Financial Ratings

• A.M. Best’s financial strength ratings range from A++ to S. A “+” or “-“ permits further gradation of financial strength within a particular rating category.
  • The “A” financial strength rating represents the third highest among 13 rating levels
• Fitch Ratings financial strength ratings range from AAA to C, an additional “+” or “-“ for AA through CCC levels indicating relative differences of probability of default or recovery for issues.
  • The “A” rating represents the sixth highest of 19 rating levels
• Moody’s financial strength ratings range from Aaa to C. Numerical modifiers are used from Aa to Caa to indicate the ranking is in the higher end of range (1), a mid-range ranking (2) or a (3) which denotes a ranking in the lower end of the range.
  • The “A3” rating represents the seventh highest among 21 rating levels
• Standard & Poor’s (S&P) financial strength ratings range from AAA to CC. Ratings from AA to CCC may be modified by the addition of a “+” or “-“ to show relative standing within the rating categories.
  • The “A” rating represents the sixth highest among 20 rating levels

Issuer Credit Ratings

Issuer credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing and generally involve quantitative and qualitative evaluations by rating agencies of a company’s financial condition and operating performance. Generally, rating agencies base their issuer credit ratings upon information furnished to them by the company and upon their own investigations, studies and assumptions. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Ratings are accurate as of October 24, 2025.