Ratings Downgrade definition

Ratings Downgrade shall occur if any two solicited credit ratings for the Parent Guarantor’s long-term unsecured debt fall below investment grade or if all three Rating Agencies (as defined below) cease to assign (other than temporarily) a credit rating to the Parent Guarantor. A credit rating below investment grade shall mean, in relation to Standard & Poor’s Rating Services, a rating of BB+ or below, in relation to Xxxxx’x Investor Services Inc., a rating of Bal or below, in relation to Fitch, Inc. a rating of BB+ or below and, where another “nationally recognized statistical rating agency” has been designated by the Parent Guarantor, a comparable rating. A Ratings Downgrade shall not occur with respect to a particular Rating Agency in respect of a Change of Control unless the Rating Agency downgrading the Guarantor announces or publicly confirms or informs the Parent Guarantor in writing at its request that the downgrade was the result, in whole or in part, of the applicable Change of Control. If one or more Rating Agencies issues an improved credit rating for the Parent Guarantor prior to the Effective Date so that the circumstances giving rise to the Ratings Downgrade no longer apply, then the Ratings Downgrade shall be deemed not to have occurred and the Holders shall have no right to demand redemption of their Notes under Section 2.08.

Ratings Downgrade means a downgrading in or withdrawal of the Company’s general corporate rating or the rating accorded to the Company’s debt securities or preferred stock, if any, by any two of the Rating Agencies as a result of a Change-of-Control.

Ratings Downgrade means, at any time, with respect to any person, either (a) any of the ratings assigned by the Rating Agencies to the debt obligations of that person have been downgraded or withdrawn so that that person no longer has the Required Ratings or (b) such debt obligations are no longer rated by any of the Rating Agencies.

Examples of Ratings Downgrade in a sentence

• The Issuer will have the option to redeem the Notes in case of Change of Law, a Ratings Downgrade Event or for tax reasons on any Monthly Payment Date in accordance with the Conditions.

• The occurrence of an Effective Date Ratings Downgrade Event will not cause an Event of Default.

• If the Notes are redeemed in whole on a Ratings Downgrade Redemption Date pursuant to sub-paragraph 13(D) of the Conditions, an Additional Termination Event in respect of this Transaction shall be deemed to have occurred, for the purposes of which Party B shall be the sole Affected Party.

• Notwithstanding the provisions of Section 6(b) of, or the Schedule to, the Agreement, an Early Termination Date shall be deemed to be designated in respect of such Additional Termination Event as at such Ratings Downgrade Redemption Date.

• Notwithstanding the above, where the Swap Counterparty is required to provide collateral for its obligations to the Issuer under the Swap Agreement (as to which see "Swap Counterparty Ratings Downgrade" below), the collateral will be held in a deposit account held at Deutsche Bank AG, acting through its London branch.

More Definitions of Ratings Downgrade

Ratings Downgrade means when, at the time of a Change of Control, the 2030 Notes carry:

Ratings Downgrade means the occurrence of any of the following:

Ratings Downgrade means the date on which the Debt Ratings announced by S&P or Xxxxx’x shall be less than BBB- or Baa3, respectively.

Ratings Downgrade means, with respect to any Person, a downgrade in the ratings assigned to such Person’s Debt by S&P or Moody’s.

Ratings Downgrade means, at any time, a reduction of the ratings assigned to any Senior Notes issued pursuant to the Note Indentures by any of the Relevant Rating Agencies at such time.

Ratings Downgrade means a lowering by any of the Rating Agencies of the rating assigned to the senior long-term debt of the Corporation below investment grade by such Rating Agency.

Ratings Downgrade means any of the following events: (i) at least two of the Ratings Agencies assigning a Rating which falls below the Primary Rating or (ii) one or more of the Ratings Agencies assigning a Rating which falls below the Secondary Rating or not assigning any Rating.