BBB

 BBB Wells Fargo & Co 7.5% Non-Cumulative Convertible Series L
 BBB Wells Fargo & Co 8% Non-Cumulative Series J
 BBB Wells Fargo & Co 5.5% Non-Cumulative Series X
 BBB Integrys Holding Inc 6%
 BBB Southern Co/The 5.25%
 BBB Wells Fargo & Co 5.85% Non-Cumulative
 BBB Aegon NV 6.375% Non-Cumulative
 BBB Axis Capital Holdings Ltd 5.5% Non-Cumulative Series E
 BBB Aegon NV 8% Non-Cumulative
 BBB Southern Co/The 6.25% Cumulative
 BBB US Bancorp 6.5% Non-Cumulative Series F
 BBB State Street Corp 5.35% Non-Cumulative Series G
 BBB Charles Schwab Corp/The 5.95% Non-Cumulative Series D
 BBB NextEra Energy Inc 6.123% Convertible
 BBB Wells Fargo & Co 5.7% Non-Cumulative Series W
 BBB NextEra Energy Capital Holdings Inc 5.25% Cumulative Series K
 BBB US Bancorp 3.5% Non-Cumulative Series A Floater
 BBB Allstate Corp/The 5.1% Cumulative
 BBB Duke Energy Corp 5.125% Cumulative
 BBB US Bancorp 3.5% Non-Cumulative Series B* Floater
 BBB NextEra Energy Inc 6.371% Convertible
 BBB PS Business Parks Inc 6% Cumulative Series T
 BBB Wells Fargo & Co 6% Series V
 BBB Arch Capital Group Ltd 6.75% Non-Cumulative Series C
 BBB Wells Fargo & Co 6.625% Non-Cumulative
 BBB TransCanada Corp 4.9% Cumulative Series 15
 BBB State Street Corp 5.9% Non-Cumulative Series D
 BBB Reinsurance Group of America Inc 5.75% Cumulative
 BBB NextEra Energy Capital Holdings Inc 5.7% Cumulative Series G
 BBB US Bancorp 5.15% Non-Cumulative Series H
 BBB KKR Financial Holdings LLC 7.5%
 BBB Bank of New York Mellon Corp/The 5.2% Non-Cumulative
 BBB Toronto-Dominion Bank/The 4.85% Non-Cumulative Series 14
 BBB Reinsurance Group of America Inc 6.2% Cumulative
 BBB State Street Corp 6% Non-Cumulative Series E
 BBB Aegon NV 4% Non-Cumulative Series 1 Floater
 BBB PS Business Parks Inc 5.2% Cumulative Series W
 BBB BOK Financial Corp 5.375%
 BBB Wells Fargo & Co 6% Non-Cumulative Series T
 BBB Charles Schwab Corp/The 6% Non-Cumulative Series C
 BBB Royal Bank of Canada 5.5% Non-Cumulative Series BK
 BBB State Street Corp 5.25% Non-Cumulative Series C
 BBB PPL Capital Funding Inc 5.9% Cumulative Series B
 BBB Boston Properties Inc 5.25% Cumulative
 BBB Axis Capital Holdings Ltd 5.5% Non-Cumulative Series D
 BBB FPL Group Capital Trust I 5.875% Cumulative
 BBB Brookfield Asset Management Inc 4.8% Cumulative Series 46
 BBB NextEra Energy Capital Holdings Inc 5% Cumulative
 BBB Aegon NV 6.5% Non-Cumulative
 BBB TransCanada Corp 5.5% Cumulative Series 13
 BBB Protective Life Corp 6.25% Cumulative
 BBB Wells Fargo & Co 5.2% Non-Cumulative
 BBB Aflac Inc 5.5% Cumulative
 BBB Ares Capital Corp 5.875%
 BBB GATX Corp 5.625% Cumulative
 BBB Royal Bank of Canada 3.6% Non-Cumulative Series BD
 BBB Allied Capital Corp 6.875%
 BBB Fortis Inc/Canada 2.5% Cumulative Series H
 BBB NextEra Energy Capital Holdings Inc 5.125% Cumulative Series I
 BBB Wells Fargo & Co 5.25% Non-Cumulative Series P
 BBB Royal Bank of Canada 5.5% Non-Cumulative Series BM
 BBB PS Business Parks Inc 5.75% Cumulative Series U
 BBB TransCanada Corp 4% Cumulative Series 7
 BBB Bank of Nova Scotia/The 2.063% Non-Cumulative Series 32
 BBB Brookfield Asset Management Inc 4.6% Cumulative Series 28-A
