Credit Ratings

Moody’s, Standard & Poor’s (S&P), Fitch Ratings, Dominion Bond Rating Service Ltd. (DBRS)

Legacy Senior Debt¹

Moody's Investors Services
Aa2
Standard & Poor's
A+
Fitch Ratings
AA
Dominion Bond Rating Service Ltd.
AA

Senior Debt²

Moody's Investors Services
A2
Standard & Poor's
A-
Fitch Ratings
AA-
Dominion Bond Rating Service Ltd.
AA (low)

Subordinated Debt (NVCC)

Moody's Investors Services
Baa1 (hyb)
Standard & Poor's
BBB+
Fitch Ratings
-
Dominion Bond Rating Service Ltd.
A (low)

Short Term Deposits / Commercial Paper

Moody's Investors Services
P-1
Standard & Poor's
A-1
Fitch Ratings
F1+
Dominion Bond Rating Service Ltd.
R-1 (high)

Covered Bond Program

Moody's Investors Services
Aaa
Standard & Poor's
Not Rated
Fitch Ratings
AAA
Dominion Bond Rating Service Ltd.
AAA

Outlook

Moody's Investors Services
Stable
Standard & Poor's
Stable
Fitch Ratings
Negative
Dominion Bond Rating Service Ltd.
Stable

Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime.

Subject to conversion under the bank recapitalization "bail-in" regime.