Speculative Grade definition
Speculative Grade. BB: Speculative. "
Speculative Grade means a credit quality rating of B-, B3 or its credit equivalent, or above but below Investment Grade, as rated by an internationally recognized rating agency in line with applicable regulations. Where an investment has three or more ratings leading to different assessments, the lower of the two best credit ratings shall be taken. Where an investment has two ratings, the lower rating shall be taken. If an investment is unrated by an internationally recognized rating agency, its credit quality will be determined by the Investment Manager (or its delegate) in its discretion in line with applicable regulations.
Speculative Grade means, with respect to any Person, a Long-Term Debt Rating for such Person of BB+ and Ba1 or lower by S&P and Moody's, respectively, or, alternatively, a Long-Term Debt Rating for such Person from PSE’s credit department equivalent to BB+ or lower.