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, negative): Number of Moody's Ratings Subcategories Difference Between the Moody's Obligation Rating and the Moody's Default Probability Rating Moody's Senior Secured Loans Moody's Non Senior Secured Loans Bonds +2 or more 60.0% 45.0% 40.0% +1 50.0% 42.5% 35.0% 0 45.0% 40.0% 30.0%
dy's Senior Secured Loan": (a) A Loan that: (i) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the Obligor of the Loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the Obligor's obligation
ment Manager or any of their respective Affiliates) that is a borrower under a Securities Lending Agreement and has a short-term rating of "P-1" by Moody's and at least "A-1" by S&P at the time of entering into the Securities Lending Agreement (provided that any actively monitored Moody's rating of such
t, insolvency, moratorium or liquidation proceedings) and (b) cannot by its terms become subordinate in right of payment to any other obligation of the Obligor of the Loan. "Senior Secured Notes": Notes bearing interest at a floating rate that are secured by a pledge of collateral and have a senior pre-petition priori
tment Manager or any of their respective Affiliates) that is a borrower under a Securities Lending Agreement and has a short-term rating of "P-1" by Moody's and at least "A—I" by S&P at the time of entering into the Securities Lending Agreement (provided that any actively monitored Moody's rating of such
nt, insolvency, moratorium or liquidation proceedings) and (b) cannot by its terms become subordinate in right of payment to any other obligation of the Obligor of the Loan. "Senior Secured Notes": Notes bearing interest at a floating rate that arc secured by a pledge of collateral and have a senior pre-petition priori
In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is not on watch for downgrade, and a long-term senior unsecured rating by. of at least
dy's Senior Secured Loan": (a) A Loan that: (i) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the Obligor of the Loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the Obligor's obligation
Entities connected to both Moody's and the Obligor of the Loan