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Credit Ratings

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(as of June 30, 2014)

Credit Rating Agency Long-term Bond Definition of ratings
Rating and Investment Information, Inc. AA+ Very high creditworthiness supported by some excellent factors
Moody's Investors Service Aa3 Judged to be of high quality and are subject to very low credit risk
Standard & Poor's AA- Differs from the highest-rated obligations only to a small degree. Capacity to meet its financial commitment on the obligation is very strong.

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