BBB

 BBB Integrys Holding Inc 6%
 BBB Allstate Corp/The 5.1% Cumulative
 BBB US Bancorp 3.5% Non-Cumulative Series A Floater
 BBB NextEra Energy Inc 6.371% Convertible
 BBB NextEra Energy Inc 6.123% Convertible
 BBB Aegon NV 6.375% Non-Cumulative
 BBB Southern Co/The 5.25%
 BBB US Bancorp 6.5% Non-Cumulative Series F
 BBB State Street Corp 5.35% Non-Cumulative Series G
 BBB Southern Co/The 6.25% Cumulative
 BBB NextEra Energy Capital Holdings Inc 5.25% Cumulative Series K
 BBB US Bancorp 3.5% Non-Cumulative Series B* Floater
 BBB Toronto-Dominion Bank/The 4.7% Non-Cumulative Series 18
 BBB State Street Corp 5.9% Non-Cumulative Series D
 BBB Reinsurance Group of America Inc 6.2% Cumulative
 BBB Axis Capital Holdings Ltd 5.5% Non-Cumulative Series E
 BBB Reinsurance Group of America Inc 5.75% Cumulative
 BBB Charles Schwab Corp/The 5.95% Non-Cumulative Series D
 BBB Arch Capital Group Ltd 5.45% Non-Cumulative Series F
 BBB PPL Capital Funding Inc 5.9% Cumulative Series B
 BBB Federal Realty Investment Trust 5% Cumulative Series C
 BBB Bank of New York Mellon Corp/The 5.2% Non-Cumulative
 BBB Southern Co/The 5.25%
 BBB State Street Corp 5.25% Non-Cumulative Series C
 BBB Duke Energy Corp 5.125% Cumulative
 BBB Aegon NV 6.5% Non-Cumulative
 BBB Alabama Power Co 5% Cumulative Series A
 BBB Georgia Power Co 5% Non-Cumulative Series 2017
 BBB State Street Corp 6% Non-Cumulative Series E
 BBB US Bancorp 5.15% Non-Cumulative
 BBB NextEra Energy Capital Holdings Inc 5% Cumulative
 BBB Wells Fargo Real Estate Investment Corp 6.375% Cumulative Series A
 BBB PS Business Parks Inc 5.25% Cumulative Series X
 BBB Aegon NV 4% Non-Cumulative Series 1 Floater
 BBB Charles Schwab Corp/The 6% Non-Cumulative Series C
 BBB Royal Bank of Canada 5.5% Non-Cumulative Series BK
 BBB Brookfield Asset Management Inc 4.8% Cumulative Series 46
 BBB Royal Bank of Canada 5.5% Non-Cumulative Series BM
 BBB Credit-Enhanced CorTS Trust for Aon Capital A 8.205% Cumulative
 BBB EI du Pont de Nemours & Co 4.5% Cumulative Series B
 BBB Toronto-Dominion Bank/The 4.85% Non-Cumulative Series 14
 BBB NextEra Energy Capital Holdings Inc 5.125% Cumulative Series I
 BBB RenaissanceRe Holdings Ltd 5.375% Non-Cumulative Series E
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 32
 BBB PS Business Parks Inc 5.2% Cumulative Series W
 BBB Toronto-Dominion Bank/The 5.5% Non-Cumulative Series 12
 BBB Axis Capital Holdings Ltd 5.5% Non-Cumulative Series D
 BBB Royal Bank of Canada 4% Non-Cumulative Series AZ
 BBB CU Inc 2.24% Cumulative Series 4
 BBB Boston Properties Inc 5.25% Cumulative Series B
 BBB Brookfield Asset Management Inc 4.75% Cumulative Series 48
 BBB GATX Corp 5.625% Cumulative
 BBB Brookfield Asset Management Inc 4.9% Cumulative Series 37
 BBB Royal Bank of Canada 3.6% Non-Cumulative Series BD
 BBB Interstate Power & Light Co 5.1% Cumulative Series D
