| |
Highest Quality |
|
(P)Aaa
Aaa |
| |
High Quality |
|
Aa1
(P)Aa1
(P)Aa2
Aa2
Aa3
(P)Aa3 |
| |
Upper-Medium Quality |
|
(P)A1
A1
A2
(P)A2
(P)A3
A3 |
| |
Medium-Grade Quality |
|
Baa1
(P)Baa1
(P)Baa2
Baa2
Baa3
(P)Baa3 |
| |
Substantial Risk |
|
(P)Ba1
Ba1
Ba2
(P)Ba2
(P)Ba3
Ba3 |
| |
High Risk |
|
B1
(P)B1
(P)B2
B2
B3
(P)B3 |
| |
Very High Risk |
|
(P)Caa1
Caa1
Caa2
(P)Caa2
(P)Caa3
Caa3 |
| |
Highly Speculative |
|
(P)Ca
Ca |
| |
Default |
|
C
(P)C |
| |
Extremely Strong |
|
AAA
AAApi
AAAt |
| |
Very Strong |
|
AA+
AA+pi
AA+t
AApi
Aat
AA
AA-
AA-pi
AA-t |
| |
Strong |
|
A+
A+pi
A+t
Api
At
A
A-
A-pi
A-t |
| |
Adequate |
|
BBB+
BBB+pi
BBB+t
BBB
BBBpi
BBBt
BBB-
BBB-pi
BBB-t |
| |
Less Vulnerable |
|
BB+
BB+pi
BB+t
BB
BBpi
BBt
BB-
BB-pi
BB-t |
| |
More Vulnerable |
|
B+
B+pi
B+t
B
Bpi
Bt
B-
B-pi
B-t |
| |
Currently Vulnerable |
|
CCC+
CCC+pi
CCC+t
CCCpi
CCCt
CCC
CCC-
CCC-pi
CCC-t |
| |
Highly Vulnerable |
|
CCpi
CCt
CC
C+
C+pi
C+t
C
Cpi
Ct |
| |
Selective Default |
|
SD
SDpi
SDt |
| |
Default |
|
D+
D+pi
D+t
Dpi
Dt
D |
| |
Regulatory Supervision |
|
R
Rpi
Rt |
| |
Exceptional |
|
aaa |
| |
Very Strong |
|
aa+
aa
aa- |
| |
Strong |
|
a+
a
a- |
| |
Adequate |
|
bbb+
bbb
bbb- |
| |
Speculative |
|
bb+
bb
bb- |
| |
Very Speculative |
|
b+
b
b- |
| |
Extremely Speculative |
|
ccc+
ccc
ccc-
cc
c |
| |
Default |
|
d |