Credit Ratings
| MOODY'S1 |
STANDARD & POOR'S2 |
FITCH RATINGS3 |
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Aaa
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
AAA
Extremely strong capacity to meet financial commitments. Highest Rating. |
AAA
Highest credit quality; the lowest expectation of default risk. |
Aa
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
AA
Very strong capacity to meet financial commitments. |
AA
Very high credit quality; expectation of very low default risk. |
A
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
A
Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances. |
A
High credit quality; expectation of low default risk. |
Baa
Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
BBB
Adequate capacity to meet financial commitments, but more subject to adverse economic conditions. |
BBB
Good credit quality; expectation of default risk are currently low. |
| MOODY'S1 |
STANDARD & POOR'S2 |
FITCH RATINGS3 |
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Ba
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
BBB-
Considered lowest investment grade by market participants. |
BB
Speculative; indicates an elevated vulnerability to default risk. |
B
Obligations rated B are considered speculative and are subject to high credit risk. |
BB+
Considered highest speculative grade by market participants. |
B
Highly speculative; indicates that material deffault risk is present, but a limited margin of safety remains. |
Caa
Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
BB
Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial, and economic conditions. |
CCC
Substantial credit risk. Default is a real possibility. |
Ca
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
B
More vulnerable to adverse business, financial, and economics conditions but currently has the capacity to meet financial commitments. |
CC
Very high levels of credit risk. Default of some kind appears probable. |
C
Oblications rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
CCC
Currently vulnerable and dependent on favorable business, financial, and economic conditions to meet financial commitments. |
C
Exceptionally hgih levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. |
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CC
Currently highly vulnerable. |
RD
Restricted Default |
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C
Currently highly vulnerable obligations and other defined circumstances. |
D
Default. |
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D
Payment default on financial commitments. |
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1 Source: Moody's. Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.
2 Source: Standard & Poor's. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
3 Source: Fitch Ratings. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories.
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