Credit Status 4 definition
Credit Status 4 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 BBB+ but lower than A- or a rating by Moody’s of Gannett’s senior unsecured long-term debt of at least Baa1 but lower than A3.
Credit Status 4 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 Baa3 but lower than Baa2.
Credit Status 4 shall exist only upon the occurrence of a rating by Standard & Poor's Corporation of Gannett's senior unsecured long-term debt of BBB- or below and a rating by ▇▇▇▇▇'▇ Investors Service, Inc. of Gannett's senior unsecured long-term debt of Baa3 or below. Credit Status 1, Credit Status 2 or Credit Status 3 shall be deemed to exist in accordance with the definitions thereof if either the rating of Gannett's senior unsecured long-term debt by Standard & Poor's Corporation exceeds BBB- or the rating by ▇▇▇▇▇'▇ Investors Service, Inc. exceeds Baa3.