Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.

Capacity for payment of financial commitments is very strong, but somewhat less than AAA.

Capacity for payment of financial commitments is strong, but somewhat vulnerable to adverse economic conditions or changes in circumstances.

Capacity for payment of financial commitments is adequate, but more likely to be impaired by adverse economic conditions or changes in circumstances.

Capacity for payment of financial commitments may be moderate, but has speculative characteristics.

Capacity for payment of financial commitments is weak and speculative, and its future stability is uncertain.

Capacity for payment of financial commitments is subject to default risk, and as such possesses highly speculative characteristics.

Capacity for payment of financial commitments contains high possibility of default, and is more vulnerable to adverse economic conditions or changing circumstances than higher ratings.

Capacity for payment of financial commitments contains extremely high possibility of default, with little chance of recovery.

Payment default on financial commitments.

Capacity for payment of financial commitments is exceptionally strong, and is so stable that it is Unlikely to be affected by foreseeable future changes in circumstances.

Capacity for payment of financial commitments is very strong, and is unlikely to be affected by foreseeable futu re changes in circumstances.

Capacity for payment of financial commitments isstrong, but is more likely to be affected by future changes in circumstances than the higher ratings.

Capacity for payment of financial commitments is adequate, but it may be weakened depending onfuture changes n circumstances.

Minimum capacity for payment of financial commitments is recognized, but there are speculative characteristics in terms of future stability.

Capacity for payment offinanciab commitments is insufficient, and is highly speculative due to potential changes to stability.

There is high likelihood of default.

There is very high likelihood of default.

There is extremely high likelihood ofdefault, and occurrence of default is inevitable within the reasonable range of prediction

In default at present