 BBB Brookfield Asset Management Inc 0% Cumulative Series 2 Floater
 BBB Brookfield Asset Management Inc 3.471% Cumulative Series 26
 BBB Protective Life Corp 6% Cumulative
 BBB Fortis Inc/Canada 4.1% Cumulative Series M
 BBB Toronto-Dominion Bank/The 5.5% Non-Cumulative Series 12
 BBB Bank of Nova Scotia/The 1.82% Non-Cumulative Series 30
 BBB NextEra Energy Capital Holdings Inc 5.625% Cumulative Series H
 BBB Interstate Power & Light Co 5.1% Cumulative Series D
 BBB Bank of Nova Scotia/The 3.35% Non-Cumulative Series 18
 BBB Selective Insurance Group Inc 5.875%
 BBB Toronto-Dominion Bank/The 3.9% Non-Cumulative Series 1
 BBB TransCanada Corp 2.152% Cumulative Series 3
 BBB Royal Bank of Canada 4% Non-Cumulative Series AZ
 BBB BGE Capital Trust II 6.2% Cumulative
 BBB PS Business Parks Inc 5.7% Cumulative Series V
 BBB Royal Bank of Canada 3.9% Non-Cumulative Series BB
 BBB TransCanada Corp 2.263% Cumulative Series 5
 BBB Brookfield Asset Management Inc 2.7% Cumulative Series 8 Floater
 BBB Charles Schwab Corp/The 6% Non-Cumulative Series B
 BBB TransCanada Corp 3.266% Cumulative Series 1
 BBB Bank of Nova Scotia/The 3.61% Non-Cumulative Series 20
 BBB Toronto-Dominion Bank/The 3.7% Non-Cumulative Series 9
 BBB PartnerRe Ltd 5.875% Non-Cumulative Series F
 BBB TransCanada Corp 4.25% Cumulative Series 9
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 42
 BBB Fortis Inc/Canada 4.75% Cumulative Series J
 BBB Brookfield Asset Management Inc 4.9% Cumulative Series 37
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 40
 BBB Brookfield Asset Management Inc 0% Cumulative Series 4 Floater
 BBB Royal Bank of Canada 3.6% Non-Cumulative Series BF
 BBB Toronto-Dominion Bank/The 3.75% Non-Cumulative Series 5
 BBB HSBC Bank Canada/Toronto 5.1% Non-Cumulative Series C
 BBB Brookfield Asset Management Inc 5% Cumulative Series 44
 BBB TransCanada Corp 2.44% Cumulative Series 2 Floater
 BBB Brookfield Asset Management Inc 3.014% Cumulative Series 24
 BBB Brookfield Asset Management Inc 4.75% Cumulative Convertible Series 18
 BBB Brookfield Asset Management Inc 0% Cumulative Series 13 Floater
 BBB Toronto-Dominion Bank/The 3.6% Non-Cumulative Series 7
 BBB Brookfield Asset Management Inc 4.5% Cumulative Series 32
 BBB HSBC Bank Canada/Toronto 5% Non-Cumulative Series D
 BBB Brookfield Asset Management Inc 4.85% Cumulative Series 36
 BBB Fortis Inc/Canada 4% Cumulative Series K
 BBB Alabama Power Co 5.83% Cumulative
 BBB Toronto-Dominion Bank/The 3.8% Non-Cumulative Series 3
 BBB Co-Operators General Insurance Co 5% Non-Cumulative Series C
 BBB Toronto-Dominion Bank/The 4.9% Non-Cumulative Series 11
 BBB TransCanada Corp 3.8% Cumulative Series 11
 BBB Brookfield Asset Management Inc 4.8% Cumulative Series 30
 BBB Georgia Power Co 6.125% Non-Cumulative
 BBB Brookfield Asset Management Inc 4.75% Cumulative Series 17
 BBB Bank of Nova Scotia/The 3.83% Non-Cumulative Series 22
 BBB Fortis Inc/Canada 4.9% Cumulative Series F
 BBB Royal Bank of Canada 4.9% Non-Cumulative Series BI
 BBB Credit-Enhanced CorTS Trust for Aon Capital A 8.205% Cumulative
 BBB Brookfield Asset Management Inc 4.2% Cumulative Series 34
 BBB Royal Bank of Canada 5.25% Non-Cumulative Series BJ
 BBB Brookfield Asset Management Inc 4.4% Cumulative Series 38
 BBB Royal Bank of Canada 4.9% Non-Cumulative Series BH
 BBB Union Gas Ltd 6% Cumulative Series D
 BBB Niagara Mohawk Power Corp 3.9% Cumulative
 BBB Union Gas Ltd 5.5% Cumulative Series A
 BBB Niagara Mohawk Power Corp 3.6% Cumulative
 BBB- HSBC Holdings PLC 8% Non-Cumulative Series 2
 BBB- HSBC Holdings PLC 8.125% Non-Cumulative
 BBB- Qwest Corp 6.5% Non-Cumulative
 BBB- HSBC Holdings PLC 6.2% Non-Cumulative Series A
 BBB- Welltower Inc 6.5% Cumulative Convertible Series I
 BBB- JPMorgan Chase & Co 6.15% Non-Cumulative Series BB
 BBB- JPMorgan Chase & Co 6.125% Non-Cumulative Series Y
 BBB- Dominion Resources Inc/VA 5.25% Cumulative Series A
 BBB- Dominion Resources Inc/VA 6.75% Cumulative Convertible Series A
 BBB- PNC Financial Services Group Inc/The 6.125% Non-Cumulative Series P
 BBB- SCE Trust V 5.45% Cumulative Series K
 BBB- M&T Bank Corp 6.375% Cumulative Series C
 BBB- DTE Energy Co 6.5% Cumulative Convertible
 BBB- Ares Management LP 7% Non-Cumulative Series A
 BBB- Hartford Financial Services Group Inc/The 7.875% Cumulative
 BBB- JPMorgan Chase & Co 6.1% Non-Cumulative Series AA
 BBB- M&T Bank Corp 6.375% Cumulative Series A
 BBB- Qwest Corp 6.875%
 BBB- BB&T Corp 5.625% Non-Cumulative
 BBB- JPMorgan Chase & Co 6.7% Non-Cumulative Series T
 BBB- Allstate Corp/The 6.625% Non-Cumulative Series E
 BBB- MetLife Inc 4% Non-Cumulative Series A Floater
 BBB- Kimco Realty Corp 6% Cumulative Series I
 BBB- JPMorgan Chase & Co 5.45% Non-Cumulative Series P
 BBB- JPMorgan Chase & Co 5.5% Non-Cumulative Series O
 BBB- Qwest Corp 7.5%
 BBB- DTE Energy Co 6% Series F
 BBB- Kimco Realty Corp 5.625% Cumulative Series K
 BBB- Aspen Insurance Holdings Ltd 5.625% Non-Cumulative Series *
 BBB- National Retail Properties Inc 5.2% Cumulative Series F
 BBB- Kimco Realty Corp 5.5% Cumulative Series J
 BBB- Endurance Specialty Holdings Ltd 6.35% Non-Cumulative Series C
 BBB- Qwest Corp 6.125%
 BBB- Government Properties Income Trust 5.875% Cumulative
 BBB- Qwest Corp 7%
 BBB- SCE Trust III 5.75% Cumulative Series H
 BBB- BB&T Corp 5.625% Non-Cumulative Series E
 BBB- WR Berkley Corp 5.75% Cumulative
 BBB- Bank of Nova Scotia/The 4.85% Non-Cumulative Series 38
 BBB- Regency Centers Corp 6% Cumulative Series 7
 BBB- JPMorgan Chase & Co 6.3% Non-Cumulative Series W
 BBB- Qwest Corp 6.625% Non-Cumulative
 BBB- Enbridge Inc 5.15% Cumulative Series 17
 BBB- OM Asset Management Plc 5.125% Non-Cumulative
 BBB- Argo Group US Inc 6.5%
 BBB- SCE Trust IV 5.375% Cumulative Series J
 BBB- Enbridge Inc 4% Cumulative Series B
 BBB- Aspen Insurance Holdings Ltd 5.95% Non-Cumulative
 BBB- National Retail Properties Inc 5.7% Cumulative Series E
 BBB- Senior Housing Properties Trust 6.25%
 BBB- Pitney Bowes Inc 6.7%
 BBB- DTE Energy Co 5.375% Cumulative Series B
 BBB- Allstate Corp/The 6.75% Non-Cumulative Series C
 BBB- Centaur Funding Corp 9.08% Cumulative Series 144A
 BBB- PNC Financial Services Group Inc/The 5.375% Non-Cumulative Series Q
