Common use of No Downgrade Clause in Contracts

No Downgrade. Subsequent to the execution and delivery of the Pricing Agreement, (i) neither Standard & Poor’s Rating Group (“S&P”) nor Xxxxx’x Investors Service, Inc. (“Moody’s”) will have downgraded the Securities or any other debt securities issued or guaranteed by the Company and (ii) neither S&P nor Moody’s will have announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities issued or guaranteed by the Company (other than an announcement with positive implications of a possible upgrading).

No Downgrade. Subsequent to the execution and delivery of the Pricing Agreement, (i) neither Standard & Poor’s Rating Group (“S&P”) nor Xxxxx’x Investors Service, Inc. (“Moody’s”) will have downgraded the Securities or any other debt securities issued or guaranteed by the Company or the Guarantor and (ii) neither S&P nor Moody’s will have announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities issued or guaranteed by the Company or the Guarantor (other than an announcement with positive implications of a possible upgrading).

No Downgrade. Subsequent to the execution and delivery of the Pricing this Agreement, (i) neither Standard & Poor’s Rating Group (“S&P”) nor Xxxxx’x Investors Service, Inc. (“Moody’s”) will have downgraded the Securities Notes or any other debt securities issued or guaranteed by the Company or the Guarantor and (ii) neither S&P nor Moody’s will have announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities Notes or of any other debt securities issued or guaranteed by the Company or the Guarantor (other than an announcement with positive implications of a possible upgrading).