

Underlying Ratings
An underlying rating is Moody’s published assessment of a particular debt issue’s credit quality absent credit enhancement. Moody’s will assign and publicly release an underlying rating requested by an issuer for debt that is entirely credit enhanced. The rating scale is identical to the one used for Moody’s long-term obligation ratings.

©Copyright 2005 Moody's Investors Service
09 Dec 2005, 08:04 Greenwich Mean Time