 BBB- First Republic Bank/CA 5.5% Non-Cumulative Series G
 BBB- Equity Commonwealth 5.75%
 BBB- Aspen Insurance Holdings Ltd 7.25% Non-Cumulative
 BBB- Allstate Corp/The 6.25% Series F
 BBB- Enbridge Inc 4% Cumulative Series H
 BBB- Vornado Realty Trust 5.4% Cumulative Series L
 BBB- Vornado Realty Trust 6.625% Cumulative Series G
 BBB- First Republic Bank/CA 6.2% Non-Cumulative Series B
 BBB- Maiden Holdings North America Ltd 8%
 BBB- BB&T Corp 5.85% Non-Cumulative
 BBB- Enbridge Inc 4% Cumulative Series L
 BBB- Enbridge Inc 4% Cumulative Series J
 BBB- Validus Holdings Ltd 5.875% Non-Cumulative Series A
 BBB- Enbridge Inc 4% Cumulative Series F
 BBB- Hercules Capital Inc 6.25% Cumulative
 BBB- SCE Trust I 5.625% Cumulative
 BBB- BCE Inc 2.954% Cumulative Series AK
 BBB- Brookfield Infrastructure Partners LP 5% Cumulative Series 7
 BBB- Apollo Investment Corp 6.625%
 BBB- Qwest Corp 7%
 BBB- Vornado Realty Trust 6.625% Cumulative Series I
 BBB- American Financial Group Inc/OH 6.25%
 BBB- Prospect Capital Corp 6.25%
 BBB- Maiden Holdings North America Ltd 7.75%
 BBB- Bank of Nova Scotia/The 5.5% Non-Cumulative Series 34
 BBB- Westcoast Energy Inc 5.2% Cumulative Series 12
 BBB- Vornado Realty Trust 5.7% Cumulative Series K
 BBB- Senior Housing Properties Trust 5.625%
 BBB- Enbridge Inc 4% Cumulative Series 1
 BBB- Bank of Nova Scotia/The 5.5% Non-Cumulative Series 36
 BBB- Commerce Bancshares Inc/MO 6% Non-Cumulative Series B
 BBB- Enbridge Inc 4.4% Cumulative Series 11
 BBB- Thomson Reuters Corp 2.7% Cumulative Series B Floater
 BBB- Maiden Holdings Ltd 6.625%
 BBB- BGC Partners Inc 8.125%
 BBB- Apollo Investment Corp 6.875%
 BBB- American Financial Group Inc/OH 6%
 BBB- First Republic Bank/CA 5.625% Non-Cumulative Series C
 BBB- First Republic Bank/CA 7% Non-Cumulative Series E
 BBB- WR Berkley Corp 5.625%
 BBB- Allstate Corp/The 5.625% Non-Cumulative
 BBB- Enbridge Inc 4% Cumulative Series N
 BBB- SCE Trust II 5.1% Cumulative
 BBB- BB&T Corp 5.2% Non-Cumulative Series F
 BBB- Qwest Corp 7%
 BBB- Hancock Holding Co 5.95%
 BBB- Bank of Montreal 3.39% Non-Cumulative Series 16
 BBB- WR Berkley Corp 5.9%
 BBB- Enbridge Inc 4% Cumulative Series 3
 BBB- Emera Inc 2.555% Cumulative Series A
 BBB- DTE Energy Co 5.25% Cumulative
 BBB- BCE Inc 2.7% Cumulative Series AB Floater
 BBB- Westcoast Energy Inc 5.6% Cumulative Series 8
 BBB- Enbridge Inc 4% Cumulative Series D
 BBB- Mid-America Apartment Communities Inc 8.5% Cumulative Series I
 BBB- Enbridge Inc 4.4% Cumulative Series 5
 BBB- BB&T Corp 5.2% Non-Cumulative Series G
 BBB- Bank of Montreal 1.805% Non-Cumulative Series 25
 BBB- First Republic Bank/CA 5.7% Non-Cumulative Series F
 BBB- Westcoast Energy Inc 5.25% Cumulative Series 10
 BBB- Brookfield Infrastructure Partners LP 5.35% Cumulative Series 5
 BBB- Westcoast Energy Inc 5.5% Series 7
 BBB- Pacific Gas & Electric Co 5% Cumulative Series D
 BBB- Enbridge Inc 4% Cumulative Series P
 BBB- Brookfield Infrastructure Partners LP 4.5% Cumulative Series 1
 BBB- National Bank of Canada 3.8% Non-Cumulative Series 28
 BBB- Cullen/Frost Bankers Inc 5.375% Non-Cumulative
