Common use of Rating Clause in Contracts

Rating. The Instruments are expected to be rated as follows: Moody’s: A1 Fitch: A+ Moody’s assigns long-term credit ratings on a scale from Aaa to C. Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Fitch’s rating scale for long-term obligations ranges from AAA/Aaa (highest credit quality) to D (highest risk of default). The modifiers “+” or “-” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the ‘AAA’ Long-Term IDR category, or to Long-Term IDR categories below ‘B’. Each such rating agency is established in the European Union and is registered pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 as amended (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website (▇▇▇▇://▇▇▇.▇▇▇▇.▇▇▇▇▇▇.▇▇) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update.