Investment grade
|
| AAA |
Aaa |
AAA |
AAA |
AAA |
Highest degree of creditworthiness with lowest expectation of credit risk |
| AA+ |
Aa1 |
AA+ |
AA+ |
AA+ |
High degree of creditworthiness with very high high probability to meet financial commitments |
| AA |
Aa2 |
AA |
AA |
AA |
| AA- |
Aa3 |
AA- |
AA- |
AA- |
| A+ |
A1 |
A+ |
A+ |
A+ |
High credit quality with low expectation of credit risk. But more susceptible to adverse effects if there are changes in circumstances and economic conditions |
| A |
A2 |
A |
A |
A |
| A- |
A3 |
A- |
A- |
A- |
| BBB+ |
Baa1 |
BBB+ |
BBB+ |
BBB+ |
Moderate credit risk. But adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet financial commitments. |
| BBB |
Baa2 |
BBB |
BBB |
BBB |
| BBB- |
Baa3 |
BBB- |
BBB- |
BBB- |
Speculative grade
|
| BB+ |
Ba1 |
BB+ |
BB+ |
BB+ |
Capacity to meet financial commitments only in stable economic conditions and circumstances. Contains speculative elements. |
| BB |
Ba2 |
BB |
BB |
BB |
| BB- |
Ba3 |
BB- |
BB- |
BB- |
| B+ |
B1 |
B+ |
B+ |
B+ |
Low level of capacity to meet financial commitments. No long term investment. |
| B |
B2 |
B |
B |
B |
| B- |
B3 |
B- |
B- |
B- |
| CCC+ |
Caa1 |
CCC+ |
CCC |
CCC |
Substantial risks, Extremely speculative, In default with little prospect for recovery |
| CCC |
Caa2 |
CCC |
CC |
CC |
| CCC- |
Caa3 |
CCC- |
C |
C |
| D/SD |
|
DDD |
|
D/SD |
In default |
| |
|
DD |
|
|
| |
|
D |
