Investment grade
Standard & Poor's* Moody's** Fitch IBCA***
AAA The best quality borrowers, reliable and stable (many of them governments) Aaa Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk AAA The best quality companies, reliable and stable
AA+ Quality borrowers, a bit higher risk than AAA. Aa1 Obligations rated Aa are judged to be of high quality and are subject to very low credit risk AA+ Quality companies, a bit higher risk than AAA
AA Aa2 AA
AA- Aa3 AA-
A+ Economic situation can affect finance A1 Obligations rated A are considered upper-medium grade and are subject to low credit risk A+ Economic situation can affect finance
A A2 A
A- A3 A-
BBB+ Medium class borrowers, which are satisfactory at the moment Baa1 Obligations rated Baa are subject to moderate credit risk. They are considered mediumgrade BBB+ Medium class companies, which are satisfactory at the moment
BBB Baa2 BBB
BBB- Baa3 BBB-
Non-investment grade
Standard & Poor's Moody's Fitch IBCA
BB+ More prone to changes in the economy Ba1 Obligations rated Ba are judged to have speculative elements and are subject to substantial BB+ More prone to changes in the economy
BB Ba2 BB
BB- Ba3 BB-
B+ Financial situation varies noticeably B1 Obligations rated B are considered speculative and are subject to high credit risk B+ Financial situation varies noticeably
B B2 B
B- B3 B-
CCC+ Currently vulnerable and dependent on favorable economic conditions to meet its commitments Caa1 Obligations rated Caa are judged to be of poor standing and are subject to very high credit CCC+ Currently vulnerable and dependent on favorable economic conditions to meet its commitments
CCC Caa2 CCC
CCC- Caa3 CCC-
CC Highly vulnerable, very speculative bonds Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with little prospect for recovery of principal or interest CC Highly vulnerable, very speculative bonds
C Highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations C Obligations rated C are the lowest rated class of bonds and are typically in default, with C Highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations
D Has defaulted on obligations and S&P believes that it will generally default on most or all obligations D Has defaulted on obligations and Fitch believes that it will generally default on most or all obligations
Sursa:
*en.wikipedia.org/Standard & Poor's
**en.wikipedia.org/Moody's
***en.wikipedia.org/Fitch IBCA
 
         
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