Moody’s Short-term Rating definition

Moody’s Short-term Rating means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.
Moody’s Short-term Rating means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations Schedule to ISDA Master Agreement
Moody’s Short-term Rating means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.If at any time neither the Swap Counterparty nor any third-party guarantor which may, in the future, guarantee the Swap Counterparty’s obligations under the Swap Agreement has the Second Trigger Required Ratings, the Swap Counterparty must, at its own cost, use commercially reasonable efforts to, as soon as reasonably practicable, procure either (A) a guarantee in respect of all of the Swap Counterparty's present and future obligations under the Swap Agreement by a guarantor with the Second Trigger Required Ratings or (B) a transfer to an eligible Transferee. If the Swap Counterparty fails to take any of these measures within the time period specified in the Swap Agreement, then the Swap Transactions may be terminated.If the Swap Transactions are terminated for any reason, the Swap Counterparty or the Issuer may be required to pay an amount to the other party as a result of the termination. Following such a termination any payments by the Issuer to the Swap Counterparty will be made in accordance with the applicable Priority of Payments. Under the Conditions and the Intercreditor Agreement, the ranking of the termination payments due to the Swap Counterparty (if any) will depend on the occurrence of the Swap Trigger.In this respect, “Swap Trigger” means the occurrence of an early termination of a Swap Transaction due to either:

Examples of Moody’s Short-term Rating in a sentence

Moody’s Short-term Rating means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.

An entity shall have the “Moody’s First Trigger Required Ratings” where such entity: (a) is the subject of a Moody’s Short-term Rating, if such rating is “Prime-1” and its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A2” or above by Moody’s; and (b) is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A1” or above by Moody’s.

An entity shall have the “Moody’s First Trigger Required Ratings” where such entity: (a) is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” and its long-term, unsecured and unsubordinated debt 33 or counterparty obligations are rated “A3” or above by Moody’s; and (b) is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A3” or above by Moody’s.

An entity shall have the “Moody’s First Trigger Required Ratings” (x) where such entity is the subject of a Moody’s Short-term Rating, if such rating is higher than “Prime-2” and its long-term, unsecured and unsubordinated debt obligations are rated higher than “A3” by Moody’s and (y) where such entity is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt obligations are rated higher than “A2” by Moody’s.

Back to Contents Moody’s Short-term Rating means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations.

Related to Moody’s Short-term Rating

Short-Term Rating has the meaning specified in the Intercreditor Agreement.
Long-Term Rating has the meaning specified in the Intercreditor Agreement.
Federal short-term rate means the rate of the average market yield on outstanding marketable obligations of the United States with remaining periods to maturity of three years or less, as determined under section 1274 of the Internal Revenue Code, for July of the current year.
Moody’s Rating means, at any time, the rating issued by Moody’s and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.
Moody’s Second Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3”.
Moody’s means Moody’s Investors Service, Inc.
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 First Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”.
Moody’s Rating Factor For each Collateral Obligation, the number set forth in the table below opposite the Moody’s Default Probability Rating of such Collateral Obligation. Moody’s Default Probability Rating Moody’s Rating Factor Moody’s Default Probability Rating Moody’s Rating Factor Aaa 1 Ba1 940 Aa1 10 Ba2 1,350 Aa2 20 Ba3 1,766 Aa3 40 B1 2,220 A1 70 B2 2,720 A2 120 B3 3,490 A3 180 Caa1 4,770 Baa1 260 Caa2 6,500 Baa2 360 Caa3 8,070 Baa3 610 Ca or lower 10,000
Specified Rating means, for the Class A(2015-3) Notes, Aaa(sf) with respect to Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch.
Moody’s Second Trigger DV01 Multiplier means 60.
Approved Ratings Threshold means each of the S&P Approved Ratings Threshold and the Moody’s First Trigger Ratings Threshold.
Moody’s Second Trigger Ratings Event means that no Relevant Entity has credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold.
Index Debt Rating means the S&P Rating, the Moody’s Rating and the Fitch Rating.
Threshold Rating means the short-term unsecured debt rating of P-1 by Moody's and A-1+ by Standard & Poor's, in the case of the Class A Liquidity Provider, and the short-term unsecured debt rating of P-1 by Moody's and A-1 by Standard & Poor's, in the case of the Class B Liquidity Provider and the Class C Liquidity Provider.
S&P Approved Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a short-term unsecured and unsubordinated debt rating from S&P of “A-1”, or, if such entity does not have a short-term unsecured and unsubordinated debt rating from S&P, a long-term unsecured and unsubordinated debt rating or counterparty rating from S&P of “A+”.
Investment Grade Credit Rating means (i) a Credit Rating of Baa3 or higher given by Moody’s, (ii) a Credit Rating of BBB- or higher given by S&P or (iii) a Credit Rating of BBB- or higher given by Fitch.
Required Ratings Threshold means each of the S&P Required Ratings Threshold and the Moody’s Second Trigger Ratings Threshold.
Taxable Equivalent of the Short-Term Municipal Bond Rate on any date means 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the Kenny S&P 30-day High Grade Index (the "Kenny Index") or any successor index, made available for the Business Day immediately preceding such date but in any event not later than 8:30 A.M., New York City time, on such date by Kenny Information Systems Inc. or any successor thereto, based upon 30-day yield evaluations at par of bonds the interest on which is excludable for regular Federal income tax purposes under the Code of "high grade" component issuers selected by Kenny Information Systems Inc. or any such successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general obligation bonds but shall exclude any bonds the interest on which constitutes an item of tax preference under Section 57(a)(5) of the Code, or successor provisions, for purposes of the "alternative minimum tax," divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal); provided, however, that if the Kenny Index is not made so available by 8:30 A.M., New York City time, on such date by Kenny Information Systems Inc. or any successor, the Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent Kenny Index so made available for any preceding Business Day, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal). The Corporation may not utilize a successor index to the Kenny Index unless Moody's and S&P provide the Corporation with written confirmation that the use of such successor index will not adversely affect the then-current respective Moody's and S&P ratings of the AMPS.
Qualifying Ratings means, with respect to the debt of any assignee or guarantor under Paragraph 4(9)(ii) below,
Moody’s Second Trigger Credit Support Amount means, for any Valuation Date, the excess, if any, of
Moody s” means Moody’s Investors Service, Inc.
Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Moody’s Rating for such Borrower as follows: S&P Rating/Moody’s Rating Applicable Rating Level S&P Rating A or higher or Moody’s Rating A2 or higher 1 S&P Rating A- or higher or Moody’s Rating A3 or higher 2 S&P Rating BBB+ or Moody’s Rating Baa1 3 S&P Rating BBB or Moody’s Rating Baa2 4 S&P Rating BBB- or Moody’s Rating Baa3 5 S&P Rating BB+ or below or Moody’s Rating Ba1 or below, or no S&P Rating or Moody’s Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Moody’s Rating for such Borrower in effect on such day. If the S&P Rating and the Moody’s Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.
Moody’s Second Trigger Value means, on any date and with respect to any Eligible Collateral other than Cash, the bid price obtained by the Valuation Agent multiplied by the Moody’s Second Trigger Valuation Percentage for such Eligible Collateral set forth in Paragraph 13(b)(ii).
Required Rating means, in the case of Moody's, the rating assigned to the Underlying Securities by Moody's as of the Closing Date, and, in the case of S&P, the rating assigned to the Underlying Securities by S&P as of the Closing Date.