Step Up Rating Change definition

Step Up Rating Change means the first public announcement by S&P or, if applicable, any other Rating Agency appointed by or with the consent of the Issuer of a decrease in the credit rating of the Issuer's senior unsecured long-term debt to below BBB- (in the case of S&P) or below Baa3 (in the case of Moody's) or below BBB- (in the case of Fitch). For the avoidance of doubt, any further decrease in the credit rating of the Issuer's senior unsecured long-term debt below BBB- in the case of S&P or, if applicable, below Baa3 in the case of Moody's or below BBB- in the case of Fitch and in respect of any other Substitute Rating Agency, an equivalent rating or below shall not constitute a further Step Up Rating Change.

Step Up Rating Change means the first public announcement by either a Rating Agency or both Rating Agencies of a decrease in the credit rating of the Issuer’s senior unsecured long-term debt to below Baa3 (in the case of Moody’s) or to below BBB- (in the case of S&P). For the avoidance of doubt, any further decrease in the credit rating of the Issuer's senior unsecured long-term debt from below Baa3 in the case of Moody’s or from below BBB- in the case of S&P shall not constitute a Step Up Rating Change.

Step Up Rating Change means (i) the first public announcement by one or more Rating Agencies of a decrease in the Rating to below Investment Grade or (ii) there ceasing to be a Rating assigned by at least two Rating Agencies. For the avoidance of doubt, following a Step Up Rating Change, any further decrease in the Rating by any Rating Agency or any further withdrawal of Rating shall not constitute a further Step Up Rating Change.

Examples of Step Up Rating Change in a sentence

• The Rate of Interest will only increase to the Step Up Rate of Interest, as provided above, upon the first occurrence of a Step Up Rating Change or a deemed Step Up Rating Change on or after the Issue Date.

• From (and including) the Interest Payment Date falling on or immediately following the date of a Step Up Rating Change (or a deemed Step Up Rating Change, as set out below), the Initial Rate of Interest will increase to the Step Up Rate of Interest.

• A decrease to the Rate of Interest back to the Initial Rate of Interest following the occurrence of a Step Down Rating Change or a deemed Step Down Rating Change may only occur once and, in any event, only after the occurrence of the Step Up Rating Change or deemed Step Up Rating Change, as the case may be.

• If a Step Down Rating Change (or a deemed Step Down Rating Change, as set out below) occurs after the date of a Step Up Rating Change (or a deemed Step Up Rating Change, as set out below) or on the same date but subsequent thereto, with effect from (and including) the Interest Payment Date falling on or immediately following the date of such Step Down Rating Change (or deemed Step Down Rating Change), the Rate of Interest will decrease back to the Initial Rate of Interest.

More Definitions of Step Up Rating Change

Step Up Rating Change means, subject as provided above in relation to a deemed Step-up Rating Change, the first public announcement by either or both Rating Agencies of a decrease in the rating of Notes issued, or to be issued, by the Issuer to below Baa3, in the case of Moody's, or below BBB-, in the case of S&P Global. For the avoidance of doubt, any further decrease in the credit rating of Notes issued, or to be issued, by the Issuer below Baa3, in the case of Moody's, or below BBB-, in the case of S&P Global, shall not constitute a Step-up Rating Change;

Step Up Rating Change means the first public announcement by the Rating Agency of a decrease in the credit rating of the Issuer’s senior unsecured long-term debt to below BBB-. For the avoidance of doubt, any further decrease in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency from below BBB- shall not constitute a Step Up Rating Change;

Step Up Rating Change means (i) an Initial Step Up Event or (ii) a failure to meet the Minimum Rating Requirement at any time after the First Interest Payment Date;

Step Up Rating Change means a failure to meet the Minimum Rating Requirement at any time after the Issue Date. If the rating designations employed by either Moody’s or S&P are changed from those which are described in the definition of “Minimum Rating Requirement” above, or if a rating is procured from an Adjustment Substitute Rating Agency, the Issuer or the Guarantor shall determine, with the agreement of the Trustee, the rating designations of Moody’s or S&P or such Adjustment Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of Moody’s or S&P and this Condition 5(j) shall be construed accordingly.

Step Up Rating Change. ’ means the public announcement by any Rating Agency assigning a credit rating to the Ordinary Senior Instruments of a decrease in or a confirmation of the rating of the Ordinary Senior Instruments to or as BB+/Ba1 (or equivalent) or below.

Step Up Rating Change means the first public announcement by one or more Rating Agencies of a decrease in the credit rating of the Notes to below investment grade. For the avoidance of doubt, following a Step Up Rating Change, any further decrease in the credit rating of the Notes from BB+ or below in relation to S&P Global Ratings Europe Limited, Ba1 or below in the case of Xxxxx'x Investors Service, Inc., BB+ or below in relation to Fitch Limited or, where another "nationally recognised statistical rating agency" has been designated by the Issuer, a comparable rating or below, shall not constitute a further Step Up Rating Change.

Step Up Rating Change means, subject as provided above in relation to a deemed Step-up Rating Change, the first public announcement by a Rating Agency of a decrease in the rating, solicited by the Issuer, of the Notes issued, or to be issued, by the Issuer to below Baa3 or BBB-. For the avoidance of doubt, any further decrease in the credit rating of the Notes issued, or to be issued, by the Issuer below Baa3 or BBB- shall not constitute a Step-up Rating Change.