A1 Issuer’s quality to meet related financial commitments is very strong considering obligor’s established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. A2 Issuer’s quality to meet related financial commitments is strong but somewhat less than A1. A3 Issuer’s quality to meet related financial commitments is adequate, but adverse change in circumstances and economic conditions are more likely to weaken it. B Issuer’s quality to meet related financial commitments may be moderate but has speculative elements. Adverse changes in circumstances and economic conditions will impair credit quality of this issue. C Issuer’s quality to meet related financial commitments is currently highly vulnerable. D Interest payments and/or principal payments are in payment default. AAA Obligor’s capacity to meet financial commitments is exceptionally strong and highly unlikely to be adversely affected by foreseeable changes in circumstances and economic conditions. Credit risk regarding the obligor is extremely low. AA Obligor’s capacity to meet financial commitments is very strong but somewhat less than AAA, and is not significantly vulnerable to foreseeable changes in circumstances and economic conditions. Credit risk regarding the obligor is very low. A Obligor’s capacity to meet financial commitments is strong, but more vulnerable to foreseeable changes in circumstances and economic conditions than higher-rate obligors. Credit risk regarding the obligor is low. BBB Obligor’s capacity to meet financial commitments is adequate but adverse changes in circumstances and economic conditions are more likely to weaken this capacity than higher-rate obligors. Credit risk regarding the obligor is currently low. BB Obligor’s capacity to meet financial commitments may be moderate but has speculative elements. Adverse changes in circumstances and economic onditions will likely impair this capacity. Credit risk regarding the obligor is moderate. B Obligor’s capacity to meet financial commitments is low and contingent upon a sustained and favorable circumstances and economic conditions. CCC Obligor’s capacity to meet financial commitments is currently vulnerable, and may contain possibility of default. CC Obligor’s capacity to meet financial commitments is currently highly vulnerable. C Obligor’s capacity to meet financial commitments is currently highly vulnerable, and the potential recovery value is low. D Interest payments and/or principal payments are in payment default.