BSCP - Invesco BulletShares 2025 Corporate Bond ETF

Fund Holdings

Fund holdings are subject to change.

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as of 08/23/2019
Holding Name Coupon Rate Maturity Next Call Date S&P/Moody's Rating† Weight
Morgan Stanley 4.00% 07/23/2025 N/A BBB+/A3 1.21%
Goldman Sachs Group Inc/The 3.50% 01/23/2025 10/23/2024 BBB+/A3 1.00%
Bank of America Corp 4.00% 01/22/2025 N/A BBB+/Baa1 1.00%
Wells Fargo & Co 3.55% 09/29/2025 N/A A-/A2 0.95%
JPMorgan Chase & Co 3.12% 01/23/2025 10/23/2024 A-/A2 0.94%
Wells Fargo & Co 3.00% 02/19/2025 N/A A-/A2 0.94%
Bank of America Corp 3.95% 04/21/2025 N/A BBB+/Baa1 0.92%
Citigroup Inc 4.40% 06/10/2025 N/A BBB/Baa2 0.91%
JPMorgan Chase & Co 3.90% 07/15/2025 04/15/2025 A-/A2 0.87%
Goldman Sachs Group Inc/The 3.75% 05/22/2025 02/22/2025 BBB+/A3 0.80%
Goldman Sachs Group Inc/The 4.25% 10/21/2025 N/A BBB-/Baa2 0.78%
Morgan Stanley 5.00% 11/24/2025 N/A BBB/Baa2 0.74%
Bank of America Corp 3.88% 08/01/2025 N/A A-/A2 0.71%
Barclays PLC 3.65% 03/16/2025 N/A BBB/Baa3 0.66%
Citigroup Inc 3.30% 04/27/2025 N/A BBB+/A3 0.61%
Cooperatieve Rabobank UA 4.38% 08/04/2025 N/A BBB+/Baa1 0.55%
Citigroup Inc 5.50% 09/13/2025 N/A BBB/Baa2 0.53%
Capital One Financial Corp 4.20% 10/29/2025 09/29/2025 BBB-/Baa1 0.51%
Banco Santander SA 5.18% 11/19/2025 N/A BBB+/Baa2 0.50%
American International Group Inc 3.75% 07/10/2025 04/10/2025 BBB+/Baa1 0.49%
Branch Banking & Trust Co 3.62% 09/16/2025 08/16/2025 A-/A2 0.48%
HSBC Holdings PLC 4.25% 08/18/2025 N/A BBB+/A3 0.48%
Lloyds Banking Group PLC 4.58% 12/10/2025 N/A BBB-/Baa1 0.48%
Deutsche Bank AG 4.50% 04/01/2025 N/A BB+/Ba2 0.46%
State Street Corp 3.55% 08/18/2025 N/A A/A1 0.45%
Santander Holdings USA Inc 4.50% 07/17/2025 04/17/2025 BBB+/Baa3 0.40%
Boston Properties LP 3.20% 01/15/2025 10/15/2024 A-/Baa1 0.37%
Fifth Third Bank/Cincinnati OH 3.95% 07/28/2025 06/28/2025 A-/A3 0.36%
Synchrony Financial 4.50% 07/23/2025 04/23/2025 BBB-/NA 0.35%
BB&T Corp 3.70% 06/05/2025 05/05/2025 A-/A2 0.35%
Capital One Financial Corp 4.25% 04/30/2025 03/31/2025 BBB/Baa1 0.35%
KeyBank NA/Cleveland OH 3.30% 06/01/2025 N/A A-/A3 0.34%
Lloyds Bank PLC 3.50% 05/14/2025 N/A A+/Aa3 0.34%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.50% 01/15/2025 11/15/2024 BBB-/Baa3 0.33%
Capital One Financial Corp 3.20% 02/05/2025 01/05/2025 BBB/Baa1 0.33%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 10/01/2025 08/01/2025 BBB-/Baa3 0.31%
