Index Debt Rating. On the Closing Date, the Guarantor has (a) a rating for Index Debt communicated (to the satisfaction of the Co-Arrangers) by Xxxxx'x of not less than Baa2 and by Standard & Poor's of not less than BBB and (b) a rating for senior unsecured short-term debt (without third party credit enhancement) communicated (to the satisfaction of the Co-Arrangers) by Xxxxx'x of not less than P-2.
Index Debt Rating. On the Closing Date, the Borrower has (a) a rating for Index Debt established by Xxxxx’x of not less than Baa2 and by Standard & Poor’s of not less than BBB and (b) a rating for senior unsecured short-term debt (without third party credit enhancement) established by Xxxxx’x of not less than P-2 and by Standard & Poor’s of not less than A-2 (and no such rating is on credit watch with negative implications).
Index Debt Rating. The Administrative Agent shall have received written confirmation (i) from Standard & Poor’s that, immediately after consummation of the Acquisition, Index Debt will be rated at least BBB by Standard & Poor’s and senior unsecured short-term debt of the Borrower (without third party credit enhancement) will be rated at least A-2 by Standard & Poor’s, and (ii) from Xxxxx’x that, immediately after consummation of the Acquisition, Index Debt will be rated at least Baa2 by Xxxxx’x and senior unsecured short-term debt of the Borrower (without third party credit enhancement) will be rated at least P-2 by Xxxxx’x.
Index Debt Rating. The Borrower shall have received an Index Debt Rating of Investment Grade from both S&P and Moody's.
