■ Rating Definition

• A1 : Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.
• A2 : Capacity for payment of financial commitments is strong, but somewhat less than A1.
• A3 : Capacity for payment of financial commitments is adequate, but somewhat vulnerable to adverse economic conditions or changes in circumstances.
• B : Capacity for payment of financial commitments may be moderate, but has speculative characteristics.
• C : Capacity for payment of financial commitments is doubtful.
• D : Payment default on financial commitments.

Note: The ratings from A2 to B may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.

■ Credit Watch

Ratings appear on credit watch when a major event or a deviation from an expected trend occurs and additional information is necessary to review the current rating. In principle, the review period is 90-days, however, it can be extended if necessary.

• : The current rating may be raised.
• : The current rating may be lowered.
• : The current rating may be raised, lowered or affirmed.