Credit ratings are used by investors to analyse the credit risks associated with fixed income securities. Tate & Lyle has contractual relationships for the provision of credit ratings with Standard & Poor’s (S&P) and Moody's - two global leaders in independent credit ratings and credit risk analysis.
Short term ratings assess the ability of a company to repay short-term debt obligations and are denoted by A1 or P1 (highest short-term rating denoting superior ability to repay) to A3 or P3 (lowest short-term rating denoting adequate ability to repay) by S&P and Moody's respectively.
Long term ratings are expressed as letters ranging from AAA or Aaa (highest long-term rating) to C (lowest long-term rating) by both Moody's and S&P. Long term ratings between AAA or Aaa and BBB or Baa are referred to as "Investment Grade". Tate & Lyle is committed to maintaining Investment Grade ratings. S&P uses + or - signs and Moody's numerical suffixes 1, 2, or 3 to further classify within these ratings.
The outlook assigned to the long-term rating reflects the potential for change in the issuer's rating. A positive outlook means the rating may be raised, a negative outlook means the rating may be lowered.