lower relative seniority or lower ultimate recovery compared with obligations
that are rated higher
D - In Default or in breach of an imputed promise

* Ratings may be modifed by addition of a plus '+' and minus '-' sign (S&P) and 1, 2 and 3(Moody's) to show relative standing within the rating categories.