The tables below outline our current credit ratings. Further information on the ratings, including the latest ratings reports, is also included below.
Agency | Long Term | Short Term |
|---|---|---|
Moody's | Aa3 | P-1 |
Fitch | AA- | F1+ |
Standard and Poor's | A+ | A-1 |
DBRS | AA (low) | R-1 (middle) |
Agency | Long Term | Short Term |
|---|---|---|
Moody's | A1 | P-1 |
Fitch | AA- | F1+ |
Standard and Poor's | A | A-1 |
DBRS | AA (low) | R-1 (middle) |
Agency | Long Term | Short Term |
|---|---|---|
Moody's | Aa3 | P-1 |
Fitch | AA- | F1+ |
Standard and Poor's | A+ | A-1 |
DBRS | AA (low) | R-1 (middle) |
Latest reports: Interim Results Update - Aug09 | Ratings Update - Nov09
Definition of Aa rating:
Obligations rated ‘Aa’ are judged to be of high quality and are subject to very low credit risk.
Definition of A rating:
Obligations rated A are considered upper-medium grade and are subject to low credit risk.
The modifiers ‘1’, ‘2’ and ‘3’ are appended to these ratings to denote relative ranking within major rating categories. 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.
Fitch
Latest report: Research Update - Nov09
Definition of AA rating:
AA ratings imply very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
The modifiers '+' or '-' may be appended to a rating to denote relative status within major rating categories.
Standard & Poor's
Latest reports: Research Update - Nov09 | Insurance Ratings Actions - Nov09 | Hybrid Actions - Nov09
Definition of AA rating:
An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest rated obligors only in small degree.
Definition of A rating:
An obligor rated 'A' has a strong capacity to meet its financial commitments. An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions that obligations in higher rated categories.
Long-term debt ratings may include a plus (+) or minus (-) to indicate where within the category the issue is placed.
DBRS
Latest report: Ratings Update - Nov09 | Results Update - Mar10
Definition of AA rating:
Long-term debt rated 'AA' is of superior credit quality, and protection of interest and principal is considered high. In many cases they differ from long-term debt rated 'AAA' only to a small degree. Given the extremely restrictive definition DBRS has for the 'AAA' category, entities rated 'AA' are also considered to be strong credits, typically exemplifying above average strength in key areas of consideration and unlikely to be significantly affected by reasonably foreseeable events.
These ratings are shown with the permission of the respective rating agencies.
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