Table:
| Ratings Level (S&P/Moody's/Fitch) | Facility Fee Rate | All-in Borrowing Spread |
| --- | --- | --- |
| A-/A3/A- or above | 0.090% | 1.000% |
| BBB+/Baa1/BBB+ | 0.100% | 1.125% |
| BBB/Baa2/BBB (current level) | 0.125% | 1.250% |
| BBB-/Baa3/BBB- | 0.175% | 1.375% |
| BB+/Ba1/BB+ or lower | 0.225% | 1.625% |
Paragraphs:
Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business ("S&P"), corporate credit rating is "BBB." Moody’s Investor Service, Inc.'s ("Moody's") applicable rating is "Baa2." Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. ("Fitch"), applicable rating is "BBB." The below table outlines the fees paid on the unused portion of the facility ("Facility Fee Rate") and letter of credit fees and borrowings ("Undrawn Letter of Credit Fee and Borrowing Spread") that corresponds to the applicable rating levels from S&P, Moody's and Fitch.
In the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.
Question:
What happens when all three rating agencies have different rating levels?
Answer: the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.