Split Ratings

Security Fund members may receive formal ratings from multiple agencies at any given time.  The Security Fund has a policy in place in case of such split ratings being issued on issuer or obligation taking into consideration 1) type of rating, 2) rating issue date.

Current Security Fund policy is to use the most recent rating.  If one or more ratings are issued on the same day the Security Fund will take the a) lower of the published ratings, or b) lowest published rating.