Below Investment Grade definition

Below Investment Grade means, with respect to any Series of VMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):
Below Investment Grade means any obligation, the highest rating for which from any of Moody’s, S&P, Fitch and, in their absence, any other NRSRO is:
Below Investment Grade means the Notes are rated lower than Baa3, BBB- or BBB- by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group or Fitch, Inc., respectively.

Examples of Below Investment Grade in a sentence

Section 5.01 Neither the Trustee nor any Paying Agent shall be responsible for determining whether any Change of Control or Below Investment Grade Rating Event has occurred and whether any Change of Control offer with respect to the Notes is required.

The Below Investment Grade category consists of bonds rated below BBB-.

A "Ratings Event" shall be deemed to exist with respect to any Series of VMTP Shares at any time such VMTP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment Grade.

A “Ratings Event” shall be deemed to exist with respect to the MFP Shares at any time the MFP Shares have a long-term credit rating from at least one-half of the Rating Agencies designated at such time (or from the Rating Agency designated at such time if only one Rating Agency is then designated) that is Below Investment Grade.

Table I shows Long-Term Mean Benchmark Spreads as of 9/30/2009 for Below Investment Grade bonds.


More Definitions of Below Investment Grade

Below Investment Grade means any obligation, the highest rating for which from any of Moody’s, S&P and Fitch is:
Below Investment Grade. Rating Event” as set forth in Exhibit B to the OfficersCertificate is hereby deleted and replaced in its entirety as follows:
Below Investment Grade has the meaning set forth in the Variable Rate Mode Supplement.
Below Investment Grade means, with respect to bonds, notes, debentures or other evidence of indebtedness rated by Moody's Investors Service Inc., Standard & Poor's Corporation or the National Association of Insurance Commissions Securities Valuation Office, having a rating lower than Baa3 by Moody's Investors Service Inc., BBB by Standard & Poor's Corporation or Category 2 by the National Association of Insurance Commissions Securities Valuation Office.
Below Investment Grade means any obligation, the highest rating for which from any of Moody’s, S&P, Fitch and, in their absence, any other NRSRO is: lower than Baa3 or its equivalent (or unrated or with rating withdrawn), in the case of Moody’s; lower than BBB- or its equivalent (or unrated or with rating withdrawn), in the case of S&P; lower than BBB- or its equivalent (or unrated or with rating withdrawn), in the case of Fitch; and in the event that none of Moody’s, S&P or Fitch is then rating such obligation, lower than an equivalent long-term credit rating to those set forth in clauses (a) – (c), in the case of any other NRSRO; provided that any obligation that is unrated or has had its rating withdrawn by all of Moody’s, S&P, Fitch and any other NRSRO shall also be “Below Investment Grade.”
Below Investment Grade means (x) with respect to Moody’s, a rating of Ba1 or lower and (y) with respect to S&P or Fitch, a rating of BB+ or lower.
Below Investment Grade means having a rating of BB+ or below (by Standard & Poor’s or an equivalent international agency, which shall not include Mainland Chinese credit agencies) or if unrated, determined by the Investment Manager to be of comparable quality. In making such determination and as part of its credit analysis, the Investment Manager also incorporates qualitative and quantitative assessments.