Common use of Credit Quality Criteria Clause in Contracts

Credit Quality Criteria. At purchase, securities must have a credit rating equal to B-/B3 or higher in the long-term or short-term investment rating agency category, preferably by at least two of the Major Rating Agencies. “Major Rating Agencies” is defined as S&P, Xxxxx’x and Fitch. If only two agencies rate the security and these are split, then the lower rating shall be used to determine whether the security is eligible. If only one of the Major Rating Agencies rate a security, that rating shall govern as long as it meets the minimum Portfolio rating requirement of B-/B3. The minimum value-weighted rating of the Trust Portfolio will be not lower than Single-B. Prohibited Transactions: The following transactions are explicitly prohibited: