Credit Status 3 definition
Credit Status 3 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- but lower than A or a rating by Moody’s of Gannett’s senior unsecured long-term debt of at least A3 but lower than A2.
Credit Status 3 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 BBB+ or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least Baa2 but lower than Baa1.
Credit Status 3 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 BBB or a rating by ▇▇▇▇▇'▇ Investors Service, Inc. of Gannett's senior unsecured long-term debt of at least Baa2. Credit Status 3 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 4.