Bond ratings

Moody's Investor Services	Description	Standard & Poor's	Description	Fitch Ratings	Description	Grading
Aaa	Obligations of the highest quality, subject to the lowest level of credit risk	AAA	The obligor's capacity to meet its financial commitment on the obligation is extremely strong	AAA	Exceptionally strong capacity for payment of financial commitments	Investment grade securities / bonds - highly rated corporate bonds / debt securities usually have Moody's rating Baa or higher, Standard&Poor's and Fitch Ratings rating BBB or higher
Aa	Obligations of high quality, subject to very low credit risk	AA	The obligor's capacity to meet its financial commitment on the obligation is very strong	AA	Very strong capacity for payment of financial commitments
A	Obligations of upper-medium grade, subject to low credit risk	A	The obligor's capacity to meet its financial commitment on the obligation is strong	A	The capacity for payment of financial commitments is strong, but may be more vulnerable to adverse business or economic conditions
Baa	Obligations of medium-grade, subject to moderate credit risk, may possess certain speculative characteristics	BBB	Adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation	BBB	The capacity for payment of financial commitments is adequate but adverse business or economic conditions are more likely to impair this capacity
Ba	Obligations are speculative, subject to substantial credit risk	BB	Major ongoing uncertainties or exposure to adverse business, financial, or economic conditions could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation	BB	An elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time
B	Obligations are speculative, subject to high credit risk	B	Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation	B	Financial commitments are currently being met, but capacity for continued payment is vulnerable to deterioration in the business and economic environment
Caa	Obligations are speculative, of poor standing, subject to very high credit risk	CCC	In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation	CCC	Default is a real possibility	Junk debt securities / bonds of lowest grade, it’s very probable that an issuer won’t be able to meet his obligations
Ca	Obligations are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest	CC	An obligation is currently highly vulnerable to nonpayment	CC	Default of some kind appears probable
C	Obligations are the lowest rated and are typically in default, with little prospect for recovery of principal or interest	C	Obligations are currently highly vulnerable to nonpayment, or obligations have payment arrearages, or an issuer is the subject of a bankruptcy petition or similar action	C	Default appears imminent or inevitable
		D	An obligation is in payment default	D	Indicates a default
				NR	Not rated

Default: non-performance of obligations, insolvency