 BBB Brookfield Asset Management Inc 2.727% Cumulative Series 28-A
 BBB Fortis Inc/Canada 4.1% Cumulative Series M
 BBB RenaissanceRe Holdings Ltd 6.08% Cumulative Series C
 BBB Toronto-Dominion Bank/The 3.8% Non-Cumulative Series 3
 BBB Brookfield Asset Management Inc 0% Cumulative Series 2 Floater
 BBB Bank of Nova Scotia/The 2.063% Non-Cumulative Series 32
 BBB Fortis Inc/Canada 4% Cumulative Series K
 BBB Brookfield Asset Management Inc 4.685% Cumulative Series 30
 BBB BOK Financial Corp 5.375%
 BBB Bank of Nova Scotia/The 1.82% Non-Cumulative Series 30
 BBB Bank of Nova Scotia/The 3.83% Non-Cumulative Series 22
 BBB Royal Bank of Canada 3.6% Non-Cumulative Series BF
 BBB Fortis Inc/Canada 4.75% Cumulative Series J
 BBB Toronto-Dominion Bank/The 3.9% Non-Cumulative Series 1
 BBB Toronto-Dominion Bank/The 4.5% Non-Cumulative Series 16
 BBB Toronto-Dominion Bank/The 3.75% Non-Cumulative Series 5
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 40
 BBB Brookfield Asset Management Inc 3.45% Cumulative Series 8 Floater
 BBB PS Business Parks Inc 5.75% Cumulative Series U
 BBB Bank of Nova Scotia/The 3.61% Non-Cumulative Series 20
 BBB Canadian Utilities Ltd 4.5% Cumulative Series FF
 BBB EI du Pont de Nemours & Co 3.5% Cumulative Series A
 BBB CU Inc 4.6% Cumulative Series 1
 BBB Fortis Inc/Canada 2.5% Cumulative Series H
 BBB Selective Insurance Group Inc 5.875%
 BBB Royal Bank of Canada 4.9% Non-Cumulative Series BH
 BBB Brookfield Asset Management Inc 0% Cumulative Series 13 Floater
 BBB Royal Bank of Canada 3.9% Non-Cumulative Series BB
 BBB Brookfield Asset Management Inc 3.014% Cumulative Series 24
 BBB Brookfield Asset Management Inc 5% Cumulative Series 44
 BBB PS Business Parks Inc 5.7% Cumulative Series V
 BBB PartnerRe Ltd 5.875% Non-Cumulative Series F
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 42
 BBB Canadian Utilities Ltd 3.4% Cumulative Series Y
 BBB Mississippi Power Co 5.25% Cumulative
 BBB Toronto-Dominion Bank/The 3.6% Non-Cumulative Series 7
 BBB Brookfield Asset Management Inc 4.75% Cumulative Series 18
 BBB Brookfield Asset Management Inc 4.4% Cumulative Series 38
 BBB Brookfield Asset Management Inc 3.471% Cumulative Series 26
 BBB Royal Bank of Canada 5.25% Non-Cumulative Series BJ
 BBB Co-Operators General Insurance Co 5% Non-Cumulative Series C
 BBB Canadian Utilities Ltd 5.25% Cumulative Series EE
 BBB Toronto-Dominion Bank/The 3.7% Non-Cumulative Series 9
 BBB Brookfield Asset Management Inc 4.75% Cumulative Series 17
 BBB Brookfield Asset Management Inc 4.85% Cumulative Series 36
 BBB Brookfield Asset Management Inc 0% Cumulative Series 4 Floater
 BBB Royal Bank of Canada 4.9% Non-Cumulative Series BI
 BBB Toronto-Dominion Bank/The 4.9% Non-Cumulative Series 11
 BBB Fortis Inc/Canada 4.9% Cumulative Series F
 BBB Brookfield Asset Management Inc 4.2% Cumulative Series 34
 BBB Niagara Mohawk Power Corp 3.9% Cumulative
 BBB AMG Capital Trust II 5.15% Convertible Series 144A
 BBB Union Gas Ltd 6% Cumulative Series D
 BBB Niagara Mohawk Power Corp 3.6% Cumulative
 BBB Union Gas Ltd 5.5% Cumulative Series A
 BBB- Enbridge Inc 6.375% Series B
 BBB- HSBC Holdings PLC 8% Non-Cumulative Series 2
 BBB- Wells Fargo & Co 7.5% Non-Cumulative Convertible Series L
 BBB- Allstate Corp/The 5.625% Non-Cumulative Series G
 BBB- Bank of America Corp 7.25% Non-Cumulative Convertible Series L
 BBB- Hercules Capital Inc 5.25%
 BBB- HSBC Holdings PLC 8.125% Non-Cumulative
 BBB- WR Berkley Corp 5.7%
 BBB- Wells Fargo & Co 8% Non-Cumulative Series J
 BBB- Welltower Inc 6.5% Cumulative Convertible Series I
 BBB- CMS Energy Corp 5.625% Cumulative
 BBB- Hercules Capital Inc 6.25% Cumulative
 BBB- Wells Fargo & Co 5.85% Non-Cumulative Series Q
 BBB- JPMorgan Chase & Co 6.15% Non-Cumulative Series BB
 BBB- Qwest Corp 6.5% Non-Cumulative
 BBB- Merrill Lynch Capital Trust I 6.45% Cumulative Series K
 BBB- Dominion Energy Inc 6.75% Cumulative Convertible Series A
 BBB- Wells Fargo & Co 5.625% Non-Cumulative Series Y
 BBB- Bank of America Corp 6.625% Non-Cumulative Series W
 BBB- Dominion Energy Inc 5.25% Cumulative Series A
 BBB- Kimco Realty Corp 5.25% Cumulative Series M
 BBB- HSBC Holdings PLC 6.2% Non-Cumulative Series A
 BBB- PNC Financial Services Group Inc/The 6.125% Non-Cumulative Series P
 BBB- National Retail Properties Inc 5.7% Cumulative Series E
 BBB- Carlyle Group LP/The 5.875% Non-Cumulative Series A
 BBB- Hartford Financial Services Group Inc/The 7.875% Cumulative
 BBB- SCE Trust VI 5% Cumulative
 BBB- Vornado Realty Trust 5.25% Cumulative Series M
 BBB- JPMorgan Chase & Co 5.45% Non-Cumulative Series P
 BBB- Bank of America Corp 6.5% Non-Cumulative Series Y
 BBB- Bank of America Corp 6% Non-Cumulative Series EE
 BBB- Qwest Corp 6.75%
 BBB- Wells Fargo & Co 5.5% Non-Cumulative Series X
 BBB- JPMorgan Chase & Co 6.1% Non-Cumulative Series AA
 BBB- BrightSphere Investment Group PLC 5.125% Non-Cumulative
 BBB- Bank of America Corp 6.2% Non-Cumulative Series CC
 BBB- SCE Trust II 5.1% Cumulative
 BBB- JPMorgan Chase & Co 6.125% Non-Cumulative Series Y
 BBB- Aspen Insurance Holdings Ltd 5.95% Non-Cumulative
 BBB- Wells Fargo & Co 6.625% Non-Cumulative
 BBB- WR Berkley Corp 5.75% Cumulative
 BBB- Qwest Corp 6.125%
 BBB- First Republic Bank/CA 5.5% Non-Cumulative Series D
 BBB- BB&T Corp 5.625% Non-Cumulative Series E
 BBB- Enbridge Inc 4% Cumulative Series 1
 BBB- Senior Housing Properties Trust 5.625%
 BBB- Qwest Corp 7%
 BBB- Centaur Funding Corp 9.08% Cumulative Series 144A
 BBB- MetLife Inc 4% Non-Cumulative Series A Floater
 BBB- Qwest Corp 6.875%
 BBB- Enbridge Inc 4.9% Cumulative Series 19
 BBB- Wells Fargo & Co 6% Non-Cumulative Series T
 BBB- Qwest Corp 7%
 BBB- Wells Fargo & Co 5.7% Non-Cumulative Series W
 BBB- TransCanada Corp 5.5% Cumulative Series 13
 BBB- Ares Management LP 7% Non-Cumulative Series A
 BBB- JPMorgan Chase & Co 6.3% Non-Cumulative Series W
 BBB- Bank of America Corp 3% Non-Cumulative Series H Floater
 BBB- JPMorgan Chase & Co 6.7% Non-Cumulative Series T
 BBB- SCE Trust V 5.45% Cumulative Series K
 BBB- Aspen Insurance Holdings Ltd 5.625% Non-Cumulative Series *
 BBB- Kimco Realty Corp 5.125% Cumulative Series L
 BBB- WR Berkley Corp 5.625% Cumulative
 BBB- TransCanada Corp 4.9% Cumulative Series 15
 BBB- Wells Fargo & Co 6% Non-Cumulative Series V
 BBB- Allstate Corp/The 5.625% Non-Cumulative Series A
 BBB- Stifel Financial Corp 5.2%
 BBB- DTE Energy Co 5.25% Series E
 BBB- BB&T Corp 5.2% Non-Cumulative Series F
 BBB- Senior Housing Properties Trust 6.25%
 BBB- Allstate Corp/The 6.75% Non-Cumulative Series C
 BBB- Bank of America Corp 3% Non-Cumulative Series 1 Floater
 BBB- Validus Holdings Ltd 5.8% Non-Cumulative Series B
 BBB- Kimco Realty Corp 5.5% Cumulative Series J
 BBB- Qwest Corp 7.5%
 BBB- SCE Trust III 5.75% Cumulative Series H
 BBB- Bank of America Corp 4% Non-Cumulative Series E Floater
 BBB- Qwest Corp 7%
 BBB- Bank of America Corp 4% Non-Cumulative Series 5 Floater
 BBB- Kimco Realty Corp 6% Cumulative Series I
 BBB- National Retail Properties Inc 5.2% Cumulative Series F
 BBB- Wells Fargo & Co 5.2% Non-Cumulative
 BBB- BB&T Corp 5.625% Non-Cumulative
 BBB- Brookfield Renewable Partners LP 5% Cumulative Series 13
 BBB- DTE Energy Co 6% Series F
 BBB- Westcoast Energy Inc 5.2% Cumulative Series 12
 BBB- Enbridge Inc 5.15% Cumulative Series 17
 BBB- M&T Bank Corp 6.375% Cumulative Series A
 BBB- Kimco Realty Corp 5.625% Cumulative Series K
 BBB- Prospect Capital Corp 6.25%
 BBB- WR Berkley Corp 5.9%
 BBB- Wells Fargo & Co 5.25% Non-Cumulative Series P
 BBB- Enbridge Inc 4% Cumulative Series F
 BBB- American Financial Group Inc/OH 6%
 BBB- Enbridge Inc 4.959% Cumulative Series L
 BBB- American Financial Group Inc/OH 6.25% Cumulative
 BBB- Bank of America Corp 6.204% Non-Cumulative Series D
 BBB- Allstate Corp/The 6.625% Non-Cumulative Series E
 BBB- Allstate Corp/The 6.25% Non-Cumulative Series F
 BBB- SCE Trust IV 5.375% Cumulative Series J
 BBB- Bank of Montreal 3.39% Non-Cumulative Series 16
 BBB- Enbridge Inc 5.5% Cumulative Series A
 BBB- Qwest Corp 6.625% Non-Cumulative
 BBB- Government Properties Income Trust 5.875% Non-Cumulative
 BBB- Enbridge Inc 4.46% Cumulative Series D
 BBB- TransCanada Corp 3.12% Cumulative Series 2 Floater
 BBB- Vornado Realty Trust 5.7% Cumulative Series K
 BBB- First Republic Bank/CA 5.125% Non-Cumulative Series H
 BBB- Bank of Montreal 1.805% Non-Cumulative Series 25
 BBB- Vornado Realty Trust 5.4% Cumulative Series L
 BBB- Enbridge Inc 4% Cumulative Series H
 BBB- First Republic Bank/CA 5.5% Non-Cumulative Series G
 BBB- Bank of America Corp 6.625% Non-Cumulative Series I
 BBB- Zions Bancorporation 6.95%
 BBB- DTE Energy Co 5.375% Cumulative Series B
 BBB- M&T Bank Corp 6.375% Cumulative Series C
 BBB- Bank of America Corp 6.375% Non-Cumulative Series 3
 BBB- Emera Inc 2.555% Cumulative Series A
 BBB- BB&T Corp 5.85% Non-Cumulative
 BBB- Brookfield Renewable Partners LP 5.75% Cumulative Series 9
 BBB- Bank of America Corp 4% Non-Cumulative Series 4 Floater
 BBB- Brookfield Infrastructure Partners LP 5.35% Cumulative Series 5
 BBB- Argo Group US Inc 6.5%
 BBB- Brookfield Infrastructure Partners LP 5% Cumulative Series 9
 BBB- Bank of Nova Scotia/The 4.85% Non-Cumulative Series 38
 BBB- TransCanada Corp 2.263% Cumulative Series 5
 BBB- Enbridge Inc 4% Cumulative Series 3
 BBB- Commerce Bancshares Inc/MO 6% Non-Cumulative Series B
 BBB- PNC Financial Services Group Inc/The 5.375% Non-Cumulative Series Q
 BBB- TransCanada Corp 4.25% Cumulative Series 9
 BBB- Validus Holdings Ltd 5.875% Non-Cumulative Series A
 BBB- Brookfield Renewable Partners LP 5% Cumulative Series 11
 BBB- Husky Energy Inc 4.6% Cumulative Series 7
 BBB- Emera Inc 4.1% Cumulative Series C
 BBB- TransCanada Corp 4% Cumulative Series 7
 BBB- BCE Inc 3.45% Cumulative Series AB Floater
 BBB- BCE Inc 2.954% Cumulative Series AK
 BBB- BB&T Corp 5.2% Non-Cumulative Series G
 BBB- Centaur Funding Corp 0% Series 144A
 BBB- Enbridge Inc 4.4% Cumulative Series 5
 BBB- First Republic Bank/CA 7% Non-Cumulative Series E
 BBB- TransCanada Corp 3.266% Cumulative Series 1
 BBB- Westcoast Energy Inc 5.25% Cumulative Series 10
 BBB- Husky Energy Inc 4.5% Cumulative Series 3
 BBB- Enbridge Inc 3.415% Cumulative Series B
 BBB- Brookfield Renewable Partners LP 5.5% Cumulative Series 7
 BBB- BCE Inc 3.45024% Cumulative Series AD Floater
 BBB- Husky Energy Inc 4.5% Cumulative Series 5
 BBB- DTE Energy Co 5.25% Cumulative
 BBB- Husky Energy Inc 2.404% Cumulative Series 1
 BBB- Enbridge Inc 4% Cumulative Series N
 BBB- First Republic Bank/CA 5.7% Non-Cumulative Series F
 BBB- Bank of Nova Scotia/The 5.5% Non-Cumulative Series 36
 BBB- Brookfield Renewable Power Preferred Equity Inc 3.355% Cumulative Series 1
 BBB- Allstate Corp/The 6.625% Non-Cumulative Series D
 BBB- Enbridge Inc 4.4% Cumulative Series 13
 BBB- Enbridge Inc 4% Cumulative Series R
 BBB- Cullen/Frost Bankers Inc 5.375% Non-Cumulative
 BBB- Brookfield Infrastructure Partners LP 5% Cumulative Series 7
 BBB- Enbridge Inc 4.887% Cumulative Series J
 BBB- BCE Inc 3.11% Cumulative Series AF
 BBB- BCE Inc 3.904% Cumulative Series Z
 BBB- Hancock Holding Co 5.95%
 BBB- Enbridge Inc 4.4% Cumulative Series 11
 BBB- Emera Inc 4.25% Cumulative Series F
 BBB- TransCanada Corp 2.152% Cumulative Series 3
 BBB- Enbridge Inc 4% Cumulative Series P
 BBB- Brookfield Renewable Power Preferred Equity Inc 5% Cumulative Series 5
 BBB- BCE Inc 3.019% Cumulative Series T
 BBB- Enbridge Inc 4.4% Cumulative Series 7
 BBB- Enbridge Inc 4.4% Cumulative Series 9
 BBB- Bank of Nova Scotia/The 5.5% Non-Cumulative Series 34
 BBB- TransCanada Corp 3.8% Cumulative Series 11
 BBB- Brookfield Infrastructure Partners LP 5.5% Cumulative Series 3
 BBB- Mid-America Apartment Communities Inc 8.5% Cumulative Series I
 BBB- Brookfield Infrastructure Partners LP 4.5% Cumulative Series 1
 BBB- Westcoast Energy Inc 5.5% Cumulative Series 7
 BBB- Emera Inc 4.5% Cumulative Series E
 BBB- Brookfield Renewable Power Preferred Equity Inc 4.4% Cumulative
 BBB- Brookfield Renewable Power Preferred Equity Inc 5% Cumulative Series 6
 BBB- Enbridge Inc 4.4% Cumulative Series 15
 BBB- Westcoast Energy Inc 5.6% Cumulative Series 8
 BBB+ Apollo Global Management LLC 6.375% Non-Cumulative Series B
 BBB+ Stanley Black & Decker Inc 5.375% Convertible
 BBB+ eBay Inc 6%
 BBB+ Apollo Global Management LLC 6.375% Non-Cumulative Series A
 BBB+ Ventas Realty LP / Ventas Capital Corp 5.45%
 BBB+ Prudential Financial Inc 5.7% Cumulative
 BBB+ Verizon Communications Inc 5.9%
 BBB+ Public Storage 5.05% Cumulative Series G
 BBB+ KKR & Co LP 6.75% Non-Cumulative Series A
 BBB+ Stanley Black & Decker Inc 5.75% Cumulative
 BBB+ Prudential Financial Inc 5.75% Cumulative
 BBB+ Prudential PLC 6.75% Non-Cumulative
 BBB+ Public Storage 4.9% Cumulative Series E
 BBB+ Torchmark Corp 6.125% Cumulative
 BBB+ Manulife Financial Corp 4.7% Non-Cumulative Series 25
 BBB+ CoBank ACB 3.51746% Non-Cumulative Series 144a Floater
 BBB+ Public Storage 5.15% Cumulative Series F
 BBB+ Royal Bank of Canada 3.52% Non-Cumulative Series AJ
 BBB+ Toronto-Dominion Bank/The 2.896% Non-Cumulative Series Z Floater
 BBB+ Northern Trust Corp 5.85% Non-Cumulative Series C
 BBB+ KKR & Co LP 6.5% Non-Cumulative Series B
 BBB+ Toronto-Dominion Bank/The 3.5595% Non-Cumulative Series Y
 BBB+ Toronto-Dominion Bank/The 2.816% Non-Cumulative Series T Floater
 BBB+ Public Storage 6.375% Cumulative Series Y
 BBB+ Prudential PLC 6.5% Non-Cumulative
 BBB+ Public Storage 5.4% Cumulative Series B
 BBB+ Sun Life Financial Inc 2.275% Non-Cumulative Series 8R
 BBB+ Manulife Financial Corp 5.6% Non-Cumulative Series 21
 BBB+ Public Storage 4.95% Cumulative Series D
 BBB+ Public Storage 5.375% Cumulative Series V
 BBB+ Manulife Financial Corp 4.85% Non-Cumulative Series 23
 BBB+ Public Storage 5.625% Cumulative Series U
 BBB+ Public Storage 6% Cumulative Series Z
 BBB+ Public Storage 5.125% Cumulative Series C
 BBB+ Toronto-Dominion Bank/The 3.371% Non-Cumulative Series S
 BBB+ Manulife Financial Corp 3.8% Non-Cumulative Series 13
 BBB+ Royal Bank of Canada 4.26% Non-Cumulative Series AL
 BBB+ Public Storage 5.2% Cumulative Series W
 BBB+ Manulife Financial Corp 4.5% Non-Cumulative Series 3
 BBB+ Public Storage 5.875% Cumulative Series A
 BBB+ Simon Property Group Inc 8.375% Cumulative Series J
 BBB+ Manulife Financial Corp 4.312% Non-Cumulative Series 1-7
 BBB+ Manulife Financial Corp 3.9% Non-Cumulative Series 17
 BBB+ Manulife Financial Corp 4.731% Non-Cumulative Series 11
 BBB+ Royal Bank of Canada 4.45% Non-Cumulative Series AA
 BBB+ Royal Bank of Canada 4.9% Non-Cumulative Series W
 BBB+ Sun Life Financial Inc 4.5% Non-Cumulative Series 5
 BBB+ Manulife Financial Corp 3.9% Non-Cumulative Series 15
 BBB+ Sun Life Financial Inc 3.806% Non-Cumulative Series 12R
 BBB+ Manulife Financial Corp 3.8% Non-Cumulative Series 19
 BBB+ Sun Life Financial Inc 2.842% Non-Cumulative Series 10R
 BBB+ Manulife Financial Corp 4.65% Non-Cumulative Series 2
 BBB+ Public Storage 5.2% Cumulative Series X
 BBB+ Manulife Financial Corp 2.178% Non-Cumulative Series 3
 BBB+ IGM Financial Inc 5.9% Non-Cumulative Series B
 BBB+ Power Corp of Canada 3.45% Cumulative Series F Floater
 BBB+ Sun Life Financial Inc 4.75% Non-Cumulative Series 1
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AG
 BBB+ Sun Life Financial Inc 4.8% Non-Cumulative Series 2
 BBB+ Power Corp of Canada 5.6% Non-Cumulative Series G
 BBB+ Sun Life Financial Inc 4.45% Non-Cumulative Series 4
 BBB+ E-L Financial Corp Ltd 4.75% Non-Cumulative Series 2
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AD
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AE
 BBB+ Royal Bank of Canada 4.45% Non-Cumulative Series AF
 BBB+ Power Corp of Canada 5% Non-Cumulative Series D
 BBB+ Power Corp of Canada 5.35% Non-Cumulative Series B
 BBB+ Sun Life Financial Inc 4.45% Non-Cumulative Series 3
 BBB+ Power Corp of Canada 5.6% Non-Cumulative Series A
 BBB+ Power Corp of Canada 5.8% Non-Cumulative Series C
 BBB+ Manulife Financial Corp 4.351% Non-Cumulative Series 9
 BBB+ Manulife Financial Corp 3.891% Non-Cumulative Series 5
 BBB+ Royal Bank of Canada 4.6% Non-Cumulative Series AC
 BBB+ E-L Financial Corp Ltd 5.5% Non-Cumulative Series 3
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Category Definition
AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings. The obligator’s capacity to meet its financial commitment on the obligation is extremely strong.
AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.
A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.
BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.
BB; B; CCC; CC; and C Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.
BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation.
B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.
CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.
CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.
C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.
D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation’s rating is lowered to ‘D’ if it is subject to a distressed exchange offer.
NR This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&P Global Ratings does not rate a particular obligation as a matter of policy.