1. “Eligible rating” means a credit rating that is within any of the three highest rating categories of at least one eligible rating service. Each rating category may include category modifiers such as “plus” or “minus” for Standard and Poor’s Rating Services or the equivalent for any other eligible rating service.
2. The term includes:
(a) A long-term credit rating of “A-” or higher by Standard and Poor’s Rating Services or the equivalent from any other eligible rating service.
(b) A short-term credit rating of “A-2” or “SP-2” or higher by Standard and Poor’s Rating Services or the equivalent from any other eligible rating service.