THE CERTIFICATION MARK CONSISTS OF THE LETTERS "BB" FOLLOWED BY A PLUS(+), BLANK, OR MINUS ENTRY. AS USED BY PERSONS AUTHORIZED BY APPLICANT, THE MARK CERTIFIES TO APPLICANT'S OPINION IN ACCORDANCE WITH APPLICANT'S PUBLISHED STANDARDS THAT THE SUBJECT SECURITY, ON BALANCE IS PREDOMINATELY SPECULATIVE IN THE CASE OF BONDS WITH RESPECT TO THE CAPACITY TO PAY INTEREST AND REPAY PRINCIPAL AND IN THE CASE OF PREFERRED STOCK WITH RESPECT TO THE ISSUER'S CAPACITY TO PAY PREFERRED STOCK OBLIGATIONS. BB INDICATES THE LOWEST DEGREE OF SPECULATION RELATIVE TO APPLICANT'S RESPECTIVELY HIGHER RISK DEGREE B, CCC, AND CC CATEGORIES.