Credit Ratings

	S&P	Moody's	Fitch Ratings

Long-term Issuer	BBB+ (ON) 5/15/2023	Baa1 (ON) 4/21/2023	A- (OS) 10/14/2022

Long-term Issuer

BBB+ (ON)
5/15/2023

Baa1 (ON)
4/21/2023

A- (OS)
10/14/2022

Senior Unsecured	BBB+ 5/15/2023	Baa1 4/21/2023	A- 10/14/2022

Senior Unsecured

BBB+
5/15/2023

Baa1
4/21/2023

A-
10/14/2022

Subordinated Debt	BBB 5/15/2023	(P)Baa1 4/21/2023	-

Subordinated Debt

BBB
5/15/2023

(P)Baa1
4/21/2023

-

Short-term/Commercial Paper	A-2 5/15/2023	(P)P-2 4/21/2023	F1 10/14/2022

Short-term/Commercial Paper

A-2
5/15/2023

(P)P-2
4/21/2023

F1
10/14/2022

Preferred Stock	BB+ 5/15/2023	Baa3 4/21/2023	BB+ 10/14/2022

Preferred Stock

BB+
5/15/2023

Baa3
4/21/2023

BB+
10/14/2022

Trust Preferred	BB+ 5/15/2023	Baa2 4/21/2023	BB+ 10/14/2022

Trust Preferred

BB+
5/15/2023

Baa2
4/21/2023

BB+
10/14/2022

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

	S&P	Moody's	Fitch Ratings

Long-term Issuer	A- (ON) 5/15/2023	A3 (ON) 4/21/2023	A- (OS) 10/14/2022
Senior Unsecured	A- 5/15/2023	A3 4/21/2023	A- 10/14/2022
Subordinated Debt	BBB+ 5/15/2023	(P)Baa1 4/21/2023	BBB+ 10/14/2022
Short-term/Commercial Paper	A-2 5/15/2023	(P)P-2 4/21/2023	F1 10/14/2022
Long-term deposits	-	A1 4/21/2023	A 10/14/2022
Short-term deposits	-	P-1 4/21/2023	F1 10/14/2022

Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing

Long-Term Ratings

Fitch

Highest Credit Quality

AAA AAA(EXP) AAApre
Very High Credit Quality

AA+ AA+(EXP) AA AA(EXP) AA- AA-(EXP)
High Credit Quality

A+ A+(EXP) A A(EXP) A- A-(EXP)
Good Credit Quality

BBB+ BBB+(EXP) BBB BBB(EXP) BBB- BBB-(EXP)
Speculative

BB+ BB+(EXP) BB BB(EXP) BB- BB-(EXP)
Highly Speculative

B+ B+(EXP) B B(EXP) B- B-(EXP)
High Default Risk

CCC+ CCC+(EXP) CCC CCC(EXP) CCC- CCC-(EXP) CC CC(EXP) C
Default

DDD DD D

Moody's

Highest Quality

(P)Aaa Aaa
High Quality

Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
Upper-Medium Quality

(P)A1 A1 A2 (P)A2 (P)A3 A3
Medium-Grade Quality

Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
Substantial Risk

(P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
High Risk

B1 (P)B1 (P)B2 B2 B3 (P)B3
Very High Risk

(P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
Highly Speculative

(P)Ca Ca
Default

C (P)C

S&P

Extremely Strong

AAA AAApi AAAt
Very Strong

AA+ AA+pi AA+t AApi Aat AA AA- AA-pi AA-t
Strong

A+ A+pi A+t Api At A A- A-pi A-t
Adequate

BBB+ BBB+pi BBB+t BBB BBBpi BBBt BBB- BBB-pi BBB-t
Less Vulnerable

BB+ BB+pi BB+t BB BBpi BBt BB- BB-pi BB-t
More Vulnerable

B+ B+pi B+t B Bpi Bt B- B-pi B-t
Currently Vulnerable

CCC+ CCC+pi CCC+t CCCpi CCCt CCC CCC- CCC-pi CCC-t
Highly Vulnerable

CCpi CCt CC C+ C+pi C+t C Cpi Ct
Selective Default

SD SDpi SDt
Default

D+ D+pi D+t Dpi Dt D
Regulatory Supervision

R Rpi Rt

Short-Term Ratings

Fitch

Exceptionally High Quality

F1+ F1+(EXP)
High Quality

F1 F1(EXP)
Good Quality

F2 F2(EXP)
Fair Quality

F3 F3(EXP)
Speculative

B B(EXP)
High Default Risk

C C(EXP)
Default

D D(EXP)

Moody's

Superior

(P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
Strong

VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
Acceptable

(P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
Not Prime

NP (P)NP

S&P

Extremely Strong

A-1+
Strong

A-1
Satisfactory

A-2
Adequate

A-3
More Vulnerable

B B-1 B-2 B-3
Highly Vulnerable

C
Selective Default

SD
Default

D
Regulatory Supervision

R

Financial Strength Ratings

Fitch

Exceptionally Strong

AAA AAAq
Very Strong

AA+ AA+q AAq AA AA- AA-q
Strong

A+ A+q Aq A A- A-q
Good

BBB+ BBB+q BBBq BBB BBB- BBB-q
Moderately Weak

BB+ BB+q BB BBq BB- BB-q
Weak

B+ B+q B Bq B- B-q
Very Weak

CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
Distressed

DDD DDDq DDq DD Dq D

Moody's

Exceptional Security

Aaa
Excellent Security

Aa1 Aa2 Aa3
Good Security

A1 A2 A3
Adequate Security

Baa1 Baa2 Baa3
Questionable Security

Ba1 Ba2 Ba3
Poor Security

B1 B2 B3
Very Poor Security

Caa1 Caa2 Caa3
Extremely Poor Security

Ca C

S&P

Extremely Strong

AAA AAApi
Very Strong

AA+ AA+pi AApi AA AA- AA-pi
Strong

A+ A+pi Api A A- A-pi
Good

BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
Marginal

BB+ BB+pi BB BBpi BB- BB-pi
Weak

B+ B+pi B Bpi B- B-pi
Very Weak

CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
Extremely Weak

CCpi CC
Regulatory Action

R

Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

Copyright© 2019, Fitch Ratings, Inc., Fitch Ratings, Ltd. and its subsidiaries (“Fitch”). Reproduction of the Fitch credit ratings in any form is prohibited except with the prior written permission of Fitch. Fitch does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. FITCH GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Fitch shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Fitch credit ratings. Fitch’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. Fitch credit ratings do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

A security rating is not a recommendation to buy, sell or hold securities.