Guide to Best's Debt Ratings
Effective October 02, 2007 

A Best's Debt Rating is an independent opinion, based on a comprehensive quantitative and qualitative evaluation, of a company's balance sheet strength, operating performance and business profile. Our rating process  incorporates  specific methodologies designed to address Debt Ratings and the credit marketplace.  Read 'A.M. Best's Ratings and the Treatment of Debt', which outlines the relationship between Best's Financial Strength Ratings and Debt Ratings.  A complete list of Best's Rating Methodologies, including Commercial Paper and Closed-Block Monetization, are available and continually fine-tuned to reflect ever-changing industry, regulatory and legal developments.

Read Best's Rating Scale and Related Definitions for complete details on Debt ratings.   Other Rating Guides are available for Issuer Credit,  Financial Strength and Bank Deposit.

Please note that Best's Debt Ratings are not a warranty of a company's financial strength and ability to meet its financial obligations. View our entire notice for complete details.

Debt Ratings

A Best's Long-Term Debt Rating (issue credit rating) is an opinion as to the issuer's ability to meet its financial obligations to security holders when due. These ratings are assigned to debt and preferred stock issues.

Ratings from "aa" to "ccc" may be enhanced with a "+" (plus) or "-" (minus) to indicate whether credit quality is near the top or bottom of a category. A company's Long-Term Credit Rating also may be assigned an Under Review modifier ("u") that generally is event-driven (positive, negative or developing) and indicates that the company's Best's Rating opinion is under review and may be subject to near-term change.

A.M. Best's Long-Term Credit Rating Scale is used when assigning a Best's Long-Term Debt Rating.  The list below outlines the specific ratings and descriptions in this area.