Below Investment Grade definition

Below Investment Grade means any obligation, the highest rating for which from any of Xxxxx’x, S&P, Fitch and, in their absence, any other NRSRO is:

Below Investment Grade means, with respect to any Series of VMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

Below Investment Grade means, with respect to any Series of RVMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

Examples of Below Investment Grade in a sentence

• Section 5.01 Neither the Trustee nor any Paying Agent shall be responsible for determining whether any Change of Control or Below Investment Grade Rating Event has occurred and whether any Change of Control offer with respect to the Notes is required.

• A “Ratings Event” shall be deemed to exist with respect to any Series of RVMTP Shares at any time such RVMTP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment Grade.

• A “Ratings Event” shall be deemed to exist with respect to any Series of VMTP Shares at any time such VMTP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment Grade.

• Below Investment Grade debt securities are speculative and involve a greater risk of default and price changes due to changes in the issuer’s creditworthiness.

• As of the Effective Date, the Fund has not invested more than 20% of its Managed Assets in Municipal Securities that at the time of investment were rated Below Investment Grade or were unrated but judged to be of comparable quality by the Investment Adviser, provided that the Fund has no investments in securities that are not Municipal Securities that, at the time of investment, were rated Below Investment Grade.

More Definitions of Below Investment Grade

Below Investment Grade means, with respect any Series of VMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

Below Investment Grade means, with respect to the MFP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

Below Investment Grade means any obligation, the highest rating for which from any of Moody’s, S&P, Fitch and, in their absence, any other NRSRO is:

Below Investment Grade means any obligation, the highest rating for which from any of Moody’s, S&P and Fitch is:

Below Investment Grade means the Notes are rated lower than Baa3, BBB- or BBB- by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group or Fitch, Inc., respectively.

Below Investment Grade means, as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

Below Investment Grade means securities with NAIC Ratings of 3, 4, 5 or 6.