SunTrust Banks Inc 4.00% 05/01/2025 03/01/2025 BBB+/Baa1 0.31%
Citigroup Inc 3.88% 03/26/2025 N/A BBB/Baa2 0.31%
PNC Bank NA 3.25% 06/01/2025 05/02/2025 A/A2 0.31%
Northern Trust Corp 3.95% 10/30/2025 N/A A/A2 0.30%
Chubb INA Holdings Inc 3.15% 03/15/2025 N/A A/A3 0.29%
Aon PLC 3.88% 12/15/2025 09/15/2025 A-/Baa2 0.28%
Charles Schwab Corp/The 3.85% 05/21/2025 03/21/2025 A/A2 0.28%
CME Group Inc 3.00% 03/15/2025 12/15/2024 AA-/Aa3 0.26%
Bank of New York Mellon Corp/The 3.00% 02/24/2025 01/24/2025 A/A1 0.25%
Mitsubishi UFJ Financial Group Inc 3.78% 03/02/2025 N/A A-/A1 0.23%
S&P Global Inc 4.00% 06/15/2025 03/15/2025 NA/A3 0.23%
Ares Capital Corp 4.25% 03/01/2025 01/01/2025 BBB-/NA 0.22%
Citizens Financial Group Inc 4.30% 12/03/2025 11/03/2025 BBB/NR 0.22%
National Rural Utilities Cooperative Finance Corp 2.85% 01/27/2025 10/27/2024 A/A1 0.19%
Brookfield Asset Management Inc 4.00% 01/15/2025 10/15/2024 A-/Baa2 0.19%
TD Ameritrade Holding Corp 3.62% 04/01/2025 01/01/2025 A/A2 0.17%
MetLife Inc 3.60% 11/13/2025 08/13/2025 A-/A3 0.17%
Marsh & McLennan Cos Inc 3.50% 03/10/2025 12/10/2024 A-/Baa1 0.17%
Discover Financial Services 3.75% 03/04/2025 12/04/2024 BBB-/Baa3 0.16%
MetLife Inc 3.00% 03/01/2025 N/A A-/A3 0.16%
CNO Financial Group Inc 5.25% 05/30/2025 02/28/2025 BBB-/Baa3 0.15%
Huntington Bancshares Inc/OH 4.00% 05/15/2025 04/15/2025 BBB+/Baa1 0.15%
Sumitomo Mitsui Banking Corp 3.65% 07/23/2025 N/A A/A1 0.14%
MUFG Americas Holdings Corp 3.00% 02/10/2025 01/10/2025 A-/A2 0.13%
CVS Health Corp 4.10% 03/25/2025 01/25/2025 BBB/Baa2 1.87%
Medtronic Inc 3.50% 03/15/2025 N/A A/A3 1.53%
AbbVie Inc 3.60% 05/14/2025 02/14/2025 A-/Baa2 1.41%
CVS Health Corp 3.88% 07/20/2025 04/20/2025 BBB/Baa2 1.12%
Allergan Funding SCS 3.80% 03/15/2025 12/15/2024 BBB/Baa3 1.09%
Merck & Co Inc 2.75% 02/10/2025 11/10/2024 AA/A1 0.87%
UnitedHealth Group Inc 3.75% 07/15/2025 N/A A+/A3 0.79%
Celgene Corp 3.88% 08/15/2025 05/15/2025 BBB+/Baa2 0.78%
AstraZeneca PLC 3.38% 11/16/2025 N/A BBB+/A3 0.77%
Zimmer Biomet Holdings Inc 3.55% 04/01/2025 01/01/2025 BBB/Baa3 0.69%
Novartis Capital Corp 3.00% 11/20/2025 08/20/2025 AA-/A1 0.66%
Biogen Inc 4.05% 09/15/2025 06/15/2025 A-/Baa1 0.65%
Gilead Sciences Inc 3.50% 02/01/2025 11/01/2024 A/A3 0.63%
HCA Inc 5.25% 04/15/2025 N/A BBB-/Baa3 0.56%
GlaxoSmithKline Capital Inc 3.62% 05/15/2025 N/A A+/A2 0.47%
Laboratory Corp of America Holdings 3.60% 02/01/2025 11/01/2024 BBB/Baa2 0.44%
Amgen Inc 3.12% 05/01/2025 02/01/2025 A/Baa1 0.38%