 BBB- Enbridge Inc 5.5% Cumulative Series A
 BBB- Pacific Gas & Electric Co 6% Cumulative Series A
 BBB- Husky Energy Inc 4.5% Cumulative Series 3
 BBB- BCE Inc 3.019% Cumulative Series T
 BBB- Husky Energy Inc 2.404% Cumulative Series 1
 BBB- BCE Inc 3.11% Cumulative Series AF
 BBB- PennantPark Investment Corp 6.25%
 BBB- Enbridge Inc 4.4% Cumulative Series 7
 BBB- Enbridge Inc 4.4% Cumulative Series 15
 BBB- BCE Inc 2.7% Cumulative Series AD Floater
 BBB- Emera Inc 4.5% Cumulative Series E
 BBB- Southern California Edison Co 4.32% Cumulative
 BBB- Husky Energy Inc 4.6% Cumulative Series 7
 BBB- Southern California Edison Co 4.78% Cumulative
 BBB- Brookfield Infrastructure Partners LP 5.5% Cumulative Series 3
 BBB- Allstate Corp/The 6.625% Non-Cumulative Series D
 BBB- Husky Energy Inc 4.5% Cumulative Series 5
 BBB- Enbridge Inc 4.4% Cumulative Series 13
 BBB- Enbridge Inc 4% Cumulative Series R
 BBB- First Republic Bank/CA 5.5% Non-Cumulative Series D
 BBB- Pacific Gas & Electric Co 5% Cumulative Series A
 BBB- Emera Inc 4.25% Cumulative Series F
 BBB- Centaur Funding Corp 0% Series 144A
 BBB- Enbridge Inc 4.4% Cumulative Series 9
 BBB- Emera Inc 4.1% Cumulative Series C
 BBB- Pacific Gas & Electric Co 5.5% Cumulative Series B
 BBB- Pacific Gas & Electric Co 4.5% Cumulative Series H
 BBB- Southern California Edison Co 4.24% Cumulative
 BBB- Pacific Gas & Electric Co 4.36% Cumulative Series I
 BBB- Mississippi Power Co 5.25% Cumulative
 BBB- Southern California Edison Co 4.08% Cumulative
 BBB- Pacific Gas & Electric Co 5% Cumulative Series C
 BBB- AMG Capital Trust II 5.15% Convertible Series 144A
 BBB- Pacific Gas & Electric Co 4.8% Cumulative Series G
 BBB- BCE Inc 3.152% Cumulative Series Z
 BBB+ Apollo Global Management LLC 6.375% Non-Cumulative
 BBB+ eBay Inc 6%
 BBB+ Verizon Communications Inc 5.9%
 BBB+ Public Storage 4.9% Cumulative Series E
 BBB+ Prudential Financial Inc 5.7% Cumulative
 BBB+ Public Storage 5.4% Cumulative Series B
 BBB+ Stanley Black & Decker Inc 5.75% Cumulative
 BBB+ Prudential Financial Inc 5.75% Cumulative
 BBB+ Torchmark Corp 6.125% Cumulative
 BBB+ KKR & Co LP 6.75% Non-Cumulative Series A
 BBB+ Public Storage 5.9% Cumulative Series S
 BBB+ Northern Trust Corp 5.85% Non-Cumulative Series C
 BBB+ Public Storage 4.95% Cumulative Series D
 BBB+ Public Storage 5.125% Cumulative Series C
 BBB+ KKR & Co LP 6.5% Non-Cumulative Series B
 BBB+ RenaissanceRe Holdings Ltd 5.375% Non-Cumulative Series E
 BBB+ Ventas Realty LP / Ventas Capital Corp 5.45%
 BBB+ Public Storage 5.75% Cumulative Series T
 BBB+ Wells Fargo Real Estate Investment Corp 6.375% Cumulative Series A
 BBB+ Public Storage 5.875% Cumulative Series A
 BBB+ Simon Property Group Inc 8.375% Cumulative Series J
 BBB+ Public Storage 6% Cumulative Series Z
 BBB+ Public Storage 5.2% Cumulative Series W
 BBB+ Power Corp of Canada 5% Non-Cumulative Series D
 BBB+ Manulife Financial Corp 4.85% Non-Cumulative Series 23
 BBB+ Public Storage 6.375% Cumulative Series Y
 BBB+ Public Storage 5.375% Cumulative Series V
 BBB+ Power Corp of Canada 2.7% Cumulative Series F Floater
 BBB+ Canadian Utilities Ltd 4% Cumulative Series Y
