Rating definitions

Insurer Financial Strength Rating

An insurer financial strength rating is a forward-looking opinion of the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. Insurer financial strength ratings do not refer to an organization's ability to meet non-policy (i.e., debt) obligations. This opinion is not specific to any particular policy or contract, nor does it address the suitability of a particular policy or contract for a specific purpose or purchaser.

Issue credit rating

An issue credit rating is a forward-looking opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of any guarantors, insurers, or other forms of credit enhancement of the obligation and takes into account the currency in which the obligation is denominated.