Baxalta Inc 4.00% 06/23/2025 03/23/2025 BBB+/Baa2 0.38%
Abbott Laboratories 2.95% 03/15/2025 12/15/2024 BBB+/A3 0.34%
Cigna Holding Co 3.25% 04/15/2025 01/15/2025 A-/Baa2 0.34%
Johnson & Johnson 2.62% 01/15/2025 11/15/2024 AAA/Aaa 0.30%
Boston Scientific Corp 3.85% 05/15/2025 N/A BBB-/Baa2 0.30%
Eli Lilly & Co 2.75% 06/01/2025 03/01/2025 A+/A2 0.29%
Stryker Corp 3.38% 11/01/2025 08/01/2025 A/Baa1 0.27%
Zoetis Inc 4.50% 11/13/2025 08/13/2025 BBB/Baa1 0.26%
Cardinal Health Inc 3.75% 09/15/2025 06/15/2025 BBB+/Baa2 0.23%
Quest Diagnostics Inc 3.50% 03/30/2025 12/30/2024 BBB+/Baa2 0.20%
AmerisourceBergen Corp 3.25% 03/01/2025 12/01/2024 A-/Baa2 0.19%
Danaher Corp 3.35% 09/15/2025 06/15/2025 A/A2 0.16%
Visa Inc 3.15% 12/14/2025 09/14/2025 AA-/Aa3 1.50%
Microsoft Corp 3.12% 11/03/2025 08/03/2025 AAA/Aaa 1.20%
Oracle Corp 2.95% 05/15/2025 02/15/2025 A+/A1 0.99%
Hewlett Packard Enterprise Co 4.90% 10/15/2025 07/15/2025 BBB/Baa2 0.97%
Intel Corp 3.70% 07/29/2025 04/29/2025 A+/A1 0.96%
Microsoft Corp 2.70% 02/12/2025 11/12/2024 AAA/Aaa 0.86%
Apple Inc 3.20% 05/13/2025 N/A AA+/Aa1 0.78%
QUALCOMM Inc 3.45% 05/20/2025 02/20/2025 A-/A2 0.69%
Apple Inc 2.75% 01/13/2025 11/13/2024 AA+/Aa1 0.54%
Apple Inc 2.50% 02/09/2025 N/A AA+/Aa1 0.49%
Adobe Inc 3.25% 02/01/2025 11/01/2024 A/A3 0.43%
Automatic Data Processing Inc 3.38% 09/15/2025 06/15/2025 AA/Aa3 0.39%
Broadcom Corp / Broadcom Cayman Finance Ltd 3.12% 01/15/2025 11/15/2024 BBB-/Baa3 0.33%
Fidelity National Information Services Inc 5.00% 10/15/2025 07/15/2025 BBB/Baa2 0.33%
Fiserv Inc 3.85% 06/01/2025 03/01/2025 BBB/Baa2 0.31%
Analog Devices Inc 3.90% 12/15/2025 09/15/2025 BBB/Baa1 0.27%
Applied Materials Inc 3.90% 10/01/2025 07/01/2025 A-/A3 0.26%
International Business Machines Corp 7.00% 10/30/2025 N/A A/A2 0.25%
Cisco Systems Inc 3.50% 06/15/2025 N/A AA-/A1 0.21%
VeriSign Inc 5.25% 04/01/2025 01/01/2025 BBB-/Ba1 0.20%
Lam Research Corp 3.80% 03/15/2025 12/15/2024 BBB+/A3 0.17%
Shell International Finance BV 3.25% 05/11/2025 N/A AA-/Aa2 1.10%
Halliburton Co 3.80% 11/15/2025 08/15/2025 A-/Baa1 0.77%
Sabine Pass Liquefaction LLC 5.62% 03/01/2025 12/01/2024 BBB-/Baa3 0.76%
Kinder Morgan Inc/DE 4.30% 06/01/2025 03/01/2025 BBB/Baa2 0.70%
Exxon Mobil Corp 2.71% 03/06/2025 12/06/2024 AA+/Aaa 0.62%
MPLX LP 4.88% 06/01/2025 03/01/2025 BBB/Baa2 0.46%
BP Capital Markets PLC 3.51% 03/17/2025 N/A A-/A1 0.43%
Enterprise Products Operating LLC 3.75% 02/15/2025 11/15/2024 BBB+/Baa1 0.40%
Plains All American Pipeline LP / PAA Finance Corp 4.65% 10/15/2025 07/15/2025 BBB-/Ba1 0.39%