 BBB+ RenaissanceRe Holdings Ltd 6.08% Cumulative Series C
 BBB+ Toronto-Dominion Bank/The 2.07301% Non-Cumulative Series T Floater
 BBB+ Sun Life Financial Inc 4.8% Non-Cumulative Series 2
 BBB+ American Financial Group Inc/OH 6.375%
 BBB+ Torchmark Corp 5.875% Cumulative
 BBB+ Affiliated Managers Group Inc 6.375%
 BBB+ Royal Bank of Canada 3.52% Non-Cumulative Series AJ
 BBB+ Sun Life Financial Inc 2.842% Non-Cumulative Series 10R
 BBB+ Manulife Financial Corp 4.312% Non-Cumulative Series 1-7
 BBB+ Sun Life Financial Inc 4.75% Non-Cumulative Series 1
 BBB+ Public Storage 5.2% Cumulative Series X
 BBB+ CU Inc 2.24% Cumulative Series 4
 BBB+ Sun Life Financial Inc 4.5% Non-Cumulative Series 5
 BBB+ Manulife Financial Corp 3.891% Non-Cumulative Series 5
 BBB+ Manulife Financial Corp 5.6% Non-Cumulative Series 21
 BBB+ E-L Financial Corp Ltd 4.75% Non-Cumulative Series 2
 BBB+ Toronto-Dominion Bank/The 2.15301% Non-Cumulative Series Z Floater
 BBB+ Manulife Financial Corp 4.5% Non-Cumulative Series 3
 BBB+ Canadian Utilities Ltd 4.5% Cumulative Series FF
 BBB+ American Financial Group Inc/OH 5.75%
 BBB+ Manulife Financial Corp 4% Non-Cumulative Series 11
 BBB+ Manulife Financial Corp 3.9% Non-Cumulative Series 15
 BBB+ Manulife Financial Corp 3.8% Non-Cumulative Series 13
 BBB+ Sun Life Financial Inc 2.275% Non-Cumulative Series 8R
 BBB+ Power Corp of Canada 5.35% Non-Cumulative Series B
 BBB+ CoBank ACB 2.19011% Non-Cumulative Series 144a Floater
 BBB+ Public Storage 5.625% Cumulative Series U
 BBB+ Royal Bank of Canada 4.9% Non-Cumulative Convertible Series W
 BBB+ Sun Life Financial Inc 4.45% Non-Cumulative Series 3
 BBB+ Sun Life Financial Inc 3.806% Non-Cumulative Series 12R
 BBB+ Sun Life Financial Inc 4.45% Non-Cumulative Series 4
 BBB+ Manulife Financial Corp 2.178% Non-Cumulative Series 3
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AG
 BBB+ Manulife Financial Corp 4.4% Non-Cumulative Series 9
 BBB+ Manulife Financial Corp 4.65% Non-Cumulative Series 2
 BBB+ E-L Financial Corp Ltd 5.5% Non-Cumulative Series 3
 BBB+ Royal Bank of Canada 4.26% Non-Cumulative Series AL
 BBB+ NSTAR Electric Co 4.78% Cumulative
 BBB+ Manulife Financial Corp 3.8% Non-Cumulative Series 19
 BBB+ Toronto-Dominion Bank/The 3.371% Non-Cumulative Series S
 BBB+ Toronto-Dominion Bank/The 3.5595% Non-Cumulative Series Y
 BBB+ Power Corp of Canada 5.6% Non-Cumulative Series A
 BBB+ Power Corp of Canada 5.6% Non-Cumulative Series G
 BBB+ CU Inc 4.6% Cumulative Series 1
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AD
 BBB+ Canadian Utilities Ltd 5.25% Cumulative Series EE
 BBB+ Power Corp of Canada 5.8% Non-Cumulative Series C
 BBB+ Royal Bank of Canada 4.7% Non-Cumulative Series AB
 BBB+ Royal Bank of Canada 4.45% Non-Cumulative Series AA
 BBB+ Manulife Financial Corp 3.9% Non-Cumulative Series 17
 BBB+ Royal Bank of Canada 4.6% Non-Cumulative Series AC
 BBB+ Royal Bank of Canada 4.5% Non-Cumulative Series AE
 BBB+ Royal Bank of Canada 4.45% Non-Cumulative Series AF
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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.