B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

Plus (+) or minus (-)The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to showrelative standing within the major rating categories.N.R.This indicates that no rating has been requested, that there is insufficient information on which to base arating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.b. Standard & Poor’s Commercial Paper (short-term)A-1A short-term obligation rated ‘A-1’ is rated in the highest category by Standard & Poor’s. The obligor’scapacity to meet its financial commitment on the obligation is strong. Within this category, certainobligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet itsfinancial commitment on these obligations is extremely strong.A-2A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes incircumstances and economic conditions than obligations in the higher rating categories. However, theobligor’s capacity to meet its financial commitment on the obligation is satisfactory.A-3A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economicconditions or changing circumstances are more likely to lead to a weakened capacity of the obligor tomeet its financial commitment on the obligation.BA short-term obligation rated ‘B’ is regarded as having significant speculative characteristics. Ratings of'B-1', 'B-2', and 'B-3' may be assigned to indicate finer distinctions within the 'B' category. The obligorcurrently has the capacity to meet its financial commitment on the obligation; however, it faces majorongoing uncertainties which could lead to the obligor’s inadequate capacity to meet its financialcommitment on the obligation.B-1A short-term obligation rated 'B-1' is regarded as having significant speculative characteristics, but theobligor has a relatively stronger capacity to meet its financial commitments over the short-term comparedto other speculative-grade obligors.B-2A short-term obligation rated 'B-2' is regarded as having significant speculative characteristics, and theobligor has an average speculative-grade capacity to meet its financial commitments over the short-termcompared to other speculative-grade obligors.B-3A short-term obligation rated 'B-3' is regarded as having significant speculative characteristics, and theobligor has a relatively weaker capacity to meet its financial commitments over the short-term comparedto other speculative-grade obligors.CA short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorablebusiness, financial, and economic conditions for the obligor to meet its financial commitment on theobligation.B-72