AS USED BY PERSONS AUTHORIZED BY APPLICANT, THE MARK CERTIFIES TO THE CERTIFIER'S OPINION IN ACCORDANCE WITH THE CERTIFIER'S PUBLISHED STANDARDS THAT THE SUBJECT SECURITY IN THE CASE OF BONDS HAS A VERY STRONG CAPACITY TO PAY INTEREST AND REPAY PRINCIPAL AND IN THE CASE OF PREFERRED STOCK IS BACKED BY A SOUND CAPACITY TO PAY THE PREFERRED STOCK OBLIGATIONS, ALTHOUGH IT IS SOMEWHAT MORE SUSCEPTIBLE TO THE ADVERSE EFFECTS OF CHANGES IN CIRCUMSTANCES AND ECONOMIC CONDITIONS THAN CERTIFIER'S CORRESPONDINGLY HIGHER AA AND AAA RATED SECURITIES.