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
A
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
Stable
Dominion Bond Rating Service Ltd.
Stable

Subordinated Additional Tier 1 Capital Notes (NVCC)

Dominion Bond Rating Service Ltd.:
BBB(high)
Fitch Ratings:
BBB+
Moody's:
Baa3(hyb)
Standard & Poor’s:
BBB-

Limited Recourse Capital Notes (NVCC)