Credit Ratings

Moody’s, Standard & Poor’s (S&P), Fitch Ratings, Morningstar DBRS

Legacy Senior
Debt1

Moody's
Aa2
Standard & Poor's
A+
Fitch Ratings
AA
Morningstar DBRS
AA

Senior
Debt2

Moody's
A2
Standard & Poor's
A-
Fitch Ratings
AA-
Morningstar DBRS
AA (low)

Subordinated Debt (NVCC)

Moody's
Baa1 (hyb)
Standard & Poor's
BBB+
Fitch Ratings
A
Morningstar DBRS
A (low)

Short Term Deposits / Commercial Paper

Moody's
P-1
Standard & Poor's
A-1
Fitch Ratings
F1+
Morningstar DBRS
R-1 (high)

Covered
Bond Program

Moody's
Aaa
Standard & Poor's
Not Rated
Fitch Ratings
AAA
Morningstar DBRS
AAA

Outlook

Moody's
Stable
Standard & Poor's
Stable
Fitch Ratings
Stable
Morningstar DBRS
Stable

Subordinated
Additional Tier 1
Capital Notes (NVCC)

Moody's
Baa3 (hyb)
Standard & Poor's
BBB-
Fitch Ratings
BBB+
Morningstar DBRS
BBB (high)

Limited
Recourse Capital
Notes (NVCC) 

Moody's
Baa3 (hyb)
Standard & Poor's
BBB-
Fitch Ratings
BBB+
Morningstar DBRS
BBB (high)