Credit Status 1 definition
Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of Gannett’s senior unsecured long-term debt of at least A+ or a rating by Moody’s of Gannett’s senior unsecured long-term debt of at least A1.
Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least A3.
Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least A3. “Credit Status 2”: shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least BBB+ but lower than A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least Baa1 but lower than A3.
More Definitions of Credit Status 1
Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of Gannett's senior unsecured long-term debt of at least A or a rating by ▇▇▇▇▇'▇ of Gannett's senior unsecured long-term debt of at least A2. In determining whether Credit Status 1 or Credit Status 2 shall apply in any circumstance, if the applicable ratings by S&P and ▇▇▇▇▇'▇ differ, the higher of the two ratings will be determinative, unless the applicable ratings by S&P and ▇▇▇▇▇'▇ are more than one level apart, in which case the Credit Status one level below the higher rating will be determinative. In the event that Gannett's senior unsecured long-term debt is rated by only one of S&P and ▇▇▇▇▇'▇, then that single rating shall be determinative.
Credit Status 1 shall exist upon the occurrence of the higher of a rating by Standard & Poor's Corporation of Gannett's senior unsecured long-term debt of at least AA- or a rating by ▇▇▇▇▇'▇ Investors Service, Inc. of Gannett's senior unsecured long-term debt of at least Aa3. Credit Status 1 shall exist upon the satisfaction of one or the other of the foregoing minimum rating thresholds and no other Credit Status shall be deemed to coexist, notwithstanding that the lower of the two ratings may fall within the range of ratings specified in Credit Status 2, Credit Status 3 or Credit Status 4.