Highest Rating Category definition

Highest Rating Category means, with respect to an Eligible Investment, that the Eligible Investment is rated by S&P or Moody’s in the highest rating given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax-exempt municipal debt established by S&P is “A-1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG-1” (for fixed rate) or “VMIG-1” (for variable rate) for three months or less and “Aaa” for greater than three months. If at any time (a) the Bonds are not rated, (b) both S&P and Moody’s rate an Eligible Investment and (c) one of those ratings is below the Highest Rating Category, then such Eligible Investment will, nevertheless, be deemed to be rated in the Highest Rating Category if the lower rating is no more than one rating category below the highest rating category of that rating agency. For example, an Investment rated “AAA” by S&P and “Aa3” by Moody’s is rated in the Highest Rating Category. If, however, the lower rating is more than one full rating category below the Highest Rating Category of that rating agency, then the Eligible Investment will be deemed to be rated below the Highest Rating Category. For example, an Eligible Investment rated “AAA” by S&P and “A1” by Moody’s is not rated in the Highest Rating Category.
Highest Rating Category means, if the Bonds are rated by a Rating Agency, the highest rating given by that Rating Agency for that general category of security. By way of example, the Highest Rating Category for tax-exempt municipal debt established by S&P is “A-1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG-1” (for fixed rate) or “VMIG-1” (for variable rate) for one year or less and “Aaa” for greater than one year.
Highest Rating Category means, with respect to an Eligible Investment, that the Eligible Investment is rated by a Rating Agency in the highest rating given by that Rating Agency for that Rating Category, provided that such rating shall include but not be below “Aaa” or “Aaa/VMIG 1” if rated by Moody’s or “A-1+” or “AA+” if rated by S&P.

Examples of Highest Rating Category in a sentence

  • Direct obligations of, and obligations on which the full and timely payment of principal and interest is unconditionally guaranteed by, any agency or instrumentality of the United States of America or direct obligations of the World Bank, which obligations are rated in the Highest Rating Category.


More Definitions of Highest Rating Category

Highest Rating Category means an S&P rating category of “A-1+” for instruments having a term of one year or less and “AAA” for instruments having a term of greater than one year, and a Moody’s rating category of “P-1” for instruments having a term of one year or less and “Aaa” for instruments having a term greater than one year.
Highest Rating Category means, with respect to a Permitted Investment, that the Permitted Investment is rated by S&P or Moody’s in the highest rating given by that rating agency for that general category of security.
Highest Rating Category means an S&P rating category of “A-1+” for instruments having a term of one year or less and “AAA” for instruments having a term of greater than one year, and a Moody’s rating category of “P-1” for instruments having a term of one year or less and “Aaa” for instruments having a term greater than one year. Master Credit Facility Agreement Camden 2008 EXHIBIT B Principal Place of Business and Chief Executive Office Master Credit Facility Agreement Camden 2008 EXHIBIT V TO MASTER CREDIT FACILITY AGREEMENT LETTER OF CREDIT [Letter of Credit Issuer’s Letter of Credit Form] [Bank’s letterhead] IRREVOCABLE LETTER OF CREDIT NO. , 20 Fannie Mae Multifamily OperationsAsset Management Drawer # AM 3900 Wisconsin Avenue, N.W. Washington, DC 20016 Re: DRA/Wrangler Facility Dear Sir or Madam: For the account of [Insert name of account party/customer], we hereby open in your favor our Irrevocable Letter of Credit No. (“Credit”) for an amount not exceeding a total of U.S. $ , effective immediately and expiring on , 20 .1 Funds under this Credit are available to you against a sight draft(s) on us completed by you or [LENDER] on your behalf2, completed in substantially the form attached as Exhibit I, for all or any part of this Credit. We will promptly honor all drafts drawn in compliance with the terms of this Credit if received on or before the expiration date at [Insert Bank’s address]. 1 Must have a term of at least one year.
Highest Rating Category means, with respect to a Permitted Investment, that the Permitted Investment is rated by S&P or Moody’s in the highest rating given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax exempt municipal debt established by S&P is “A 1+” for debt with a term of one year or less and “AAA” for a term greater than
Highest Rating Category means (i) for S&P (A) with respect to short term obligations, "A-1+" by S&P, and (B) with respect to long term obligations, "AAA" by S&P and (ii) with respect to Moody's as set forth in the table below: Maturity Aaa-Rated Securities -------- -------------------- One Month A2 or Prime-1 Three Months A1 and Prime-1 Six Months Aa3 and Prime-1 Over Six Months Aaa and Prime-1
Highest Rating Category means, with respect to a Permitted Investment, that the Permitted Investment is rated 0\/ S& P or Moody's in the highest rating given 0\/ that rating agency for that general category of security. By way of example, the Highest Rating Category for tax exem[X municipal delX estall ished 0\/ S& P is "A-1-jC' for debt with a term of one year or less and "AAA" for a term greaterthan one year, with corresponding ratings 0\/ Moody's of "M IG-1" (for fixed rate) or "VMIG-1" (for variable rate) for three months or less and "Aaa'.' for greater than three months. If at any time (i) bcth S& P and Moody's rate a Permitted Investment and (ii) one of those ratings is belcw the Highest Rating Category, then such Permitted Investment will, nevertheless, be deemed to be rated i n the H i ghest R ati ng Category if the I avver rati ng i s no more than one rati ng category bel cw the hi ghest rati ng category of that rati ng agency. For example, a Permitted Investment rated "AAA" 0\/ S& P and "Aa3" 0\/ Moody's is rated in the Highest Rating Category. If, havvever, the I ewer rating is more than one full rating category belavv the Highest Rating Category of that rating agency, then the Permitted Investment will be deemed to be rated belavv the Highest Rating Category. For example, a Permitted Investment rated "AAA" 0\/ S& P and "A 1" 0\/ Moody's is not rated in the Highest Rating Category.

Related to Highest Rating Category

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Moody s” means Moody’s Investors Service, Inc.

  • Moody’s means Moody’s Investors Service, Inc.

  • Debt Rating means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term debt; provided that if a Debt Rating is issued by each of the foregoing rating agencies, then the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level I being the highest and the Debt Rating for Pricing Level V being the lowest), unless there is a split in Debt Ratings of more than one level, in which case the Pricing Level that is one level higher than the Pricing Level of the lower Debt Rating shall apply. Initially, the Applicable Rate shall be determined based upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade, during the period commencing on the date of delivery by the Borrower to the Administrative Agent of notice thereof pursuant to Section 6.03(e) and ending on the date immediately preceding the effective date of the next such change and, in the case of a downgrade, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change. For purposes of the foregoing, (a) if no Debt Rating shall be available, such rating agencies shall be deemed to have established a Debt Rating which is one rating grade higher than the subordinated debt rating grade of the Borrower, (b) if no Debt Rating or subordinated debt rating grade shall be available, the Applicable Rate shall be as set forth in Pricing Level V.

  • Credit Rating means, with respect to any entity, the rating then assigned to such entity’s unsecured, senior long-term debt obligations (not supported by third party credit enhancements) or if such entity does not have a rating for its senior unsecured long-term debt, then the rating then assigned to such entity as an issuer rating by S&P, Moody’s or any other rating agency agreed by the Parties as set forth in the Cover Sheet.

  • Index Debt means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit enhancement.

  • Fitch means Fitch Ratings, Inc., and its successors in interest.

  • Rating means the operating limits as specified by the component manufacturer.

  • Credit Rating Agency means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments.