Common use of Underlying Rating Clause in Contracts

Underlying Rating. (a) Maintain unenhanced ratings on its long-term Parity Bonds from at least two Rating Agencies. The City covenants and agrees that it shall not at any time withdraw any long-term rating on any of its Parity Obligations from any Rating Agency if the effect of such withdrawal would be to cure a Potential Default or an Event of Default under this Agreement or to reduce the Facility Fee. (b) Maintain unenhanced ratings on its long-term Parity Bonds not lower than “BBB” (or its equivalent) by S&P, “BBB” (or its equivalent) by Fitch and “Baa2” (or its equivalent) by Moody’s, respectively (in each case to the extent such Rating Agency is then providing a rating).

Underlying Rating. (a) Maintain unenhanced ratings on its long-term Parity Bonds from at least two Rating Agencies. The City covenants and agrees that it shall not at any time withdraw any long-term rating on any of its Parity Obligations from any Rating Agency if the effect of such withdrawal would be to cure a Potential Default or an Event of Default under this Agreement or to reduce the Facility Fee. (b) Maintain unenhanced ratings on its long-term Parity Bonds not lower than “BBBBBB+” (or its equivalent) by S&P, “BBBBBB+” (or its equivalent) by Fitch and “Baa2Baa1” (or its equivalent) by Moody’s, respectively (in each case to the extent such Rating Agency is then providing a rating).