Columbia Pipeline Group Inc 4.50% 06/01/2025 03/01/2025 NR/Baa1 0.35%
Canadian Natural Resources Ltd 3.90% 02/01/2025 11/01/2024 BBB+/Baa2 0.35%
Energy Transfer Operating LP 4.05% 03/15/2025 12/15/2024 BBB-/Baa3 0.31%
Chevron Corp 3.33% 11/17/2025 08/17/2025 AA/Aa2 0.30%
Marathon Oil Corp 3.85% 06/01/2025 03/01/2025 BBB/Baa3 0.29%
Occidental Petroleum Corp 3.50% 06/15/2025 03/15/2025 BBB/Baa3 0.28%
Williams Cos Inc/The 4.00% 09/15/2025 06/15/2025 BBB/Baa3 0.25%
Williams Cos Inc/The 3.90% 01/15/2025 10/15/2024 BBB/Baa3 0.25%
MPLX LP 4.00% 02/15/2025 11/15/2024 BBB/Baa2 0.23%
Devon Energy Corp 5.85% 12/15/2025 09/15/2025 BBB/Ba1 0.22%
Valero Energy Corp 3.65% 03/15/2025 N/A BBB/Baa2 0.21%
Phillips 66 Partners LP 3.60% 02/15/2025 11/15/2024 BBB/Baa3 0.20%
EnLink Midstream Partners LP 4.15% 06/01/2025 03/01/2025 BB+/Ba1 0.20%
ONEOK Partners LP 4.90% 03/15/2025 12/15/2024 BBB/Baa3 0.18%
Western Midstream Operating LP 3.95% 06/01/2025 03/01/2025 BBB-/Ba1 0.18%
Enbridge Energy Partners LP 5.88% 10/15/2025 07/15/2025 BBB+/Baa2 0.18%
Antero Resources Corp 5.00% 03/01/2025 03/01/2020 BB+/Ba3 0.17%
Spectra Energy Partners LP 3.50% 03/15/2025 12/15/2024 BBB+/Baa2 0.17%
EOG Resources Inc 3.15% 04/01/2025 01/01/2025 A-/A3 0.16%
GE Capital International Funding Co Unlimited Co 3.37% 11/15/2025 N/A BBB+/Baa1 0.66%
United Technologies Corp 3.95% 08/16/2025 06/16/2025 BBB+/Baa1 0.61%
Northrop Grumman Corp 2.93% 01/15/2025 11/15/2024 BBB/Baa2 0.50%
Verisk Analytics Inc 4.00% 06/15/2025 03/15/2025 BBB/Baa2 0.35%
John Deere Capital Corp 3.45% 03/13/2025 N/A A/A2 0.33%
Air Lease Corp 3.25% 03/01/2025 01/01/2025 BBB/NR 0.32%
Precision Castparts Corp 3.25% 06/15/2025 03/15/2025 AA-/A2 0.30%
General Dynamics Corp 3.50% 05/15/2025 03/15/2025 A+/A2 0.29%
Lockheed Martin Corp 2.90% 03/01/2025 12/01/2024 A-/Baa1 0.26%
Canadian Pacific Railway Co 2.90% 02/01/2025 11/01/2024 BBB+/Baa1 0.24%
3M Co 3.00% 08/07/2025 N/A AA-/A1 0.24%
Waste Management Inc 3.12% 03/01/2025 12/01/2024 A-/Baa1 0.24%
Union Pacific Corp 3.75% 07/15/2025 05/15/2025 A-/Baa1 0.23%
Emerson Electric Co 3.15% 06/01/2025 03/01/2025 A/A2 0.23%
CSX Corp 3.35% 11/01/2025 08/01/2025 BBB+/Baa1 0.22%
FedEx Corp 3.20% 02/01/2025 N/A BBB/Baa2 0.21%
L3Harris Technologies Inc 3.83% 04/27/2025 01/27/2025 BBB/Baa3 0.21%
Masco Corp 4.45% 04/01/2025 01/01/2025 BBB/Baa3 0.20%
Republic Services Inc 3.20% 03/15/2025 12/15/2024 BBB+/Baa2 0.17%
