Credit Ratings

Long-term debt

Year	Moody's	Standard & Poors	Fitch Ratings	DBRS

2008	Aa2	A+	AA–	A (high)
2007	Aa2	A+	AA–	A (high)
2006	Aa2	A+	AA–	A (high)
2005	A1	A+	AA–	A
2004	A1	A+	AA–	A
2003	A1	A+	AA–	A
2002	A1	A+	AA–	A
2001	A1	A+	AA–	A
2000	A2	A+	AA–	A
1999	A2	A+	AA–⁽¹⁾	A (Low)
1998	A2	A+	AA–⁽¹⁾	A (Low)
1997	A2	A+	AA–⁽¹⁾	A (Low)
1996	A2	A+	AA–⁽¹⁾	A (Low)
1995	A2	A+	AA⁽¹⁾	A
1994	A1	A+	AA⁽¹⁾	A
1993	A1	A+	AA⁽¹⁾	A
1992	Aa3	AA-	AA⁽¹⁾	A (High)

Year	Moody's	Standard & Poors	Fitch Ratings	DBRS

2008	P-1	A-1+	F1+	R-1 (Middle)
2007	P-1	A-1+	F1+	R-1 (Middle)
2006	P-1	A-1+	F1+	R-1 (Middle)
2005	P-1	A-1+	F1+	R-1 (Low)
2004	P-1	A-1+	F1+	R-1 (Low)
2003	P-1	A-1+	F1+	R-1 (Low)
2002	P-1	A-1+	F1+	R-1 (Low)
2001	P-1	A-1+	F1+	R-1 (Low)
2000	P-1	A-1+	F1+	R-1 (Low)
1999	P-1	A-1+	D-1+⁽¹⁾	R-1 (Low)
1998	P-1	A-1+	D-1+⁽¹⁾	R-1 (Low)
1997	P-1	A-1+	D-1+⁽¹⁾	R-1 (Low)
1996	P-1	A-1+	D-1+⁽¹⁾	R-1 (Low)
1995	P-1	A-1+	D-1+⁽¹⁾	R-1 (Low)

(1) Duff & Phelps Credit Ratings