Credit Ratings
A credit rating generally provides an indication of the risk that the borrower will not fulfill its full obligations in a timely manner with respect to both interest and principal commitments. Long-term ratings are provided by DBRS Limited (“Morningstar DBRS”) and S&P. Ratings for long-term debt instruments range from highest credit quality (generally “AAA”) to default in payment (generally “D”). Ratings for short-term debt instruments range from "A-1+" (S&P), "P-1" (Moody’s), or "F1+" (Fitch), representing the highest credit quality to "D" (Morningstar DBRS), "C" (S&P and Fitch), and "not prime" (Moody’s) for the lowest quality of securities rated.