Agency Rating definition
Agency Rating means, as of any date of determination, with respect to any Collateral Obligation (a) if a public rating of such Collateral Obligation is available from ▇▇▇▇▇’▇, then such rating, (b) if no such rating described in clause (a) is available but such Collateral Obligation has a credit estimate assigned (or affirmed) within the last twelve months by ▇▇▇▇▇’▇, then such credit estimate or (c) if no rating described in clause (a) or (b) is available, the rating that is one notch below the .EDF (as defined on Schedule 4) used to determine the ▇▇▇▇▇’▇ rating in accordance with ▇▇▇▇▇’▇ RiskCalc for such Collateral Obligation, as updated in accordance with Section 10.24; provided that for purposes of calculating an Agency Rating, each applicable rating on credit watch by ▇▇▇▇▇’▇ that is on (i) positive watch will be treated as having been upgraded by one rating subcategory, (ii) negative watch will be treated as having been downgraded by two rating subcategories, (iii) positive outlook will not be treated as having been upgraded by any rating subcategories and (iv) negative outlook will be treated as having been downgraded by one rating subcategory.
Agency Rating means, as of any date of determination, with respect to any Collateral Obligation (a) if a public rating of such Collateral Obligation is available from Moody’s, S&P or Fitch, then such rating (and, if available from more than one, the lowest of such ratings), (b) if no such rating described in clause (a) is available but such Collateral Obligation has a credit estimate assigned (or affirmed) within the last twelve months by Moody’s, S&P or Fitch, then such credit estimate (and, if assigned or affirmed by more than one, the lowest of such ratings), (c) if no rating described in clause (a) or (b) is available, the rating that is one notch below the .EDF (as defined on Schedule 4) used to determine the “Agency Rating” in accordance with Moody’s RiskCalc for such Collateral Obligation, as updated in accordance with Section 10.28, or (d) if no rating is obtained through clause (a), (b) or (c), the Borrower or Servicer shall assign a rating of “Caa2”; provided that for purposes of calculating an Agency Rating, each applicable rating on credit watch by a Rating Agency that is on (i) positive watch will be treated as having been upgraded by one rating subcategory, (ii) negative watch will be treated as having been
Agency Rating means a long-term unenhanced rating (i.e., without regard to any bond insurance policy or credit enhancement) assigned by Moody’s, S&P or Fitch to DEC’s Bonds.
Examples of Agency Rating in a sentence
The Servicer shall promptly notify the Facility Agent and each Agent of any change of which the Servicer actually knows or reasonably should have known in the calculation of the Agency Rating of any Collateral Obligation, including when ▇▇▇▇▇’▇ RiskCalc is no longer used as the basis of such calculation.
More Definitions of Agency Rating
Agency Rating means, as of any date of determination, with respect to any Collateral Obligation the lower of (1) the internal rating assigned by the Equityholder to such Collateral Obligation and (2) (a) if a public rating of such Collateral Obligation is available from any of ▇▇▇▇▇’▇, ▇▇▇▇▇ or S&P, then such rating (as selected by the Servicer), (b) if no such rating described in clause (a) is available but such Collateral Obligation has a credit estimate assigned (or affirmed) within the last twelve months by any of ▇▇▇▇▇’▇, ▇▇▇▇▇ or S&P, then such credit estimate (as selected by the Servicer) or (c) if no rating described in clause (a) or (b) is available, the rating that is one notch below the .EDF (as defined on Schedule 5) used to determine the ▇▇▇▇▇’▇ rating in accordance with ▇▇▇▇▇’▇ RiskCalc for such Collateral Obligation, subject to Section 10.25; provided that for purposes of calculating an Agency Rating, (1) each applicable rating on credit watch by ▇▇▇▇▇’▇ with positive or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory, as the case may be, (2) each applicable rating (x) on rating watch negative or negative credit watch by Fitch will be adjusted down by one sub-category and (y) on rating watch positive or positive credit watch by Fitch will not be adjusted and (3) each applicable rating (x) on “credit watch positive” by S&P shall be treated as being one subcategory upgraded, (y) on “credit watch negative” by S&P shall be treated as being one subcategory downgraded and (z) on “credit outlook negative” or “credit outlook positive” by S&P will not be adjusted.
Agency Rating means, as of any date of determination, with respect to any Collateral Obligation (a) if a public rating of such Collateral Obligation is available from ▇▇▇▇▇’▇, S&P or Fitch, then such rating (and, if available from more than one, the lowest of such ratings), (b) if no such rating described in clause (a) is available but such Collateral Obligation has a credit estimate assigned (or affirmed) within the last twelve months by ▇▇▇▇▇’▇, S&P or Fitch, then such credit estimate (and, if assigned or affirmed by more than one, the lowest of such ratings), (c) if no rating described in clause (a) or (b) is available, the rating that is one notch below the .EDF (as defined on Schedule 4) used to determine the “Agency Rating” in accordance with ▇▇▇▇▇’▇ RiskCalc for such Collateral Obligation, as updated in accordance with Section 10.28, or (d) if no rating is obtained through clause (a), (b) or (c), the Borrower or Servicer shall assign a rating of “Caa2”; provided that for purposes of calculating an Agency Rating, each applicable rating on credit watch by a Rating Agency that is on (i) positive watch will be treated as having been upgraded by one rating subcategory, (ii) negative watch will be treated as having been downgraded by two rating subcategories, (iii) positive outlook will not be treated as having been upgraded by any rating subcategories and (iv) negative outlook will be treated as having been downgraded by one rating subcategory.