Step Down Rating Change definition

Step Down Rating Change means the first public announcement by S&P and, if applicable, each other Rating Agency appointed by or with the consent of Heimstaden Bostad, after a Step Up Rating Change, that the credit rating of Heimstaden Bostad's senior unsecured long-term debt is at least BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch with the result that, following such public announcement, no Rating Agency assigns a credit rating below the aforementioned levels or any equivalent rating. For the avoidance of doubt, any further increase in the credit rating of Heimstaden Bostad's senior unsecured long-term debt above BBB- in the case of S&P and, if applicable, at least Baa3 in the case of Moody's and at least BBB- in the case of Fitch and in respect of any other Substitute Rating Agency, an equivalent rating or above shall not constitute a further Step Down Rating Change;

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Step Down Rating Change means the first public announcement after a Step Up Rating Change by one or more Rating Agencies of an increase in the Rating with the result that none of the Rating Agencies rate the Notes below Investment Grade (provided always that if less than two Rating Agencies maintain a Rating at such time the Step Down Rating Change shall not occur until at least two Rating Agencies have assigned or maintain an Investment Grade Rating); and

Step Down Rating Change means the reinstatement of the Minimum Rating Requirement following the occurrence of a Step Up Rating Change.

Examples of Step Down Rating Change in a sentence

Furthermore, in the event of a Step Down Rating Change following a Step Up Rating Change, with effect from (and including) the first Interest Payment Date following the date of such Step Down Rating Change, the Rate of Interest shall be decreased by 1.25 per cent.
In the case of Fixed Rate Notes or Floating Rate Notes, and if so specified in the applicable Final Terms (or, in the case of Exempt Notes, Pricing Supplement), the Rate of Interest payable on the Notes will be subject to adjustment from time to time following a Step Up Rating Change or Step Down Rating Change (as the case may be).
The rate per annum at which interest shall be payable on the 2022 Notes shall be 1.414% (the “2022 Standard Interest Rate”), subject to adjustment from time to time in the event of a Step Up Rating Change or a Step Down Rating Change, as the case may be, pursuant to Section 2.07 hereof.
In the event of a Step Down Rating Change following a Step Up Rating Change, from and including the first Interest Payment Date following the date of such Step Down Rating Change, the interest rate payable on the Notes shall be decreased by 1.25% per annum.
Fixed Rate][, subject to the [Sustainability-Linked Step Up Margin][ and ][Step Up Rating Change and/or Step Down Rating Change] [[specify Reference Rate] +/- [ ] per cent.

More Definitions of Step Down Rating Change

Step Down Rating Change means the first public announcement after a Step Up Rating Change by either a Rating Agency or both Rating Agencies of an increase in the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), both Rating Agencies rate the Issuer’s senior unsecured long-term debt as Baa3 or higher (in the case of Moody’s) and BBB- or higher (in the case of S&P). For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt above Baa3 in the case of Moody’s or above BBB- in the case of S&P shall not constitute a Step Down Rating Change; and

Step Down Rating Change means the first public announcement after a Step Up Rating Change by the Rating Agency of an increase in, or as the case may be the reinstatement of, the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), the Rating Agency rates the Issuer’s senior unsecured long-term debt as BBB- or higher. For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency above BBB- shall not constitute a Step Down Rating Change;

Step Down Rating Change means, subject as provided above in relation to a deemed Step-down Rating Change, the first public announcement after a Step-up Rating Change by both Rating Agencies of an increase in, or confirmation of, the rating of Notes issued, or to be issued, by the Issuer to at least Baa3, in the case of Moody's, and to at least BBB-, in the case of S&P Global. For the avoidance of doubt, any further increases in the credit rating of Notes issued, or to be issued, by the Issuer above Baa3, in the case of Moody's, or above BBB-, in the case of S&P Global, shall not constitute a Step-down Rating Change;

Step Down Rating Change means the first public announcement after a Step Up Rating Change by either a Rating Agency or both Rating Agencies of an increase in the credit rating of the Notes with the result that, following such public announcement(s), both Rating Agencies rate the Notes as Baa3 or higher (in the case of Moody’s) and BBB- or higher (in the case of S&P). For the avoidance of doubt, any further increases in the credit rating of the Notes above Baa3 in the case of Moody’s or above BBB- in the case of S&P shall not constitute a Step Down Rating Change; and

Step Down Rating Change. ’ means the public announcement by any Rating Agency assigning a credit rating to the Ordinary Senior Instruments of an increase in or a confirmation of the rating of the Ordinary Senior Instruments to or as BBB-/Baa3 (or equivalent) or better; and

Step Down Rating Change means the reinstatement of the Minimum Rating Requirement following the occurrence of a Step Up Rating Change or an Initial Step Up Event;

Step Down Rating Change means, subject as provided above in relation to a deemed Step Down Rating Change, either:

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