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    Fitch Ratings
    Ratings History
    BBB- (OS)
    6/15/2021
    BBB- (ON)
    8/6/2020
    BBB- (ON)
    5/8/2020
    BBB- (OS)
    8/16/2019
    BBB- (OS)
    8/24/2018
    Ratings History
    F3
    8/6/2020
    F3
    5/8/2020
    F3
    8/16/2019
    F3
    8/24/2018
    Ratings History
    B+
    8/6/2020
    B+
    5/8/2020
    BB-
    8/16/2019
    BB-
    8/24/2018
    Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
    Fitch Ratings
    Long-term Issuer BBB- (OS)
    6/15/2021
    Short-term/Commercial Paper F3
    6/15/2021
    Certificate of Deposit BBB
    6/15/2021

    Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
    Long-Term Ratings   
    • Highest Quality
      (P)Aaa Aaa
    • High Quality
      Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
    • Upper-Medium Quality
      (P)A1 A1 A2 (P)A2 (P)A3 A3
    • Medium-Grade Quality
      Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
    • Substantial Risk
      (P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
    • High Risk
      B1 (P)B1 (P)B2 B2 B3 (P)B3
    • Very High Risk
      (P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
    • Highly Speculative
      (P)Ca Ca
    • Default
      C (P)C
    • Extremely Strong
      AAA AAApi AAAt
    • Very Strong
      AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
    • Strong
      A+ A+pi A+t Api At A A- A-pi A-t
    • Adequate
      BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
    • Less Vulnerable
      BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
    • More Vulnerable
      B+ B+pi B+t B Bpi Bt B- B-pi B-t
    • Currently Vulnerable
      CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
    • Highly Vulnerable
      CCpi CCt CC C+ C+pi C+t C Cpi Ct
    • Selective Default
      SD SDpi SDt
    • Default
      D+ D+pi D+t Dpi Dt D
    • Regulatory Supervision
      R Rpi Rt
    Short-Term Ratings   
    • Exceptionally High Quality
      F1+ F1+(EXP)
    • High Quality
      F1 F1(EXP)
    • Good Quality
      F2 F2(EXP)
    • Fair Quality
      F3 F3(EXP)
    • Speculative
      B B(EXP)
    • High Default Risk
      C C(EXP)
    • Default
      D D(EXP)
    • Superior
      (P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
    • Strong
      VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
    • Acceptable
      (P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
    • Not Prime
      NP (P)NP
    • Extremely Strong
      A-1+
    • Strong
      A-1
    • Satisfactory
      A-2
    • Adequate
      A-3
    • More Vulnerable
      B B-1 B-2 B-3
    • Highly Vulnerable
      C
    • Selective Default
      SD
    • Default
      D
    • Regulatory Supervision
      R
    Financial Strength Ratings   
    • Exceptionally Strong
      AAA AAAq
    • Very Strong
      AA+ AA+q AAq AA AA- AA-q
    • Strong
      A+ A+q Aq A A- A-q
    • Good
      BBB+ BBB+q BBBq BBB BBB- BBB-q
    • Moderately Weak
      BB+ BB+q BB BBq BB- BB-q
    • Weak
      B+ B+q B Bq B- B-q
    • Very Weak
      CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
    • Distressed
      DDD DDDq DDq DD Dq D
    • Exceptional Security
      Aaa
    • Excellent Security
      Aa1 Aa2 Aa3
    • Good Security
      A1 A2 A3
    • Adequate Security
      Baa1 Baa2 Baa3
    • Questionable Security
      Ba1 Ba2 Ba3
    • Poor Security
      B1 B2 B3
    • Very Poor Security
      Caa1 Caa2 Caa3
    • Extremely Poor Security
      Ca C
    • Extremely Strong
      AAA AAApi
    • Very Strong
      AA+ AA+pi AApi AA AA- AA-pi
    • Strong
      A+ A+pi Api A A- A-pi
    • Good
      BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
    • Marginal
      BB+ BB+pi BB BBpi BB- BB-pi
    • Weak
      B+ B+pi B Bpi B- B-pi
    • Very Weak
      CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
    • Extremely Weak
      CCpi CC
    • Regulatory Action
      R

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