Long-Term Ratings
Fitch
| 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 |
Moody's
| 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 |
S&P
| 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 |
Short-Term Ratings
Fitch
| 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) |
Moody's
| 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 |
S&P
| 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 |
Financial Strength Ratings
Fitch
|
|
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 |
Moody's
|
|
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 |
S&P
|
|
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 |
Issuer ratings are S&P/Moody’s/Fitch respectively. A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
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