Commercial Paper Ratings

As of January 11, 2018, the Commercial Paper ratings are as follows:

Series Fitch Moody's S&P
A-1 F1+ A-1+
B F1+ A-1+
C F1 A-1+
D F1+ A-1+
E-1 F1+ P-1
E-2 F1 P-1
H F1+ A-1+

Obligations rated P-1 for short-term debt by Moody's Investors Service, Inc. are defined as having the highest quality, subject to the lowest level of credit risk.

Obligations rated A-1+ for short-term debt by Standard & Poor’s Ratings Service are the highest rating assigned by Standard & Poor’s. This rating indicates the obliger's capacity to meet its financial commitments on the obligation are extremely strong.

Obligations rated F1+ for short-term debt by Fitch Ratings are used to denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.


Bond Ratings

As of February 28, 2017, the bond ratings are as follows:

Entity Fitch Moody’s S&P
Harris County AAA Aaa AAA
Harris County Flood Control District AAA Aaa AAA
Harris County Toll Road AA Aa2 AA-

Moody’s Ratings Aaa are judged to be of the highest quality, with minimal risk. Moody’s Ratings Aa are judged to be of high quality and are subject to very low credit risk.

S&P Ratings AAA are the highest rating assigned by Standard & Poor’s. This rating indicates the obligor’s capacity to meet its financial commitments on the obligation are extremely strong. S&P Ratings AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments is very strong.

Fitch Ratings AAA are the highest credit quality. Ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. Fitch Ratings AA are very high credit quality. It denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments.