Credit Agency Issuer Percent of Moody's Tangible Rating KMV Net Equivalent or Net S&P Fitch Rating3 Assets Aaa Aaa AAA AAA 7.50 Aa1 Aa1 AA+ AA+ 7.50 Aa2 Aa2 AA AA 7.00 Aa3 Aa3 AA- AA- 7.00 Grade A1 A1 A+ A+ 6.00 A2 A2 A A 5.00 A3 A3 A- A- 4.00 Baa1 Baa1 BBB+ BBB+ 3.00 Investment Baa2 Baa2 BBB BBB 2.00 Baa3 Baa3 BBB- BBB- 1.00 Ba1 Ba1 BB+ BB+ 0.00 Ba2 Ba2 BB BB 0.00 Ba3 Ba3 BB- BB- 0.00 B1 B1 B+ B+ 0.00 B2 B2 B B 0.00 Grade B3 B3 B- B- 0.00 Caa1 Caa1 CCC+ CCC+ 0.00 Caa2 Caa2 CCC CCC 0.00 Caa3 Caa3 CCC- CCC- 0.00 Speculative Ca Ca CC CC 0.00 C C C C 0.00 D D 0.00 1.14.2 Unsecured Credit Limit Calculation for Rated/Unrated Public/Private Corporations and Rated Governmental Entities A six-step process is used to determine unsecured credit limits for Market Participant’s that are Rated Public/Private Corporations, Unrated Public/Private Corporations and Rated Governmental Entities.
Moody's KMV Equivalent Rating3 Credit Agency Issuer Rating Percent of Tangible Net or Net Assets S&P Fitch Investment Grade Aaa Aaa AAA AAA 7.50 Aa1 Aa1 AA+ AA+ 7.50 Aa2 Aa2 AA AA 7.00 Aa3 Aa3 AA- AA- 7.00 A1 A1 A+ A+ 6.00 A2 A2 A A 5.00 A3 A3 A- A- 4.00 Baa1 Baa1 BBB+ BBB+ 3.00 Baa2 Baa2 BBB BBB 2.00 Baa3 Baa3 BBB- BBB- 1.00 Speculative Grade Ba1 Ba1 BB+ BB+ 0.00 Ba2 Ba2 BB BB 0.00 Ba3 Ba3 BB- BB- 0.00 B1 B1 B+ B+ 0.00 B2 B2 B B 0.00 B3 B3 B- B- 0.00 Caa1 Caa1 CCC+ CCC+ 0.00 Caa2 Caa2 CCC CCC 0.00 Caa3 Caa3 CCC- CCC- 0.00 Ca Ca CC CC 0.00 C C C C 0.00 D D 0.00 1.14.2 Unsecured Credit Limit Calculation for Rated/Unrated Public/Private Corporations and Rated Governmental Entities A six-step process is used to determine unsecured credit limits for Market Participant’s that are Rated Public/Private Corporations, Unrated Public/Private Corporations and Rated Governmental Entities.
Credit_Mgmt_version_3_Redline.docx