Public Debt Rating definition

Public Debt Rating means, as of any date, the highest rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Market Rate Spread shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Market Rate Spread will be set in accordance with Level 5 under the definition of “Applicable Percentage” or “Market Rate Spread”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Percentage and the Market Rate Spread shall be based upon the higher rating, provided that if the lower of such ratings is more than one level below the higher of such ratings, the Applicable Percentage and the Market Rate Spread shall be determined by reference to the level that is one level above such lower rating; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.
Public Debt Rating means, as of any date of determination, the ------------------ higher of the ratings most recently announced by S&P and Moody's for any class of non-credit enhanced long term senior unsecured public debt issued by the Borrower or, if no such ratings have been announced, the rating most recently assigned by S&P or Moody's, as the case may be, to the Borrower's "implied senior debt", as notified in writing from S&P or Moody's, as the case may be, to the Borrower. For purposes of the foregoing, (a) if only one of S&P and Moody's shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Moody's shall have in effect a Public Debt Rating, the Applicable Margin and Applicable Percentage will be set in accordance with level 5 under the definition of "Applicable Margin" or "Applicable Percentage", as the case may be; (c) if ------------------ --------------------- the ratings established by S&P and Moody's shall fall within different levels, the Applicable Margin and the Applicable Percentage shall be based upon the higher rating, except that in the event that the lower of such ratings is more than one level below the higher of such ratings, the Applicable Margin and the Applicable Percentage will be determined based on the level immediately above the lower of such ratings; (d) if any rating established by S&P or Moody's shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody's shall change the basis on which ratings are established each reference to the Public Debt Rating announced by S&P or Moody's, as the case may be, shall refer to the then equivalent rating by S&P or Moody's, as the case may be.
Public Debt Rating means, as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Borrower.

Examples of Public Debt Rating in a sentence

  • Level IV: Public Debt Rating of lower than Level III but not lower than A- by S&P and A3 by Moody's.

  • Level III: Public Debt Rating of lower than Level II but not lower than A by S&P or A2 by Moody's.


More Definitions of Public Debt Rating

Public Debt Rating means, as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company or, if any such rating agency shall have issued more than one such rating, the most recent such rating issued by such rating agency. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage will be set in accordance with Level 5 under the definition of “Applicable Margin” or “Applicable Percentage”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Margin and the Applicable Percentage shall be based upon the higher rating unless the such ratings differ by two or more levels, in which case the applicable level will be deemed to be one level below the higher of such levels; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.
Public Debt Rating means, as of any date, the rating that has been most recently announced by Fitch, S&P or Moody’s, as the case may be, for all non-credit enhanced long-term senior unsecured debt issued by the Borrower. If only one Public Debt Rating is available, such available Public Debt Rating will govern. If at any time there is more than one Public Debt Rating and such Public Debt Ratings are different (i) if three Public Debt Ratings are available, either (a) the majority Public Debt Rating will govern, if two Public Debt Ratings are the same, or (b) the middle Public Debt Rating will govern, if all three Public Debt Ratings differ, and (ii) if only two Public Debt Ratings are available, the higher Public Debt Rating will govern, unless there is more than one level between the Public Debt Ratings and then the level one below the higher Public Debt Rating (lower pricing) will apply. If any rating established or deemed to have been established by Fitch, S&P or Moody’s shall be changed (other than as a result of a change in the rating system of Fitch, Moody’s or S&P), such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change. If the rating system of Fitch, S&P or Moody’s shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition of “Public Debt Rating” to reflect such changed rating system and, pending the effectiveness of any such amendment, the Applicable Margin and the Applicable Percentage shall be determined by reference to the Public Debt Rating most recently in effect prior to such change. If the Borrower shall at any time fail to have in effect a Public Debt Rating, the Borrower shall seek and obtain, within thirty (30) days after the Public Debt Ratings first cease to be in effect, a corporate credit rating or a bank loan rating from Fitch, S&P and/or Moody’s (or, if neither Fitch, S&P nor Moody’s issues such types of ratings or ratings comparable thereto, from another nationally recognized rating agency approved by each of the Borrower and the Agent), and from and after the date on which such corporate credit rating or bank loan rating is obtained until such time (if any) that a Public Debt Rating becomes effective again, the Applicable Margin and the Applicable Percentage shall be based on such corporate credit or bank loan rating or ratings in the same manner as provided herein with respect to the Public Debt Ratings (with Level 6 being the App...
Public Debt Rating means, as of any date, the higher rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Guarantor; provided that if at any time the difference between the ratings of such type most recently announced by S&P and Xxxxx’x is more than one rating grade, the Public Debt Rating shall be the rating that is one grade below the higher of such two ratings. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a rating for any class of non-credit enhanced long-term senior unsecured debt issued by the Parent, the Public Debt Rating shall be the available rating; (b) if neither S&P nor Moody’s shall have in effect a rating for any class of non-credit enhanced long-term senior unsecured debt issued by the Guarantor, the Public Debt Rating shall be the rating which is three rating levels below the Guarantor’s S&P financial strength rating at such time, provided that, in the event that the Guarantor’s S&P financial strength rating is affirmed at (i) A+, the applicable Level will be Level II and (ii) A+ and on credit watch/review with negative implications, the applicable Level will be Level III; (c) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change, and (d) if S&P or Moody’s shall change the basis on which ratings are established, each reference herein to ratings announced by S&P or Moody’s as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.
Public Debt Rating means, as of any date, the lowest rating that has been most recently announced by either S&P or Xxxxx’x, as the case may be, for any class of long-term senior unsecured, non-credit enhanced debt issued by the Company. For purposes of the foregoing:
Public Debt Rating means, as of any date, the lowest rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of long-term senior unsecured, non-credit enhanced debt issued by the Company. For purposes of the foregoing:
Public Debt Rating means the public credit rating for the Borrower’s senior unsecured, long-term debt without third-party credit enhancement by S&P and Moody’s.
Public Debt Rating means, as of any date, the lowest rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company. For purposes of the foregoing, (a) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (b) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.