The credit ratings assigned to our securities by external ratings agencies are important to our ability to raise capital at competitive pricing to support our business operations. Our investment grade credit ratings reflect the current financial strength of our company.
Third-party ratings for our commercial paper and senior debt as of December 31, 2012:
|Commercial paper||R-1 (low)||A-1 (low)1|
|Senior unsecured debentures||A (low)||BBB+|
The rating agencies may revise or withdraw these ratings if they believe circumstances warrant. A change in our credit ratings could affect our cost of funding and our access to capital through the capital markets.