Union Pacific Corp 3.25% 08/15/2025 05/15/2025 A-/Baa1 0.16%
Fortune Brands Home & Security Inc 4.00% 06/15/2025 03/15/2025 BBB+/Baa3 0.16%
Burlington Northern Santa Fe LLC 3.00% 04/01/2025 01/01/2025 A+/A3 0.16%
Reynolds American Inc 4.45% 06/12/2025 03/12/2025 BBB+/Baa2 0.99%
Kraft Heinz Foods Co 3.95% 07/15/2025 04/15/2025 BBB-/Baa3 0.76%
Coca-Cola Co/The 2.88% 10/27/2025 N/A A+/A1 0.70%
Walmart Inc 3.55% 06/26/2025 04/26/2025 AA/Aa2 0.55%
Unilever Capital Corp 3.10% 07/30/2025 N/A A+/A1 0.38%
Sysco Corp 3.75% 10/01/2025 07/01/2025 BBB+/A3 0.37%
PepsiCo Inc 2.75% 04/30/2025 01/30/2025 A+/A1 0.37%
JM Smucker Co/The 3.50% 03/15/2025 N/A BBB/Baa2 0.33%
General Mills Inc 4.00% 04/17/2025 02/17/2025 BBB/Baa2 0.31%
Campbell Soup Co 3.95% 03/15/2025 01/15/2025 BBB-/Baa2 0.31%
Mead Johnson Nutrition Co 4.12% 11/15/2025 08/15/2025 A-/A3 0.30%
PepsiCo Inc 3.50% 07/17/2025 04/17/2025 A+/A1 0.27%
Philip Morris International Inc 3.38% 08/11/2025 05/11/2025 A/A2 0.25%
Keurig Dr Pepper Inc 3.40% 11/15/2025 08/15/2025 BBB/Baa2 0.15%
Sysco Corp 3.55% 03/15/2025 01/15/2025 BBB+/A3 0.14%
AT&T Inc 3.40% 05/15/2025 02/15/2025 BBB/Baa2 1.87%
Verizon Communications Inc 3.38% 02/15/2025 N/A BBB+/Baa1 1.30%
Vodafone Group PLC 4.12% 05/30/2025 N/A BBB/Baa2 0.54%
Comcast Corp 3.38% 08/15/2025 05/15/2025 A-/A3 0.51%
AT&T Inc 3.60% 07/15/2025 04/15/2025 BBB/Baa2 0.48%
AT&T Inc 3.95% 01/15/2025 10/15/2024 BBB/Baa2 0.36%
Comcast Corp 3.38% 02/15/2025 11/15/2024 A-/A3 0.35%
Rogers Communications Inc 3.62% 12/15/2025 09/15/2025 BBB+/Baa1 0.26%
TWDC Enterprises 18 Corp 3.15% 09/17/2025 N/A A/A2 0.23%
CBS Corp 3.50% 01/15/2025 10/15/2024 BBB/Baa2 0.17%
Starbucks Corp 3.80% 08/15/2025 06/15/2025 BBB+/Baa1 0.48%
General Motors Financial Co Inc 4.35% 04/09/2025 02/09/2025 BBB/Baa3 0.46%
Ford Motor Credit Co LLC 4.13% 08/04/2025 N/A BBB/Baa3 0.46%
General Motors Financial Co Inc 4.00% 01/15/2025 10/15/2024 BBB/Baa3 0.41%
Home Depot Inc/The 3.35% 09/15/2025 06/15/2025 A/A2 0.35%
Ford Motor Credit Co LLC 4.69% 06/09/2025 04/09/2025 BBB/Baa3 0.34%
Amazon.com Inc 5.20% 12/03/2025 09/03/2025 AA-/A3 0.33%
Dollar Tree Inc 4.00% 05/15/2025 03/15/2025 BBB-/Baa3 0.32%
Lowe's Cos Inc 3.38% 09/15/2025 06/15/2025 BBB+/Baa1 0.29%
General Motors Financial Co Inc 4.30% 07/13/2025 04/13/2025 BBB/Baa3 0.29%
BorgWarner Inc 3.38% 03/15/2025 12/15/2024 BBB+/Baa1 0.26%
QVC Inc 4.45% 02/15/2025 11/15/2024 BBB-/Ba2 0.26%
Magna International Inc 4.15% 10/01/2025 07/01/2025 A-/A3 0.22%
Kohl's Corp 4.25% 07/17/2025 04/17/2025 BBB/Baa2 0.21%
