S&P Long-Term Domestic Issuer Credit Rating - Current Variable Name = SPDRC The Standard & Poor's Issuer Credit Rating (ICR) is a current opinion of an issuer's overall creditworthiness, apart from its ability to repay individual obligations. This opinion focuses on the obligor's capacity and willingness to meet its long-term financial commitments (those with maturities of more than one year) as they come due. In the case of non-U.S. companies, this term is based on the local currency from the country of origin. Long term Issuer Credit Ratings range from AAA (extremely strong capacity to meet financial obligations) to CC (highly vulnerable). This item represents the current rating assigned to the company by Standard & Poor's. Code Rating Description 1 Unassigned Unassigned 2 AAA "AAA" indicates the highest rating assigned by Standard & Poor's. Capacity to pay interest and repy principle is extremely strong. 3 Unassigned Unassigned 4 AA+ "AA" indicates a very strong capacity to pay interest and repay principal. There is only a small degree of difference between "AAA" and "AA" ratings. 5 AA 6 AA- 7 A+ "A" indicates a strong capacity to pay interest and repay principle. The are, however, somewhat more sysceptible to adverse effects of changes in circumstances and economic conditions that "AAA" or "AA" debt issues. 8 A 9 A- 10 BBB+ "BBB" indicates an adequate capacity to pay interest and repay principle. Although it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principle than debt issues with higher ratings. 11 BBB 12 BBB- 13 BB+ "BB" indicates less near-term vulnerability to default that other speculative issues. However, they face major ongoing uncertainties or exposures to adverse business, financial, or economic conditions that could lead to inadequate capacity to meet timely interest and principle payments. S&P also uses the "BB" rating for debt subordinated to senior debt that is assigned an actual or implied "BBB-" rating. 14 BB 15 BB- 16 B+ "B" indicates a greater vulnerability to default but currently have the capacity to meet interest payments and principle payments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principle. S&P also assigns the "B" rating to debt that is subordinated to senior debt that is assigned an actual or implied "BB" or "BB-" rating. 17 B 18 B- 19 CCC+ "CCC" indicates an identifiable current vulnerability to default and is dependent upon favorable business, financial, and economic conditions to meet timely payment of interest and repayment of principle. In the event of adverse, business, financial, or economic conditions, "CCC" issues are not likely to have the capacity to pay interest and repay principle. S&P also assigns the "CCC" rating to debt subordinated to senior debt that is assigned an actual or implied "B" or "B-" rating. 20 CCC 21 CCC- 22 Unassigned Unassigned 23 CC "CC" is typically applied to debt suboridated to senior debt that is assigned an acutal or implied "CCC" rating. 24 C "C" is typically applied to debt subordianted to senior debt that is assigned an actual or implied "CCC-" rating. S&P also assigns the "C" rating for situations in which a bankruptcy petition has been filled, but debt service payments continue. 25 Unassigned Unassigned 26 CI "CI" is reserved for income bonds on which no interest is being paid. 27 D "D" indicates that payment is in default. S&P assigns the "D" rating when interest payments or principal payments are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace periods. S&P also assigns the "D" rating upon the filing of a bankruptcy petition if debt service payments are jeopardized. 28 Not Meaningful Not Meaningful 90 Suspended S&P suspended the bond rating on a class of debt. Code Annual Footnote GQ S&P Senior Debt Rating is implied Code Quarterly Footnote GQ S&P Senior Debt Rating is implied