EFTA Document EFTA01365630

(iv) if clauses (i) through (iii) do not apply, then the S&P Rating of such Collateral Obligation may be determined using any one of the methods below: (A) if an obligation of the obligor has a published rating from Moody's then the S&P Rating will be determined in accordance with the methodologies for establishing the Moody's Rating, except that the S&P Rating of such Collateral Obligation shall be (I) one subcategory below the S&P equivalent of the rating assigned by Moody's if such Col