McDonald's Corp 3.38% 05/26/2025 02/26/2025 BBB+/Baa1 0.21%
Tapestry Inc 4.25% 04/01/2025 01/01/2025 BBB-/Baa2 0.21%
Lennar Corp 4.75% 05/30/2025 02/28/2025 BB+/Ba1 0.21%
Dollar General Corp 4.15% 11/01/2025 08/01/2025 BBB/Baa2 0.21%
General Motors Co 4.00% 04/01/2025 N/A BBB/Baa3 0.19%
Booking Holdings Inc 3.65% 03/15/2025 12/15/2024 A-/A3 0.17%
Toyota Motor Credit Corp 3.40% 04/14/2025 N/A AA-/Aa3 0.14%
Welltower Inc 4.00% 06/01/2025 03/01/2025 BBB+/Baa1 0.49%
HCP Inc 4.00% 06/01/2025 03/01/2025 BBB+/Baa1 0.29%
GLP Capital LP / GLP Financing II Inc 5.25% 06/01/2025 03/01/2025 BBB-/Ba1 0.29%
Brixmor Operating Partnership LP 3.85% 02/01/2025 11/01/2024 BBB-/Baa3 0.27%
American Tower Corp 4.00% 06/01/2025 03/01/2025 BBB-/Baa3 0.27%
Prologis LP 3.75% 11/01/2025 08/01/2025 A-/A3 0.25%
Realty Income Corp 3.88% 04/15/2025 02/15/2025 A-/A3 0.23%
AvalonBay Communities Inc 3.45% 06/01/2025 03/03/2025 A-/A3 0.22%
Ventas Realty LP 3.50% 02/01/2025 11/01/2024 BBB+/Baa1 0.21%
HCP Inc 3.40% 02/01/2025 11/01/2024 BBB+/Baa1 0.21%
Host Hotels & Resorts LP 4.00% 06/15/2025 03/15/2025 BBB-/Baa2 0.21%
Alexandria Real Estate Equities Inc 3.45% 04/30/2025 02/28/2025 BBB+/Baa1 0.19%
Simon Property Group LP 3.50% 09/01/2025 06/01/2025 A/A2 0.17%
Essex Portfolio LP 3.50% 04/01/2025 01/01/2025 BBB+/Baa1 0.16%
Kimco Realty Corp 3.30% 02/01/2025 12/01/2024 BBB+/Baa1 0.14%
SITE Centers Corp 3.62% 02/01/2025 11/01/2024 BBB-/Baa3 0.10%
Exelon Corp 3.95% 06/15/2025 03/15/2025 BBB/Baa2 0.34%
American Water Capital Corp 3.40% 03/01/2025 12/01/2024 A/Baa1 0.28%
Dominion Energy Inc 3.90% 10/01/2025 07/01/2025 BBB/Baa2 0.25%
Xcel Energy Inc 3.30% 06/01/2025 12/01/2024 BBB+/Baa1 0.25%
Southern Power Co 4.15% 12/01/2025 09/01/2025 BBB+/Baa1 0.22%
WEC Energy Group Inc 3.55% 06/15/2025 03/15/2025 BBB+/Baa1 0.20%
Duke Energy Progress LLC 3.25% 08/15/2025 05/15/2025 A/Aa3 0.16%
Florida Power & Light Co 3.12% 12/01/2025 06/01/2025 A/Aa2 0.16%
Charter Communications Operating LLC / Charter Communication 4.91% 07/23/2025 04/23/2025 BBB-/Ba1 1.66%
Warner Media LLC 3.60% 07/15/2025 04/15/2025 BBB/Baa2 0.03%
Eastman Chemical Co 3.80% 03/15/2025 12/15/2024 BBB/Baa2 0.33%
WRKCo Inc 3.75% 03/15/2025 01/15/2025 BBB/Baa2 0.24%
ArcelorMittal 6.12% 06/01/2025 N/A BBB-/Baa3 0.20%
Nutrien Ltd 3.38% 03/15/2025 12/15/2024 BBB/Baa2 0.14%

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources; moodys.com and select "Rating Methodologies" under Research and Ratings.