Credit Ratings
S&P Moody's Fitch Ratings
Ratings History
BBB (OS)
April 29, 2021		 Baa3 (OS)
June 22, 2021		 BBB (OS)
May 17, 2021
BBB (OS)
March 24, 2020		 Baa3 (OS)
June 26, 2020		 A- (OS)
June 11, 2020
BBB (OS)
March 24, 2020		 Baa3 (OS)
June 27, 2019		 -
BBB+ (ON)
December 05, 2018		 Baa3 (ON)
December 21, 2017		 -
BBB+ (OS)
December 04, 2017		 Baa3 (OS)
June 01, 2016		 -
BBB+ (ON)
September 08, 2015		 Baa2
April 23, 2003		 -
Ratings History
BBB-
April 29, 2021		 Baa3
June 22, 2021		 BBB
May 17, 2021
BBB-
March 24, 2020		 Baa3
June 26, 2020		 A-
June 11, 2020
BBB-
March 24, 2020		 Baa3
June 27, 2019		 -
BBB
October 23, 2009		 Baa3
December 21, 2017		 -
-
 Baa3
June 01, 2016		 -
-
 Baa2 (OS)
October 27, 2009		 -
Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
Nova Scotia Power Incorporated


S&P Moody's DBRS
BBB- (ON)
November 21, 2022		 -
 BBB(high) (OS)
December 20, 2022
BBB+ (OS)
May 11, 2021		 -
 A(low) (OS)
December 20, 2021
BBB+ (OS)
March 24, 2020		 -
 -
BBB+ (ON)
December 05, 2018		 -
 -
BBB+ (OS)
December 04, 2017		 -
 -
BBB+ (ON)
September 08, 2015		 -
 -
BBB-
November 21, 2022		 -
 -
BBB+
May 11, 2021		 -
 -
Tampa Electric Company


S&P Moody's Fitch Ratings
BBB+ (ON)
November 21, 2022		 A3 (ON)
November 02, 2022		 A- (ON)
November 21, 2022
BBB+ (OS)
May 7, 2021		 A3 (Positive)
December 17, 2021		 A- (OS)
May 17, 2021
BBB+
November 21, 2022		 A3
November 02, 2022		 A
November 21, 2022
BBB+
May 7, 2021		 A3
December 17, 2021		 A
May 17, 2021



Ratings Watch Action Legend: (WP) Watch Positive, (WN) Watch Negative, (WU) Watch Uncertain, (WR) Watch Removed, (OP) Outlook Positive, (ON) Outlook Negative, (OS) Outlook Stable, (OD) Outlook Developing
Long-Term Ratings   
  • Highest Quality
    (P)Aaa Aaa
  • High Quality
    Aa1 (P)Aa1 (P)Aa2 Aa2 Aa3 (P)Aa3
  • Upper-Medium Quality
    (P)A1 A1 A2 (P)A2 (P)A3 A3
  • Medium-Grade Quality
    Baa1 (P)Baa1 (P)Baa2 Baa2 Baa3 (P)Baa3
  • Substantial Risk
    (P)Ba1 Ba1 Ba2 (P)Ba2 (P)Ba3 Ba3
  • High Risk
    B1 (P)B1 (P)B2 B2 B3 (P)B3
  • Very High Risk
    (P)Caa1 Caa1 Caa2 (P)Caa2 (P)Caa3 Caa3
  • Highly Speculative
    (P)Ca Ca
  • Default
    C (P)C
Short-Term Ratings   
  • Exceptionally High Quality
    F1+ F1+(EXP)
  • High Quality
    F1 F1(EXP)
  • Good Quality
    F2 F2(EXP)
  • Fair Quality
    F3 F3(EXP)
  • Speculative
    B B(EXP)
  • High Default Risk
    C C(EXP)
  • Default
    D D(EXP)
  • Superior
    (P)MIG 1 (P)P-1 (P)VMIG 1 MIG 1 P-1 VMIG 1
  • Strong
    VMIG 2 P-2 MIG 2 (P)VMIG 2 (P)P-2 (P)MIG 2
  • Acceptable
    (P)MIG 3 (P)P-3 (P)VMIG 3 MIG 3 P-3 VMIG 3
  • Not Prime
    NP (P)NP
  • Extremely Strong
    A-1+
  • Strong
    A-1
  • Satisfactory
    A-2
  • Adequate
    A-3
  • More Vulnerable
    B B-1 B-2 B-3
  • Highly Vulnerable
    C
  • Selective Default
    SD
  • Default
    D
  • Regulatory Supervision
    R
Financial Strength Ratings   
  • Exceptionally Strong
    AAA AAAq
  • Very Strong
    AA+ AA+q AAq AA AA- AA-q
  • Strong
    A+ A+q Aq A A- A-q
  • Good
    BBB+ BBB+q BBBq BBB BBB- BBB-q
  • Moderately Weak
    BB+ BB+q BB BBq BB- BB-q
  • Weak
    B+ B+q B Bq B- B-q
  • Very Weak
    CCC+ CCC+q CCCq CCC CCC- CCC-q CCq CC Cq C
  • Distressed
    DDD DDDq DDq DD Dq D
  • Exceptional Security
    Aaa
  • Excellent Security
    Aa1 Aa2 Aa3
  • Good Security
    A1 A2 A3
  • Adequate Security
    Baa1 Baa2 Baa3
  • Questionable Security
    Ba1 Ba2 Ba3
  • Poor Security
    B1 B2 B3
  • Very Poor Security
    Caa1 Caa2 Caa3
  • Extremely Poor Security
    Ca C
  • Extremely Strong
    AAA AAApi
  • Very Strong
    AA+ AA+pi AApi AA AA- AA-pi
  • Strong
    A+ A+pi Api A A- A-pi
  • Good
    BBB+ BBB+pi BBBpi BBB BBB- BBB-pi
  • Marginal
    BB+ BB+pi BB BBpi BB- BB-pi
  • Weak
    B+ B+pi B Bpi B- B-pi
  • Very Weak
    CCC+ CCC+pi CCCpi CCC CCC- CCC-pi
  • Extremely Weak
    CCpi CC
  • Regulatory Action
    R

Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
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