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Conditional Rating (*)

Bonds for which the security depends on the completion of some act, or the fulfillment of some condition, are rated conditionally. These are bonds secured by a) earnings of projects under construction, b) earnings of projects unseasoned in operation experience, c) rentals which begin when facilities are completed, or d) payments to which some other limiting con-dition attaches. The parenthetical rating denotes probable credit stature upon completion of construction or elimination of the basis of the condition.

 

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