THE CERTIFICATION MARK AS USED BY PERSONS AUTHORIZED BY APPLICANT, THE MARK CERTIFIES TO THE CERTIFIER'S OPINION IN ACCORDANCE WITH THE CERTIFIER'S PUBLISHED STANDARDS THAT THE SUBJECT SECURITY ON BALANCE, IS PREDOMINANTLY 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 ABILITY TO PAY PREFERRED STOCK OBLIGATIONS. CCC INDICATES A HIGGER DEGREE OF SPECULATION RELATIVE TO APPLICANT'S RESPECTIVELY LOWER RISK DEGREE BB AND B CATEGORIES BUT A LOWER DEGREE OF SPECULATION RELATIVE TO THE CERTIFIER'S RESPECTIVELY HIGHER RISK DEGREE CC CATEGORY.