Step Down Rating Change definition

Step Down Rating Change means the first public announcement by S&P and, if applicable, each other Rating Agency appointed by or with the consent of Heimstaden Bostad, after a Step Up Rating Change, that the credit rating of Heimstaden Bostad's senior unsecured long-term debt is at least BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch with the result that, following such public announcement, no Rating Agency assigns a credit rating below the aforementioned levels or any equivalent rating. For the avoidance of doubt, any further increase in the credit rating of Heimstaden Bostad's senior unsecured long-term debt above BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch and in respect of any other Substitute Rating Agency, an equivalent rating or above shall not constitute a further Step Down Rating Change;

Step Down Rating Change means the first public announcement after a Step Up Rating Change by one or more Rating Agencies of an increase in the Rating with the result that none of the Rating Agencies rate the Notes below Investment Grade (provided always that if less than two Rating Agencies maintain a Rating at such time the Step Down Rating Change shall not occur until at least two Rating Agencies have assigned or maintain an Investment Grade Rating); and

Step Down Rating Change means the reinstatement of the Minimum Rating Requirement following the occurrence of a Step Up Rating Change.

Examples of Step Down Rating Change in a sentence

• International Auditing and Assurance Standards Board The International Auditing and Assurance Standards Board (IAASB) sets international standards for auditing, quality control, review, other assurance, and related services and facilitates the convergence of international and national standards.

• A decrease to the Rate of Interest back to the Initial Rate of Interest following the occurrence of a Step Down Rating Change or a deemed Step Down Rating Change may only occur once and, in any event, only after the occurrence of the Step Up Rating Change or deemed Step Up Rating Change, as the case may be.

• Furthermore, in the event of a Step Down Rating Change following a Step Up Rating Change, with effect from (and including) the first Interest Payment Date following the date of such Step Down Rating Change, the Rate of Interest shall be decreased by 1.25 per cent.

• The Issuer will notify the Trustee promptly following the occurrence of a Step Up Rating Change or a Step Down Rating Change (as such terms are defined in Schedule 5), including the current rating or ratings upon which the interest rate payable on the Notes shall be based but such notice will in any event be given no later than the fifth Business Day following the Step Up Rating Change or the Step Down Rating Change.

• Step up provision in the event of a Step Up Rating Change (and step down provision in the event of any subsequent Step Down Rating Change) (as set out in the Appendix hereto).

More Definitions of Step Down Rating Change

Step Down Rating Change means the first public announcement after a Step Up Rating Change by either a Rating Agency or both Rating Agencies of an increase in the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), both Rating Agencies rate the Issuer’s senior unsecured long-term debt as Baa3 or higher (in the case of Moody’s) and BBB- or higher (in the case of S&P). For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt above Baa3 in the case of Moody’s or above BBB- in the case of S&P shall not constitute a Step Down Rating Change; and

Step Down Rating Change means the first public announcement after a Step Up Rating Change by the Rating Agency of an increase in, or as the case may be the reinstatement of, the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), the Rating Agency rates the Issuer’s senior unsecured long-term debt as BBB- or higher. For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency above BBB- shall not constitute a Step Down Rating Change;

Step Down Rating Change means, subject as provided above in relation to a deemed Step-down Rating Change, the first public announcement after a Step-up Rating Change by both Rating Agencies of an increase in, or confirmation of, the rating of Notes issued, or to be issued, by the Issuer to at least Baa3, in the case of Moody's, and to at least BBB-, in the case of S&P Global. For the avoidance of doubt, any further increases in the credit rating of Notes issued, or to be issued, by the Issuer above Baa3, in the case of Moody's, or above BBB-, in the case of S&P Global, shall not constitute a Step-down Rating Change;

Step Down Rating Change. ’ means the public announcement by any Rating Agency assigning a credit rating to the Ordinary Senior Instruments of an increase in or a confirmation of the rating of the Ordinary Senior Instruments to or as BBB-/Baa3 (or equivalent) or better; and

Step Down Rating Change means the first public announcement by S&P and, if applicable, each other Rating Agency appointed by or with the consent of the Issuer, after a Step Up Rating Change, that the credit rating of the Issuer’s senior unsecured long-term debt is at least BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody’s and at least BBB- in the case of Fitch. For the avoidance of doubt, any further increase in the credit rating of the Issuer’s senior unsecured long-term debt above BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody’s and at least BBB- in the case of Fitch shall not constitute a further Step Down Rating Change;

Step Down Rating Change means the reinstatement of the Minimum Rating Requirement following the occurrence of a Step Up Rating Change or an Initial Step Up Event;

Step Down Rating Change means the first public announcement after a Step Up Rating Change by one or more Rating Agencies of an increase in the credit rating of the Notes with the result that, following such public announcement(s), none of the Rating Agencies rates the Notes below investment grade. For the avoidance of doubt, following a Step Down Rating Change, any further increase in the credit rating of the Notes from BBB− or above in relation to S&P Global Ratings Europe Limited, Baa3 or above in the case of Xxxxx'x Investors Service, Inc., BBB− or above in relation to Fitch Limited or, where another "nationally recognised statistical rating agency" has been designated by the Issuer, a comparable rating or above, shall not constitute a further Step Down Rating Change; and