Implied Debt Rating definition

Implied Debt Rating means the rating assigned by S&P to the ------------------- Borrower's unsecured "implied senior debt" from time to time, as reported by S&P pursuant to a report or notification in writing issued by S&P, and as reported by Moody's pursuant to a notification in writing issued by Moody's.
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Implied Debt Rating means, as of any date, one level lower than the lowest of (i) the rating that has been most recently announced by either S&P or Xxxxx'x, as the case may be, for any class of non-credit enhanced senior secured debt of Mass. Electric, (ii) the rating that has most recently been announced by either S&P or Xxxxx'x, as the case may be, for any class of non-credit enhanced senior secured debt of Narra Electric and (iii) the rating that has most recently been announced by either S&P or Xxxxx'x, as the case may be, for any class of non-credit enhanced senior secured debt of NEP or, if no such rating exists, for any class of non-credit enhanced senior debt of NEP. For purposes of the foregoing, (a) if only one of S&P and Xxxxx'x shall have in effect a senior secured debt rating or senior debt rating, as applicable, the Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Xxxxx'x shall have in effect any rating described in the preceding clauses (i), (ii) or (iii), the Applicable Margin and the Applicable Percentage will be set in accordance with Level 6 under the definition of "Applicable Margin" or "Applicable Percentage", as the case may be; (c) if the ratings established by S&P and Xxxxx'x shall fall within different levels, the Applicable Margin and the Applicable Percentage shall be based upon the lower rating; (d) if any rating established by S&P or Xxxxx'x shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Xxxxx'x shall change the basis on which ratings are established, each reference to a rating announced by S&P or Xxxxx'x, as the case may be, shall refer to the then equivalent rating by S&P or Xxxxx'x, as the case may be.
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Implied Debt Rating means the rating assigned by S&P to Parent's "implied senior debt" from time to time, as notified to Parent by S&P in a letter issued by S&P, or, if such rating is unavailable, the equivalent rating assigned by Moody's to Parent's "implied senior debt", as notified in writing to Parent by Moody's. For purposes of this Agreement, the following is the equivalent rating by Moody's for each rating by S&P: S&P Moody's --- ------- BB- Ba3 BB Ba2 BB+ Ba1 BBB- Baa3 BBB Baa2
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Examples of Implied Debt Rating in a sentence

  • Within two Business Days after receipt thereof by any Loan Party, copies of each notice from S&P (or Xxxxx'x, if S&P has ceased to provide Implied Debt Ratings) indicating any change in the Implied Debt Rating.

  • From and after the date on which it shall have obtained an Implied Debt Rating, no less frequently than once during every Fiscal Year, obtain from S&P (or, if unavailable, from Xxxxx'x) an update of the Implied Debt Rating and deliver a letter to the Agents from S&P (or Xxxxx'x, as the case may be) advising the Agents of the current Implied Debt Rating.

  • As promptly as practicable and in any event ------------------- within five Business Days after receipt thereof, copies of each notice received from S&P or Xxxxx'x assigning an Implied Debt Rating or a change in any Implied Debt Rating.


More Definitions of Implied Debt Rating

Implied Debt Rating means the rating assigned by S&P to the Guarantor's unsecured "implied senior debt" from time to time, as published by S&P on January 11, 2000 or any subsequent publication thereof in any medium by S&P (which rating on the date hereof is A-) or, if such rating is unavailable, the equivalent rating assigned by Moody's to the Guarantor's unsecured "implied senior debt", as notified in writing to the Guarantor by Moody's.
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Implied Debt Rating means, at any date of determination, the "implied" statistical rating that has been most recently assigned by either S&P or Xxxxx'x to any class of long term senior secured debt issued by the Borrowers. For purposes of the foregoing:
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Implied Debt Rating means, at any time, one level lower than the lowest of (i) the senior secured debt rating by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"), of Massachusetts Electric Company ("Mass. Electric"), (ii) the senior secured debt rating by Moody's or S&P of The Narragansett Electric Company ("Narra Electric") and (iii) the senior secured debt rating by Moody's or S&P of New England Power Company ("NEP") so long as NEP has a senior secured debt rating and otherwise the senior debt rating of NEP by Moody's or S&P. During the continuance of any Default (to be defined in the loan documentation) under the loan documentation, the Applicable Margin shall increase by 2% per annum.
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Implied Debt Rating means, with respect to any Debt Rating, one “notch” above such Debt Rating. For example, if a Debt Rating by S&P is BB, the Implied Debt Rating shall be BB+. [Date] Citicorp North America, Inc., as Administrative Agent for the Lenders and Issuing Lenders party to the Credit Agreement referred to below Attention: [ ] Fax: [ ] Ladies and Gentlemen: The undersigned, Edison Mission Energy (the “Borrower”), refers to the Credit Agreement dated as of June 15, 2006, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, (the “Credit Agreement”), among the Borrower, Citicorp North America, Inc., as Administrative Agent, the various financial institutions as are, or shall from time to time become, parties thereunder, and the Issuing Lenders party thereto. The terms defined in the Credit Agreement are used herein as defined therein. Pursuant to Section 2.3(a) of the Credit Agreement, the undersigned hereby requests a Borrowing of Loans under the Credit Agreement (the “Proposed Borrowing”), as follows:
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Implied Debt Rating means the implied rating of the Borrower's senior Indebtedness from either S&P or Moody's.
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Implied Debt Rating means, at any date of determination, the "implied" statistical rating that has been most recently assigned by either S&P or Moody's to any class of long term senior secured debt issued by the Borrowers. For purposes of the foregoing:
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Related to Implied Debt Rating

