Below Investment Grade Rating means a corporate family rating (CFR) of below “Baa3” (or the equivalent) from Moody’s Investors Services, Inc. and a long-term issuer credit rating of below “BBB-” (or the equivalent) from Standard & Poor’s Financial Services LLC.
Below Investment Grade Rating in respect of any Person means, at any time of determination, a Debt Rating of less than: (i) “BBB-” by S&P, (ii) “BBB-” by Fitch, (iii) “Baa3” by Moody’s or (iv) an equivalent Debt Rating by any other nationally recognized statistical rating agency.
Below Investment Grade Rating means a Debt Rating that meets both of the following criteria: (a) lower than Baa3 (or the equivalent) by Moody’s and (b) lower than BBB- (or the equivalent) by S&P.
Examples of Below Investment Grade Rating in a sentence
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.
Change of ControlTriggering Event: means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.
Change of Control TriggeringEvent: Means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.
Neither the Trustee nor any Paying Agent shall be responsible (or liable) 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.
As of the date that this contract was executed, Company has been determined by TVA to have a CRR which qualifies as a Below Investment Grade Rating.
More Definitions of Below Investment Grade Rating
Below Investment Grade Rating means a corporate family rating (CFR) of below “Baa3” (or the equivalent) from Xxxxx’x Investors Services, Inc. and a long-term issuer credit rating of below “BBB-” (or the equivalent) from Standard & Poor’s Financial Services LLC.
Below Investment Grade Rating means, with respect to any Person, that: (i) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer rating or senior unsecured rating below Baa3 (or future equivalent) by Moody’s; (ii) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer credit rating or senior unsecured rating below BBB– (or future equivalent) by S&P; (iii) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer rating or senior unsecured rating below BBB– (or future equivalent) by Fitch; or (iv) neither such Person nor its senior unsecured long-term debt not supported by third party credit enhancements, as applicable, is rated by at least two of Moody’s, S&P and Fitch.
Below Investment Grade Rating means, with respect to any Person, that: (i) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer rating or senior unsecured rating below Baa3 (or future equivalent) by Xxxxx’x; (ii) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer credit rating or senior unsecured rating below BBB– (or future equivalent) by S&P; (iii) such Person (or its senior unsecured long-term debt, not supported by third party credit enhancements, as applicable) has an issuer rating or senior unsecured rating below BBB– (or future equivalent) by Fitch; or (iv) neither such Person nor its senior unsecured long-term debt not supported by third party credit enhancements, as applicable, is rated by at least two of Xxxxx’x, S&P and Fitch.
Below Investment Grade Rating shall be defined and assigned to Company under the following framework:
Below Investment Grade Rating in respect of any Person means, at any time of determination, there exists an Active Rating of less than: (i) “BBB-” by Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx Companies, or any successor thereof (“S&P”), (ii) “BBB-” by Fitch Ratings, Ltd., or any successor thereof (“Fitch”), (iii) “Baa3” by Xxxxx’x Investors Service, Inc., or any successor thereof (“Moody’s”) or (iv) an equivalent Solicited rating by any other nationally recognized statistical rating agency. For purposes of this definition, (1) “Active Rating” means any rating other than a rating that both (a) has not been determined or refreshed by the applicable statistical rating agency within the last 12 months and (b) the Company has formally requested that the applicable statistical rating agency terminate such rating; and (2) “Solicited” means any rating that has been requested by or paid for by the Company.
Below Investment Grade Rating in respect of any Person means, at any time of determination, there exists an Active Rating of less than: (i) “BBB-” by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, or any successor thereof (“S&P”), (ii) “BBB-” by Fitch Ratings, Ltd., or any successor thereof (“Fitch”), (iii) “Baa3” by Moody’s Investors Service, Inc., or any successor thereof (“Moody’s”) or (iv) an equivalent Solicited rating by any other nationally recognized statistical rating agency. For purposes of this definition, (1) “Active Rating” means any rating other than a rating that both (a) has not been determined or refreshed by the applicable statistical rating agency within the last 12 months and (b) the Company has formally requested that the applicable statistical rating agency terminate such rating; and (2) “Solicited” means any rating that has been requested by or paid for by the Company.
Below Investment Grade Rating means a Rating of BB+ or lower by S&P or Fitch, or a Rating of Ba1 or lower by Xxxxx’x.