Standard & Poor’s (“S&P”) long-term insurer financial strength ratings range from “AAA (extremely strong)” to “R (regulatory action).” A “+” or “—” may be appended to ratings from “AA” to “CCC” to indicate relative position within a category. A rating of “AA” is in the “very strong” category.

S&P short-term insurer financial strength ratings range from “A-1+ (extremely strong)” to “R (regulatory action).”

S&P long-term credit ratings range from “AAA (extremely strong)” to “D (payment default).” A “+” or “—” may be appended to ratings from “AA” to “CCC” to indicate relative position within a category. A rating of “A” is in the “strong” category. A rating of “BBB” has adequate protection parameters and is considered investment grade.

S&P short-term credit ratings range from “A-1+ (extremely strong)” to “D (payment default).” A rating of “A-1” is in the “strong” category.