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Index Debt Rating means the S&P Rating, the Xxxxx’x Rating and the Fitch Rating.

  • Debt Ratings has the meaning specified in the definition of “Applicable Rate.”

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Senior Debt Rating means, at any date, the credit rating identified by a Rating Agency as the credit rating that (a) it has assigned to long term unsecured senior debt of the Borrower or (b) would assign to long term unsecured senior debt of the Borrower were the Borrower to issue or have outstanding any long term unsecured senior debt on such date.

  • Moody’s Rating means, at any time, the rating issued by Moody's and xxxx xx effect with respect to the Borrower's senior unsexxxxx xong-term debt securities without third-party credit enhancement.

  • Public Debt Rating means, as of any date, the rating that has been most recently announced by any of S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by TMCC or, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by such rating agency. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Maximum Rate and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither of S&P or Moody’s shall have in effect a Public Debt Rating, the Applicable Maximum Rate and the Applicable Percentage will be set in accordance with Level 4 under the definitions of “Applicable Maximum Rate” and “Applicable Percentage”; (c) if both S&P and Moody’s have established ratings and those ratings shall fall within two different levels, the Applicable Maximum Rate and the Applicable Percentage shall be based upon the higher rating, unless the lower rating is more than one level below the higher rating, in which case the Applicable Maximum Rate and the Applicable Percentage shall be based upon the rating that is one level lower than the higher rating; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis or system on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.

  • Credit Rating means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.

  • Mxxxx’x Rating means, with respect to a Reference Obligation, as of any date of determination:

  • Rating Level means, with respect to any rating agency, each rating subcategory or “notch” of such rating agency , giving effect to pluses and minuses (or similar designations). By way of illustration, BBB+, BBB and BBB- are each separate Rating Levels of S&P.

  • Highest Rating Category means, with respect to a Permitted Investment, that the Permitted Investment is rated by S&P or Moody’s in the highest rating category given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax exempt municipal debt established by S&P is “A 1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG 1” (for fixed rate) or “VMIG 1” (for variable rate) for three months or less and “Aaa” for greater than three months. If at any time (i) both S&P and Moody’s rate a Permitted Investment and (ii) one of those ratings is below the Highest Rating Category, then such Permitted Investment will, nevertheless, be deemed to be rated in the Highest Rating Category if the lower rating is no more than one rating category below the highest rating category of that rating agency. For example, a Permitted Investment rated “AAA” by S&P and “Aa3” by Moody’s is rated in the Highest Rating Category. If, however, the lower rating is more than one full rating category below the Highest Rating Category of that Rating Agency, then the Permitted Investment will be deemed to be rated below the Highest Rating Category. For example, a Permitted Investment rated “AAA” by S&P and “A1” by Moody’s is not rated in the Highest Rating Category.

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Investment Grade Credit Rating means (a) with respect to Fitch, a credit rating of BBB- or higher, (b) with respect to Xxxxx’x, a credit rating of Baa3 or higher and (c) with respect to S&P, a credit rating of BBB- or higher.

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Implied Debt Service means (a) a given principal balance of Indebtedness multiplied by (b) the greatest of (i) 10% per annum, (ii) the highest per annum interest rate then applicable to any of the outstanding principal balance of the Loans and (iii) a mortgage debt constant for a loan calculated using a per annum interest rate equal to the yield on a 10 year United States Treasury Note at such time as determined by the Administrative Agent plus 3.50% and amortizing in full in a 25-year period.

  • Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Trustee or successor Securities Administrator other than pursuant to Section 10.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies. The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 10.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section 10.06, the Trustee or the Securities Administrator shall resign immediately in the manner and with the effect specified in Section 10.08.

  • Investment Grade Rating Date means the date on which the Borrower first obtains an Investment Grade Rating.

  • Index Debt means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit enhancement.

  • Moody s” means Moody’s Investors Service, Inc.

  • Moody’s means Xxxxx’x Investors Service, Inc.

  • Credit Rating Agency means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments.

  • Investment Grade Rating means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency.

  • Investment Grade Ratings means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, provided that no negative watch is placed on such rating.

  • DBRS means DBRS, Inc., and its successors in interest.

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.