| | Credit Ratings | | | Highest Credit Quality | |
AAA
AAA(EXP)
AAApre | | Very High Credit Quality | |
AA+
AA+(EXP)
AA
AA(EXP)
AA-
AA-(EXP) | | High Credit Quality | |
A+
A+(EXP)
A
A(EXP)
A-
A-(EXP) | | Good Credit Quality | |
BBB+
BBB+(EXP)
BBB
BBB(EXP)
BBB-
BBB-(EXP) | | Speculative | |
BB+
BB+(EXP)
BB
BB(EXP)
BB-
BB-(EXP) | | Highly Speculative | |
B+
B+(EXP)
B
B(EXP)
B-
B-(EXP) | | High Default Risk | |
CCC+
CCC+(EXP)
CCC
CCC(EXP)
CCC-
CCC-(EXP)
CC
CC(EXP)
C | | Default | |
DDD
DD
D |
|
|
| 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 |
|
|
| Exceptionally High Quality | |
F1+
F1+(EXP) | | High Quality | |
F1
F1(EXP) | | Good Quality | |
F2
F2(EXP) | | Fair Quality | |
F3
F3(EXP) | | Speculative | |
B
B(EXP) | | High Default Risk | |
C
C(EXP) | | Default | |
D
D(EXP) |
|
|
| Superior | |
(P)MIG 1
(P)P-1
(P)VMIG 1
MIG 1
P-1
VMIG 1 | | Strong | |
VMIG 2
P-2
MIG 2
(P)VMIG 2
(P)P-2
(P)MIG 2 | | Acceptable | |
(P)MIG 3
(P)P-3
(P)VMIG 3
MIG 3
P-3
VMIG 3 | | Not Prime | |
NP
(P)NP |
|
|
| Extremely Strong | |
A-1+ | | Strong | |
A-1 | | Satisfactory | |
A-2 | | Adequate | |
A-3 | | More Vulnerable | |
B
B-1
B-2
B-3 | | Highly Vulnerable | |
C | | Selective Default | |
SD | | Default | |
D | | Regulatory Supervision | |
R |
|
|
| Strongest | |
AMB-1+ | | Outstanding | |
AMB-1 | | Satisfactory | |
AMB-2 | | Adequate | |
AMB-3 | | Speculative | |
AMB-4 |
|
|
| Exceptionally Strong | |
AAA
AAAq | | Very Strong | |
AA+
AA+q
AAq
AA
AA-
AA-q | | Strong | |
A+
A+q
Aq
A
A-
A-q | | Good | |
BBB+
BBB+q
BBBq
BBB
BBB-
BBB-q | | Moderately Weak | |
BB+
BB+q
BB
BBq
BB-
BB-q | | Weak | |
B+
B+q
B
Bq
B-
B-q | | Very Weak | |
CCC+
CCC+q
CCCq
CCC
CCC-
CCC-q
CCq
CC
Cq
C | | Distressed | |
DDD
DDDq
DDq
DD
Dq
D |
|
|
| Exceptional Security | |
Aaa | | Excellent Security | |
Aa1
Aa2
Aa3 | | Good Security | |
A1
A2
A3 | | Adequate Security | |
Baa1
Baa2
Baa3 | | Questionable Security | |
Ba1
Ba2
Ba3 | | Poor Security | |
B1
B2
B3 | | Very Poor Security | |
Caa1
Caa2
Caa3 | | Extremely Poor Security | |
Ca
C |
|
|
| Extremely Strong | |
AAA
AAApi | | Very Strong | |
AA+
AA+pi
AApi
AA
AA-
AA-pi | | Strong | |
A+
A+pi
Api
A
A-
A-pi | | Good | |
BBB+
BBB+pi
BBBpi
BBB
BBB-
BBB-pi | | Marginal | |
BB+
BB+pi
BB
BBpi
BB-
BB-pi | | Weak | |
B+
B+pi
B
Bpi
B-
B-pi | | Very Weak | |
CCC+
CCC+pi
CCCpi
CCC
CCC-
CCC-pi | | Extremely Weak | |
CCpi
CC | | Regulatory Action | |
R |
|
|
| Superior | |
A++
A+
A++q
A+q
A++pd
A+pd | | Excellent | |
A
A-
Aq
A-q
Apd
A-pd | | Very Good | |
B++
B+
B++q
B+q
B++pd
B+pd | | Fair | |
B
B-
Bq
B-q
Bpd
B-pd | | Marginal | |
C++
C+
C++q
C+q
C++pd
C+pd | | Weak | |
C
C-
Cq
C-q
Cpd
C-pd | | Poor | |
D
Dq
Dpd | | Under Regulatory Supervision | |
E
Eq
Epd | | In Liquidation | |
F | | Suspended | |
S |
|
|
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