Bond Credit Ratings
| Moody's | S&P | Fitch | Meaning |
|---|---|---|---|
|
Aaa
|
AAA
|
AAA
|
Prime
|
|
Aa1
|
AA+
|
AA+
|
Excellent
|
|
Aa2
|
AA
|
AA
|
|
|
Aa3
|
AA-
|
AA-
|
|
|
A1
|
A+
|
A+
|
Upper Medium
|
|
A2
|
A
|
A
|
|
|
A3
|
A-
|
A-
|
|
|
Baa1
|
BBB+
|
BBB+
|
Lower Medium
|
|
Baa2
|
BBB
|
BBB
|
|
|
Baa3
|
BBB-
|
BBB-
|
|
|
Ba1
|
BB+
|
BB+
|
Speculative
|
|
Ba2
|
BB
|
BB
|
|
|
Ba3
|
BB-
|
BB-
|
|
|
B1
|
B+
|
B+
|
Highly Speculative
|
|
B2
|
B
|
B
|
|
|
B3
|
B-
|
B-
|
|
|
Caa1
|
CCC+
|
CCC
|
Substantial Risk
|
|
Caa2
|
CCC
|
In Poor Standing
|
|
|
Caa3
|
CCC-
|
Extremely Speculative
|
|
|
Ca
|
May be in Default
|
||
|
C
|
Default
|
||
|
D
|
|||
